Budget falls well short of low-cost housing needs

The budget for building affordable housing over the coming year will cover just a fraction of Yangon’s housing requirements, while low-cost housing units remain too expensive for those most in need of accommodation. In the coming fiscal year, the government has been granted K46 billion to build rental housing nationwide, which will cover the cost […]

Mandalay Electrical Infrastructure Budget Up 2.7X

The authorities will use K5 billion to upgrade Mandalay’s electrical infrastructure this year, U Kyaw Myint, minister for electricity and industry of Mandalay region, told Myanmar Business Today. This is a major increase over last year’s budget of K1.8 billion. “This budget will be used for every township in Mandalay. Some transformers, wires and posts […]

Dollar rise increases budget woes

Myanmar will have to sell treasury bonds again due to the consecutive budget deficits, according to the Ministry of Finance. The government is looking to take loans from home and abroad to solve the deficit. All the regional and state administrations face similar problems as the union government struggles to devolve investment. Maung Maung Win, […]

Govt targets 10% for tax to GDP ratio

Finance Minister U Win Shein said the country has aimed to increase the tax to GDP ratio to 10 percent this year. Myanmar has the lowest tax-to-GDP ratio in ASEAN, at 8pc in 2014-15, though it has improved markedly since 3.7pc three years ago. The minister said he hopes foreign investment will grow and the […]

New YCDC member demands basic services

A Ks 100 billion budget has been asked for the development of basic infrastructure in four Dagon Myothit townships, according to Htay Aung (Sakura), a newly elected member of the Yangon City Development Committee (YCDC). The four townships still lack water supplies, electricity, roads and garbage collection. They face flooding during the wet season. “I […]

Myanmar urged to strengthen tax revenues

Myanmar has been urged to strengthen its tax revenues, in light of widening budget deficits, according to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). With increased expenditures, the country’s budget deficit widened to 4.9 per cent in 2013, from 3.9 per cent of gross domestic product (GDP) in 2012. […]

Gov’t Drafts Open Tender Bill

The United Nations Office for Project Services (UNOPS) and the World Bank are currently working with the Myanmar government to draft the Open Tender Bill. Once passed, this bill will serve as the legal framework for inviting government procurement tenders and awarding construction contracts, according to Daw Le Le Thein, deputy union minister for the […]