Al-Assad issues budget law for the year 2000

President Hafez al-Assad on Monday issued law no 8 for 2000 pertaining to the state's general budget for the year 2000.

The law, which was approved recently by the people's assembly ( Parliament) in line with the provisions of the constitution, included 19 articles. Among these articles are: Total credits of the state budget for the fiscal year 2000 are estimated at an amount of 275.4 billion Syrian pounds distributed according to the statement of expenditures.

-Revenues of the budget are estimated at 275.4 billion Syrian pounds distributed in accordance with the statement of revenues.

- Budgets of economic establishments, general construction companies, units of the local administration, departments of al-Awqaf ( Islamic trusts) and public works are released according to valid laws and issued by the ministry of finance.

- Credits of the state's contributions in fixing prices and those of the capital allocated for the economic public sector bodies are spent upon approval by the Finance minister.

- Expenditures on the post, telegraph and telephone as well as the consumption of electricity, water and fuel are compulsory ones and are spent within five days as of the presentation of payment sheets.

The Minister of Finance Muhammad Khaled al-Maheyni said in a statement the state draft budget both expenditure and revenues and the estimated budgets of public sector bodies are based on one unified price of 46.5 Syrian pound for each US dollar.

The Minister added that a special attention was accorded to maintaining the principle of rationalizing the public expenditure, decreasing the budget deficit and achieving balance between revenues and expenditures.

The Syrian finance minister made it clear that one of the main prospects of the state budget is to increase the value of credits allocated for investment projects with a view to developing production and promoting basic services in implementation of " President al-Assad's directives."