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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    A government advisor reveals the fate of the budget tables

    Rocky
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    • Post n°1

    A government advisor reveals the fate of the budget tables Empty A government advisor reveals the fate of the budget tables

    Post by Rocky Fri 10 May 2024, 9:13 am

    [rtl]A government advisor reveals the fate of the budget tables[/rtl]

    Economy  ,  05/10/2024 10:28  Number of readings: 165 
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    [rtl]Baghdad - Iraq today:[/rtl]
    [rtl]The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, commented on the reasons for delaying sending the 2024 budget schedules to the House of Representatives.

    Saleh said, in a press interview, that “the (tripartite) federal general budget was legislated under Law No. 13 of 2023 and was published in the Official Gazette on June 26, 2023, as a medium-term financial plan. Despite this, the budget did not become effective and implemented for the fiscal year 2023 until In August of last year, this coincided with the issuance of instructions to implement the budget, both operational and investment, as the instructions are an integral part of the legislative process to implement the provisions of the law in the best way, which means that the application of the principles of the federal general budget on the ground in all its dimensions has been completed in the last third. From last year 2023.”

    He explained that "this last third of the implementation of the general budget last year required the submission of financial statements for the fiscal year 2024, that is, tables of revenues, expenditures, and deficit estimates, based on the provisions of Article 77/Second of the General Budget Law No. 13 of 2023 referred to above.” The aforementioned article stipulates the following: “The Council of Ministers must send the budget schedules for the fiscal years 2024 and 2025 before the end of the previous fiscal year to the House of Representatives for approval.”

    The Sudanese advisor continued: “Based on the above, and in terms of the timeline, Article 77 could have been implemented if the tripartite general budget had been enacted and became effective on the first of January 2023 and not in the month of August.”

    Saleh added, “Estimating the schedules for the year 2024 and 2025 must depend on the financial movements taking place in the year 2023 in part and knowing something about the final account for the aforementioned year in accordance with the Financial Management Law. This requires at least four months to know the liquidation of previous financial obligations according to The principle of entitlement.

    He added: "But the 2023 budget did not witness the actual implementation of all its details until the last months of last year, which requires the need for an appropriate time frame in order to make estimates of the required schedules and in accordance with the approved financial constants and variables and the possible fluctuations therein.”

    Saleh concluded his speech by pointing out that “the delay that has occurred does not mean that the House of Representatives is far from the circle of communication with the executive authority, broad consultation, exchange of information, and access to the country’s financial details, but Rather that the House of Representatives is fully informed and appreciates the importance of the time frame for making estimates and building practical and professional applications.” “The necessary precision, especially in the 2024 and 2025 budgets.”[/rtl]
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