Al-Sudani’s advisor: The “triennial” budget is subject to change depending on the economic situation

Al-Sudani’s advisor: The “triennial” budget is subject to change depending on the economic situation

2023-03-18 04:28

Al-Sudanis advisor - The triennial budget is subject to change depending on the economic situationShafaq News/ The financial advisor to the Prime Minister, Mazhar Muhammad Salih, reduced, on Saturday, the fears of approving 3-year budgets, due to the instability of dollar prices and fears that they would not meet the basic entitlements of the state and the citizen in the life joints.

Saleh told Shafaq News agency, “The presentation of a federal public budget for three years, which is a (financial plan), came in line with the Federal Financial Management Law, as Article 4/Second of the Federal Financial Management Law allowed the executive authority to present a picture of a (cascading) budget for three years. Once, provided that the budget for the first year is enacted and approved for implementation inevitably.

He stressed that “the budget for the two subsequent years after their legislation is subject to change and amendment by the executive authority, provided that the House of Representatives approves the amendments required by the circumstances of the amendment at the time, depending on the financial and economic situation of the country.”

Saleh added, “The executive authority has sought, behind this, to give sufficient flexibility to avoid problems that impede the approval of the budget in the coming years, whether what happened in caretaker governments, for example, or other legislative obstacles, in addition to following the so-called (budget transparency), which is giving A future vision on the priorities of the country’s financial situation in the medium term, in accordance with the implementation of the principles of the government program for the coming years.

And he indicated that “(the annual general budget) came clear and explicit in the text of Article 1/Second of the enforceable Federal Financial Management Law No. 6 of 2019 as amended, and it is a (obligatory) year, also beginning as stated in the provisions of the above law as a fiscal year starting on 1/1 of each fiscal year ending on 31/12 of the same fiscal year.

The Iraqi debate continues regarding the Iraqi government’s approval of the country’s financial budget for a period of 3 years, which is happening for the first time since 2003, as previous governments used to prepare the budget for a period of one year and send it to Parliament to take its way to implementation after its approval.

Although the “triple” budget still needs to be approved in parliament, the debate is divided between two main directions. The first represents the government and its political parties and blocs, while the other represents economic trends that it believes are risky and are not consistent with the budget law and the context of rents on which the Iraqi economy is based.

And Prime Minister Muhammad al-Sudani said, the day after the budget was approved by the Council of Ministers, last Monday: “The budget for the years 2023, 2024, and 2025 has been approved, and this is the first budget prepared by the government, and it received enough time for research and discussion, in a way that guarantees the implementation of the government program.”

Al-Sudani believed that approving a three-year budget is “a bold step that is calculated for this government, and its importance lies in supporting financial stability, as ministries usually enter a stage of hibernation at the end and beginning of the year until the budget is approved.”