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Specialists: Financial discipline is a guarantee of achieving surpluses and increasing growth
Economical 2023/04/15
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The Emad of the Emirate
A number of economists urged the need to follow sound frameworks that can limit economic downturns and unexpected shocks that the general budget may be exposed to, especially with regard to calculating the price of a barrel of oil and the planned deficit, stressing the possibility of achieving these factors through what they described as "Fiscal discipline" that can distance the budget from economic crises and lead to achieving a number of positive factors, including enhancing economic growth, curbing the fiscal deficit and achieving a budget surplus.
Last week, the House of Representatives completed the first reading of the draft federal budget law for the fiscal years (2025, 2024, 2023) submitted by the Finance, Strategic Planning and Federal Service Committees, at a time during which the Presidency of Parliament continues to hold its meetings with the Parliamentary Finance Committee to ripen the law and expedite its presentation for the second reading. , Where the Deputy Speaker of Parliament, Mohsen Al-Mandalawi, discussed with the Finance Committee "the items of the budget, and provided observations regarding a number of its paragraphs and the importance of making the necessary transfers, in a way that contributes to increasing the allocations for the development of regions, reducing the deficit rate, and implementing service and strategic projects, especially those that are lagging behind."
Dr. Imad Al-Ani, a specialist in economic affairs, believes that “the financial discipline that can be followed during the implementation of the budget items leads to creating the necessary foundations for creating a stable and predictable economic environment that is far from the risks of global fluctuations.” It leads to an exacerbation of the deficit, and thus resorting to borrowing, which is reflected in additional costs on the economy that exceed its ability to produce the required surplus and sufficient to face the increasing pace of debt and its servicing.
Al-Ani added, hence, "the need for financial discipline to curb unstudied bias in the behavior of fiscal policy that leaves costs on the economy, indicating that the ability and competence of the financial authorities depends on financial discipline as a measure of them and through it lies the ability to maintain the smooth implementation of financial operations that guarantees Long-term financial safety and prosperity.
Dr. Ikram Abdel Aziz, a member of the administrative body of the Iraqi Economists Association, did not stray far from the previous opinion, as she stated that “economic stability is the necessary condition for growth, which can be achieved through financial discipline as an incubator for stability, growth, and poverty reduction,” noting the importance of “designing fiscal policy as part of Among the broader economic reforms and their impact on the behavior of the factors affecting the future, in line with the requirements of transparency and public supervision.
For his part, the specialist in economic affairs, Dr. Muhammad Shehab, explained that the importance of financial discipline lies in promoting long-term growth, as curbing the deficit and achieving a budget surplus is a form of saving, and with its increase, owned assets increase and future income increases.
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