Legal Expert: Approving the budget for three years requires amending the Financial Management Law

Baghdad The Legal Expert, Counselor Salem Hawas, affirmed, “The approval of the draft budget law sent by the executive authority to the House of Representatives for the next three years constitutes a violation of Financial Management Law No. 6 of 2019 and there is no objection to that if the situation is in line with the state’s economic development plan with the amendment of the law with taking into account the forecasts provided by the law for the next three years.

Hawass said in a statement, “It is necessary to deal with international financial organizations, of which Iraq is one of its members, in order to approve the budget in accordance with the approved regulations, because the global applications for the budget are annual in most cases, and it is permissible for more than this period, provided that it is amended annually, in order to re-fix the price of oil and the exchange rate of the dollar with Calculate proposed expenditures and projected revenues and understand the planned shortfall.

Hawass pointed out, “This is not without the difficulty of fixing the exchange rate of the dollar and oil prices for the coming years in light of the fluctuations in economic conditions and the global market, provided that economic, banking and financial laws are taken into account before voting on the draft law.”

Source: National Iraqi News Agency