YANGON, Dec. 14 (Xinhua) -- Myanmar's Union Parliament has cut the proposed additional budget of government ministries and organizations for 2016-17 fiscal year, an official report said Wednesday.
The Central Bank of Myanmar's proposed budget of 130 billion kyats (100 million U.S. dollars) was cut by 54.6 billion kyats, while that of the Nay Pyi Taw Development Committee, which was proposed as 4.6 billion kyats, was cut by 1.5 billion kyats.
Expenditure of the Ministry of Foreign Affairs was reduced by 1 billion kyats, almost half of the ministry's proposed spending, while those of the Ministries of Home Affairs and Border Affairs were respectively cut by 9 billion kyats and 0.5 billion kyats from proposed 36 billion kyats and 3.5 billion kyats.
Other ministries of labor, industry, education, planning, construction, social welfare, transport and communication also suffered the budget cut.
Myanmar's parliament approved in August cutting government expenditure by over 470 billion kyats from government's expenditure for this fiscal year 2016-17.
According to the 2016-17 Union Budget Law, the government's expenditure is about 20,736.499 billion kyats against a total budget of 16,978.991 billion kyats, producing a budget deficit of about 3,757.508 billion kyats.
The country's budget deficit can reach over 5 percent of GDP (gross domestic product) unless the reduction is made, parliament members said.
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