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Try addition and subtraction in 2024
Economical 12/31/2023
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Muhammad Sharif Abu Maysam
In light of the government program and the data prepared, it is possible to consider what will be presented economically in the year 2024, and perhaps it is possible to anticipate the possibility of achieving achievements or not, in the axes of investment and sustainable development, passing through service and infrastructure projects, and reaching what is related to sectoral activities. .
First and foremost, we will not witness the arguments, noise, and disruption that we witnessed over the past twenty years in the budget approval file this year, and all the government will likely need to do after approving the budget law for three years last year is to send the 2024 budget data to the House of Representatives. In the event that changes occur, according to expectations of the movement of oil prices and exported quantities, according to the movement of the oil market and what is expected regarding the decisions of OPEC and OPEC Plus, which may require hedging or changes in the exchange rates or deficit rates, and perhaps changes in the budget allocation schedules, According to the volume of expenditures distributed between the disbursement sections, the available amounts and the expected revenues.
However, the right to exchange will remain in place in accordance with what was stipulated in the Tripartite Budget Law for the year 2023, and the Financial Management Law No. 6 of 2019, which means that the end of the fiscal year and the return to the method of exchange at a ratio of 1 to 12 will not be witnessed in the years 2024 and 2025. In addition to what It is permitted by the Financial Management Law regarding the continuation of spending on ongoing projects according to requirements, in light of the financial abundance that allows the central government and local governments to work comfortably without the pressure of the end of the fiscal year and waiting for a new budget. This matter will reflect positively on the market movement, and on the general economic activities in which chaos will subside. Little by little, with the entry into force of the new Social Security Law, it will bring behind it automatic solutions to the files of tax evasion, the shadow economy, and solutions in the labor market, as it will send messages of reassurance to workers regarding retirement rights and work guarantees.
On the other hand, with the entry of electronic payment technologies into application in many episodes of financial exchange and trading, as well as the expansion of the scope of work with e-government tools in providing services to citizens, the year 2024 will witness a digital transformation in all transactions, trades, and financial and administrative exchanges, which will contribute to shortening the cycles of payment. Administrative slackness and the decline of manifestations of financial corruption, starting from the introduction of payment cards in obtaining fuel and ending with the services provided by banks on the Internet, all of this could push towards maximizing sectoral support operations and achieving their goals more easily than before.
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