The Finance Committee in the House of Representatives called on the government to expedite the preparation of next year’s budget according to the specified timetable. Meanwhile, the head of the committee, Atwan Al-Atwani, discussed with a delegation from the Adam Smith International Foundation a set of laws related to the development of the financial and banking system.
Member of the Finance Committee, Mustafa Al-Karaawi, told Al-Sabah that “the current year’s budget stipulated the necessity of providing Parliament with the financial schedule before the end of the fiscal year, and any delay in this will cause a delay in the start of implementing the budget and its schedules,” noting that “the non-oil revenues targeted in the budget are estimated at 27 trillion dinars, while what has been achieved so far does not exceed 8 trillion dinars only,” he said.
Al-Karaawi added that “the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any
economic imbalances.”
The MP stressed that “the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy, noting that it discusses from time to time ways to increase government revenues by developing the tax and customs system.”
The MP noted that “there is a government plan that depends on automating and modernizing the work systems in these institutions, and it is expected that its implementation will be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency
in collecting them.”
In addition, the head of the Finance Committee, Atwan Al-Atwani, reviewed yesterday, Monday, with a delegation from the Adam Smith International Foundation, important draft laws including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments, noting that these laws will be read in the upcoming sessions.
Al-Atwani also reviewed before the delegation the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy through diversifying sources of income and not relying excessively on oil to feed the state budget, stressing that the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues.
alsabaah.iq
