Parliamentary Finance: The 2024 budget will witness major changes

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Parliamentary Finance: The 2024 budget will witness major changes

The Parliamentary Finance Committee confirmed on Tuesday that there will be changes to the operational and investment components of the 2024 budget.

During an interview, committee member Jamal Cougar announced that the 2024 budget will bring about several changes. The budget will allocate resources and make estimates based on oil prices and disbursements, and there are plans for new projects for the upcoming year.

“He stated that specific amounts have been allocated for certain projects that have either already been disbursed or will be disbursed in the near future, and all of these projects will be executed. Additionally, there are some new appointments that were made in the previous budget, which needed to be accounted for in the 2023 budget. These variables will also need to be considered.”

He pointed out that the operating budget increases every year while the investment budget fluctuates.

“He emphasized that when the government presents a budget for three consecutive years, its primary objective is to ensure seamless spending beyond the first of January without being exposed to the challenges of stopping the fiscal year. The government works according to the principle of spending one-twelfth of the budget until a new budget is approved.”

“He stated that the Parliament has authorized the government to utilize the funds from the 2023 budget until it is exhausted and start the 2024 budget without any interruption,” he also mentioned that he expects the government to maintain the same structure in the 2024 budget and not make any alterations. He further added that since the government could not spend the previous budget in the required way, there would be no need for loans in the new budget.”