The impending new legislation public financial management in Iraq

Views 189 Date 01/10/2016 - 16:53

Economy News ..

He favored the financial advisor to the Prime Minister Haider al-Abadi, Saturday, near the legislation of a new law on public financial management to fill the gaps and deficiencies in the current law, while stressing that the new project is characterized by governance and financial administration in Iraq to be "clear and explicit" in front of the international financial community.

He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), and I followed the economy News that "the State Council studied the draft of the administration's bill of public finances in preparation to be sent to parliament for discussion and approval soon after you make simple adjustments relating to paragraphs 22 and 24, two special powers of the Minister of Finance," he , that "the adoption of the law serves the interests of Iraq being gives leeway to rectify the imbalance in the financial management of the state."

Saleh added that "financial management and public debt, No. 95 of 2004, currently in force was released in the US civil administrator time, Paul Bremer, was built on the General Accounting of the 1941 Act, and suffers from many shortcomings," adding, that "the most important of these the shortcomings governance of financial operations in terms of transparency and disclosure, participation and accountability, where the international financial community discovered that financial management applications in Iraq need to restructure. "

He continued financial advisor to the Prime Minister, that "the law currently in force does not encourage the financial management of the development in Iraq," pointing out that "the World Bank and the International Monetary Fund and the United Nations recommended some time ago the need to re-examine this law nearly kept pace with the administrative and financial international standards of sound."

Salih stressed that "public finances in Iraq are not trivial, because the economic activity of the government holds 67% of the GDP," explaining that "a huge government financial operations and affect the lives of every citizen, what he needs to see and standards clear to achieve justice and financial governance required Balnho ".

And Saleh stressed that "the time has come to enact a new law for financial management, taking into account not intersects with national and international standards," noting that the "most important features of the project financial management of the new Code, financial management governance in Iraq, especially that it needs to be clear and explicit to the community international financial. "

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