14:25 - 09-10-2022
Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the main and main criterion in drawing up the country's economic policy, while stressing the country's need to establish a permanent economic council.
Mazhar Muhammad Salih said, "The basic and main criterion that the government adopts in drawing up economic policy, especially those affecting economic development, is the five-year development plan, which is the tool and chart that indicates essential goals, foremost of which is the people's happiness and well-being."
He added, "The five-year development plan is funded in accordance with the budget strategy and its quantitative objectives, whose estimates extend to at least three years, and are renewed annually on a continuous basis with the mechanisms for preparing the annual federal budget and its legislation, as investment projects are divided sectorally according to fundamental criteria, the most important of which is the amount of their contribution to growth. The annual economic plan indicated by the development plan and according to the priority of the investment project in achieving economic diversification and sectoral integration and its ability to operate human energies and various other local resources and human necessities without neglecting its geography, which should affect the most disadvantaged areas in the country.
He continued: "Based on the foregoing, the financing and important part of the annual general budget (after the operational budget) is the government's annual investment spending and ways to finance it, as it sets aside at least 20% of the total public spending planned to finance government investments, not to mention the The investment activity undertaken by the private sector, which is indicated by the five-year development plan among its indicators, and which takes up no less than 35% of the annual investment in some sectors and reaches more than 50% in the housing sector, for example, out of the total annual targeted investment in the country ".
He stressed, "The country is still in dire need of a permanent economic council that has executive powers for infrastructure and reconstruction, to ensure the implementation of strategic projects across governorates, such as major agriculture, transportation, water, energy, housing, construction and digital economy projects, all of which accelerate the degree of economic diversification and the transition to an advanced development era in an accelerated manner." In the economic well-being, as well as the role of the Council to follow up the sustainability of financing and implementation of these projects according to the timing and priority without stumbling or delaying.
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