The House of Representatives held, today, Wednesday, a specialized seminar on reading and analyzing the federal general budget.
The Media Department of the House of Representatives said in a statement received by the Iraqi News Agency (INA), that "the Parliamentary Development Institute, in cooperation with the International Republican Institute, held a specialized symposium for deputies on reading and analyzing the federal general budget and the financial concepts contained therein."
The Director-General of the Parliamentary Development Institute, Saad Fayyad, stressed, in his speech during the symposium held in the Constitutional Hall in the Parliament building, that “the methodology adopted by the Institute in its work is based on developing the skills and capabilities of members of Parliament in the legislative and oversight fields, in addition to striving to create the best competencies.” And national and international experiences in various fields to advance the work of the legislative authority in Iraq.
He added, "Benefiting from this specialized symposium represents an important goal to enhance the knowledge opportunities that the Institute is keen to achieve through the valuable information it provides in the field of concepts contained in the Federal Budget Law," explaining that "this workshop is part of a series of workshops with multiple titles and specializations that will be organized. In cooperation with local and international bodies and organizations during the coming period to proceed in achieving the desired goals and reach the ultimate goal of developing the performance of the legislative institution.
In his turn, the financial expert Mahmoud Dagher presented in his lecture an analytical presentation on the mechanisms for formulating the budget, ways to benefit from the resources and the process of approving them. "
Dagher stressed the importance of the budget's role in achieving development and implementing the financial policy, as it is the legal document approved by the legislative authority to monitor the estimates of expenditures necessary for the state."
Dagher pointed out that "there are basic rules for the general budget to be adopted and several concepts, including the difference between the government sector, which deals with central government funds, and the year in which self-financed companies enter," noting that "the budget has an annual basis for every 12 months, in addition to the general rule, balance and lack of Personalization".
And Dagher indicated that "the fiscal policy is of two types, the first is expansionary towards growth and investment of resources, and the other is contractionary affected by the dominance of the public sector," explaining the types of budgets that include balancing items that are easy to formulate and follow-up and which Iraq adopts, and balancing programs and performance, which have positive advantages and a zero-based budget that is placed on the basis that it is done Without a deficit or a surplus.”
The financial expert reviewed the stages of preparing the general budget, since the discussion of the strategy for its preparation by a specialized financial committee, through sending it to the government, and ending with submitting it to the House of Representatives for approval.
Dagher touched on public revenues, public expenditures, and the monetary process of dealing in dollars, calling for diversifying sources of income in order to increase revenues, whether direct revenues such as taxes on salaries or corporate profits, or indirect ones such as taxes on sales or the level of production, in addition to the public treasury's share of the profits of self-financed institutions "..
Dagher stressed the need for representatives to be present within the joints of the production and distribution process in state institutions, urging to activate the principle of properly benefiting from customs imports and border crossings, as they generate important revenues for the public budget."
He explained that "the growth equation is achieved by directing tourism, economic and commercial projects through the private sector and getting rid of the problems of the public sector, in addition to the importance of establishing a funding fund that bears the responsibility of the private sector, even if it is financed from public money in order to advance the economic reality."
The symposium included many inquiries, ideas and proposals for following up on the mechanisms of budget legislation and holding seminars and lectures related to it, in addition to knowing the ways to perform the budget in the best form, especially with regard to salaries, self-financing institutions, loans and advances.
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