Authorities expect covering budget deficits by getting loans from CBM, selling treasuries
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NP News - Sep 19
Budget deficits are projected to be covered by getting loans from the Central Bank and external loans and by selling bonds and treasuries.
According to the Ministry of Planning and Finance, the maximum loan amount for the fiscal year 2022-2023 is 9200b kyats.
The deficit is projected to receive 1113.931b kyats (15 percent of all domestic loans) from treasury bonds and 312.279b kyats (four percent of all domestic loans) from treasury notes.
The ministry plans to cover the budget deficit mainly from the loans from the CBM – 6000b kyats (a total of 81 percent of all domestic loans) and 1773.790b kyats from external loans.
Total expenditure of the Union for 2022-23 FY is projected to be 30833.396b kyats; revenue is projected to be 23434.010b kyats; therefore, the total deficit will be 7399.386b kyats, the ministry forecasts.
The Union Minister of the Ministry of Planning and Finance Win Shein said expenditures will be increasingly used for uplifting the socio-economic life of the public, increasing individual income, creating job opportunities, developing small and medium-size businesses, promoting export, and increasing productivity of import substitute products.