Home MMBIZ News Yangon Region Budget Set to Rise K33 billion

Yangon Region Budget Set to Rise K33 billion

Officials from Yangon region have added K33.21 billion to proposed expenditures for the 2015-16 budget year, according to Daw San San Nwe, minister for treasury of Yangon.

A budget approved in February set a budget for Yangon region at K491.92 billion but this was subsequently revised to K524.46 billion.

Daw San San Nwe said, “The request to increase the budget was submitted because the treasury commission has to perform five additional tasks.”

These supporting tasks include K500 million for rural development and poverty reduction, K10 million for each township and a total of K450 million for urban development and planning, K1.5 billion for building central offices for each major township, K20 billion for construction projects and K500 million for farm exploration for displaced farmers.

These tasks have already been approved and are now included in the draft regulation by Yangon Ministry of the Treasury.

In the original 2015-16 budget, Yangon region is predicted to collect K31.18 billion in taxes, earn K113.28 billion from state-run enterprises, collect K231.06 billion in interest from loaned money, and receive K5.3 billion from debt settlement for a total of K380.141 billion.

In the new budget, Yangon plans to collect K31.18 billion in taxes, earn K136.23 billion from state run enterprises, collect K231.06 billion in interest from loaned money, and receive K5.30 billion from debt settlement for a total of K403.79 billion.

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