Yangon allocates additional K47 billion budget

The Yangon Regional government allocated K47 billion supplementary budget for fiscal year 2017-2018 to fund several road construction and rehabilitation projects, the regional minister of planning and finance said.

U Myint Thanung, regional minister of planning and finance, said the additional budget was necessary since the original estimated regional budget of K424.2 billion was already fully allocated.

“Based on the first five months list, we estimated for the next seven months and found out that K424 billion will not be enough. So we appropriate an additional K47 billion to be used for our projects this fiscal year,” U Myint Thaung said on Friday.

The additional budget will come from three sources: K21.2 billion from Pyidaungsu Hluttaw, K19.9 billion from the union government and K6.5 billion from the regional government.

The supplementary budget will fund street construction in Hlegu, Taikkyi, Hmawbi, Thongwa, Twante, Thanlyin, and Htantabin townships, including the streets of southern and northern districts of Yangon, said U Myint Thaung.

The supplementary budget was to be discussed at the Yangon Regional Parliament from Monday until the second week of September.

“After checking this, the financial committee will confirm and the Yangon Region Government will legislate,” U Myint Thaung said.

“In December 2017, the Yangon Regional Parliament will confirm for next financial law, which we are going to implement according to the time frame.”

Source: Myanmar Times