The Prime Minister’s economic advisor, Mazhar Mohammed Salih, revealed on Thursday details of the use of the “emergency reserve” in the 2023 three-year budget, as stipulated in Law No. 13 of 2023.
Saleh told Al Furat News: “The emergency reserve allocations amount to 500 billion dinars, in accordance with Article 6 of the General Budget Law, which grants the Prime Minister and the Minister of Finance the authority to use these amounts to cover emergency expenses if there is an urgent need for spending and there are no allocations for this need, up to 3 billion dinars for each case.”
He pointed out that “any amount exceeding 3 billion dinars requires the approval of the Council of Ministers based on a proposal from the Minister of Finance.”
Saleh also confirmed that the Federal Board of Financial Supervision will submit a quarterly report to the House of Representatives on the uses of the “emergency reserve.”
Regarding the use of this reserve, Saleh explained that “there is no direct connection between it and the completion of ongoing projects, except in extreme emergencies that may relate to the country’s security or economic stability, or any other matters deemed necessary by the executive authority.”
Raghad
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