Mazhar Muhammad Salih: Public finances are in trouble!


money and business

   


Economy News-Baghdad

Adviser to the Prime Minister, Mazhar Muhammad Salih, warned, on Sunday, of what he described as a “financial blockade” due to the public finance problem, while indicating that there are fears of entering 2023 without a budget .

Saleh said, in a statement reported by the official “Al-Sabah” newspaper, that “one of the most serious concerns that is being raised is the public finance problem, which may enter into a financial impasse or siege,” noting that “there are no exchange powers at all, as the effective financial management law No. 6 of 2019 is amended.” It allows it, in the absence of the budget law in the subsequent year, to spend in the ratio of 1/12 of the actual expenditures made in the previous year’s budget .”

He added, “The fears are entering 2023 without a budget, so what is the exchange rule in this case with the absence of the 1/12 rule? .. The Emergency Food Security Law No. 2 of 2022 expires at the end of this year .”

Saleh explained: “The public finances will fall into a dilemma, unless the prime ministers and the republic resort to the Federal Court to obtain a decision that allows them to continue spending according to 1/12 in 2023 until the legislative arrangements are completed for the issuance of the 2023 budget and its acceptance, even if it is a caretaker government.”

https://economy-news.net/content.php?id=29312

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