Public Accounts Committee criticises spending in the new Yangon project

Public Accounts Committee criticises spending in the new Yangon project
Published 14 January 2020

 

The region government needs to generate income as it has spent the debt budget on the investments in the new Yangon City project but from the regular budget, said Region MP Tint Lwin from Pazundaung Township Constituency-2 and Chair of the Public Accounts Committee of Yangon Region Parliament. 

The Yangon Region Public Account Committee submitted its reports on the Yangon Region Auditor General’s finding report for the 2017-18 fiscal year, at the regular session of the Yangon Region Parliament on January 13. 

“The investments for the new city project is used as the debt budget under the heading of "investments in the organization" instead of "the spending of the normal budget. That’s why, there is a need for the return on investment or the return of income, in a certain period of time, he added.

The objective of the NYDC set up with the contribution of Ks 10 billion under the heading of “Investment in the organizations for the additional budget in 2016-2017 FY, is good. Though it has sought recommendations from the parliament when the region government submitted it to the MIC and the PPP Center. The MPs pointed out that the region government needs to submit the details of the project to the parliament for the second time due to the changes of developer and project operation pattern when the regional project bills for 2017 and 2019 were submitted. 

“According to the company’s explanation, the company is working on the land confiscation and is awaiting the permissions from relevant bodies. The company is ready for the Swiss Challenge as a master developer. Without proper works, more than 12 per cent of the capital investments have been spent on preliminary works and management costs, according to the audit report. 

The project implementation cannot begin yet. Capital investments may be lower as long as time flies, he warned.