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Economy News _ Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Wednesday, the possibility of approving budgets for more than one fiscal year.
Saleh said, to the official news agency, that "the amended Financial Management Law No. 6 of 2019 refers to the approval of the general budget on an annual basis, as the draft law sent by the executive authority is presented in the House of Representatives to legislate the law called the Federal General Budget Law," noting that "The global applications of the general budget are mostly annual."
He explained, "Iraq adopts a strategy for the general budget that extends for the next three years and is in line with the indicators of the country's economic development plan, but it is subject to annual amendment.
He pointed out that "a proposal that the general budget be for more than one fiscal year requires amending the effective financial management law, abandoning the annual budget and replacing patterns of budgets that are approved for a number of years," noting that "this type of budgets will grant the financial authorities in particular and the executive authority in general." High flexibility in adjustment and response to developments, economic conditions and emergency financial surprises when legislating a general budget that extends for more than one fiscal year.
He added, "The proposal has not been implemented in the world's financial experiences, so it is necessary to study the issue with one of the multilateral international financial organizations, of which Iraq is a member, in order to study the idea in accordance with the approved systems in public finance and its global applications and to assess the legal effects." and accounting related to the foundations of governance of public budgets of this type.
Added 08/10 2022 - 6:23 PM
Update 08/11/2022 - 1:19 PM
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