Parliament proposes to establish a fund in which the budget surplus is deposited

Parliament proposes to establish a fund in which the budget surplus is deposited


 
22/08/2019

Economy News _ Baghdad

A member of the Parliamentary Follow-up Committee, Anaam Al-Khuzaie, called on Thursday to reconsider the mechanism of managing the country's financial resources and to overcome the financial routine.

"The problem of deprivation, poverty and lack of services in the southern governorates, despite being floating on a sea of ​​black gold, despite the general budget's dependence on oil imports from these governorates, has worsened," Khuzaie said in a statement. The general budget of the proportion of petrodollars and investment allocations specified for these provinces, but the situation of living and service has not changed, but has worsened during the previous years.

The delay in launching investment allocations and the short period between the arrival of these allocations to the governorates and the end of the fiscal year is the main reason for the survival of the situation as it is and increase the rate of disadvantage, poverty and lack of services.

"This painful reality requires a review of the mechanism of managing the country's financial resources and overcoming the existing financial routine through the establishment of the Public Projects Fund or the Investment Fund, in which the overflow of the public budget is deposited annually (end of December) in order to finance approved projects after the commencement of The new fiscal year (January 1) to ensure the continuous financing of projects and get rid of the funding gap between the beginning of the year and through the approval and publication of the budget and the launch of allocations, which may be up to 6 months.

Al-Khuzaie explained that “this problem is repeated every year,” stressing that “the opportunity exists this year to implement the project or investment fund proposal and overcome all obstacles that limit its legislation and its application on the ground to serve the oppressed Iraqi people and to improve the service and investment reality and create new jobs in Iraq".

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