HH the Emir Sheikh Tamim bin Hamad Al -Thani issued today, law No. 2 of 2015, on the financial system of the State.

The law stipulates for the extension of the General State budget for the fiscal year 2014/2015 to December end 2015, in accordance with the principles set by the Minister of finance. The law also stipulates that the provisions of the law of the State financial system annexed to this law, and its provisions shall apply to all government financial units.

The law also provides that the Minister of finance shall issue the decisions necessary for the implementation of the provisions of this law and the annexed law, and until those decisions shall be issued the existing decisions are effective in a way that shall not conflict with the provisions of this law and the annexed law.

All relevant units , as appropriate, shall implement this law. The law is effective from the date of its issuance, and is to be published in the Official Gazette.  HE Minister of Finance Ali Shareef Al Emadi has underlined that the Law No. 2 of 2015 issued by HH the Emir Sheikh Tamim bin Hamad Al -Thani, on the State financial system represents an important step towards the implementation of the Qatar 2030 vision, and the national development strategy.

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HE the Minister said the Law constitutes a comprehensive audit of fiscal policy in line with the requirements of national development and cope with the international financial and economic developments, as well as the legislative framework for the development of the financial performance of Government, where there are four laws governing the financial policies of the State, for example, law No. 2 of 1962 on the public fiscal policy and law No. (5) of 1989 on the State budget.

The new law unifies the legislative framework for fiscal policy to ensure complementarity in the financial performance of the public sector, modernization of the State financial management system, and keep pace with the developments of the global financial and economic system, HE the Finance Minister added. HE the Minister noted that the law provides a framework for the application of international standards in the management of public finances, particularly with regard to the preparation, implementation and control of budget and final account. It also aims to protect public funds, and consolidate transparency and separation of powers, mutual oversight, through the adoption of the general budget law, and its endorsement by the legislature.

He also added that the new law is working on the development of the financial and administrative procedures in the financial system practiced by the financial departments of Government and make it more flexible in dealing with economic and financial developments, as well as to draw up clear boundaries for the relationship between all government concerned departments , and its role in the preparation and implementation of the State's financial policy in the light of the operational and regulatory functions.