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The laws include the Federal Financial Administration, the Iraq Recovery Fund and the Traffic Law


yota691
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The parliamentary finance is complemented by the Financial Management Law

Wednesday 22 May 2019

1558553692c7c133b8a8b92affa7cda61b921262d0.jpg

 

The Finance Committee held a lengthy meeting this evening under the chairmanship of MP Haitham Al-Jubouri, Chairman of the Committee to finalize and finalize the draft Financial Management Law

 

The Chairman of the Committee at the beginning of the meeting the importance of the law in the regulation of rules and procedures governing financial and accounting management in the field of planning, implementation, oversight and auditing of the federal budget and directing federal revenues to the Treasury. 

 

Jubouri pointed out that the committee organized workshops and meetings and meetings with specialists in order to participate in the discussions and to see their views and proposals and to benefit from the experiences they have in the field of financial management and strengthen the law. 

 

The Chairman of the Committee stressed that there are other important laws such as the Federal Civil Service Law and the law of double taxation of the Committee and will have priority in the next phase of its work.

 

Members of the Committee presented their proposals and views on the articles and paragraphs of the law. 

At the end of the meeting, the Chairman of the Committee announced the completion of discussions on the law and readiness to vote in the House of Representatives on Thursday. ☺️

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15 minutes ago, DWS112 said:

The parliamentary finance is complemented by the Financial Management Law

Wednesday 22 May 2019

1558553692c7c133b8a8b92affa7cda61b921262d0.jpg

 

The Finance Committee held a lengthy meeting this evening under the chairmanship of MP Haitham Al-Jubouri, Chairman of the Committee to finalize and finalize the draft Financial Management Law

 

The Chairman of the Committee at the beginning of the meeting the importance of the law in the regulation of rules and procedures governing financial and accounting management in the field of planning, implementation, oversight and auditing of the federal budget and directing federal revenues to the Treasury. 

 

Jubouri pointed out that the committee organized workshops and meetings and meetings with specialists in order to participate in the discussions and to see their views and proposals and to benefit from the experiences they have in the field of financial management and strengthen the law. 

 

The Chairman of the Committee stressed that there are other important laws such as the Federal Civil Service Law and the law of double taxation of the Committee and will have priority in the next phase of its work.

 

Members of the Committee presented their proposals and views on the articles and paragraphs of the law. 

At the end of the meeting, the Chairman of the Committee announced the completion of discussions on the law and readiness to vote in the House of Representatives on Thursday. ☺️

 

:praying:

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  • 1 month later...
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The Iraqi parliament voted at the end of last May on the new Financial Management Act 2019, and despite the time spent by the Finance Committee in revising and amending this law, the legislator law has many weaknesses and conflicts with the government program of the government of Adel Abdul Mahdi.

Here we do not want to delve into the weaknesses of the new law in the hope of discussing this in another article, but we focus on the negligence of the Financial Management Act 2019 legislator of a new law on public debt. It was hoped that the law would include provisions and provisions governing public debt levels and mechanisms to extinguish the accumulated debt in order to achieve financial sustainability in the country.

Due to the repeated borrowing from the accumulation of public debt rates steadily, leaving the premiums and benefits became exhausting the federal budget, as the payments of public debt (internal and external) the duty to repay more than (10) trillion dinars, as stated in Article (2) Of the federal budget law for this year, a difficult figure will inevitably be at the expense of the efforts of construction and reconstruction and economic development in Iraq. Currently, total public debt exceeds $ 130 billion ($ 41 billion in outstanding debt) and nearly $ 65 billion in external debt, and the remaining $ 36 billion in domestic debt estimated to reach 2018.

Article 52 of the new law provided for the repeal of the Financial Management and Public Debt Law issued under CPA Order No. 95 of 2004, with the exception of Appendix B of the Public Debt Law. Which means the continuation of the previous and effective public debt law.

Here are several observations:

1. The Finance Management Act (94) of 2004 gives the Minister of Finance considerable powers in public borrowing.

2. The law does not refer to the maximum ratios of public debt, and the new financial management law has indicated a maximum deficit ratio of 3% of GDP.

3 - Most of the details contained in the law are technical and have no economic or financial dimensions.

4 - There is no reference to external debt and mechanisms to deal with.

5. There is no reference to government debt from international institutions and mechanisms to deal with them (IMF and World Bank).

6 - There is no reference to the debts of the provinces and regions and the mechanism of payment, which is a problem between the Center and the region.

7. The law does not refer to the accumulated debt and the mechanisms for dealing with it, nor does it include a fund to pay the public debt.

In light of these observations, and many other technical details, a number of factors oblige the House of Representatives to accelerate the enactment of a new law to manage the public debt, perhaps the most important:

1. The fragile financial situation and the accumulated debts necessitate a review of the structure and content of the effective debt management law to ensure financial sustainability.

2 - There is no justification for the adoption of a new law of financial management devoid of the law of public debt, although the latter part of the first.

3 - The text of the fourth axis / first / paragraph (9) in the government program of Mr. Adel Abdul Mahdi (2018-2022) on the control of internal and external debt. This paragraph is one of the most important paragraphs of the axis of strengthening the economy because of its repercussions on the economic and financial situation in Iraq in the medium and long term, and stipulated: ((control of internal and external debt and prevent exceeding certain levels, and linking the internal debt and external investment projects and generated values and wealth and non-use For the consumer or operational purposes of the budget), while the new Financial Management Law did not include any reference to the achievement of the said objective from near or far.

4. Article 20, paragraph 2, of the new Financial Management Act refers to the deposit of the financial surplus realized in a sovereign fund, which necessitates the establishment of a sovereign fund whose branch may be allocated to pay the accumulated public debt.

* Researcher at Al-Furat Center for Development and Strategic Studies / 2004-Ⓒ2019 
www.fcdrs.com

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  • yota691 changed the title to Financial Management Law
  • 1 month later...

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The laws include the Federal Financial Administration, the Iraq Recovery Fund and the Traffic Law

Issuance of the new issue of Al-Waqa'eq Newspaper No. 4550

  • 2019-08-06 01:00:00
  •  

https://www.moj.gov.iq/view.4420/

 

The new issue of Al-Waqa'e Newspaper was issued with the number (4550) which included the Federal Financial Management Law No. (6) for the year 2019, and Law No. (7) for the First Amendment of the Law of the Fund for the Recovery of Iraqi Funds No. (9) for 2012, and the Traffic Law No. (8) (Decrees 44, 45 and 46 of 2019).
 

The Director General of the Iraqi Facts Department, Mr. Kamel Amin Hashim, said that the Federal Financial Management Law No. (6) for the year 2019, was issued within the current issue and included definitions of the basic terms of this law in order to regulate the rules and procedures governing the financial and accounting management of entities working in this area, when Preparing and implementing the federal general budget and related matters to achieve the total and financial stability of the country.
The Director-General added that the number also included the law of the First Amendment to the Law of the Fund for the Recovery of Iraq, which was initiated for the purpose of recovering the funds of Iraq, which fled because of corruption after 2003, and encourage collaborators and granting broader powers to manage the Fund and provide the House of Representatives with copies of reports prepared by the Board of Directors of the Fund .
The Director General clarified that the issue included traffic law number (8) for the year 2019, which provided for many details aimed at regulating the traffic rules of vehicles and determining the bodies responsible for registering them and the conditions of granting the market license and categories, and reviewing the penalties and fines imposed for violating the provisions of the traffic law, including It is consistent with the gravity of the violation and the economic reality and determining the authorities that have the power to impose the fine.

 

 
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12 minutes ago, 6ly410 said:

The Director General of the Iraqi Facts Department, Mr. Kamel Amin Hashim, said that the Federal Financial Management Law No. (6) for the year 2019, was issued within the current issue and included definitions of the basic terms of this law in order to regulate the rules and procedures governing the financial and accounting management of entities working in this area, when Preparing and implementing the federal general budget and related matters to achieve the total and financial stability of the country.

 

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  • yota691 changed the title to The laws include the Federal Financial Administration, the Iraq Recovery Fund and the Traffic Law
2 hours ago, noced71 said:

Can someone elaborate on this?

 

Moj.iq is telling us Financial Management Law (FML) has now been gazetted.....and officially becomes a law.

 

This new FML will 'govern' their new fiscal and monetary policies.

 

If u want to get excited, u can scroll thru previous pages of this thread...

:D

 

 

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On 5/22/2019 at 11:09 PM, tigergorzow said:

Please Please Please keep.your word and GIT ER DONE BOYS AND GIRLS ASAP.....😊😊  The best things in life are RV / RI of the IQD.

 

Come on Parliament & CBI

 

 

Yes, I agree. I had another bad day at work. The positive side is, I am welcome back tomorrow, and still will be paid.

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