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[size=41]The Minister of Finance announces the recovery of the local market soon[/size]
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Finance Minister Ali Allawi confirmed, today, Thursday, that the ministry is following up on the rise in prices in the markets that accompanied the change in the exchange rate, pointing to the recovery of the local market soon.
The committee said in a press statement, that it "hosted the Minister of Finance, Ali Allawi, and the Director General of Accounting in the ministry regarding the implementation of the Federal General Budget Law for the year 2021, and a follow-up to what was mentioned in a previous hosting by the committee for the governor of the Central Bank."
The statement added, “At the beginning of the meeting, which was held at its headquarters, the committee discussed the issue of activating the inactive materials in the budget and the mechanism for implementing the law, as approved by the House of Representatives, as the committee made it clear that it made a great effort in adding reform materials in the budget that would maximize the state’s non-oil revenues. Such as taxation, imposing an airport fee, and automating border crossings and customs, and the committee has indicated that the issue of automation has been suspended so far, despite the many requests and correspondences regarding that.”
The Finance Committee stressed “the necessity of activating petrodollar funds as stated in the budget text despite the government’s submission of an appeal regarding this, and this matter does not prevent the text from being activated because of its benefit to the oil-producing governorates, in the meantime the committee sent a letter to the Ministry of Finance in which it explained Article 2 – First - Eighth, regarding petrodollar funds.
The statement continued, "The committee also discussed the Ministry of Finance's procedures regarding the job number and the biometric system for employees, as it is an absolute necessity, and as the committee indicated to it in Article 12 of the Budget Law, as well as the steps taken by the ministry to confront the negative effects of raising the currency exchange rate on citizens," noting. The Finance Committee also addressed the issue of government banks and the Ministry’s steps to carry out actual reforms in this important sector by relying on efficient national experiences in this field, as the Committee included in the budget law paragraphs that support industrial and agricultural banks.
The committee called on the Ministry of Finance to “address all ministries in full compliance with the budget law and the application of its paragraphs,” stressing the need to “accelerate the launch of investment allocations for the governorates to start completing the lagging projects.”
From his side, the Minister of Finance provided an explanation regarding the questions raised by the Finance Committee regarding the implementation of the budget, confirming the ministry's initiation of procedures for automating ports through an advanced electronic system that will be implemented soon.
The Minister of Finance also explained that the ministry is following up on the rise in prices in the markets, which accompanied the change in the exchange rate, revealing at the same time the recovery of the local market soon.
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