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It is likely that the budget will be approved before Eid al-Fitr
The first 2023/03/18
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Abdul Rahman Ibrahim
Yesterday, Friday, the House of Representatives officially received the draft federal budget law for the Republic of Iraq for the fiscal years 2023, 2024, and 2025, in implementation of the provisions of the Constitution and the Federal Financial Management Law.
Government spokesman Basem Al-Awadi said: "The draft budget law, including new articles and paragraphs that were approved for the first time, is capable of facilitating the implementation of projects, plans, executive and development programs, and the provision of infrastructure and services for citizens."
On the other hand, Deputy Speaker of the House of Representatives, Shakhwan Abdullah, announced in a statement that he had received the draft federal budget law, which is the highest in the history of Iraq, with a value exceeding 197 trillion dinars, based on the price of a barrel of oil at $70, while the deficit amounted to 63 trillion dinars.
A member of the Parliamentary Finance Committee, Jamal Cougar, suggested approving the state’s federal budget for the current year before Eid Al-Fitr.
The Financial Management Law No. 6 of 2019 allowed the Federal Ministry of Finance to prepare a medium-term budget for a period of (3) three years, to be submitted once and legislated, and the first year is obligatory.
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained to the Iraqi News Agency (INA) that "the circulation of the sums allocated to the governorates for the purposes of investment spending, which could not be disbursed during the fiscal year, was included in the draft federal budget law for the year 2023, which is a flexible and unrestricted mechanism that allows the governorates Conducting financial transactions within its annual allocations related to investment spending on projects.
He added, "Financial Management Law No. 6 of 2019 in force and amended in 2020 took the issue of allocated unspent financial allocations to the governorates by preserving their rights in allocation in order to sustain spending on investment projects without delay or delay."
And Prime Minister Muhammad Shia’ al-Sudani said, last Monday, in a press conference: “In this budget, we gave the governorates the right to recycle the allocated amounts,” stressing that “the priorities of the government program will be present in the 2023 budget, and the budget for three years supports stability.”
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