NAY PYI TAW, Aug. 24 (Xinhua) -- The parliament of Myanmar has approved bill amending cuts of 470 billion kyats (3.9 billion U.S. dollars) from government's expenditure for this fiscal year 2016-2017, a parliament member told Xinhua on Wednesday.
According to U Aung Min, an MP from Zalun constituency of Ayeyawaddy region and deputy chairman of Joint Public Accounts Committee,the reduction of the budget includes that for the ministries of industry, and agriculture and irrigation, amounting to 100 billion kyats.
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.
U Aung Min told the parliament earlier that the country's budget deficit can reach over 5 percent of GDP (gross domestic product) unless the reduction is made.
The parliament had also approved on Tuesday a bill amending the 2016 budget law with cuts to the budgets of ministries of home affairs, transport and communications and construction, amounting to a total of 90.37 billion kyats.
