Parliamentary Committee: Movement to speed up the approval of the budget

Baghdad-INA 
The Parliamentary Economy and Investment Committee confirmed today, Monday, that the delay in approving the budget negatively affects the completion of projects and investments, while indicating that there is a parliamentary movement to speed up the approval of the budget and improve the economy and investment in Iraq.
 
A member of the committee, Representative Sardi Nayef, told the Iraqi News Agency (INA), that "the delay in approving the budget greatly affects the completion of projects," noting that "the budget constitutes 50 percent of the gross domestic product in Iraq."
 
Nayef added, "The financial system in Iraq hedges with the financial management law in the event of any political emergency such as delay in approving the budget," noting that "the financial management law replaces the budget, especially in regulating expenditures and revenues."
 
He pointed out that "the budget is considered an annual plan for a period of one year, and in the absence of an annual plan, the actual current expenditures for the past year are used, and the old one repeats 1/12 of the actual current expenditures of salaries, wages and continuous payment obligations," explaining that "this is not in it economic planning and vision.
 
  "Whenever the financial budget is disrupted and the months pass, this will repeat the goals of the previous fiscal year, and this will result in a contraction in projects and investments," pointing to "intensified efforts in the House of Representatives to approve the budget as quickly as possible, address errors, and aspire to improve the economy and investment in Iraq." Nayef said.