The Council of Ministers decided in its session held today, Wednesday, headed by Prime Minister Dr. Bishr Al-Khasawneh, to approve the reasons for the draft law of partnership projects between the public and private sectors for the year 2023, and to proceed with the necessary procedures for its issuance in accordance with the rules.
The draft law comes in line with the implementation of the vision of economic modernization, and for the purposes of creating a stimulating investment environment for building partnerships with the private sector. To benefit from his technical expertise in establishing projects related to infrastructure and public utilities, providing and improving services, and maximizing productivity; This contributes to the promotion of economic growth and sustainable social development in the Kingdom.
It also aims to create an effective institutional framework and clear, simple and transparent procedures, in accordance with the principles of good governance, to qualify, select and implement projects that provide citizens with distinguished services, and achieve proportionality between the expected cost and the targeted benefit with maximum efficiency and effectiveness.
According to the draft law, the Ministry of Investment is the main reference for managing the stages of partnership projects and issuing their bids, in coordination with the relevant government agencies, and a unit for partnership projects between the public and private sectors will be established under the umbrella of the ministry, with defining its tasks and powers during the stages of partnership projects.
The draft law seeks to provide a sustainable financing mechanism for spending on preparing and bidding for partnership projects, and for identifying and managing financial obligations and their long-term effects, directly or indirectly, on the public budget. In order to ensure the development and implementation of partnership projects and follow-up monitoring of government support necessary for them.
The Council of Ministers also decided to approve the reasons for a draft amending the Banks Association Regulations for the year 2023; With the aim of giving the elected Board of Directors sufficient opportunity to follow up and implement the plans and programs it sets to serve the banking sector, by increasing the term of the Board to four years instead of three.
The draft system comes in line with best practices in organizations and bodies of similar nature.
On the other hand, the Council of Ministers approved the recommendations of the Committee for the Settlement of Outstanding Cases between Taxpayers and the Income and Sales Tax Department, to settle the tax status of (790) companies and taxpayers, who have obligations in accordance with the provisions of the Income Tax Law and the General Sales Tax Law.