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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Al-Kazemi’s advisor: The Generations Fund requires a budget law for the year 2022

    Rocky
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    • Post n°1

    Al-Kazemi’s advisor: The Generations Fund requires a budget law for the year 2022 Empty Al-Kazemi’s advisor: The Generations Fund requires a budget law for the year 2022

    Post by Rocky Sat 06 Aug 2022, 7:23 am

    [size=38]Al-Kazemi’s advisor: The Generations Fund requires a budget law for the year 2022[/size]


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    Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Saturday, August 6, 2022, a condition for the establishment of the Sovereign Fund, while indicating who can manage the fund.
    Saleh said in a statement followed by the obelisk, that "the idea of ​​the Generation Fund stems from the text and spirit of Article 19 of the Federal Financial Management Law No. 6 of 2019, which provided for the establishment of a (sovereign fund) in which financial savings are deposited after covering the expenses approved in the Federal General Budget Law. The annual budget, including the coverage of the hypothetical or planned deficit in the annual general budget estimates, the subject of the study.
    He added that "the Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund's work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and its financial agent in Managing all its financial investments.
    He added, however, that this does not prevent the Ministry of Finance from preparing to draw up a program for managing the Sovereign Fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country.
    He pointed out that “the financial savings achieved outside the Emergency Food Security and Development Law No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in managing safe short-term financial investments.
    Saleh stressed that “the Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a law for the general budget, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until the current date. The end of the 2022 fiscal year, in the event that a budget law is not issued.”
    He added, “Any savings outside the expenses of the two laws above will be partially spent within the opening balance for the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the legislation of a budget law for the year 2023, so that the Generations Fund or the Sovereign Fund can work, due to the legal connection between the Sovereign Fund and the availability of surplus funds.” Through an approved annual budget and legally committed to its provisions.
     
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