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Wednesday, 17 November 2021

Lawmakers want to fast-track budget transparency rules

Lawmakers want the draft Unified Budget Act to come into force faster than planned, with MPs saying this week that the government should begin complying with the provisions within two years, instead of five, according to Al Mal.

Unified Budget Act? The legislation would require the government to be more transparent in how it plans public finances, forcing it to present an annual medium-term budgetary and fiscal strategy to the House and set spending limits for each ministry. It will also increase oversight of government spending and implement program and performance budgeting, though the government has disclosed little information about how this would be legislated.

Pushback from the FinMin: Finance Minister Mohamed Maait doesn’t appear to be on board with the suggestion, saying that it’s more important to focus on properly executing the plans and claiming that at least four years will be needed to put in place the necessary regulations and infrastructure.

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