Iraq is heading to approve an investment budget for three years

Tuesday 1 September 2020 | 09:31 am

Iraq is heading to approve an investment budget for three yearsThe Parliamentary Finance Committee revealed, on Tuesday, details of the 2021 budget. The committee’s rapporteur, Ahmed Al-Saffar, suggested that “the parliament will hold its sessions intensively and on a daily basis to compensate for what has been missed due to the disruption due to the circumstances of the Corona pandemic.” Al-Saffar added, “The competent committee in the General Budget Department at the Ministry of Finance has begun preparing the 2021 budget project, and it will certainly be completed by the end of this year,” noting that “the completion of the 2021 budget project will be necessary to put the government’s financial disposal in a legal framework.” The committee’s rapporteur continued, “What is new in the general budget is related to the investment budget, which will be over three years and the sums will be divided over it,” adding that “no project is being completed in one year, so an investment budget will be allocated for three years divided into years, and this is what It is called annual budget performance, and changes are expected in the budget structure and in matters related to the operational and investment side. He stated, “This year is nearing completion, and the 2020 budget project that will be sent for approval in the House of Representatives will be based on the operational side and not on the investment, because no budget has been issued for the allocation of investment funds, and there are no projects that can be implemented during the remaining four months of the year. Fixing the sums that were disbursed from 1-1 to the ninth month, and the rest of them will be speculative in terms of spending and revenues. ” Al-Saffar added: “As for the amounts that will be estimated for investment according to the 2020 budget, they may be added to the investment budget for 2021, according to the decision of the Parliamentary Finance Committee.