Home MMBIZ News Defence Budget Cut Proposed in Myanmar Parliament

Defence Budget Cut Proposed in Myanmar Parliament

Defence Minister Lieutenant General Wai Lwin has proposed a cut of the defence budget to K2.36 trillion ($2.3 billion) for the fiscal year 2014-15, a 10 percent drop from the previous year.

Wai Lwin’s proposal was made to the two-House Union Parliament session in Nay Pyi Taw.

The proposed military expenditure will account for 12.26 percent of the total national budget in 2014-15, a drop from 13.6 percent in 2013-14.

Meanwhile, the health budget for 2014-15 remains low at 5 percent of the total.

Myanmar gained revenue of more than $16 billion in 2013 and spent $19 billion, producing a deficit of nearly $3 billion.

- Advertisment -

Must Read

Local gold price drops reflecting global gold price

Gold price in domestic price, reflecting global gold price and dollar rate, lowered after a sudden increase in price following the coup, according to...