HomeMMBIZ NewsFinance Ministry to Work towards A Transparent Budget

Finance Ministry to Work towards A Transparent Budget

The Ministry of Finance has pledged to introduce transparent budgetary systems, in cooperation with the World Bank, to meet international standards of openness, according to deputy minister for finance Dr Lin Aung.

He said on the advice of the World Bank, the ministry is working to ensure transparency through modernising management of public finances.

“To inform the public how their taxes are spent and how debts are paid is the duty of the government,” he said.

The ministry has indicated it will move towards delivering a “citizen’s budget” – where information regarding government income and expenditure, in easily understood language, is disclosed.

Major requirements in delivering a citizen’s budget are disclosure of pre-budget financial estimates, details of the proposed and completed budget, inter-year reporting, end-of-year reporting and budgetary audits.

Plans to reform public financial management have been in place since the start of the 2014-15 fiscal year, with the project expected to be implemented in five sections: project planning for improving taxation collection, improved budgetary planning, implementing budget and financial reporting and improving external oversight capacity.

The Ministry of Finance indicated it had been working towards reform of the public financial management system since 2012.

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