What is the purpose of the Annual Budget Law (LOA)?

The purpose of the Annual Budget Law (LOA) is to provide a framework and legal authorization for the government's finances and spending for a specific fiscal year. It serves as a crucial tool for fiscal planning, control, and accountability. The LOA outlines the projected revenues and expenditures of the government, including details on how the funds will be allocated across various sectors and programs. It helps to ensure that the government's spending aligns with its policies and objectives, promotes financial discipline, and allows for effective monitoring and evaluation of public spending. The LOA also establishes a transparent process for budget deliberations, allowing for the participation of various stakeholders and ensuring public scrutiny of the government's financial plans. Overall, the Annual Budget Law plays a pivotal role in guiding the government's fiscal management and promoting responsible and accountable use of public funds.

This mind map was published on 6 September 2023 and has been viewed 88 times.