Final budgets return to the forefront as Parliament awaits the arrival of the 2025 budget schedules.
Final budgets return to the forefront as Parliament awaits the arrival of the 2025 budget schedules.
2025/04/02
Discussion of the final budgets has returned after the Minister of Planning announced the completion of the final accounts for the 2025 budget. Experts believe that the final accounts for the 2024 fiscal year will serve as the basis for approving the 2025 budget.
Financial expert Salah Nouri explained in a statement to {Euphrates News} that: “Article 13, Paragraph {Third} of the Financial Administration Law No. {6} of 2019 addressed the case of non-approval of the draft federal general budget law, according to the following text: In the event that the draft federal general budget law for a specific fiscal year is not approved, the final financial statements for the previous year shall be considered the basis for the financial statements for this year and shall be submitted to the House of Representatives for approval.”
He added, “This article was added as a result of the failure to approve the draft federal general budget law for the year 2014, which created a vacuum that was not addressed at the time.
” Nouri added, “For the proper implementation of the aforementioned Article (13), the Ministry of Finance must have completed the final account for the fiscal year 2024, which will be the basis for approving the 2025 budget and submit it to the House of Representatives.”
On March 26, Minister of Planning Mohammed Tamim announced the completion of the preparation of the 2025 budget tables and their submission to the Council of Ministers.
The Minister of Planning confirmed that the budget tables do not include any new projects, but rather include funding for ongoing projects.
For his part, Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed that the committee noted a clear flaw in the estimation of non-oil revenues. Through amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, we seek to determine the size of revenue from investing state assets and other revenue sources, so that we have a clear vision when formulating the country’s financial policy.
Al-Atwani affirmed the committee’s determination to activate the work of this important constitutional body and grant it broader powers so that it can assume its responsible national role. He expressed his concern over the halt in listing projects and the procrastination in financing ongoing projects, noting that “these reasons are a dangerous prelude that may return us to the problem of stalled projects.”
alforatnews.iq
