Yangon Region forecasts record budget deficit in FY 2015-16
Yangon Region Ministry of Finance put forward a budget report for the 2015-2016 fiscal during the meeting held in Yangon on April 2, which reported a deficit of more than Ks 120 billion. This deficit is twice the size of last year's deficit.
Yangon Region earned a total revenue of approximately Ks 404 billion in the 2015-2016 fiscal year, including a tax revenue of Ks 31 billion, a capital revenue of Ks 231 billion, of Ks 5 billion and other revenues amounting to Ks 136 billion. Yangon Region spent just under Ks 525 billion, leaving a deficit of about Ks 121 billion.
In the 2014-2015 fiscal year, Yangon Region received a total revenue of just over Ks 282 billion and spent over Ks 344 billion, leaving a deficit of more than Ks 61 billion.
“A host of projects, including three new overpasses, have caused a huge deficit in the budget. Yangon Region saw a budget deficit of Ks 120 billion this year. This is a record high. There were deficits of Ks 50 or Ks 60 billion over the past few years,” said Dr Nyo Nyo Thin, a representative for Bahan Township in the Yangon Region parliament.