Profitable state-owned businesses need rechecking, house panel says
Some state-owned businesses are facing profitability while others are undergoing losses. So "profitable" enterprises need to be rechecked to see whether or not they are making a profit. The statement came from the Joint Bill Committee of Myanmar's Union P
The committee should place emphasis on economic organisations to be able to commercially and practically carry out their functions, the report said. Giving bank loans through a way of budget allocation may bring complications. Profits should be practically checked, the report added.
Surplus and deficit can be analysed depending on the budget designated for 2014-2015. The budgets of the regions and states were not reported as in previous years. But the budgets were explained with the approval of the finance commission, the report said.
The total budget deficit with the approval of the finance commission was 1.44 trillion kyat (Bt48 billion). The cash assistance of the union public funds was 1.42 trillion kyat and the loans were 25.5 billion kyat.
The budget deficit at the Union level for fiscal year 2014-2015 was 2.75 trillion. The surplus of the Board of Social Welfare Security amounted to 9.8 billion kyat. The surplus of state-owned businesses was 693.6 billion kyat, according to the Joint Bill Committee.
The board of social welfare security, which is an independent organisation, stands with proportional contributions of employers and employees, and it is a separate fund. Therefore, the funds of the board of social welfare security should not be mixed in the Union public funds, according to the suggestions of the bill committee.
In fiscal year 2013-2014, the budget for education was 908 billion kyat. In 2014-2015 the budget for education became 1.14 trillion kyat. Therefore, the budget for education increased. Similarly, the budget for health and poverty reduction increased.
