Baghdad – IA
Today, Thursday, the Parliamentary Finance Commitee discussed the draft law on the first amendment to the Federal General Budget Law (2023-2025).
The committee’s media office stated in a statement – received by the (INA) – that “the Parliamentary Finance Committee, headed by Atwan Al-Atwani and in the presence of a number of its members, held its fifth meeting to discuss the draft law on the first amendment to the Federal General Budget Law (2023_2025).”
the statement added, “The meeting discussed the aspects related to this amendment, with the aim of maturing and preparing it in an optimal way to ensure its implementation, ending the problem of the oil dispute between the central government and the regional government, and resuming oil exports.”
The statement explained, “The attendees decided to submit an official request to the Presidency of the House of Representatives to raise the second reading from the agenda of today’s session, in order to complete the discussion of this law, as the Finance Committee is still waiting for the Ministry of Finance to provide the data requested from it, regarding the mechanism for financing the amounts related to production costs.” And the region’s oil was transported, according to what was stipulated in the draft law sent by the government to Parliament.”
The statement continued, “The meeting also discussed the problem of delayed financing of the governorates, as the representatives indicated – during their interventions – a clear shortcoming in the performance of the Ministry of Finance,” stressing “the importance of reconsidering the path of building the general budget, and transforming it from a planning budget to a realistic budget.” “.
What are the key changes proposed in the first amendment to the Federal General Budget Law (2023-2025)?
Interview with dr. Samira Al-Mohammed, Economic Analyst, on the First Amendment to the Federal General Budget Law (2023-2025)
Time.news Editor (TNE): Thank you for joining us today,Dr. Al-Mohammed. The Parliamentary Finance committee recently discussed the first amendment to the Federal General Budget Law for 2023-2025. Could you outline what this amendment entails?
Dr. Samira Al-Mohammed (SAM): Certainly. The proposed amendment aims to address several critical areas, including settling the long-standing oil dispute between the central and regional governments, which has significantly impacted oil exports. The committee has emphasized maturing this amendment effectively to ensure it can be implemented smoothly, thereby facilitating these exports and stabilizing revenue streams.
TNE: That’s an important point. What are the challenges currently facing the Ministry of Finance in this context?
SAM: One of the major challenges is the delayed financing of governorates, which has led to frustration among local representatives.During the discussions, committee members expressed concern about the Ministry of Finance’s performance, especially in providing the necessary data regarding production costs and the financing mechanism associated with these costs. without this facts, it’s difficult for the committee to enhance budgetary planning and implementation.
TNE: It sounds like there’s a need for greater transparency in financial data. What is your view on the proposal to transform the general budget from a planning budget to a realistic budget?
SAM: Transforming the budget into a realistic one is crucial. A planning budget frequently enough fails to account for real-time financial challenges and shifts in the economy. By adopting a realistic budget framework, the government can allocate resources more effectively, respond to immediate needs, and adjust to economic fluctuations, thus fostering greater financial stability.
TNE: You mentioned the oil dispute resolution as a goal of this amendment.What implications could resolving this conflict have on the Iraqi economy?
SAM: Resolving the oil dispute is pivotal for the Iraqi economy. Oil is the backbone of Iraq’s economy, contributing significantly to national revenue. By ensuring stable operations in this sector through clear legislative frameworks, the country can enhance its export capacity, improve foreign investment confidence, and ultimately bolster economic growth. Overcoming these disputes could lead to a more unified approach to resource management.
TNE: What advice would you give to stakeholders involved in this process?
SAM: Stakeholders should prioritize open lines of communication and information sharing among all levels of government. Engaging local governments and communities in budget discussions can lead to more tailored solutions that meet their needs.Additionally, emphasizing transparency regarding financial data and the budget process can build public trust and lead to more effective governance.
TNE: Thank you for your insightful contributions, Dr.Al-Mohammed. As the discussions around the federal General Budget Law continue, we appreciate your expertise.
SAM: Thank you for having me. It’s essential that we keep the conversation going on these critical issues impacting Iraq’s economic future.