Parliamentary Finance: We are waiting for the new budget bill in October

by **Rocky** Fri 04 Jun 2021, 7:34 am

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Parliamentary Finance: We are waiting for the new budget bill in October

by Rocky Fri 04 Jun 2021, 7:34 am

Parliamentary Finance: We are waiting for the new budget bill in October

4/6/2021 10:36:00

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Parliamentary Finance: We are waiting for the new budget bill in October

The federal government is preparing a draft federal budget law, while the Parliamentary Finance Committee confirmed that it is awaiting the draft law in the month of October.

And the financial advisor to the Federal Prime Minister, Mazhar Muhammad Salih, revealed in an interview with the Iraqi News Agency that the draft budget law for the next year will differ from the budget law for this year in two paragraphs, explaining that the first paragraph “is related to the nature of oil revenues, as the price of a barrel of oil and the quantities exported It must be amended in light of the positive indicators in the energy market and the entry of the global economy into the (post-Coronavirus) stage, especially the high degrees of international economic openness, the flourishing of trade and investment exchange between the countries of the world, and the high overall growth rates in the global economy.

He added, "As for the second paragraph, it is that the draft general budget for the next year will reduce the borrowing space at the lowest point, while the area of investment projects and their allocations will expand significantly and according to development priorities, which will lead to better growth and overall employment in the national economy, especially the high market contribution." In the movement of the economy due to the high state of certainty that will be available to market makers,” explaining that “this is due to the market’s dependence on indicators of recovery in the government economy.”

For his part, a member of the Parliamentary Finance Committee, MP from the Patriotic Union of Kurdistan, Sherwan Mirza, said in an interview with PUKmedia, today, Friday, that the government is working on preparing the draft budget law for the next year, indicating that the government begins preparing the draft budget law every year in the sixth month.

He added that the government is supposed to send the draft budget law for the year 2022 to the House of Representatives next October so that the parliament can discuss it and start the procedures for approving it, as it will read it in first and second readings, and then it will be presented to the vote before the end of the year.

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