Myanmar government is preparing to submit its state budget bill forthe 2014-15 fiscal year (April-March) and taxation bill for 2014 to theparliament during its ninth session on January 13.

President U Thein Sein told the government's financial commission onJanuary 7 that more funds will be allocated to local governments.

Myanmar got a revenue of more than 16 trillion Kyats (16.32 billionUSD) last fiscal year 2013-14 and spent 19 trillion Kyats, he said.

The central government shared about 1.5 trillion Kyats with localgovernments and loaned more than 25 billion Kyats to them, he added.

Thecountry’s projected gross domestic product (GDP) for 2014 is 66.197trillion Kyats (67.5 billion USD), said the President.

Thehealth and education sectors will see increased budget allocation, hesaid, stressing the need to crack down on tax evasion and provideincentives to tax payers.

He also disclosed that in thecoming fiscal year, government employees' salaries will be raised alongwith pension and other allowances.

The President announcedon January 6 that the government is drawing up a people-centered planin a bid to achieve the goals for the 2014-15 fiscal year .

The plan will not only benefit Myanmar’s politics, economy and society but also relate to neighbouring countries, he said.

The President also stressed the need to attract foreign investment todevelop technology and human resources, and double domestic productionin several sectors in order to reach an 8-percent GDP growth.

Myanmar'sdraft national plan for 2014-15 targets a growth of 3.9 percent in theagriculture sector, 10.4 percent in the industry sector and 12.4 percentin the service sector.

The growth of major regions is set at 9.3 percent for Yangon, 12.4 percent for Mandalay and 28.2 percent for Nay Pyi Taw.

TheInternational Monetary Fund has predicted Myanmar's economy will grow6.75 percent in the 2013-14 fiscal year, driven by natural gas, tradingand investment.-VNA