Adviser to the Prime Minister reveals the conditions for depositing the financial surplus in a sovereign fund
Adviser to the Prime Minister reveals the conditions for depositing the financial surplus in a sovereign fund
Economie- 05-01-2022 12:02 PM
Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for depositing the financial surplus in a sovereign fund, while indicating that spending on social spending and addressing poverty will be the first priority.
Saleh said in a press statement, “Based on the text of Article 19/Second of the amended Federal Financial Management Law No. 6 of 2019, if the actual revenues exceed total expenses or expenditures, including financing the planned deficit in the annual budget, the surplus amount is deposited in ( Sovereign Fund) provided that a budget law is available, otherwise the said financial surpluses will be deposited in a reserve account and will undoubtedly be an opening balance in financing the federal general budget for the year 2023 in whole or in part and according to the exchange chapters and its future priorities.
He added, “Spending on social spending and addressing poverty will be the first priority, in addition to making it easier with the investment spending associated with the implementation of strategic projects that operate work and inevitably generate income.”
And the Ministry of Oil announced, earlier, that the revenues last month amounted to more than 10 billion dollars.
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