Commentary on the Draft of Law on Budget and Fiscal Accountability

The Ministry of Finance has prepared a Draft of Law on the Budget and Fiscal Accountability and this text is currently a subject of public debate.

IA considers that this Draft of Law introduces a number of novelties which will improve organic law budget that is currently in force. However, many provisions have remained incomplete, in some areas significant progress has not been made, and some problematic areas are completely ignored.

Specific IA’s suggestions are related to the amendments of the budget calendar in order to allow a more significant role of the Parliament in the budget cycle, non-compliance of the idea of budget inspection with the PIFC concept, the need of introducing the obligation of semi-annual reporting on budget execution, establishment of systemic prerequisites for financial independence of the institutions and bodies, need for more detailed definition of penalty clauses in various aspects, and so on.

IA comments are structured in a manner of following the chapters of the draft of law, citing the concrete article IA had remark on, giving suggestions of its amendment and elaborating it. Although IA used every opportunity to give a concrete suggestion how concrete article should be defined, in a couple of occasions we have emphasized the need of better definition and clarification of some specific questions.

Here you can download IA’s Commentary on the Draft of Law on Budget and Fiscal Accountability (in Montenegrin only)

Leave a Reply

Your email address will not be published. Required fields are marked *