Economy News - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Thursday, that the merits of the General Budget Law for the year 2023 are complete, while indicating the possibility of approving the 2022 budget immediately, if the legislative environment allows it.
Saleh told the official news agency, "The provisions of Chapter Three of the amended Federal Financial Management Law No. 6 of 2019 are concerned with preparing and approving the legislative rules for the federal general budget law for the next year, which begins its work at the beginning of July of each year by initiating preparations for estimating expenditures and revenues and managing The deficit or surplus of the draft federal budget law for the coming year.
He added, "Accordingly, the ceiling of its expenditures, both operational and current expenditures and investment spending, is determined through what the Higher Committee for Budget Strategy, headed by the Minister of Finance and a large number of undersecretaries of ministries, general managers and experts from various state facilities, is responsible for drawing up the general budget policy. The annual budget and the preparation of the draft law, the annual budget, which is accompanied by the fiscal policy document, the macroeconomic reality and future document, the required growth indicators, and the approved economic development policy.
He pointed out that "according to the timeline, the draft law and the strategy attached to it for the next three years must be discussed in the Ministerial Council for Economy in the first month of September, and the file is referred to the Council of Ministers for approval of the draft general budget law and its appendices, and then presented in an integrated manner to the legislators in the House of Representatives in the month October of each year in order to vote on it to legislate it.
He continued, "There is a draft or an integrated project for the budget for the year 2022 that can be legislated immediately if the legislative environment allows it," noting that "the merits of the general budget law for the year 2023 are to a large extent complete with some simple legal adjustments in the matter of managing the surplus through the fund." The sovereign stipulated in Article 19 of the effective Financial Management Law, as well as the agreement on the price of a barrel of oil for the purposes of calculating the return from it in the year 2023, in light of the development of energy markets and the demand for oil in the world.
He pointed out that "oil revenues constitute more than 90% of the total public revenues in the budget, as well as what is expected of non-oil revenues in the next fiscal year."
Added 09/01/2022 - 8:34 PM
Update 09/03/2022 - 12:47 PM
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