Directives have been issued to all ministries to open only SEE Account and close Other Accounts in 2019-2020 FY, Deputy Minister Maung Maung Win of the Ministry of National Planning and Finance.
The reporters asked Deputy Minister Maung Maung Win questions at the regular session of Amyotha Hluttaw (Upper House) in Nay Pyi Taw on July 29.
“Directives have been issued to close Other Accounts and open only SEE Account in 2019-2020 FY. There will be no Other Accounts in 2019-2020 FY. SEE Account means State Own Enterprise, State Economic Enterprise SEE. Other Accounts must be in accord with financial rules and regulations and that all includes in the budget. Other Accounts are complicated. Therefore, only SEE Account will be used. All Other Accounts will be closed in 2019-2020 FY,” Deputy Minister Maung Maung Win told the reporters.
Deputy Minister Maung Maung Win clarified the closure of Other Accounts at the regular session of Union Parliament on July 15.
Union Fund Account-Other Account (UFA-OA) and Union Fund Account-SEE Account (UFA-SEE) was allowed opening starting 2011-2012 FY. Only Union Fund Account-SEE Account (UFA-SEE) will be used starting 2019-2020 FY, said Deputy Minister Maung Maung Win.
Translated and Edited by Win Htut
