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Sun. AM KTFA News Articles 11-13-22

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Samson » November 13th, 2022

The countdown begins.. Parliament awaits the budget from the government before December 9

11/13/2022 14:54:59

The representative of the Kurdistan Democratic Party, Shirwan Al-Dobardani, called for the government to send the draft financial budget law for 2023 before the ninth of next December, that is, before the start of the legislative holiday after extending the work of Parliament for a whole month.

Al-Dobardani said in a press statement, “The federal government is scheduled to send the draft budget law to the House of Representatives soon,” noting that “Prime Minister Muhammad Shia’ al-Sudani formed a committee to prepare the budget as soon as possible and send it to the House of Representatives.”  

He explained, “It is possible that the budget will be sent in the month of December next,” noting that “the ninth day of next December will witness the start of the second legislative recess, except in the event of an extraordinary session, so the budget should be sent before the holiday.”  He pointed out that “the Finance Committee begins with the first reading, and in the second the amendments, and then vote on the paragraphs of the budget.”

It is noteworthy that the fiscal year covered by the general budget law ends on December 31 of the same year, and the financial management law, which requires the disbursement of a part of twelve parts of the actual spending in the previous year, is being implemented until the issuance of the new general budget law. 

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The size of the federal budget for the year 2021 was more than 101 trillion dinars, and the price of oil was estimated at $45 per barrel, but the price of oil has risen to nearly double that price.

It is noteworthy that the program of the new government headed by Muhammad Shia’ al-Sudani made it a top priority to push the draft budget law for the year 2023 to parliament.  In this regard, Finance Minister Taif Sami said in a statement, “The approval of the budget bill for next year will take place before the end of this year.”   LINK

Source: Dinar Recaps

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