Legal Criteria for Maximizing Iraq's financial resources

10.2478/bjlp-2023-00000177

Abstract

With the issuance of the Fiscal Deficit Financing Law No. (26) for the year 2021, which confirmed the existence of a deficit in the general budget amounting to (15,634,300,000) fifteen trillion, six hundred and thirty-four billion dinars, in light of the instability of oil, the main funded source of the budget, and the increase in the volume of public expenditures due to many factors, including the growing population size and exhaustion of the state budget with job slackness, represented by the appointment of approximately 160,000 one hundred and sixty thousand job degrees. This confirms the traditional role of the state in economic and social life, as well as the increased inclusion of families in the Social Welfare Law. All of these factors mentioned, for example, but not limited to, lead to the fact that the state is primarily responsible for satisfying public needs, and also the lack of clarity of the strategic vision of the administration, whether federal or local, in increasing financial resources through the available legal and administrative methods and means. Thus, the maximization of resources cannot be achieved unless there are solid rules and legislation and efficient and effective administration topped by the political will primarily through an effective administrative and institutional system to establish a clear and sound legal and financial policy.