[size=36]Al-Attar reveals the importance of the Financial Management Law and its link to the budget[/size]
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a member of the Iraqi Economic Council, Ghadeer Al-Attar, revealed on Wednesday the importance of the new financial management law recently passed by the House of Representatives.
Al-Attar said in a statement received by / Mawazine News / a copy of it, "The Financial Management Law aims to regulate the rules and procedures governing financial and accounting management in the field of planning, preparation, implementation, control and audit of the federal public budget."
He added, "The law will direct all federal revenues to the public treasury to cover public spending, determine the internal control units' link in administrative and technical terms, establish mechanisms related to budget implementation, the commitment of each implementing agency, and determine the responsibility of the Ministry of Finance in the implementation phase."
Al-Attar pointed out that "through the Financial Management Law, it will be possible to set specific dates to present the final accounts and adhere to the principles of the budget (budget transparency, budget comprehensiveness, budget unity, annual budget and non-allocation) when preparing and implementing the federal public budget and related matters in a manner that ensures the achievement of macroeconomic stability and financial stability Strengthening the allocation of budget resources, improving the efficiency and effectiveness of spending, ensuring optimal cash management and improving the quality of budget information provided to the House of Representatives and public opinion. ”
The Iraqi Council of Representatives voted in its session on (13-January-2020) to amend the Financial Management Law. Ended 29