Al-Attar: The importance of the new financial management law passed by the House of Representatives
Baghdad / N.N. – On Wednesday, a member of the Iraqi Economic Council, Ghadeer Al-Attar, announced the importance of the new financial management law recently passed by the parliament.
A statement by Al-Attar received by ( Iraqi Media News Agency / INA ) stated that “the Financial Management Law aims to regulate the rules and procedures governing financial and accounting management in the field of planning, preparation, implementation, control and audit of the federal public budget.”
He added, “The law will direct all federal revenues to the public treasury to cover public spending, determine the internal control units’ link in administrative and technical terms, set mechanisms related to budget implementation, the commitment of each implementing agency, and determine the responsibility of the Ministry of Finance in the implementation phase.”
Al-Attar indicated that “through the Financial Management Law, it will be possible to set specific dates to present the final accounts and adhere to the principles of the budget (budget transparency, budget comprehensiveness, budget unity, annual budget, and non-allocation) when preparing and implementing the federal public budget and related matters in a manner that ensures the stability of the economy Macro and financial stability, enhancing budget allocation, improving spending efficiency and effectiveness, ensuring optimal cash management and improving the quality of budget information provided to the House of Representatives and public opinion. ”
The House of Representatives voted in its session yesterday, Monday, to amend the Financial Management Law