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Myanmar forecasts continued budget deficit in 2015-16

Xinhua, March 8, 2015 Adjust font size:

Myanmar has forecast a continued budget deficit of 5.22 percent of the gross domestic product (GDP) in the next fiscal year of 2015-16, exceeding the target of 5 percent of GDP deficit recommended by the International Monetary Fund (IMF).

A consultation workshop of the 2015-16 pre-state budget has called for bringing the budget deficit growth under control to enable it does not exceed 5 percent of the GDP, official media reported Sunday.

The workshop on Saturday, which brought together lawmakers, economists, civic groups and other stakeholders, stressed the need of a balanced budget, calling for raising revenue and reducing spending, pointing out the problem of tax evasion and slow growth in the country's productive sectors.

Myanmar's persistent deficit totaled more than 7.2 trillion Kyats ( 7.2 billion U.S. dollars) for the three previous fiscal years, during which deficit for 2014-15 amounted to 2.751 trillion Kyats, accounting for 4.16 percent of the GDP.

The workshop provides suggestions on the 2015-16 state budget which is soon to be discussed in the ongoing parliament session. Endi