The Ministry of Finance submitted the draft general budget 2023/2024. Non-oil revenues, after accounting for the profits of independent entities, amounted to 4 billion dinars, which raises their contribution to the budget to 19 percent. Total expenses amounted to 26.2 billion dinars, including non-recurring expenses and settlements, while revenues amounted to 19.45 billion dinars.
The Ministry of Finance announced that the draft general budget for the next fiscal year 2023/2024 will be submitted to the National Assembly for deliberation and approval, reports Al-Rai daily.
The 2024/2023 budget begins on April 1, 2023, and ends on March 31, 2024.
The ministry indicated that despite the increase in expenditures due to items most of which are not recurring, one of the most prominent positive indicators in the next budget is the increase in the contribution of non-oil revenues (after including revenues resulting from the profits of independent entities) to 19 percent for the first time, as a result of decisions taken to improve state revenues and maximize savings.
The ministry also clarified that the budget for the next fiscal year is an unusual budget, as it is loaded with non-recurring expenses and accrued benefits from previous years, including an amount of 1,064 million dinars only for the Ministry of Oil and the Ministry of Electricity and Water, in addition to 481 million dinars to cover the cash allowance for buying earned leave from workers in the sector. The ministry also confirmed its keenness to charge the budget with structural financial reforms, including calculating the profits of independent entities in the budget.
The sources emphasized that the state today is following a tight plan to gradually increase non-oil revenues over the coming years, in addition to reforms to legalize and rationalize expenditures, which will gradually enter into force to meet financial and economic challenges and hedge against any emergency.