(MENAFN- Iraq Business News)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News .
federal State Budget Accounts 2023 - Planned vs Realisation
The Ministry of Finance (MoF) data regarding results of implementing budget law for 2023 indicates a number of facts; few are good and encouraging, but most are unfortunate and disappointing, especially those showing decline in investment expenditures in the real Economy - agricultural sector and the industrial sector (without the oil sector).
Data itself is very useful; it reflects the reality of budget implementation and, through it, analysis and evaluation of progress, or otherwise, at the level of the Iraqi economy becomes possible. Also. It helps examining the extent of how planning annual budget was good and its implementation was successful, or otherwise.
MoF, Accounting Department, Consolidation Section/System for Unifying State Accounts on the Current and Investment Budgets up to end December 2023, has recently published the accounts. The report, "The State Accounts up to 31 December, 2023 for the Federal Budget"(1) , is a continuation of the monthly reports for the year 2023 and, thus reflects total budget for the whole year.(2) Hence, comes the importance of this report and the necessity of discussing it in depth by those concerned within the government and outside it.
I previously discussed 2023 Budget Law after it was approved (3), and then I discussed the results of its implementation as far as the oil issue is concerned. (4)
This current intervention is comparative as much as possible; it focuses on discussing what was stated in the Ministry of Finance's report regarding the actual results for the year and comparing it to what was stated in the budget law. I will first address the structure and content of the report, then discuss the components of the total budget between the planned and the achieved, after which a comparative analysis of the financial deficit is done, followed by a review and discussion of current budget/expenditures components, then an analysis of the sectoral and specific distribution of investment expenditures, and I will address the issue of petrodollar allocations, finally, ends with a call upon MoF to issue a statement on its report.
Click here to read the full article.
Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES) , London. He was formerly a senior economist with the Iraq National Oil Company and Iraq's Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad's biography here .
MENAFN11032024000217011061ID1107958488
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.