NAY PYI TAW, June 15 (Xinhua) -- Myanmar's new government will effectively spend the budget on higher living standard and economic growth, official media quoted President U Htin Kyaw as saying Thursday.

Speaking at the first meeting of the Financial Commission in Nay Pyi Taw, U Htin Kyaw, who is also the commission chairman, revealed that amendment to the 2016-17 budget, which was drawn up according to the cabinet structure of the previous government, will be submitted to the parliament for approval.

U Htin Kyaw promised increased spending on education, health and social welfare to ensure more human resources, adding that development policy would be focused on the implementation of rural development, electrification, poverty alleviation and infrastructural development.

A 5-percent commercial tax placed on mobile top cards has collected 7.5 billion kyats (6.3 million U.S. dollars) revenue to be spent on sectors that directly contribute to public interest, he added.

While including the budgets for the new Ministry of the Office of the State Counselor and the Ministry of Ethnic Affairs, the expenditures for the ministries are being cut by 2 percent, the commission's vice chairman U Myint Swe, who is also vice president,  told the commission.

Another commission vice chairman U Henry Van Thio, who is also vice president, disclosed that over 1.6 billion kyats (1.4 million U.S. dollars) has been allocated to regions and states for the present 2016-17 fiscal year.