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Sovereign guarantees

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1 Sovereign guarantees on Wed Jul 25, 2018 5:49 pm

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Sovereign guarantees

Author: Mohamed Sherif Abu Maysam
26/7/2018 12:00 am


Sovereign guarantees means the guarantees provided by the State to international creditors, whether banks, international bodies or investment companies, for the purpose of borrowing or launching international bonds or to guarantee the work of foreign investment companies claiming insurance for their funds and assets in Iraq.

The assets that are "provided as collateral and regulated" usually fall within the framework of the law governing financial management and public debt throughout the world, protecting the public money and the rights of future generations and blocking any attempt to make decisions that may jeopardize the future of the country in the coming years.

Facilitate decision-making without resorting to other references as representative of the people to obtain approvals for sovereign guarantees.

It is certain that a law such as the law of financial management and public debt in any country is legislation that deviates from the parliamentary body representing the people, whether parliamentary or presidential system,

and therefore, what is contained in the law of the general budget each year is in fact under the Financial Management Law And the public debt,

while some countries resort to legislation on sovereign guarantees, which regulates the work of successive governments to govern during the use of the file to provide guarantees to international bodies, whatever they form "banks, companies, creditors or others," and avoids going into the loop back to House of Representatives for ratification or conclusion

The decision of the Federal Supreme Court when ruled on the eleventh of this July, unconstitutional article 2 / II / 19 of the General Budget Law 2018, which stated (all sovereign guarantees of investment projects with the approval of the Council of Ministers and the ratification of the House of Representatives), after I considered In the appeal submitted by the Government on this specific provision, on the grounds that it impeded the implementation of investment projects.

And therefore we need to make adjustments in this regard to the law of financial management and public debt, or the enactment of a law on sovereign guarantees at this stage to determine the performance of the government within the framework of what the House of Representatives approved in these laws, and thus avoid the repetition of additions to the budget and submit appeals to the Federal Court Claiming that (the ratification of the House of Representatives) means restricting the movement of the executive authority in the conclusion of contracts that belong to investment projects,

or consider returning to the House of Representatives in the ratification of contracts interference in the affairs of the executive authority and contrary to the principle of separation of powers.

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