Financial Crime World

Myanmar Government Introduces New Financial Management Regulations

The government of Myanmar has recently introduced a set of new financial management regulations aimed at enhancing the country’s financial governance and transparency.

Key Responsibilities

According to the regulations, the Treasury Department will be responsible for:

  • Designing debt-related strategies
  • Calculating annual funding requirements
  • Preparing budget statements
  • Controlling expenses
  • Managing foreign loans and grants
  • Performing public financial management according to international standards

The Region or State Government’s duties and powers include:

  • Collecting revenue
  • Managing expenditure
  • Performing financial matters in accordance with the Constitution of the Republic of the Union of Myanmar

Auditing and Compliance

The Office of the Auditor General of the Union will be responsible for:

  • Auditing government accounts
  • Ensuring compliance with financial regulations
  • Conducting regular audits to detect and prevent financial irregularities

Fund Scheme

The new fund scheme covers both the Union and Region or State levels, including:

  • Union fund scheme: covers central organizations, ministries, and departments operating under the Union budget plan
  • Region or State fund scheme: covers similar organizations at the regional or state level

Budget Preparation and Authorization

The regulations outline procedures for preparing and authorizing budgets, including:

  • Inclusion of specific accounting heads to ensure effective financial control

Commitment to Transparency and Accountability

“We believe that these new regulations will help to improve transparency and accountability in our financial management,” said a government official. “We are committed to ensuring that our financial resources are used effectively and efficiently to benefit the people of Myanmar.”

Effective Date

The new regulations come into effect immediately, and all government agencies are required to comply with them.

By introducing these new regulations, the Myanmar government aims to strengthen its financial governance and transparency, ultimately benefiting the country’s citizens.