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Parliament resumes its sessions Wednesday by voting and reading six bills

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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Parliament resumes its sessions Wednesday by voting and reading six bills

Post by claud39 on Mon Apr 08, 2019 12:38 pm

[rtl]Parliament resumes its sessions Wednesday by voting and reading six bills[/rtl]





 2019/4/8







Parliament resumes its sessions Wednesday by voting and reading six bills Story_img_5caafc1ade828








[rtl](Baghdad: Al-Furat News) The House of Representatives will resume its regular sessions on Wednesday.[/rtl]
[rtl]The agenda of the session includes "voting on the draft financial administration law, the first reading of the draft law of the media and communications authority, the first reading of the draft law of the Supreme Iraqi Maritime Authority, and the first reading of the draft law of accession of the Republic of Iraq to the agreement of the Asian Investment Bank for infrastructure." 
It also includes the report and discussion of the draft industrial cities law, and the report and discussion of the draft law of the first amendment to the Integrity Commission Act No. 30 of 2011. 
The session begins at 1 pm.[/rtl]









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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Order 95:: Financial Management Law and Public Debt Law Jump to navigationJump to search

Post by claud39 on Mon Apr 08, 2019 12:41 pm

Order 95:: Financial Management Law and Public Debt Law

Order 95:: Financial Management Law and Public Debt Law 
L. Paul Bremer, Coalition Provisional Authority





COALITION PROVISIONAL AUTHORITY ORDER NUMBER 95 


FINANCIAL MANAGEMENT LAW AND 
PUBLIC DEBT LAW 


Pursuant to my authority as Administrator of the Coalition Provisional Authority 
(CPA) and under the laws and usages of war, and consistent with relevant U.N. 
Security Council resolutions, including Resolutions 1483 and 1511(2003), 

Having worked closely with the Governing Council to ensure that economic 
change occurs in a manner acceptable to the people of Iraq, 

Acknowledging the Governing Council’s desire to bring about significant change 
to the Iraqi economic system, 

Determined to improve the conditions of life, and opportunities for all Iraqis and 
to fight unemployment with its associated deleterious effect on public security 
through stable financial markets, 

Recognizing that Iraq needs laws concerning the issuance and payment of public 
debt to assist in financing the Government and to promote confidence in the 
country’s economic system, 

Further recognizing the CPA’s obligation to provide for the effective 
administration of Iraq, 

Recalling that U.N. Security Council Resolution 1483 (2003) called upon the CPA 
to promote economic reconstruction and the conditions for sustainable 
development, 

Acting in a manner consistent with the Report of the Secretary General to the 
Security Council of July 17, 2003, concerning the need for the development of 
Iraq and the need to enact institutional and legal reforms to give it effect, 

I hereby promulgate the following: 

Section 1 
Purpose 


1) 
This Order promulgates the Financial Management Law, which establishes 
a comprehensive framework for the conduct of fiscal and budgetary policy 
in line with international best practices, by setting a structured process for 

CPA/ORD/ 2 June 2004/95 


the formulation of the federal budget and a number of reporting 
requirements aimed at increasing the accountability and transparency of the 
budgeting process. 

2) 
This Order promulgates the Public Debt Law, which authorizes the 
Ministry of Finance to issue and pay debt securities guaranteed by the 
Government, and establishes certain related authorities and duties, for the 
purposes of financing Government operations and promoting a stable Iraqi 
economy. 

Section 2 
Financial Management Law 

The Financial Management Law attached to this Order as Annex A shall have 
the full force and effect of law. 

Section 3 
Public Debt Law 

The Public Debt Law attached to this Order as Annex B shall have the full 
force and effect of law. 

Section 4 
General Provisions 

1) 
Prior to the transfer of governance authority to the Iraqi Interim 
Government in accordance with Article (2)(B)(1) of the Law of the 
Administration for the State of Iraq for the Transitional Period, the powers 
and responsibilities assigned to the Prime Minister and Council of Ministers 
by the Financial Management Law and the Public Debt Law shall be 
exercised by the Administrator. 

2) 
Until such time as the Iraqi Interim Government assumes full governance 
authority in accordance with Article (2)(B)(1) of the Law of the 
Administration for the State of Iraq for the Transitional Period, the 
Ministry of Finance is prohibited from issuing new debt securities if the 
issuance of such securities would increase the total level of Iraq’s public 
debt, including obligations to the Central Bank, beyond the current level of 
such debt. 

CPA/ORD/2 June 2004/95 


ANNEX A 

IRAQ 

FINANCIAL MANAGEMENT LAW OF 2004 

Section 1 
Purpose 


This Law shall regulate the arrangements governing the preparation, adoption, recording, 
management, execution, and reporting of the federal budget of Iraq and related issues including 
public borrowing and guarantees, internal control, accounting, and auditing. The principles of 
transparency, comprehensiveness, and unity shall be of fundamental importance in the 
preparation and execution of the federal budget of Iraq, and in related issues. 

The principle of transparency requires that budget information be classified according to 
accepted international standards and presented in a way that facilitates policy analysis and 
promotes accountability. 

The principle of comprehensiveness requires that the budget cover all government agencies and 
institutions undertaking government operations, so that the budget presents a consolidated and 
complete view of these operations and is voted on, as a whole, by the body vested with national 
legislative authority. 

The principle of unity requires that all government resources be directed to a common pool to be 
allocated and used for public expenditure according to the priorities of the government. 

Section 2 
Definitions for the Purposes of this Law 


1) “Budget appropriation” is the legal authorization given to the government to spend public 
money over the fiscal year for specified purposes. 

2) “Authorized person” is a person delegated authority in writing by the Minister of Finance to 
manage public money. 

3) 
“Borrowings” are funds received in return for a legally binding agreement to repay. 

4) “Budget” is a financial program based on annual estimates of government cash receipts and 
payments, transfers, and transactions in kind. 

5) “Budget executor” is an authorized person, or person delegated authority by the budget 
executor, responsible for the execution of the budget. 

6) 
“Capital expenditures” are the use of funds to acquire or upgrade capital assets, such as 
buildings, structures, machinery, and equipment, and financial assets. 





7) “Cash payments” are any monetary transactions resulting in a reduction in the balance of a 
bank account or cash balance. 

8) “Chart of accounts” is a structured list of accounting codes used to classify and record budget 
revenue and expenditure transactions. 

9) “Commitment” is an undertaking to make an expenditure following the conclusion of a 
binding agreement that will result in a payment. 

10) “Contingency reserves” are funds allocated to the Ministry of Finance in the annual budget 
law or supplementary budget laws for the purpose of making expenditures that are urgent and 
unforeseen at the time of passage of the annual budget law. 

11) “Council of Ministers” is the Council of Ministers described in the Law of Administration 
for the State of Iraq for the Transitional Period (the “Transitional Administration Law” or 
“TAL”). 

12) “Current expenditures” are expenditures which are not capital expenditures, such as salaries, 
supplies, services, and fuel. 

13) “Economic classification” is a systematic arrangement of budget revenue and expenditure 
items by type for the purposes of financial statistical reporting and analysis. 

14) “Financial assets” include foreign or domestic cash, deposits, loans, bonds, financial 
derivatives, accounts receivable, other types of claims, monetary gold, special drawing rights 
(SDRs), treasury bills, and shares. 

15) “Fiscal year” is the general government’s accounting period, which begins on January 1st 
and ends on December 31st. 

16) “Federal budget” is the estimate of the total annual receipts and payments as approved by 
the Federal Government. 

17) “Federal government” is the Iraqi Interim Government, the Iraqi Transitional Government, 
or the Government to be elected pursuant to a permanent constitution, as set forth in Article 
61 of the Law of Administration for the State of Iraq for the Transitional Period (the 
“Transitional Administration Law” or “TAL”). 

18) “Federal government bank account” is a bank account for the receipt, payment, or transfer 
of public money belonging to the federal government. 

19) “Functional classification system” means the array of budget authority, expenditures, and 
other budget data according to the major purpose served—for example, agriculture, national 
defense, and transportation. 





20) “General government” comprises all government units primarily engaged in non-market 
operations, including the federal government, regional governments, governorates, municipal 
and local governments. 

21) “Government debt securities” are debt securities issued by the Ministry of Finance, including 
debt securities lawfully issued prior to the effective date of the Public Debt Law promulgated 
in 2004. 

22) “Governorates’ budgets” are the estimates of annual receipts and payments of the 
governorates. 

23) “Governorate Councils” are the Governorate Councils described in Section 2 of CPA Order 
Number 71, Local Governmental Powers (the “Local Governmental Powers Law”). 

24) “Line items” are the payments specifically itemized in the budget law. 

25) “In kind” means a transfer or exchange in which payment takes the form of tangible 
property, intangible property, or services rather than cash. 

26) “Liability” is a present obligation arising from past events, the settlement of which is 
expected to result in a future payment in cash or in kind. 

27) “Outlay” means a payment to liquidate an obligation other than borrowing. 

28) “Payment arrears” arise when a payment is not made by its due-for-payment date. 

29) “Petroleum” means hydrocarbons, including, but not limited to, crude oil, natural gas, and 
natural gas liquids and refined petroleum products. 

30) “Petroleum revenue account” means the Development Fund for Iraq (DFI) account as 
described in United Nations Security Council Resolution 1483 (2003) or any successor 
account to the DFI. 

31) “Public money” means cash and bank deposits within the custody and control of the federal 
government. 

32) “Public corporations” are 


(1) State companies, as defined in Law Number 22 of 1997 on State Companies; and 
(2) any other juridical person or unit that is owned or controlled by the federal 
government, and produces goods or services for the market and, in the case of a unit which is not 
a juridical person, functions independently and is capable of maintaining separate accounting. 
33) “Special budgetary funds” are special funds whose sources, uses, and purposes are 
established by law. 





34) “Spending units” are the ministries of the federal government and the administrative bodies 
of the federal and regional governments, governorates, and municipal and local governments, 
to which funding is allocated in the annual budget law. 

35) “Reallocate,” in relation to a budget appropriation, means to move budgetary resources 
from one budget account, unit, or line item to another. 

36) “Transfers” are the provision of goods and services, assets (including financial assets), or 
labor that do not require the recipient to provide a good, service, payment, or payment-inkind 
in return. 

37) “Treasury Consolidated Account” is a system managed by the Ministry of Finance for 
consolidating the balances of the cash accounts of the federal government for the purpose of 
efficient cash management. 

38) “Treasury general ledger” is a system, based on double entry principles, of accounting for, 
executing, and reporting the budget. 

39) “Treasury Single Account” is a bank account, or a set of linked bank accounts, of the 
government through which all government receipts and payments are channeled. It is 
controlled by the Ministry of Finance and is maintained at the Central Bank. 

40) “Government” is the public authorities and agencies of Iraq, which are entities established 
through political processes, and that exercise legislative, judicial or executive authority 
within the territory of Iraq. Government does not include public corporations. 

41) “Government debt” consists of all liabilities of the government that require payment or 
payments of interest and/or principal by the borrower to the lender at a date or dates in the 
future. 

42) “Petroleum revenue” is petroleum export revenue, non-tax revenue earned from the sale of 
petroleum to domestic buyers (collectively, petroleum non-tax revenue), and tax revenue 
levied on petroleum (petroleum tax revenue). 

43) “Petroleum export revenue” is non-tax revenue earned from the sale of petroleum to foreign 
buyers. 

44) “Publicly available” means that information is available for ready access by any member of 
the public. This includes, but is not limited to, publication in the Official Gazette, on an 
unrestricted website, or in widely available public newspapers. 




Section 3 
Exercise and Delegation of Authority 


1) The Minister of Finance may issue regulations, instructions, guidelines or directions as 
necessary to give effect to and implement this Law. 

2) 
The Minister of Finance may delegate to officials within the Ministry of Finance who are 
authorized persons those authorities that are conferred upon him under this Order, except the 
authority to waive the right of the federal government to collect amounts owing, to submit 
the draft annual federal budget to the Council of Ministers, and to sign borrowing and 
guarantee contracts of the federal government. 

Section 4 
General Provisions 


1) The budget is adopted for the fiscal year and shall be valid during the year for which it is 
passed. Unspent appropriations will lapse at the end of the fiscal year for which they have 
been approved, except to the extent that goods and services have been validly ordered and 
received. 

2) 
The draft annual budget law will be determined by the Council of Ministers and will be 
submitted by the Minister of Finance by October 10th to the body vested with national 
legislative authority for approval or adjustment pursuant to Article 33(C) of the TAL. 

3) 
Pursuant to Article 25 of the TAL, the federal government has exclusive competence in 
drawing up the federal budget of Iraq. The Governorate Council, pursuant to Section 2 of the 
Local Governmental Powers Law, possesses the limited amendment authority to amend the 
budget plan of a ministry with regard to a specific project. Individual governorates’ budgets 
for the fiscal year shall be passed by the Governorate Councils. Individual regions’ budgets 
for the fiscal year shall be passed by the regional governments. 

4) The annual federal budget shall comprise: 
a) the receipts and payments in cash or in kind of all government ministries, 
organizations, and agencies of the federal government; and 

b) transfers, including to regional governments, governorates, and municipal and local 
governments, including special budgetary funds. 

5) The source of all receipts shall be specifically identified in the budget. All payments for the 
budget year and commitments for future years shall be disclosed in the budget, and the nature 
and duration of these commitments shall be limited as specified in the annual budget laws. 

6) The difference between receipts (excluding borrowings) and payments (excluding 
repayments of debt principal) is the budget surplus (if positive) or the budget deficit (if 
negative). 






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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Re: Parliament resumes its sessions Wednesday by voting and reading six bills

Post by claud39 on Mon Apr 08, 2019 12:44 pm

7) Receipts consist of: 
a) Tax revenues: 

1. Petroleum tax revenues; 
2. Non-petroleum tax revenues; 
b) Non-tax revenues: 
1. Petroleum non-tax revenues; 
2. 
Non-petroleum non-tax revenues; 
1) Social security contributions; 
2) External grants; 
3) Others; 
c) Domestic and external borrowing; 
d) Repayment of government lending; 
e) Proceeds from asset transfers; 
f) Transfers of surplus profits from the Central Bank of Iraq in accordance with the 


relevant provisions of the Central Bank Law; 
g) Transfers from public corporations; 
h) Transfers from regional governments, governorates, and municipal and local 

governments, including special budgetary funds. 
8) Payments consist of: 
a) Current expenditures, including for salaries and other allowances, outlays for goods 
and services, current transfers, including pensions and social security payments, that 
are paid in cash or have been issued in kind, interest payments and transfers in kind; 
b) Capital expenditures for purchase of fixed assets, inventories, intangible assets, 
financial assets, capital transfers that are paid in cash or have been issued in kind, and 

grants; 
c) Gross lending; 
d) Repayment of external and domestic debt; 
e) Other payments in accordance with the laws of the federal government; 





f) 
Transfers to the Central Bank of Iraq in accordance with the relevant provisions of the 
Central Bank Law; 

g) Transfers to public corporations; 

h) 
Transfers to regional governments, governorates, and municipal and local 
governments, including special budgetary funds. 

9) A Treasury Consolidated Account shall be established and maintained within the Ministry of 
Finance. Subject to the transition provisions in Section 15, all receipts shall be credited to the 
Treasury Consolidated Account and paid into the Treasury Single Account, and all payments 
shall be debited to the Treasury Consolidated Account and withdrawn from the Treasury 
Single Account. All federal budget receipts, commitments, expenditures, and other payment 
transactions shall be entered into the Treasury’s General Ledger. 

10) The Minister of Finance shall issue orders to open bank accounts and such accounts must 
have a title that includes the words “federal government.” An authorized person may dispose 
of federal government money only in accordance with this law and with regulations properly 
promulgated by the Minister of Finance. An authorized person must not misapply, 
improperly dispose of, or improperly use federal government money in contravention of this 
Law. Violations of this Law are subject to applicable administrative and criminal penalties 
under the legislation of Iraq, including Article 2(g) of Law Number 7 of 1958, Wastage of 
Natural Resources and Squandering of Public Assets and Funds, and applicable provisions of 
Law Number 111 of 1969, as amended, including provisions relating to bribery by public 
officials, embezzlement by public officials, and officials who overstep the bounds of their 
duty. 

11) Subject to the monetary limits established by the Council of Ministers, the Minister of 
Finance may waive the right of the federal government to collect an amount owing, postpone 
the time of payment, or allow payment by installment only under the conditions and 
procedures provided by law. 

12) The Minister of Finance shall report each and every such written-off sum or postponement 
to the Council of Ministers with the explanation for the write-off. This report shall be 
submitted quarterly with a final summary report to be submitted with the annual final 
accounts of the federal budget. These reports will be made publicly available. 

13) The annual federal budget shall stipulate the use of the budget surplus or the means of 
financing the budget deficit. 

14) The budget deficit shall be financed by cash balances of the federal government, short-term 
borrowings, domestic and external loans, or by the issuance of government debt securities. 
Short-term borrowings may be used for the purpose of ensuring liquidity during a period no 
longer than six months. 





15) The annual federal budget shall be accompanied by documents that shall state the objectives 
and operating rules for fiscal policy, including constraints on borrowing and federal 
government debt, in accordance with the principles stated in Section 1 and with the 
provisions in Section 6(1) of this law and following Section 7(1), and will report on progress 
against these objectives. 

Section 5 
Management of Petroleum Revenues 


1) All proceeds from the sale of petroleum or otherwise derived from current and prospective 
petroleum extraction, including from the federal government’s production shares and 
royalties, and from the amount paid in respect of a right to explore for petroleum resources, 
and any amount derived from the investment of amounts in the petroleum revenue account, 
shall accrue to the budget. Except as provided in paragraph 2 of this section, below, or as 
may otherwise be required by applicable United Nations Security Council Resolutions 
(UNSCRs), the receipts from the export of petroleum shall be deposited into the 
Development Fund for Iraq (DFI) account to be held in the name of the Central Bank of Iraq, 
or a successor account to the DFI, hereafter generically referred to as the petroleum revenue 
account, and reflected accordingly as receipts and transfers to and from the budget. 

2) Pursuant to United Nations Security Council Resolution 1483 (2003), and subsequent related 
UNSCRs, five percent (or such other percentage as may be determined by the United Nations 
Security Council or jointly by the internationally recognized, representative government of 
Iraq and the Governing Council of the United Nations Compensation Commission in 
accordance with UNSCR 1483) of the receipts from the export of petroleum shall be 
transferred to the Compensation Fund established in accordance with UNSCR 687 (1991) 
and subsequent relevant UNSCRs and the balance of receipts from the export of petroleum 
shall be deposited into the petroleum revenue account. These transfers to the Compensation 
Fund will be shown in the budget. 

3) 
Disbursements from the petroleum revenue account shall be restricted to disbursements 
necessary to finance the budget, which shall include adequate provision for the government’s 
obligations under any relevant UNSCRs or international law. 

4) 
In the event that a successor account to the original DFI is established or the original DFI is 
continued beyond the date of the transfer of governance authority to the Iraqi Interim 
Government, the following will apply: 

 a) Operational responsibility for the petroleum revenue account will be with the Minister of 
Finance, reporting to the Council of Ministers, which shall take advice from the Governor 
of the Central Bank and such other individuals as the Council may deem appropriate. 
The Council, in its discretion, may delegate responsibility for oversight of the operation 
of the petroleum revenue account to a committee, which shall be composed of such 
individuals as the Council may determine, and shall include, as a minimum, the Minister 
of Finance, the Minister of Oil and the Governor of the Central Bank in an advisory 
capacity. 





b) Disbursements from the petroleum revenue account require the authorizing signature of 
at least two authorized persons, one of whom is an official in the offices supporting the 
Prime Minister or Council of Ministers and reporting to the Prime Minister and the other 
a permanent employee of the Ministry of Finance, designated by the Prime Minister and 
the Minister of Finance, respectively. The persons to whom authority has been delegated 
may not delegate to another person. 

c) 
Any positive balance in the petroleum revenue account may be invested by the Minister 
of Finance with the written consent of the Council of Ministers or the committee 
mentioned in section 5(4)(a) of this law. Any amount so invested shall at all times remain 
the property of the Government of Iraq. No contract or agreement that purports to 
encumber the assets of the petroleum revenue account shall be enforceable, and the assets 
shall continue to enjoy all privileges and immunities to the extent provided by UNSCR 
1483, or as otherwise decided by the UN Security Council. 

d) The activities of the petroleum revenue account shall be subject to external audit 
conducted under the oversight of the Board of Supreme Audit, which shall act in 
accordance with Law Number 6 of 1990 as amended by CPA Order Number 77 
(CPA/ORD/18 April 2004/77), except as otherwise provided by relevant UN Security 
Council Resolution. 

5) The Minister of Finance shall make publicly available details of the petroleum revenue 
account; including opening and closing balance, underlying assets, and summary of 
movements, within three weeks of the end of each month. The Minister of Finance will 
authorize a quarterly review of the investment position, and by the end of the month following 
the end of each quarter submit a report on the results of the review to the Council of Ministers 
or the committee mentioned in section 5(4)(a) of this law. The final report for each year will 
detail each investment and enumerate the changes in the portfolio over the year and will be 
made publicly available. 

Section 6 
Budget Preparation 


1) The preparation of the federal budget shall be based on the projections of economic 
development, the pursuit of macroeconomic stability, economic policy, and applicable laws 
and regulations, and shall be prepared with due regard to the desirability of ensuring the 
sustainability of Iraq’s fiscal position, minimizing fluctuations in government spending, 
and achieving efficient revenue collection. In particular, the preparation of the federal 
budget will be based upon prudent and conservative forecasts for petroleum prices, 
petroleum production, and tax and customs revenue. The projections shall be prepared by 
the Ministry of Finance in consultation with the Central Bank and other Ministries in their 
respective areas of expertise. 


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2) 
During the month of May of each year, the Minister of Finance, shall issue a report on the 
priorities for fiscal policy for the next fiscal year, including the proposed total limit on 
spending and the limits for each individual spending unit, and submit it to the Council of 
Ministers for approval, together with the Final Accounts of the Federal Budget as 
submitted to the Board of Supreme Audit according to section 11(6) of this law, and an 
update on progress in execution of the budget in the current fiscal year. The Minister of 
Finance shall consult with the Minister of Planning and Development Cooperation on 
priorities, estimates of total funding, and procedures for preparing the capital spending plan 
and current budgetary implications of capital expenditures, including those to be 
implemented or financed by external sources. 

3) 
In the month of June of each year, the Minister of Finance, in consultation with the Minister 
of Planning and Development Cooperation, and based on the priorities for fiscal policy 
established by the Council of Ministers, shall issue a circular setting guidelines and 
objectives of fiscal policy for spending units for the preparation of their budgets. The 
circular shall include key economic parameters, based on the macroeconomic framework 
referred to in Section 7(1), the procedures and timetable for budget preparation, as well as 
total levels of expenditure for each spending unit. This will serve as the basis for the 
spending unit to prepare its budget request. 

4) In the month of July of each year, spending units will submit requests, including the 
information prescribed below, to the Minister of Finance for the allocation of funds. Copies 
of requests for the capital portion of the budget will also be submitted to the Ministry of 
Planning and Development Cooperation. Each request shall include: 

a) The expenditure estimates for the budget year as prescribed in the economic 
and functional classification systems determined by the Minister of Finance in 
accordance with international accounting standards, including the value of 
outstanding commitments for the current or prior year; 

b) 
Consistent with the guidelines issued by the Minister of Finance, the 
expenditure estimates for the year following the budget year (the “upcoming 
fiscal year”) and to the extent permissible given conditions prevailing in Iraq, 
for the two fiscal years following the upcoming fiscal year as prescribed in the 
economic and functional classification system determined by the Minister of 
Finance, in accordance with international accounting standards; 

c) 
Estimates of personnel requirements for which budgetary funds are required; 

d) 
Estimates of the requirements for other operating costs; 

e) Multi-year commitments or multi-year payments, along with separately 
prepared capital expenditures; and 

f) 
Estimates of receipts from the core activities of spending units. 


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g) 
Estimates of the proportion of expenditures that would be due in foreign 
currency. 

5) 
The Minister of Finance may determine more specific requirements for the content and 
format of the request. 

6) The Minister of Finance, in consultation with the Minister of Planning and Development 
Cooperation shall, on the basis of the estimates of revenue and submitted budget proposals 
for the allocation of budget funds, and in the light of discussions with proposing Ministers, 
determine estimated payments for spending units for the budget, as well as any amounts to 
be included in the contingency reserve. 

7) In the event of an irreconcilable disagreement during discussions on the draft annual 
federal budget between the Minister of Finance and the Ministers responsible for spending 
units, the Minister of Finance will note the disagreement and explain his proposed solution 
in his submission of the draft annual federal budget. In determining the proposed solution, 
the Ministry of Finance may consult with the Ministry of Planning and Development 
Cooperation regarding the prioritization of capital expenditures. The Council of Ministers 
may, within the agreed aggregate limit, adjust appropriations in accordance with their 
collective priorities. Any increase in the aggregate spending limit must be based on a 
proposal submitted by the Minister of Finance and approved by the Council of Ministers. 

8) 
In the month of September of each year, the Minister of Finance shall prepare the draft 
annual federal budget and submit it to the Council of Ministers for approval. The Minister 
of Finance shall submit the budget by October 10th to the body vested with the national 
legislative authority for approval. 

Section 7 
Budget Law 


1) In preparing the draft annual budget law the following shall be taken into account, 
disclosed to the body vested with national legislative authority, and made publicly available 
in the documents accompanying the budget law: 

a) 
A statement of the objectives and operating rules for fiscal policy in 
accordance with the principles stated in this law, and an explanation of how 
these objectives relate to provisions in the annual budget law. 

b) 
A comprehensive and consistent quantitative macroeconomic framework, and 
the main assumptions underlying the budget, including the assumptions for oil 
prices and oil production. To the extent permissible given conditions 
prevailing in Iraq, the macroeconomic framework shall cover the budget year 
and the subsequent three years; 

c) New policies being introduced in the annual budget and their quantified fiscal 
impact; 


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d) Major fiscal risks, quantified where possible, including variations in economic 
assumptions and the uncertain costs of specific expenditure commitments, 
including financial restructuring; 

2) The draft annual budget law shall include: 

a) 
The estimation of receipts in cash and in kind in accordance with economic 
classification; 

b) 
The estimation of payments in cash and in kind in accordance with economic, 
organizational, and functional classifications; 

c) The use of any surplus, and the financing of any deficit; 

d) The contingency reserve, which shall be no greater than 5% of the non-
interest expenditures of the federal budget; 

e) Clear specification of the rules for authorization of expenditure and limits to 
expenditure. Limits on borrowing, issuance of government debt securities, 
change in stocks of government debt securities, and guarantees consistent with 
the Public Debt Law, and the authority granted to the Minister of Finance to 
buy, redeem, or refund outstanding government debt securities; 

and the draft budget law shall be accompanied by a report on the economic and 
financial situation, including the assumptions, methods, and outcomes of the 
economic projections on the basis of which the draft annual Federal budget law is 
established, including actual revenues, expenditures, balance and total debt of the 
general government for the past two years. 

3) 
The body having national legislative authority has the right to reallocate proposed 
spending and to reduce the total amounts in the federal budget. It also has the right to 
propose an increase in the overall amount of expenditures to the Council of Ministers 
if necessary, and provide notice of this proposal to the Minister of Finance. The 
Minister of Finance will make a nonbinding recommendation to the Council of 
Ministers with respect to this proposal. 

4) If the federal budget is not approved by the body vested with national legislative authority by 
December 31st, the Minister of Finance will, on a monthly basis, approve funds for spending 
units up to 1/12 (one twelfth) of appropriations of the previous fiscal year until a budget is 
approved. The funds so provided for can be used only for liquidation of existing 
commitments, salaries, pensions, social security payments, and debt service. 

5) 
The annual federal budget may be amended through a supplementary budget only on the basis 
of a significant and unexpected change in economic circumstances or national priorities. The 
supplementary budget must be determined by the Council of Ministers on recommendation 


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of the Minister of Finance and approved by the body vested with national legislative 
authority. Should the Minister of Finance conclude that a supplementary budget is required, 
he shall make appropriate recommendations, including on proposed total receipts and 
payments, to the Council of Ministers. The Minister of Finance shall, within eight weeks 
after recommending that the Council of Ministers adopt a supplementary budget, submit 
details of the draft supplementary budget to the Council of Ministers for approval. The 
Council of Ministers shall approve such recommendations, with any appropriate 
modifications, within two weeks of receiving them. The draft supplementary budget, as 
approved by the Council of Ministers, shall be submitted to the body vested with national 
legislative authority within one week of such approval. The Minister of Finance shall issue 
regulations and guidelines for the procedures to be followed in preparing the supplementary 
budget. 

6) The revenues and expenditures of special budgetary funds are to be reflected in the annual 
budget law. 

7) 
The approved federal annual and supplementary budgets shall be published in the Official 
Gazette and made publicly available in other media, as appropriate. 










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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Re: Parliament resumes its sessions Wednesday by voting and reading six bills

Post by claud39 on Mon Apr 08, 2019 12:46 pm

Section 8 
Public Corporations 


1) Each public corporation shall prepare its budget proposal, and after approval by its directors 
and the competent minister, submit it to the Minister of Finance for review and final 
approval. The budget should, among other things, show budgeted revenues, expenses, profits 
or loss, capital expenditure, cash flows, borrowings, grants, transfers, contingent liabilities 
including guarantees, and balance sheet. Any amendments to the budget shall also be 
submitted to the Minister for Finance for review and approval. The Minister of Finance shall 
respect the operational independence of public corporations. 

2) The budgets of public corporations are not incorporated into the federal government budget 
and are not incorporated into the budgets of any other level of government. 

3) Public corporations shall submit by August 31st estimates of total loans and short-term 
borrowings to be raised in the forthcoming fiscal year for approval by the Minister of 
Finance. Public corporations will report monthly to the Minister of Finance on the amount of 
loans and short term borrowings raised. Guarantees given by the federal government in 
respect of public corporations borrowings shall be in accordance with law, and shall be 
disclosed in the final accounts of the federal government. 

4) All public corporations shall submit their monthly accounts to the competent ministry 10 
days following the end of each month. All public corporations shall submit semi-annual 
accounts to the Minister of Finance no later than July 15th. Each public company shall submit 
its audited final accounts to the Minister of Finance no later than March 31st of the year 
following the fiscal year ended. The final accounts shall include balance sheet, profit and loss 
statement, cash flow statement, and notes to the final accounts covering, among other things, 


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accounting policies, revenues and expenses, assets and liabilities including borrowings, 
commitments, and contingent liabilities. The final accounts shall be prepared in accordance 
with international standards and shall be audited by an independent auditor. 

Section 9 
Budget Execution 


1) 
The Minister of Finance is responsible for the execution of the federal budget. 

2) No payments will be made from the Treasury Consolidated Account except under an 
appropriation made in the annual budget or supplementary budget law, under a standing 
appropriation of another Law, or to make an investment in terms of Section 5(4)(c) of this 
Law. 

3) Spending units will use the funds determined in the federal budget in accordance with a 
spending plan that has been approved by the Minister of Finance. 

4) Spending units may not commit to making expenditures that exceed the amounts allocated to 
them, unless otherwise provided by the budget law. 

5) Budget executors are responsible for ensuring that allocated funds within their spending units 
are used for lawful purposes. 

6) Appropriations for contingency reserve funds may be used for payments that are urgent and 
that were unforeseen at the time the annual budget law was passed, if approved by the 
Council of Ministers and the Minister of Finance. The Minister of Finance shall propose the 
criteria for using reserve funds for approval by the Council of Ministers. All expenditures 
from the reserve will be reported to the body vested with national legislative authority. 

7) 
In accordance with regulations prescribed by the Minister of Finance, the spending units, 
governorates, and special budgetary funds shall submit reports on realized receipts and 
executed payments to the Minister of Finance within 30 days following the end of each 
month. By the 15th of the subsequent month, the Ministry of Finance shall compile a 
consolidated report on realized receipts and executed payments on the basis of the reports 
submitted, and make it publicly available in the Official Gazette and other media, as 
appropriate. 

8) The Ministry of Finance can authorize the responsible Minister or Ministers, subject to the 
provision below, to reallocate the approved budget appropriations from one spending unit to 
another up to a limit of five per cent of the amount approved by the annual or supplementary 
budget law for the spending unit that is to have its appropriation reduced. The following 
restrictions apply: 

a) No funds can be reallocated between a current expenditure of one spending unit and 
the capital expenditures of another or between transfer payments of one spending unit 


15 

and other items, including salaries, goods, and services or capital expenditures, of 
another. 

b) Spending units may, with the approval of the Minister of Finance, reallocate their 
approved funds between line items by up to 5% of the total amount of funds 
approved provided that no funds can be reallocated from capital to current 
expenditures or between transfer payments and other current expenditures, including 
salaries, goods and services. Virement from salaries or current spending to capital 
spending of up to 5% may be permitted with the approval of the Minster of Finance. 

c) A report of these transfers shall be prepared by Ministry of Finance and submitted on 
a quarterly basis to the body vested with national legislative authority. A copy of 
such report will be forwarded to the Minister of Planning and Development 
Cooperation. 

9) 
Funds approved for spending units may be used only until the December 31st of the fiscal 
year, except to the extent that goods and services have been validly ordered and received. 
Receipts received after the end of a fiscal year will be recorded as receipts of the next fiscal 
year budget. 

Section 10 
Borrowings and Guarantees 


1) Federal government debt may be in the form of domestic and foreign loans, short-term 
borrowings, and securities issues. The issue and redemption of securities shall be managed 
by the Central Bank of Iraq as the agent for the federal government. The Ministry of Finance 
and the Central Bank shall share information on government cash and borrowing needs and 
current monetary conditions in order to ensure effective coordination of monetary and 
budgetary policy. 

2) 
Governorates and regional governments may, upon notification to the Minister of Finance, 
raise funds through borrowings, and issue loan guarantees subject to the debt limit set in the 
annual budget law, and to the specific debt limit set for each entity under the apportionment 
approved by the Council of Ministers on a recommendation of the Minister of Finance. 
Regional governments and governorates shall submit by August 31st estimates of total 
outstanding borrowings, and borrowings to be raised in the forthcoming fiscal year for 
review and for approval by the Minister of Finance. Regional governments and governorates 
will report to the Minister of Finance monthly on the amount of outstanding borrowings 
raised and loan guarantees issued. 

3) 
The Ministry of Finance shall submit to the Council of Ministers for approval with the draft 
annual budget law, the financial plan on loans, short-term borrowing, and the issuing of 
guarantees by the federal government, governorates regional governments. In addition, the 
Ministry will submit to the Council of Ministers a report any time that the plan must be 
changed. Such changes must remain within the limits set by the budget. The Ministry of 


16 


Finance shall have the right, upon notification to the affected governorate or regional 
government, to adjust the timing of the issuance of governorate or regional government debt 
approved in the plan on the basis of macroeconomic and debt policy considerations. 

4) The annual budget law shall determine the terms, conditions, and the limit on the annual 
increase in the total existing federal government, regional government and governorate and 
public corporation debt, and shall establish the total amount of guarantees to be issued by the 
federal government, regional governments, governorates, and public corporations. 

5) The federal government shall set limits for guarantees issued by regional governments and 
governorates, but shall not guarantee them, unless explicitly provided in law. 

6) The Minister of Finance shall sign the borrowing and guarantee contracts of the federal 
government, and shall enter into a contract with the Central Bank for services required in 
implementing all decisions on issues of securities. 

7) The Minister of Finance shall maintain a record of all federal government debt. The 
authorized body within the regional governments and governorates shall maintain a record of 
existing regional government and governorate debt, loans granted, short-term borrowings, 
and issued guarantees, and shall provide the Ministry of Finance with an updated record of 
this information within 30 days of the end of each month. 

8) 
The Minister of Finance shall prepare a consolidated report on all government debt within 90 
days of the end of each fiscal year and shall make this report available to the public. 

Section 11 
Internal Control and Accounting 


1) 
Budget executors shall be responsible for the accounting and internal control of transactions 
related to receipts, commitments, and payments of spending units and sub-units falling within 
their jurisdiction. 

2) 
The Minister of Finance shall, on behalf of the federal government, have responsibility for the 
accounting, internal control, borrowing, and debt transactions associated with the budget. 

3) The Minister of Finance shall prescribe internal control arrangements, accounting procedures 
and standards, submission of reports on the usage of budget funds, and the manner of 
recording receipts, payments, and commitments. 

4) 
The Minister of Finance may issue special orders to spending units, governorates, municipal 
and local governments, and other budget entities for their submission of financial reports and 
shall prescribe the submission of the Final Accounts of spending units, including regional 
governments, governorates, municipal and local governments, and other budget entities. 


17 


5) The Minister of Finance shall submit to the body vested with national legislative authority by 
May 31st and November 30th, quarterly reports on the execution of budget revenue, 
expenditures, and financing for the quarters ending March 31st and September 30th, 
respectively. This report will include the execution of budget revenue, expenditures and 
financing of the federal budget. The Minister of Finance shall also submit to the body 
vested with national legislative authority by August 31st of each year a mid-year report on 
execution of budget revenue, expenditures, and financing for the half year ending June 30th. 
This report will include detailed information on the execution of budget revenue, 
expenditures and financing of the budget. 

6) 
The Minister of Finance shall, by April 15th of the succeeding year, prepare the annual final 
accounts of the federal budget, including special budgetary funds, and submit it to the Board 
of Supreme Audit. The Board of Supreme Audit will provide an audit report on the final 
accounts by June 15th. The Council of Ministers will submit final accounts and the related 
audit report to the body vested with national legislative authority by June 30th. 

7) The final accounts of the federal budget must be in accordance with the content and 
classifications of the budget and international accounting standards, and shall include the 
following: 

a) An external audit report from the Board of Supreme Audit in accordance with the 
Board of Supreme Audit Law, as amended, and its established procedures; 

b) 
The initial and final balance of the Treasury Consolidated Account and a summary of 
movements for the year; 

c) A report on differences between budgeted and executed receipts and payments and on 
the financing of any deficit or the use of any surplus; 

d) A report of all federal government borrowings for the year, and the total debt 
outstanding, including any payment arrears; 

e) A report of spending from the budget contingency reserves; 

f) 
A report on federal government guarantees issued during the fiscal year; 

g) The Minister of Finance shall prepare a report of all borrowings by regional 
governments and governorates; 

h) 
Outstanding amounts on capital contracts; 

i) 
Retentions due on contracts; 

j) 
Letters of credit entered into for which funds have been placed but for which goods 
have not been received; 


18 


k) The Minister of Finance shall prepare a report on all guarantees by regional 
governments and governorates. 

8) Following approval of the final accounts of the annual federal budget by the body vested with 
national legislative authority, the final account shall be published in the Official Gazette and 
made publicly available. 

Section 12 
Ministry of Finance Functions 


1) The Ministry of Finance shall be responsible for, but is not limited to, conducting the 
following treasury functions: 

a) Executing all cash and non-cash payments on the basis of documentation and 
data supplied manually or electronically by spending units, in accordance with 
this Law; 

b) Maintaining the Treasury general ledger and subsidiary accounts; 
c) Processing budget allocations to spending units; 
d) Preparing the federal government’s final accounts; 
e) Ensuring that no budget executor can exceed his annual appropriation; 
f) Developing and managing the federal government’s accounting and financial 


information system; 
g) Providing regular financial reports as required; 
h) Supporting analysis and improvements to the federal government’s financial 

systems; 
i) Making payments from the current and permanent reserves; 
i) Managing the cash balances of the Treasury Consolidated Account and the 

investment of the federal government’s surplus cash balances; 
j) Managing the recording of domestic and external debt; 
k) Managing the recording of international grants, assistance, and loans; 
l) Preparing government accounting and financial management standards, 

regulations, and related legislation; 


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m) Managing the opening, recording, and reconciliation of government bank 
accounts; and 
n) Managing the operations of the Regional Treasury Offices. 
2) The Ministry of Finance shall be responsible for, but is not limited to, the following budget 
formulation functions: 
a) Managing the process of budget preparation, planning and development, 
including the preparation of macroeconomic and other economic advice; 
b) Proposing guidelines for the preparation, planning, execution, revision, and 
evaluation of budgets; 
c) Preparing the annual budget law, any supplementary budget laws, and making 
them publicly available; 
d) Monitoring receipts and execution of payments, including petroleum revenues; 
e) Preparing cash flow forecasts; 
f) Providing advice to the Council of Ministers on requests by spending units for 
the reallocation of appropriations and implementing decisions on reallocations; 
g) Making payments from the current and permanent reserves. 
h) Providing advisory support on budgetary issues to all spending units; and 
i) Preparing reports on budget preparation and budget execution for international 
economic organizations. 
j) Preparing regulations, instructions, guidelines and directions under this Law 
and on amendments to this Law. 

Section 13 
Internal Audit 


1) 
The Minister of Finance shall prescribe the manner and procedures by which Ministries, 
spending units, and public corporations will undertake internal audits, and is responsible for 
ensuring that the internal audit process is conducted in accordance with these rules and 
procedures. 

2) Internal Audit performance consists of the following: 


20 


a) Providing regular assessments of the adequacy and effectiveness of the 
Ministries’ decision-making processes, minimization of risk, and internal 
control; 

b) Reporting significant internal control issues and improving the control 
processes and information system in order to minimize risk in the decision-
making process; 

c) Reviewing the efficiency and effectiveness of the use of existing services, and 
proposing more efficient ways of providing these services; 

d) 
Liaising with the external audit agency; and 

e) Providing periodically information on the status of the execution of the annual 
audit plan. 

Section 14 
External Audit 


1) The federal budget and any supplementary budget shall be subject to annual audits by 
the Board of Supreme Audit, according to the law. 

2) 
In order to facilitate this audit, the Minister of Finance shall make available to the 
Board of Supreme Audit: 

a) The approved federal budget and any supplementary budgets, and any 
accompanying documents; 

b) The reported results of all internal audits; 

c) The quarterly and annual reports on loans, borrowings, guarantees, and debt; 

d) Final accounts of public corporations and the results of all audits; 

e) Documents discussed by the Council of Ministers its role of oversight of 
operations for any successor to the DFI, or by any committee delegated with 
this role according to section 5(4) of this Law, as well as the results of any 
internal audits; and 

f) Any other documents, information and explanation requested by the Board of 
Supreme Audit in connection with the performance of its audit functions. 


21 

Section 15 
Transitional Arrangements 


1) 
To the extent that this Law is inconsistent with existing laws, the provisions of this Law shall 
prevail. 

2) 
Regulations implementing this Law shall be approved within 12 months from the day of 
enactment of this Law. Until these regulations are approved, existing regulations shall 
continue to apply, to the extent consistent with this Law. 

3) 
In transitioning to the Treasury Single Account, the Minister of Finance is hereby authorized 
to close the accounts of the federal government Budget Accounts opened at the Central Bank 
or in any other banks. Resources remaining in Federal Budget user accounts are to be 
transferred to the Treasury Single Account and reflected in the Treasury Consolidated 
Account. Until the closure of the existing bank accounts is completed and the Treasury 
Single Account is fully established, the Minister of Finance is authorized to operate the 
existing bank accounts on a zero-balance basis under which balances of these accounts will 
be transferred to the Treasury Single Account on a daily basis. Should circumstances make 
daily transfers impracticable, the Minister of Finance shall institute transfers as frequently as 
practicable. 

4) 
Law Number 107 of 1985 on Consolidated Government Budget (as amended by Law Number 
48 of 1990), and Law Number 20 of 1940 on General Accounting Principles shall not have 
effect for the fiscal year 2005 and subsequent years. 

5) The Minister of Finance is authorized to promulgate rules that will facilitate accurate financial 
reporting during the period in which Iraq is undergoing the transition to international 
accounting standards (“interim standards”). These interim standards shall apply only for the 
fiscal year with respect to which they are promulgated. Reports prepared for these periods 
that are otherwise required to comply with international accounting standards may comply 
with either the interim standards or international accounting standards. 

6) Unless otherwise provided by relevant UNSCR and the Transitional Administration Law, 
including its Annex, prior to the establishment of a national legislature, the Council of 
Ministers shall serve as the final approval authority for the federal budget, subject to the 
approval of the Presidency. During such period, if the federal budget is not approved by the 
Presidency and the Council of Ministers, the Minister of Finance will, on a monthly basis, 
approve funds for spending units up to 1/12th one twelfth of appropriations of the previous 
fiscal year until the budget is approved. 

7) 
To the extent that the relevant UNSCR and the Transitional Administration Law, including its 
Annex, attributes executive power to a body or person different than the Council of 
Ministers, powers and responsibilities delegated to the Council of Ministers by this Law shall 
be delegated instead to the executive body or person so identified in the relevant UNSCR or 
the Transitional Administration Law. 


22 


8) 
Upon the transfer of governmental authority to the Iraqi Interim Government, the Program 
Review Board established pursuant to Coalition Provisional Authority Regulation Number 3 
(CPA/REG/18 June 2003/3) shall cease to perform budgetary functions for Iraq and shall 
dissolve. 

Section 16 
Entry into Force 


This Law shall enter into force on the same date that the Order authorizing this law enters into 
force. It shall apply to the budget of the fiscal year 2005 and subsequent years, and additionally, 
following the transfer of governance authority to the Iraqi Interim Government, shall apply to 
any supplementary budgets for fiscal year 2004. 


ANNEX B 

IRAQ 

PUBLIC DEBT LAW 

Section I 
Definitions 

For the purposes of this law, the terms below are defined as follows: 

“Bank” means a bank as defined under the Banking Law. 

“Government” means the entity exercising temporary governmental authority in 
Iraq on the date this law enters into force and then the transitional Iraqi 
administration upon the transfer to it of full governmental authority and the 
recognition of the sovereignty of that administration by the CPA, and then the 
internationally recognized representative government of Iraq once it assumes the 
responsibilities of such authority. 

“Government Debt Security” means a debt security issued by the Ministry of 
Finance, including debt securities lawfully issued prior to the effective date of this 
Law. The term “debt security” shall have the same meaning assigned to it in the 
Banking Law. 

“Minister” means the Minister of Finance acting in an official capacity. 

“Official Publication” means the Official Gazette or such other general publication 
of wide circulation as specified by the Council of Ministers or its delegee. 

“Owner” means the person registered as the owner of a Government Debt Security 
on the books of the government securities registrar. 

Section II 
Authorities and Duties Pertaining to the Issuance of 
Government Debt Securities 

1. The Minister shall have authority to issue Government Debt Securities as an 
obligation guaranteed by the Government only in amounts reasonably necessary 
for expenditures authorized by law and in amounts necessary to buy, redeem, or 
refund outstanding Government Debt Securities. 
2. 
The issue and redemption of Government Debt Securities shall be managed by 
the Central Bank of Iraq as the agent for the Government. 




ANNEX B 


3. The Minister shall have authority to set the terms and conditions for 
Government Debt Securities before they are issued, such as: 
(a) the date of maturity; 
(b) the offering price and interest rate; 
(c) the method of computing the interest rate; 
(d) the dates for paying principal and interest; 
(e) whether a debt security is to be issued on an interest-bearing basis, a 
discount basis, or an interest-bearing and discount basis; 
(f) the form of the security; 
(g) the currency in which the debt is issued; and 
(h ) any other condition not prohibited by law. 
4. The Minister shall have authority to determine how it will offer Government 
Debt Securities for sale, such as by competitive auction and by subscription. 
5. The Minister shall have authority to offer Government Debt Securities for sale 
to any person. 
6. The Minister shall deposit without delay all proceeds from the sale of 
Government Debt Securities into the public treasury or an authorized depositary. 
Section III Authorities and Duties Pertaining to Outstanding Debt 
Securities 

1. The Minister shall have authority to buy, redeem, or refund Government Debt 
Securities in accordance with their terms and conditions using public funds. 
2. The Minister shall have authority to give relief to owners of lost, defaced, or 
destroyed Government Debt Securities in accordance with regulations issued by 
the Minister. 




ANNEX B 


3. The Minister shall pay principal and interest in legal tender when due, or earlier 
in his discretion, in accordance with the terms and conditions of the Government 
Debt Security. 
4. The Minister shall have a permanent and indefinite appropriation of public 
funds for the purpose of buying, redeeming, or refunding Government Debt 
Securities and for the purpose of paying interest on those securities. 
Section IV Authorities Pertaining to Fiscal Agents and Depositaries 

1. The Minister shall have authority to engage the Central Bank of Iraq, and any 
other Bank, as a fiscal agent for the purpose of carrying out any function 
authorized by this Law. 
2. The Minister shall have authority to designate Banks that are eligible to act as 
depositaries for any part of the proceeds from the issuance of Government Debt 
Securities. The Minister shall have authority to prescribe conditions for the 
deposit of public money, including the interest rate on amounts deposited. 
3. The Minister shall have authority to transfer public money in a depositary’s 
possession to the public treasury, and to transfer public money between 
depositaries. 
4. The Minister shall have the authority to require his fiscal agent and depositaries 
to provide him with any information about their activities under this Law. 
Section V Administrative Authorities and Duties 

1. The Minister shall have authority to issue regulations, prescribe policies, and 
issue announcements for the purpose of implementing this Law and carrying out 
the Minister’s functions under this Law. 
2. The Minister shall have authority to delegate his duties and functions under this 
Law, except the power to delegate, to any person within the Ministry of Finance. 
3. The Minister shall publish all regulations issued under this Law in the Official 
Publication. 
4. Prior to any sale, the Minister shall list the terms and conditions applying to a 
Government Debt Security in a regulation or an offering announcement. An 
offering announcement shall be publicized in a manner that ensures wide 
circulation among potential buyers. 




ANNEX B 


5. If the Minister proposes to issue a regulation pursuant to this Law, he shall 
publish a draft of the proposed regulation in the Official Publication. Along with 
the proposed regulation, the Minister shall publish an explanation of the regulation 
and provide at least thirty days after publication for the public to submit 
comments. The Minister shall consider all comments received. If the Minister 
determines that a final regulation is appropriate, the Minister shall issue the 
regulation accompanied by a general description of the comments and his response 
to those comments. The Minister may issue a final regulation without publishing a 
draft or considering public comment if the Minister determines that the delay 
involved would be a serious threat to the interests of the financial system or hinder 
the effective conduct of monetary policy. In such an event, the Minister shall 
publish an explanation of his decision to depart from the procedures in this 
paragraph in the Official Publication. 
6. The Minister shall maintain a system of books and records 
(a) describing all issued Government Debt Securities; 
(b) identifying the dates when outstanding obligations come due; and 
(c) stating all amounts of principal and interest paid on Government debt 
securities. 
7. The Minister shall make all its books and records pertaining to Government 
Debt Securities available for inspection upon request by the Prime Minister and 
Council of Ministers or its delegee. 
8. On or before the end of the fiscal year, the Minister shall submit a report to the 
Prime Minister and Council of Ministers on the public debt activities of the 
Ministry of Finance. The report shall include, at a minimum: 
(a) A table showing the public debt from all outstanding Government Debt 
Securities as of the date of the report, the interest cost for that debt in the current 
year, and the projected interest cost for government debt over the next five fiscal 
years, taking into account projections for the budget. 
(b) A table showing the maturity distribution of the public debt from all 
Government Debt Securities outstanding as of the date of the report. 
(c) An explanation of the overall financing strategy used in determining the 
distribution of maturities and interest rates for Government Debt Securities issued 
during the current fiscal year. 




ANNEX B 


Section VI Final Provisions 

1. Any provision of Iraqi law that was enacted prior to the effective date of this 
Law and that is inconsistent with this Law is hereby superseded. 
2. This Law shall enter into force on the same date that the Order authorizing this 
Law enters into force. 
5






This work is in the public domain in the United States because it is a work of the United States federal government (see 17 U.S.C. 105).

Parliament resumes its sessions Wednesday by voting and reading six bills 48px-Great_Seal_of_the_United_States_%28obverse%29.svg


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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Al-Kaabi heads a meeting of parliamentary finance to discuss the budget and oil of Kurdistan

Post by claud39 on Tue Apr 09, 2019 12:18 pm

 Al-Kaabi heads a meeting of parliamentary finance to discuss the budget and oil of Kurdistan


 04/09/2019



Parliament resumes its sessions Wednesday by voting and reading six bills 14345







Economy News _ Baghdad



On the member of the Presidency of the House of Representatives Hassan Karim Kaabi, on Tuesday, a meeting of the Finance Committee parliamentary, to discuss the budget and oil Kurdistan region.
"Al-Kaabi chaired a meeting of the parliamentary finance committee to discuss the budget and oil of Kurdistan, and stressed the need to coordinate with the executive authority in the follow-up of the implementation of all articles and paragraphs of the General Budget Law 2019," the statement said.
The statement added that "the meeting broke up the discussion of the draft laws within the jurisdiction of the Finance Committee, including the draft law on financial management, and addressed a set of issues most important was the oil exported from the Kurdistan Region, and rounds of oil licenses and review contracts and hosting ministers and officials within the Committee, and burning caravans at the port of Zurbatiya Wasit province "He said.



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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Finance Committee discusses the issue of oil source from the Kurdistan Region

Post by claud39 on Wed Apr 10, 2019 1:54 pm

[size=32]Finance Committee discusses the issue of oil source from the Kurdistan Region [/size]







 April 9, 2019



Parliament resumes its sessions Wednesday by voting and reading six bills %D9%85%D8%A7%D9%84%D9%8A%D8%A9-1-800x445








The Finance Committee held a meeting on Tuesday 9/4/2019 headed by MP Haneen Al-Qado.

The participants discussed a number of topics on the agenda, including the issue of oil exported from the Kurdistan Region and the draft law on financial management and burning of caravans in the port of Zurbatip Wasit province, as well as discuss the issue of the Iraqi Bank for Trade.







Parliament resumes its sessions Wednesday by voting and reading six bills %D9%85%D8%A7%D9%84%D9%8A%D8%A9-2-1-768x431





http://ar.parliament.iq/2019/04/09/%D8%A7%D9%84%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%86%D8%A7%D9%82%D8%B4-%D9%85%D9%88%D8%B6%D9%88%D8%B9-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D9%85%D8%B5/
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Parliamentary Finance: Government will launch education appointments soon

Post by claud39 on Thu Apr 11, 2019 11:10 am

Parliamentary Finance: Government will launch education appointments soon




11-04-2019




Parliament resumes its sessions Wednesday by voting and reading six bills Image





Baghdad:


 The Parliamentary Finance Committee revealed on Thursday the intention of the government to launch the grades of the directorates of education in all provinces, noting that the postponement of the launch in the past period was caused by corruption and nepotism in receiving requests for appointments.
 Committee member Haneen al-Qaddu said in a statement to the "news" that "the federal government will launch appointments for the directorates of education in all provinces after the development of new mechanisms to prevent nepotism."
 He added that "postponement of the release of grades in the directorates came because of nepotism and corruption and political interference in the receipt of applications for appointments."
 He added that "the government will implement its promises on the disqualification of employees of electricity contracts and some state departments during the first half of this year," noting that "the restoration of their contracts in the security ministries need a supplementary budget."



http://www.ikhnews.com/index.php?page=article&id=189022
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Parliamentary Finance meets the governors next Sunday to find out the reasons for the disruption of the budget

Post by claud39 on Thu Apr 11, 2019 11:36 am

Parliamentary Finance meets the governors next Sunday to find out the reasons for the disruption of the budget




11/04/2019





Parliament resumes its sessions Wednesday by voting and reading six bills %D8%A7%D9%84%D9%84%D8%AC%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-696x435










Information / Special ...



The Parliamentary Finance Committee on Thursday set a meeting date for all governors to find out the real reasons behind the disruption of the federal budget for 2019.
The Committee member Siham Shannon said in a statement to the Information Center that "on Sunday of next week set for meeting all the governors to find out the real reasons behind the failure to implement the provisions of the federal budget in ten provinces," noting that "the meeting will include Kurdish conservatives and officials of the Ministry of Finance and Planning" .
She added that "the Ministry of Planning informed the Finance Committee that only five provinces have submitted their plan and the disbursement of funds in full to implement the plans set," noting that "most of the provinces have not yet sent plans to ministries of planning and finance."
She explained that "the meeting will resolve all those obstacles to the implementation of the budget fully without disrupting it for another period."
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty The parliamentary economy reveals the most prominent laws that will be completed during the coming period

Post by claud39 on Thu Apr 11, 2019 12:04 pm

[size=30]The parliamentary economy reveals the most prominent laws that will be completed during the coming period[/size]


11/04/2019







Parliament resumes its sessions Wednesday by voting and reading six bills Thumbnail.php?file=NB_266299_636905851616647942_534044274








 A member of the Committee on Economy and Investment parliamentary Abdul Salam al-Maliki on Thursday, the most prominent laws that will be completed and priority of the work of the Committee during the coming period.
"The investment sector is considered one of the most important sectors in support of the budget, so the legislation of the laws supporting it and able to attract foreign investor in the interest of the country in addition to strengthening the investment floor internally and end aspects of corruption exploited by the weak souls is The most important challenges we have in joint coordination with the executive authority. " He added that "there are many laws that began its legislative process through the completion of the first reading, in addition to the number of other has been completed, pending the presentation on the agenda of the meetings of the next parliament," pointing out that "the existence of five laws will be the priority of the current phase in order to complete the best Form the laws of industrial cities and mineral investment and companies and the law of the port of Faw as an investment opportunity in addition to the law of the Central Bank, which works on the Committee in coordination with the Finance Committee to complete it.
 On 20 March 2019, the MP of the parliamentary bloc, Haneen al-Qaddu, revealed the presence of 45 legal legislations within the parliament's corridors ready for completion during the second legislative term of the House of Representatives.








http://alahadnews.net/index.php/permalink/151545.html
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Deputy speaks about the salary scale for state employees and describes it as "unfair"

Post by claud39 on Thu Apr 11, 2019 12:50 pm

Deputy speaks about the salary scale for state employees and describes it as "unfair"


Thursday, April 11



Parliament resumes its sessions Wednesday by voting and reading six bills NB-266280-636905758565460448






Baghdad ,





 
said the legal committee member of the parliamentary Hussein punitive Thursday that the salary scale , as the current law "unjust and unfair" for a large segment of the Iraqi state employees, while noting that the current peace salaries can not be accepted and the Council of Ministers to reconsider its full . 

"We have seen two or more months ago a statement of opinion sent by the Council of Ministers to the Ministry of Finance to express its opinion on the old salary scale," he said in an interview with Alsumaria News. "The main point that the prime minister and government should pay attention to is that the current peace of salaries Is unfair and unfair to the right of a large segment of Iraq's employees in a number of official institutions. "




Al-Aqabi said that "the old salary scale ensures a wide and significant difference in salaries between the segment and the other employees of the ministries." He pointed out that "the Constitution and the law clearly indicated the equality of Iraqis, especially as these represent public functions in the Iraqi state." 

"The current salary scale can not be accepted, and the cabinet must review it fully and take steps to ensure the fairness of all the employees of the Iraqi state according to the principle of equality." He stressed that "the possibility exists and there is a financial possibility to reconsider the salary ladder. He has to pay attention to his sons and save them from this difficult injustice. " 

"The matter is linked to the government and is responsible for this file, especially that the text of the law of salaries of Iraqi state employees talked about the issue of the amendment and improve the salary scale to the Council of Ministers."

On 10 April 2019, Rep. Hassan al-Juhaishi said that the current salary scale was unfair, pointing out that channels of dialogue would be opened with the government in order to encourage it to amend it.

 


https://www.alsumaria.tv/news/266280/%D9%86%D8%A7%D8%A6%D8%A8-%D9%8A%D8%AA%D8%AD%D8%AF%D8%AB-%D8%B9%D9%86-%D8%B3%D9%84%D9%85-%D8%A7%D9%84%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D9%84%D9%85%D9%88%D8%B8%D9%81%D9%8A-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D9%88%D9%8A%D8%B5%D9%81%D9%87-%D8%A8%D9%80%D8%BA%D9%8A/ar
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Financial Committee: We are working to diagnose the obstruction of the completion of projects and control the performance of the provinces

Post by claud39 on Sun Apr 14, 2019 1:29 pm

Financial Committee: We are working to diagnose the obstruction of the completion of projects and control the performance of the provinces








Parliament resumes its sessions Wednesday by voting and reading six bills Doc-P-198004-636908509507874102



BAGHDAD /
 
The head of the parliamentary finance committee Haneen Qaddo said on Sunday that the committee is working to determine the obstruction of completing projects and monitoring the performance of the provinces.


"The Finance Committee hosted 11 governors to study and follow up the financial allocations to the budget of 2019," noting that "the Commission exchanged views with the Conservatives to find out the reasons for the delay of projects and the reality of achievement", said Qado said in a press conference in the House of Representatives with the participation of members of the committee and some governors attended by " . 

He added that "the committee is working to identify the obstruction of the completion of projects and control the performance of the provinces," stressing that "the Committee tried to find solutions to obstacles with the Ministry of Finance and some ministries of important projects." 

"The parliamentary finance decided to put in place new mechanisms for monitoring to reach substantive solutions in the coming months," Qadu said.





https://www.alghadpress.com/news/%D8%A7%D8%AE%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9/198004/%D8%A7%D9%84%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%86%D8%B9%D9%85%D9%84-%D8%B9%D9%84%D9%89-%D8%AA%D8%B4%D8%AE%D9%8A%D8%B5-%D8%B9%D8%B1%D9%82%D9%84%D8%A9-%D8%A7%D8%B3%D8%AA%D9%83%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D9%85%D8%B4%D8%A7%D8%B1
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Parliamentary Finance holds a meeting to discuss the problems of the provinces

Post by claud39 on Tue Apr 16, 2019 7:21 am

[size=36][rtl]Parliamentary Finance holds a meeting to discuss the problems of the provinces[/rtl][/size]




Tuesday 16 April 2019




Parliament resumes its sessions Wednesday by voting and reading six bills Alsabaah-10410




Baghdad / Shaima Rashid
 
The Parliamentary Finance Committee discussed the delay of the completion of projects in the provinces that suffer from poor services and discuss the reasons for non-launch of financial allocations to them despite being identified within the budget of 2019. The Committee held a consultative meeting expanded and followed «morning», headed by MP Haneen al-Qaddu, and included members of the Committee of Regions and Governorates irregular Karbala, Salah al-Din and the deputies of Diyala, Wasit, Kirkuk, Anbar and Muthanna Governor and head of the crisis cell in Nineveh province, in the presence of the Undersecretary of the Ministry of Finance and a number of general directors in the Ministries of Finance and Planning and the Secretariat of Baghdad.

"This meeting comes within the efforts of the committee to find out the most important problems faced by the provinces and the obstacles that they face in the way of implementing their projects, which prevents the provision of the best services to citizens, as well as to follow up the budget of these provinces and what has been spent in Balancing the 2019 and finding a solution to the obstacles that appear with the government and the ministries concerned ».
 
Supervisory role

The meeting was opened by the head of the Finance Committee, MP Haneen al-Qado, in which he affirmed the committee's intention to exercise its supervisory and legislative role, follow up the ministries and governorates, and identify the reality and identify the most important projects that are stalled and stalled.

He called on the provinces to submit schedules of stalled projects and explain the reasons behind them, to study them in the committee and follow up with the relevant ministries and relevant governmental bodies.
The conservatives and their deputies presented separately on the most important problems facing their governorates, especially in the field of project financing and implementation of the budget paragraphs related to the provinces and overlapping of powers and disbursement of dues of contractors, as well as the resulting problems with the neighboring provinces administratively.

The governors presented tables of the most important projects that are stalled and slow and have a direct impact on the lives of citizens and need quick action to complete them.
While the Undersecretary of the Ministry of Finance and Directors General of the Ministries of Finance and Planning and the Secretariat of Baghdad answers to all questions and observations and questions of members of the Finance Committee and governors.
 
Budget

For his part, said a member of the Finance Committee Thamer Deiban Al-Hamdani said in a statement to «morning»: «The meeting comes from the principle of follow-up plan for the budget of 2019, which was allocated good amounts on the grounds that there is a large space in contrast to previous years, as well as the rise in oil prices and the cessation of war On the urging, these conditions gave the parliament space to allocate good amounts for the development of regions in the provinces », noting that« there are projects have been idle and occupied during the past five years because of the financial crisis ».

The meeting was held in the Finance Committee in the presence of all the governors of Iraq, except for the region, to find out the problems they suffer from. The presence of the Ministries of Finance and Planning was to be a joint action because these ministries are involved in financing the projects. Problems that have been raised by conservatives. "

Al-Hamdani said that «this session, contrary to the previous sessions, wants to put this money within the priorities that are in the interest of the citizen on the grounds that there is a decline in services in all provinces, and that there is lag in some provinces have not been approved on their projects in the provincial councils, Those projects by the Council and the managers of the regions, but disabled in the corridors of the provinces ».
 
Between Najaf and Ninewa

In turn, Najaf Governor Luay al-Yasiri pointed out that «this meeting is a good step by the parliament and the governors to discuss the obstacles and accelerate the implementation of the budget items, especially that there are important projects, as there are ongoing projects do not need the approval of the Councils and must launch allocations to them».

Al-Yasiri added that "there are new projects and the problem is on them, as the ongoing projects stalled and approved for months and new projects suffer from the allocations that should be launched to them," calling on «the Ministry of Finance to set a time limit in the launch of these allocations», «Most ministries have implemented projects in Najaf schools and others are suspended from 2012 to now because of corruption deals in time, and this file in the integrity».

In the same context, discussed the Finance Committee on Monday at a meeting chaired by MP Haneen al-Qaddo with the head of the crisis cell in Nineveh province, Dr. Mizahim Khayat and his delegation, the subject of reconstruction of the province and to identify the most important obstacles in the way of reconstruction.
The delegation presented the most important projects needed by the province, including roads, bridges, hospitals, universities and Mosul airport, as well as a summary of the most important projects ongoing, stalled and slow, and the meeting came out of recommendations and submitted to the presidency of the House of Representatives and ministers.





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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Parliamentary Finance: Vote on the law of early May obliges the government to submit final accounts

Post by claud39 on Sat Apr 20, 2019 10:03 am

Parliamentary Finance: Vote on the law of early May obliges the government to submit final accounts


20/04/2019





Parliament resumes its sessions Wednesday by voting and reading six bills %D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%864-696x435






Information / Special ...
The Finance Committee of the parliamentary, on Saturday, the end of the recent amendments to the Financial Management Law and vote on it early next May, indicating that the law obliges the government to submit final accounts for previous years.
"The committee completed all amendments to the Financial Management Law and the first and second readings by the council," said Siham al-Aqili, a member of the committee.
She added that "the presidency of the parliament gave the Committee a deadline to complete all amendments until the end of this month," noting that "the law will be submitted to the vote early May next."
She explained that "the law in the event of adoption requires the government to submit all the final accounts of previous years that were not submitted to parliament by previous governments," noting that "one of the paragraphs of the law obliges the government to submit accounts for the coming years in January of each year."










https://www.almaalomah.com/2019/04/20/401388/
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Re: Parliament resumes its sessions Wednesday by voting and reading six bills

Post by claud39 on Tue Apr 23, 2019 7:24 am

THE SUPERVISORY BOARD HOLDS ITS FIRST SESSION IN THE NEW BUILDING 

23/04/2019

Parliament resumes its sessions Wednesday by voting and reading six bills Pic1newcon








On the blessing of God held the Federal Financial Supervisory Board on Tuesday morning, 23/4/2019, the first meeting in the new building of the Federal Financial Supervisory Board.

Dr. Salah Nouri Khalaf, Chairman of the Board, started the session welcoming the attendees, welcoming them to the opening of the new hall in the building.

His Excellency congratulated the Directors-General of the Christian Brothers on the occasion of Easter and the Council discussed a number of paragraphs on its agenda to take appropriate decisions on them.

 The session was attended by members of the supervisory board.

https://www.fbsa.gov.iq/ar/view/1253
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Parliament resumes its sessions Wednesday by voting and reading six bills Empty Re: Parliament resumes its sessions Wednesday by voting and reading six bills

Post by Jayzze on Tue Apr 23, 2019 10:04 am

hey claude how about a cliff note version so I do not have to read  for hours  about all the bull shit that they say and never do. btw they have been bringing this up for weeks
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