Government of Iraq's Federal Budget Preparation Stakeholders and its Timeframe

1. Government of Iraq's Budget
Preparation Stakeholders and
its Timeframe
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2. Mar.
• MoF and MoP preparing a report on policy priorities, financial
strategy, government programs, and recommendations for public
budget trends.
Apr.
• MoF and MoP to submit the report to the Economic Affairs
Committee of the Council of Ministers.
Apr.
• Economic Affairs Committee with consultation from ministries’
experts and the private sector discuss the report and submitted to
the cabinet for approval.
2

3. May
• MoF and MoP preparing guidelines that reflect the objectives
of the fiscal policy and send it SUs.
June
• SUs to complete the budget forms and estimates (operating
and investment) for the Ministries of Finance and Planning.
July
• The requesting of demands by the SUs to be sent to MoF and
MoP with detailed information about the planned expenses.
3

4. July
• MoP to prepare the detailed bases for estimating the costs of
investment projects, the size of their operational expenses, and the
feasibility of investment, and submitting them to MoF.
July
• MoP to prepare detailed reports and tables on the main economic
indicators, including investment project implementation rates,
inflation rates, consumer price indices, and gross domestic product.
July
• MoP and Ministry of Labor and social affairs to prepare Gender
based Budget.
4

5. July
• CBI to prepare a report on the foreign currency budget and the national cash supply
plan.
July
• CBI and Ministry of Trade to prepare a foreign trade plan.
July
• MoF to prepare detailed reports and tables on non-oil revenues, including expected
revenues, targeted revenues, customs duties, border crossings, government real
estate revenues, treasury share, and profits of public companies.
5

6. July
• Ministry of Oil to prepare detailed reports and tables on oil revenue revenues,
including the quantities of oil produced and exported, and the distribution of
production and export of crude oil and its derivatives for a period of three years.
July
• SUs to provide estimates of total loans and existing loans to be received in the
next fiscal year for review and approval.
Aug.
• MoF and MoP to submit the draft federal budget to the Economic Affairs
Committee of the Council of Ministers.
6

7. Sep.
• The submitting of an annual budget draft by the MoF to the cabinet
for approval.
Sep. 15th
• Supreme Board of Audit to Prepare a report on the federal financial
statements to be presented to the Minister of Finance and Economic
Affairs Committee and to be submitted to Perlimant.
Sep. 15th
• Self Financed entities to submit estimates of preposed budget, total
loans and soft short-term loans for approval by the Minister of
Finance.
7

8. October
10th
• Introduction of the approved budget by the MoF ( with potential
adjustments) to the parliament to be authenticated then referred to
the polity's president to be issued
10th – 21st
October
• The parliament has the right to apply modifications in expenses
allocations and adjusting the conclusive spending. Recommendations
are to be presented to the cabinet which refers it to the MoF
31st of
December
• in case of passing the budget, the budget details approved in the
official Gazette shall be published
8

9. Jan. 1st
•If the parliament did not
approve the budget, the MoF
will fund the SUs with a ratio of
1/12 of its financial allocations
of the previous year until the
budget is approved.
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10. Budget Execution
Stakeholders and its Timing
10

11. 1st-10th of
each month.
• SUs and Self Financed entities to submit financial statements to
the MoF for the purpose of auditing, funding, and consolidation.
20th-30th of
each month.
• Self Financed entities to inform the Minister of Finance of the
total amount of loans and short-term loans.
Monthly
• SUs to submit a report to the Minister of Finance on outstanding
loans and loan guarantees issued.
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12. Each four month
• MoF to submit preliminary financial statements for
presentation to the Council of Ministers and the Parliament.
Quarterly
• MoF to submit a report to the Parliament and the Council of
Ministers on the use of emergency reserve allocations.
Within 30 days of the
end of the fiscal year
(December 31st)
• MoF to submit a consolidated report on government debts to
Parliament and the Council of Ministers.
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13. Budget Execution Auditing
Stakeholders and its Timing
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14. Mar.
•SUs to submit their final accounts to the
Supreme Board of Audit.
Mar.
•MoF to submit federal financial statements
to the Supreme Board of Audit.
Mar. 31st
•Self Financed entities to submit the audited
final accounts to the Minister of Finance.
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15. June
•Supreme Board of
Audit to issue a
report on the final
accounts
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