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Parliamentary Finance: The decision to recover unpaid funds will reduce the budget deficit

rocky
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Parliamentary Finance: The decision to recover unpaid funds will reduce the budget deficit Empty Parliamentary Finance: The decision to recover unpaid funds will reduce the budget deficit

Post by rocky on Mon 13 Jan 2020, 6:31 am


Parliamentary Finance: The decision to recover unpaid funds will reduce the budget deficit

13:33 - 13/01/2020



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The information / Baghdad ..
The Parliamentary Finance Committee promised, on Monday, the House of Representatives decision to retrieve the funds that were not disbursed to previous budgets by the governorates and ministries and mix them with the current budget and deposit them as trusts will reduce the budget deficit, stressing that these funds will not include the percentage granted to the region within the budget for the current year.
Member of the Committee, MP Thamer Diban, said in a statement to "Information", that "the decision of the House of Representatives to retrieve all the funds allocated to the governorates and ministries that have not been disbursed to the budgets of previous years and mix them with the current budget have a significant impact on reducing the deficit rate in the current budget."
Theban added, "Recovering funds from governorates and ministries does not mean that they will go to other ministries or provinces, but rather will be paid to the same entity as part of the current budget to be a motivation for local governments and ministries to spend on projects and doors that have been disbursed."
Theban said that "these funds will be in the form of trusts so that they are not counted among the funds of the public budget until the region is not required to deduct them from their percentage for the current year." Ended in / 25 pm


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Proven
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Parliamentary Finance: The decision to recover unpaid funds will reduce the budget deficit Empty Re: Parliamentary Finance: The decision to recover unpaid funds will reduce the budget deficit

Post by Proven on Mon 13 Jan 2020, 7:46 am

Thanks Rocky.

Here is the effect of the amendment to the Financial Management law.  Trust fund created to manage projects.  

Current year's deficit was created by unfunded projects.  Transfer projects and funding to the trust fund.  Place all unspent funds from previous years in the trust fund.  

Deficit problem solved.  Projects just got funding outside of budget  approval. 

This is just like social security in the US.  Except the opposite.  Excess funds were transferred back to the general budget.  

Does the current year's budget need approval to start economic development?  Only tariffs on imports.  

Will the people wait?


He added, "Expediting the approval of the Financial Management Law, which the House of Representatives voted on Saturday, will give the government the reinvigoration of investment projects until a new government is formed."

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    Current date/time is Sat 25 Jan 2020, 4:30 am