Iraq without a budget for 2022

Samir Al-Nusairi
  
We at the moment are within the fourth week of July of 2022, and most international locations of the world, however all of them, have issued their normal finances for the aforementioned yr and former years with their ultimate accounts, except for Iraq, which we didn’t know the place the overall finances for 2022 is. Was it ready? Is it nonetheless within the corridors of the ministries of finance and planning? Despatched to the Council of Ministers. Will it’s the identical as in 2014 and 2020, throughout which the finances for the 2 years referred to was not issued, and why did the Ministry of Finance not ship the ultimate accounts of all earlier budgets from 2013 to 2021 to the Workplace of Monetary Supervision primarily based on the regulation in power on the fifteenth of April of the finances yr? The Council of Ministers didn’t ship the ultimate accounts for all of the above years together with the budgets to the Home of Representatives primarily based on Article 62 first of the Structure.

The truth is, nobody is aware of, however we solely know that Iraq’s budgets for a number of years usually are not authorized and issued till a number of months after the finances yr due to the issues and political quarrels and those that forgot that the finances is the finances of the Iraqi individuals and the finances for the implementation of funding tasks and tasks of reconstruction, development and financial reform. Till when will this be repeated?

The present and anticipated monetary state of affairs for Iraq till the tip of the yr is nice, as oil costs won’t be lower than (85-100) {dollars} per barrel in line with the expectations of the worldwide oil markets. Due to this fact, we may have monetary financial savings of as much as 30 billion {dollars} till the tip of 2022, which makes the finances whether it is issued in The start of the yr is continuing in a manner that achieves the federal government’s funding plans, fulfills its obligations in direction of inner and exterior money owed, establishes its sovereign fund, and overcomes an actual finances deficit for the primary time in years.

However sadly, we anticipate that the finances for this yr won’t be issued through the coming months because of the lack of a authorities to this point, along with the truth that the Home of Representatives wants a protracted interval of debate and approval within the occasion that it’s referred to it by the brand new authorities.

So, in view of this actuality, Iraq will stay with out a finances for the third time over the last decade, and thus Iraq would be the first on this planet with out an annual finances within the years 2014, 2020, 2022.

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