THE CENTRAL BANK EXPLAINS THE “FISCAL CONTROL” MECHANISM CONTAINED IN THE BUDGET
On Tuesday, member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, clarified the term financial control contained in the federal budget, as many officials misquoted it during their press statements, which may lead to unintended errors.
Berihi told Al-Maalouma, “The general concept of the term financial control mentioned in the federal budget among public finance specialists is the attempt of the government and the executive authorities to adhere to balance in order to exceed the deficit rate in future budgets and not reduce it to the deficit in the current budget.”
He stated, “Many officials misuse the term in their press statements, which may lead to unintended errors.”
He pointed out, “The government must benefit from the increase in annual revenues, whether oil or other, as well as develop productive projects to enhance the treasury’s financial resources to achieve the term.”
He continued, “Achieving financial control requires serious monitoring of costs on a permanent basis and follow-up by the regulatory authorities represented by the Financial Control and Integrity Department and the House of Representatives regarding determining project costs.”