Latest news with #GeneralBudgetLaw
Jordan News
15-05-2025
- Business
- Jordan News
Jordan's Parliament Concludes 14 Legislations in First Ordinary Session - Jordan News
Jordan's Parliament Concludes 14 Legislations in First Ordinary Session During its first ordinary session, the 20th Parliament of Jordan completed work on 14 draft laws and discussed the 2023 report of the Audit Bureau. اضافة اعلان The House of Representatives and the Senate approved several key legislations, including the General Budget Law for the fiscal year 2025, and laws related to the Agricultural Risk Reduction Solidarity Fund, Public Statistics, the Jordanian National Commission for Women, Public Electricity, Cooperatives, and the Regulation of Virtual Assets Transactions. Amendments were also passed on several laws, including the Jordanian National Building Code, Regulation of the Surveying Profession, Real Estate Offices, Residency and Foreigners Affairs, Restructuring of Government Institutions and Departments, Civil Aviation, Customs, and Penal Code. According to the Jordanian Constitution, Parliament holds one ordinary session per solar year, lasting six months. It is inaugurated by His Majesty the King, who delivers the Throne Speech, and concludes with a Royal Decree announcing its closure. —(Petra)
Iraqi News
04-04-2025
- Business
- Iraqi News
Oil Ministry : PM confirmed that sale of oil with illegal frameworks is an infringement of Iraqi people's right
The Ministry of Oil issued a statement on Friday regarding the resumption of exports through the Iraq-Turkey pipeline, while pointing out that Prime Minister Mohammed Shia Al-Sudani stressed that the sale of oil with illegal frameworks is an infringement on the rights of the Iraqi people. The ministry said in a statement received by the Iraqi News Agency (INA), that "the ministry regrets the publication of an erroneous and misleading statement to the Apikur Association issued on March 28, 2025, which claimed that the ministry expressed its unwillingness to negotiate a solution that meets the contracts concluded between Apikur companies and the Kurdistan Regional Government, as the Ministry of Oil is working to ensure the proper application of the amendment to the Budget Law adopted on February 2, 2025, so that exports can begin through the Iraq-Turkey pipeline as soon as possible," pointing out that "the amendment of the budget law stipulates that the Federal Ministry of Finance shall compensate the Kurdistan Regional Government for the cost of producing and transporting crude oil to a Iraqi oil marketing company (SOMO) or to the Ministry of Oil.' The ministry added that "the budget law also stipulates that the fair estimated costs of production and transportation for each field separately are calculated by an international consultant, and that these costs must be used to determine payments from the Federal Ministry of Finance to the Kurdistan Regional Government, while the amendment of the budget law requires the immediate delivery of all production in the Kurdistan Region to the Iraqi Oil Marketing Company (SOMO) and the Federal Ministry of Oil, with the application of a temporary compensation mechanism to make payments to the Kurdistan Regional Government during the international consultant's work," noting that "the Government of Iraq has taken concrete and serious steps to prove its good faith in the negotiations and ensure the resumption of oil exports through the Iraq-Turkey pipeline (ITP) pipeline quickly, and has worked continuously to ensure and serve the national interest of the country, and has made great efforts to preserve Iraq's resources and implement legal and sustainable solutions. It explained that "Prime Minister Mohammed Shia Al-Sudani confirmed that the sale of oil with illegal frameworks outside the responsibility of SOMO and the mechanisms of selling it is an infringement on the rights of the Iraqi people, and he publicly defended the recent amendments to the General Budget Law; which were approved through a legitimate democratic mechanism; to enhance transparency and governance of the management of oil resources, and the government engaged at the highest levels to find a just solution to this issue," noting that "the main challenge in these negotiations is that every time progress is made through a certain agreement, non-positive steps are taken; but it is not by the Iraqi government, as unrealistic and extra-legal demands hinder progress towards a final settlement, especially with the emergence of new complications that contradict previous agreements.' The ministry stressed that "such demands do not serve constructive negotiations based on good faith, and that reaching an agreed solution as soon as possible is crucial to stop non-original and illegal sales and to preserve the wealth of the Iraqi people," adding that "the Iraqi government is committed to protecting the interests of all parties and in a way that provides the supreme national interest, including the interests of international oil companies, in accordance with the laws in force and agreements concluded, and is also dedicated to providing an attractive investment environment that supports economic development and ensures a just and sustainable solution that serves everyone." The ministry called for "an urgent meeting with the concerned parties to resume negotiations and dialogue; provided that it is subject to negotiation in accordance with the amended budget law, and to reach a clear working mechanism that preserves the rights of Iraq and guarantees its obligations towards investors," pointing out that "the main goal is to resume the export of oil through the pipeline immediately, safely and legitimately, while ensuring the rule of law and protecting national resources from any illegal exploitation."
Shafaq News
16-03-2025
- Business
- Shafaq News
Iraq's 2025 budget tables: No official confirmation on submission to Cabinet
Shafaq News/ Iraq's Parliamentary Finance Committee has yet to receive confirmation on whether the Ministry of Finance has submitted the 2025 budget tables to the Council of Ministers, committee member Hussain Mouanes said on Sunday. Speaking with Shafaq News Agency, Mouanes criticized the delay, calling it 'a violation of the Financial Management Law and an obstruction of parliament's oversight role.' He emphasized the need for the government to follow legal and constitutional procedures, noting that lawmakers have not been formally notified of a submission date. The Ministry of Finance was originally expected to submit the budget tables in October 2024 to allow for timely approval before the new fiscal year. However, the process has been delayed, raising concerns over financial planning and execution. The Financial and Economic Advisor to the Prime Minister, Mudher Mohammad Saleh, had earlier revealed to our agency that a governmental-parliamentary understanding exists regarding Iraq's 2025 budget. In June 2023, the Iraqi Parliament approved the draft General Budget Law for the fiscal years 2023, 2024, and 2025. However, the 2025 budget has yet to be approved due to disagreements between the federal government and the Kurdistan Regional Government over Regional oil and other unresolved issues. To address this, the Parliament voted in February to amend Article 12 of the law, which pertains to the costs of extracting oil from the Region.
Shafaq News
10-03-2025
- Business
- Shafaq News
EXCLUSIVE: Iraq's 2025 budget ready for Parliament before March's end
Shafaq News/ A governmental-parliamentary understanding exists regarding Iraq's 2025 budget, a senior official confirmed on Monday, expecting it to reach Parliament before the end of March. The financial and Economic Advisor to the Prime Minister, Mudher Mohammad Saleh, told Shafaq News Agency, 'There is an agreement between the Parliamentary Finance Committee, the Council of Ministers, and the Ministry of Finance regarding the budget tables.' Article 77/Second of the 2023 General Budget Law, Saleh added, stipulates that the Ministry of Finance must present the budget schedules annually, including amendments to operating and capital expenditures. "The ministry will submit the 2025 tables to the Council of Ministers for discussion and approval before forwarding them to Parliament," he explained. The advisor also indicated that the budget schedules are expected to reach Parliament before the end of Ramadan (the Muslim fasting month), which coincides with the end of this month. Earlier, an MP from the Shiite Coordination Framework (CF) echoed this, noting that the Ministry of Finance will send the budget tables to the Cabinet this week for discussion and voting.
Daily Tribune
09-03-2025
- Business
- Daily Tribune
Government committed to enhancing public services while managing debt
The Ministry of Finance and National Economy has reaffirmed the government's commitment to improving the quality and efficiency of public services while maintaining economic stability and growth. In a statement, the ministry emphasised that enhancing fiscal performance is expected to generate budget surpluses, which will be directed toward reducing public debt and strengthening its long-term sustainability. The announcement comes as public debt reached BD17.9 billion, with interest payments amounting to BD843 million, according to the ministry's latest figures. The data, sourced from the state's final accounts for the financial year ending December 31, 2023, was disclosed in response to a parliamentary inquiry by MP Khalid Buanaq. This comes following a ministry report that shows public debt has reached BD17.9 billion, with interest payments standing at BD843 million. The figures, drawn from the state's final accounts for the financial year ending 31 December 2023, were disclosed in response to a question from MP Khalid Buanaq. Final accounts Work is in progress on the final accounts for 2024, with the ministry stating that the report will be sent to Parliament once completed. Debt is repaid through local and overseas financial markets or, where possible, from surplus funds. The ministry linked the borrowing to shortfalls in the budget, citing Article 6 of the General Budget Law, which allows for borrowing from financial institutions and Arab and Islamic funds to cover shortfalls. Approach As long as deficits persist, borrowing will remain part of the approach. The ministry noted that debt levels should not be looked at in isolation but alongside economic growth. Gross domestic product recorded an average yearly rise of 9 per cent from 2021 to the end of 2023. On debt management, the ministry said the approach is shaped by the government's financial policy, with funding needs and repayments assessed to keep costs as low as possible. Cash flow Borrowing schedules are arranged to ease pressure on cash flow. A range of measures is being rolled out as part of the Fiscal Balance Programme and the Economic Recovery Plan, with the government working to lift revenue, broaden income sources, and cut day-to-day costs. 'The government is working to raise the standard and efficiency of public services while keeping the economy on an upward track,' the ministry said. 'This is expected to help build surpluses that can be fed back into reducing public debt and improving its long-term outlook.'
