The People's Assembly approves the draft law of the state budget for fiscal year 2020 with a total amount of 4000 billion pounds

Damascus-Sana

The People's Assembly approved at its twenty-seventh session of the 11th ordinary session of the second legislative role under the chairmanship of Speaker Hamouda Sabbagh, the draft law of the state budget for fiscal year 2020 and became a law.

The appropriations of the State General Budget project for the fiscal year 2020 were set at a total amount of LBP 4000 billion. Current operations appropriations were estimated at LBP 2700 billion, while investment operations appropriations were estimated at LBP 1300 billion. Provisions were also made for periodic upgrades. He worked in the administrative sector and 17942 jobs in the economic sector.

The Minister of Finance Dr. Mamoun Hamdan pointed out that the ministry has been working since 2012 to show the full support of the state to energy carriers in the expenditure side of the state budget in order to show the budget in full transparency and clarity and disclosure and show the real deficit, noting that in 2020 the estimated revenues were shown in a transparent In the coming years' budgets, the ministry also seeks to show support for electric power.

Hamdan explained that the ministry continues to prepare the tax system based on two basic types, the first deals with the sources of income and the second deals with its uses, stressing the importance of using electronic payment tools to promote the success of the reform process and is currently preparing the necessary legislative instruments in accordance with the vision.

Hamdan pointed out that the increase of revenues will be from taxes and direct fees more than indirect and through the detection of many hidden tax havens, narrow the shadow economies and fight tax evasion and focus on reducing the burden of tax accumulation with flexibility and transparency, stressing that the legislative reform process will be accompanied by a process of institutional reform of the tax administration. The ministry is working to reduce tax evasion.

Minister Hamdan pointed out that administrative spending was put in the draft budget in 2020 within the limits that allow the continuity of the work of institutions and ensure that their needs are met in accordance with priorities.

Minister Hamdan pointed out that the ministry is reviewing the preparation of the general budget and classifying it through modern technical methods through the integrated government financial management project, which the Ministry of Finance is currently working on and to reach later to apply the program budget and performance to determine the efficiency and effectiveness of spending. .

The Minister of Finance pointed out that the deficit contained in the draft budget is estimated and can not estimate the real deficit only by cutting the accounts of the budget in 2020, pointing out that its coverage will be through rationalization of unproductive public spending and focus on spending that achieves economic production and increase tax revenue through Fighting tax evasion, borrowing from the Central Bank with bonds placed in cash coverage, activating Legislative Decree 60 of 2007 with short-term bills and long-term treasury bonds, attracting foreign investments, returning national capitals inside, and returning oil production Industrial, agricultural and export promotion .. all factors help increase the state's public revenues and reduce the deficit.

With regard to resorting to cover the deficit through the issuance of government securities between the Minister Hamdan that it will be in the near term to finalize the preparation of the indicative calendar, including the need of the ministry of liquidity and the number of expected issuance next year and distributed over the years in order to withdraw liquidity from the markets and reduce inflation.

The People's Assembly started on the 27th of October last to discuss the government's financial statement on the draft law of the state budget for fiscal year 2020 and then on the twenty-fourth of this month and for three days discussed the report of the Committee on Budget and Accounts on the draft law of the state budget for 2020.

The meeting, which was attended by Minister of State for People's Assembly Affairs Abdullah Abdullah, was adjourned to 12:00 am on Wednesday.

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