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The "tripartite budget"... Positive steps to promote development and investment
Economical 04/19/2023
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Baghdad: Shukran Al-Fatlawi
Specialists in economic affairs praised the governmental and parliamentary directions aimed at approving a tripartite budget, stressing that this step shows the existence of a medium-term government vision for spending paths and trends and project priorities.
And it can be positively reflected in creating more interaction with local partners in various sectors, and while they warned against the continued dependence of the budget on a single financial resource to support its items, they stressed the need to exploit the financial abundance to support the “industrial, agricultural and tourism” sectors. The “triple” budget that extends until 2025 is a positive point that was welcomed by a number of specialists in economic affairs, who praised the paragraphs supporting the increase in sustainable development rates, especially in the health and education aspects, praising at the same time the establishment of a fixed exchange rate in the law.
A researcher in economic and institutional reform issues at the Middle East Institute in Washington, Nawfal Abu Al-Shoun, during his interview with Al-Sabah, sees a number of positive aspects in approving a tripartite budget, including “the presence of a medium-term government vision for spending paths and trends and project priorities that will be positively reflected by approving a budget for a period of three years.” In addition to the importance of the step in being a real motive for more interaction with local partners in the private sector and investors.
Abu Al-Shoun pointed out that “the stability of the tracks during the implementation period of this budget avoids delaying its approval in the future, as happened more than once, and the governments were forced at that time to follow the state’s requirements according to previous budgets with a clear disruption of interests,” warning at the same time, against “the continued adoption of The budget is almost completely based on export resources for one commodity that fluctuates in prices, is not controlled, and is subject to collapse and a sharp decline (oil), as happened in alternating economic cycles, expressing his fear of building the budget according to exaggerated price expectations.
The spokesman explained, "The speedy approval of the budget, which was delayed, will be an effective factor in moving influential economic joints in the country, which can be achieved by approving the budget for the next three years, consistent with the ministerial curriculum and the government program, and limiting the effects of negative attitudes that try to create false convictions related to the budget."
The proposed expenditures in the new budget amount to 197 trillion and 828 billion dinars ($152 billion, according to the official exchange rate), including investments worth 47 trillion and 555 billion dinars ($36.5 billion).
According to the government's economic adviser, Mazhar Muhammad Salih, preparing a budget for three years is contained in the Iraqi Financial Management Law, and "it can be amended by the Council of Ministers based on a proposal from the Ministries of Planning and Finance for the second and third years and with the approval of the House of Representatives."
Saleh says that this gives the government "legislative flexibility that distanced financial planning from the constitutional rigidity and difficulties of annual legislation."
And he adds that the House of Representatives, as far as the matter relates to the legislation of the Federal General Budget Law, has the power to reduce unnecessary expenditures and make some transfers between expenditure chapters without increasing expenditures, and this is what is happening now.
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