Financial Circular No. (1) of 2018 concerning the preparation of the draft of the federal budget for the fiscal year 2019 , according to the Ministry of Finance’s Five-Year Plan (2017-2021)
The financial circular No. (1) of 2018 outlines the key guidelines to prepare the federal budget for the fiscal year 2019, and an update on the project concerning automating the procedures of the general budget preparation in collaboration with the Federal Authority for Government Human Resources. Accordingly, all ministries and federal entities should prepare the draft budget for the fiscal year 2019 according to the provisions of Article (12) of Decree Law No. (8) of 2011 concerning the rules of preparing the draft of the general federal budget and the final account.
The financial circular also clarifies the framework of financial planning, including a range of actions such as analysing financial management strategies of federal entities, benchmarking studies, developing improvement plans, while keeping abreast of technological innovations and advancements, and further developing the systems in cooperation with the Ministry. In addition to improving internal control, prioritizing and optimising the use of financial resources. For forecasted revenues, coordination should be done through the Public Revenue Department to carry the necessary amends.
The preparation of the federal budget should follow the manual and should be in line with the guidelines, rules and instructions available on the Ministry of Finance’s website. The deadline to submit the draft federal budget should be no later than 19/04/2018.
Financial Circular No. (1) of 2018 concerning the preparation of the draft of the federal budget for the fiscal year 2019