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Does 2024 need a budget amendment? A Sudanese advisor answers
- Time: 2023/11/12 11:08:51
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{Economic: Al-Furat News} A financial advisor to Prime Minister Muhammad Shiaa al-Sudani revealed the extent of the possibility of the need for legislation or amendment next year, 2024, to the tripartite financial budget approved by Parliament last June.
Mazhar Muhammad Saleh told {Al-Furat News} agency, “The Federal General Budget Law of the Republic of Iraq No. 13 of 2023 represents an integrated financial plan for three years 2023, 2024 and 2025, and therefore there is no need for any new financial legislation, unless financial and economic conditions arise that require the adoption of what is required.” Adding or amending some constants and variables here and there, the government can go to the House of Representatives to approve the required partial amendments if the urgent need arises.”
Saleh added, "But until now, the financial indicators for the fiscal year 2024 show that they are stable, and that the legislation available for the tripartite federal general budget is currently sufficient."
At dawn on June 12, the House of Representatives approved the draft financial budget law for the current year 2023 and the following years 2024 and 2025.
It is noteworthy that, on March 13, the Council of Ministers approved the largest financial budget in the country’s history, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit amounting to 63 trillion Iraqi dinars, taking advantage of the rise in oil prices, which constitutes more than 95 percent. % of the country's financial revenues.
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{Economic: Al-Furat News} A financial advisor to Prime Minister Muhammad Shiaa al-Sudani revealed the extent of the possibility of the need for legislation or amendment next year, 2024, to the tripartite financial budget approved by Parliament last June.
Mazhar Muhammad Saleh told {Al-Furat News} agency, “The Federal General Budget Law of the Republic of Iraq No. 13 of 2023 represents an integrated financial plan for three years 2023, 2024 and 2025, and therefore there is no need for any new financial legislation, unless financial and economic conditions arise that require the adoption of what is required.” Adding or amending some constants and variables here and there, the government can go to the House of Representatives to approve the required partial amendments if the urgent need arises.”
Saleh added, "But until now, the financial indicators for the fiscal year 2024 show that they are stable, and that the legislation available for the tripartite federal general budget is currently sufficient."
At dawn on June 12, the House of Representatives approved the draft financial budget law for the current year 2023 and the following years 2024 and 2025.
It is noteworthy that, on March 13, the Council of Ministers approved the largest financial budget in the country’s history, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit amounting to 63 trillion Iraqi dinars, taking advantage of the rise in oil prices, which constitutes more than 95 percent. % of the country's financial revenues.
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