Why Some Modifications Are Made To The Law 38 Of 1989, Organic Budget

Original Language Title: Por la cual se introducen algunas modificaciones a la Ley 38 de 1989, Orgánica de Presupuesto

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ACT 179 OF 1994

(December 30)

Official Journal No. 41,659 of 30 December 1994

Budget, Compile Laws 38 of 1989, 179 of 1994, and 225 of 1995. >

For which some modifications are introduced to Law 38 of 1989, Organic of Budget.

THE CONGRESS OF COLOMBIA,

DECRETA:

ARTICLE 1o. Article 2o., of Law 38 of 1989, will remain so:

" Coverage of the Statute: It consists of two (2) levels: A first level corresponding to the General Budget of the Nation, made up of the Budgets of the Public Establishments of the National Order and the National Budget.

National Budget includes the Legislative and Judicial Ramas, the Public Ministry, the Comptroller General's Office, the Electoral Organization, and the Executive Branch at the national level, with the exception of public establishments. Industrial and Commercial Companies of the State and Companies of Mixed Economy.

A second level, which includes the fixing of financial targets for the entire public sector and the distribution of the financial surpluses of the Industrial and Commercial Enterprises of the State, and of the Companies of Mixed Economy with the those, without prejudice to the autonomy that the Constitution and the law grants them.

To the Industrial and Commercial Companies of the State and the Companies of Mixed Economy with the regime of those, they will be applied the norms that expressly mentions them ".

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ARTICLE 2o. Article 5o, of Law 38 of 1989 will be thus:

" The Annual Investment Plan will signal investment projects classified by sectors, bodies, and programs. This plan will be in line with the National Investment Plan. The National Planning Department will prepare a regional and departmental investment budget report for discussion in the Senate and House Economic Commissions. "

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ARTICLE 3o. Article 7o (a) of Law 38 of 1989 will thus be:

" a. The income budget shall contain the estimate of current income, parafiscal contributions, capital resources and income of public establishments. " This classification modifies the others established for the General Budget of the Nation in Law 38 of 1989.

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ARTICLE 4. Article 8o., of Law 38 of 1989, will remain as follows:

" The principles of the budget system are: planning, annuity, universality, unit of box, comprehensive programming, specialization, inembargability, macroeconomic coherence and homeostasis.

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ARTICLE 5o. Article 9o., of Law 38 of 1989, will remain so:

"Planning: The General Budget of the Nation should be consistent with the contents of the National Development Plan, the National Investment Plan, the Financial Plan and the Annual Investment Plan."

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ARTICLE 6o. Article 16 of Law 38 of 1989, will remain so:

" Inembargability: The income incorporated in the General Budget of the Nation, as well as the assets and rights of the organs that make up the country, are inembargable.

notwithstanding the foregoing, the competent officials shall take the measures necessary for the payment of the judgments against the bodies and entities concerned, within the time limits laid down for this purpose, and shall comply with the in their entirety the rights recognised to third parties in these judgments.

The disposals and participations in which Chapter 4, Title XII of the Political Constitution, are dealt with are included in this prohibition.

Judicial officials shall refrain from issuing orders of attachment when they do not comply with the provisions of this Article, subject to the penalty of misconduct. "

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ARTICLE 7o. A new item, which will remain as follows:

" Macroeconomic Coherence. The budget must be compatible with the macroeconomic goals set by the government in coordination with the Board of the Bank of the Republic. "

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ARTICLE 8o.  A new item, which will remain so:

7 of Law 1473 of 2011. Rules from 1o. January 2012; see in Previous Legislation the text in force until this date. The new text is as follows: >

" Sustainable and fiscal stability. The budget will take into account that the growth of the expenditure must be in line with the evolution of the long-term income to structural of the economy and must be a tool of stabilization of the economic cycle, through a fiscal rule ".

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ARTICLE 9o. A new item, which will remain as follows:

10 of Law 819 of 2003. The new text is as follows: > The Confis may authorize the assumption of obligations that affect the budgets of future vigencies when its execution is initiated with a budget of the current term and the object of the commitment is carried out in each one of them as long as it is fulfilled that:

(a) The maximum amount of future vigencies, the term and conditions of the future vigencies, refer to the multi-annual goals of the Medium Term Fiscal Framework as referred to in Article 1or this law;

b) At a minimum, of the future vigencies that are requested, the appropriation of 15% (15%) must be counted in the tax period in which they are authorized;

(c) In the case of national investment projects, the prior and favorable concept of the National Department of Planning and the Ministry of the Industry should be obtained.

The authorization by the Confis to commit a budget from future vigencies will not be able to exceed the respective period of government. The investment expenditure projects are excepted in those cases where the Conpes has previously declared them of strategic importance.

This provision shall also apply to the entities concerned by Article 9 of this Law. The government will regulate the matter.

The Ministry of Finance and Public Credit, Directorate General of the National Public Budget, will include in the draft budget the appropriations necessary to comply with the provisions of this article.

PARAGRAFO. These functions may be delegated by the Confis to the Directorate General of the National Public Budget of the Ministry of Finance and Public Credit for the case of the organs that make up the budget. General of the Nation and in the Boards or Boards of Directors in the case of the entities from which the numeral 4 of article 10 of Law 179 of 1994 is treated. The National Government will regulate the matter.

In the event of such a delegation, whoever is delegated by the Confis will submit a quarterly report to that Council on future vigencies authorized in the immediately preceding quarter.

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ARTICLE 10. Article 17 of Law 38 of 1989 will remain so:

" These are the functions of the Confis:

1. Approve, modify and evaluate the Public Sector Financial Plan, prior to its presentation to the Conpes and order the measures for its strict compliance.

2. To analyze and conceptualize the tax implications of the Annual Investment Plan of Investment, prior to the presentation to the Conpes.

3. To determine the financial goals for the elaboration of the Annual Program of Public Sector Caja.

4. Adopt and amend, by resolution, the revenue and expenditure budgets of the industrial and commercial enterprises of the State and the companies of mixed economy with the regime of those engaged in non-financial activities, prior consultations with the Ministry concerned.

5. The other ones that establish the Organic Law of Budget, its regulations or the annual laws of budget.

The National Government will regulate the aspects necessary to develop these functions and how it works. In any case, these functions may be delegated. The Directorate-General for the National Budget shall perform the functions of the Executive Secretariat of this Council. "

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ARTICLE 11. Article 18 of Law 38 of 1989, will remain so:

" Nature and composition of the Superior Council of Fiscal Policy. The Confis will be attached to the Ministry of Finance and Public Credit, will be the rector of the Fiscal Policy and will coordinate the Budgetary System.

The Confis will be made up of the Minister of Finance and Public Credit who will preside over him, the Director of the Administrative Department of National Planning, the Economic Adviser of the Presidency of the Republic, or who will do his or her duties. Deputy Finance Minister, the Directors General of the National Budget, Public Credit, Taxation and Customs, and the Treasury.

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ARTICLE 12. 81 of Law 1687 of 2013. The new text is as follows: > Parafiscal contributions are the levies established by law, which affect a particular social or economic group and are used for the benefit of the sector itself. The management, administration and implementation of these resources shall be made exclusively in the form laid down in the law which creates them and shall be used only for the purpose provided for therein, as well as the financial returns and surpluses resulting from the closure of the accounting year.

The parafiscal contributions administered by the organs that form part of the General Budget of the Nation will be incorporated into the budget only to record the estimate of its amount and in separate chapter of the tax revenues and its It shall be carried out by the bodies responsible for its administration.

The parafiscal contributions administered by the bodies that are not part of the General Budget of the Nation, regardless of their legal nature, will be incorporated into an independent budget that will require the approval of the Higher Council of Fiscal Policy (Confis), except those for the financing of the General System of Social Security.

PARAGRAFO. The Minister of Finance and Public Credit will present to the Congress of the Republic an annual report with the details of the budgets approved by the Confis.

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ARTICLE 13. Article 21 of Law 38 of 1989 will remain so:

" The capital resources will comprise: the resources of the balance sheet, the resources of the internal and external credit with a maturity of more than one year in accordance with the quotas authorized by the Congress of the Republic, the financial returns, the The currency differential originated by the monetization of foreign credit disbursements and foreign currency investments, donations, the financial surplus of public establishments in the national order, and the industrial and commercial enterprises of the State of the national order I_aj"> and of the societies of mixed economy with the regime of those without prejudice to the autonomy that the Constitution and the Law grants them, and the profits of the Bank of the Republic, discounted the reserves of stabilization currency and currency. "

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ARTICLE 14. Article 22 (b) of Law 38, 1989, shall be as follows:

b) Capital Resources: All external and internal credit resources with maturity over one year, balance sheet resources, currency spread, income from financial operations and donations. "

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ARTICLE 15. A new item that will remain as follows:

15 of Law 1473 of 2011. Rules from 1o. January 2012; see in Previous Legislation the text in force until this date. The new text is as follows: >

" Fiscal and Macroeconomic Savings and Stabilization Fund. Create the Fiscal and Macroeconomic Savings and Stabilization Fund, as an account without legal status, the purpose of which is to contribute to the country's macroeconomic and fiscal stability.

The Fund will be made up of resources from the total surpluses of the Central National Government, its corresponding yields, and the extraordinary contributions to be determined by the National Government. Your resources may only be used for the depreciation of the public debt, the extraordinary expenses to attend the events referred to in Article 11 of this Law and the financing of the expenditure Countercyclical In any event, the annual amount of the savings to finance counter-cyclical expenditure may be greater than 10% of the Fund's balance at 31 December of the previous year.

The National Government will regulate the operation, operation and investment of the Fund's resources, and will be able to incorporate them into the General Budget of the Nation.

The Fiscal and Macroeconomic Savings and Stabilization Fund and its yields will be administered by the Bank of the Republic, through a contract signed by the Ministry of Finance and Public Credit, which will only require its validity and The Ministry of Finance and Public Credit and the Bank of the Republic are also signed and published in the Official Journal.

These resources will be provided by the Ministry of Finance and Public Credit-Directorate General of Public Credit and National Treasury to the Bank of the Republic with the periodicity to be determined in the contract.

The Fund's capital and its returns shall be invested in external assets in accordance with the terms and conditions agreed in the contract in which this article deals. "

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ARTICLE 16. Article 23 of Law 38 of 1989, will thus remain and modify the corresponding enumerations in the Organic Law of the Budget:

" The expense budget will be made up of the operating expenses, the service of the public debt and the investment expenses.

Each of these expenses will be presented in different sections that will correspond to: The Judicial Branch, the Legislative Branch, the Attorney General's Office, the Attorney General's Office, the Office of the Ombudsman, the Comptroller's Office, and the Office of the Attorney General. General of the Republic, the National Registry of the Civil State that includes the National Electoral Council, one (1) for the National Police and one (1) for the Public Debt Service. The investment budget project shall indicate the projects established in the Annual Operational Plan of Investment, classified as determined by the National Government. "

In the operating and investment expenditure budgets, it will not be possible to include expenses for the service of the debt.

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ARTICLE 17. A new item, which will remain so:

" It is understood by social public expenditure that whose objective is the solution of the basic unmet needs of health, education, environmental sanitation, drinking water, housing, and the tenteeth to the general welfare and the improvement of the quality of the population, programmed both in operation and in investment.

The Social Investment Budget will not be able to decrease in percentage terms compared to the previous year compared with the total expenditure of the corresponding appropriations law.

The appropriations bill will identify in an annex the items for social public expenditure included in the national budget.

PARAGRAFO. The social public expenditure of the territorial entities cannot be reduced from the previous year and may be financed with income of the respective territorial entity; these expenses will not be counted with the participation The municipal government in the country's current income. "

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ARTICLE 18. A new item, which will remain so:

" The expenses authorized by pre-existing laws to the presentation of the annual project of the General Budget of the Nation, will be incorporated in this, according to the availability of resources, and the priorities of the Government, if they correspond to National level organ functions and are consistent with the National Investment Plan, and also the appropriations to which the single paragraph of Article 21 of Law 60 of 1993 refers.

The bills through which operating expenses will be enacted can only be represented, dictated or reformed on the initiative of the Government through the Minister of Finance and Public Credit and the Minister of the Ramo, in a manner that "

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ARTICLE 19. Article 25 of Law 38 of 1989 will be added with a paragraph that will remain so:

" In the budget, the necessary allocations to address the deficit or losses of the Bank of the Republic should be included in the budget. The payment may be made with securities issued by the Government, on market conditions, subject to the authorization of the Board of the Bank of the Republic. "

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ARTICLE 20. Article 27 of Law 38 of 1989, will remain so:

" It is up to the government to prepare annually the General Budget Project of the Nation on the basis of the preliminary projects presented to it by the bodies that make up this budget. The Government shall take into account the availability of resources and the budgetary principles for determining the expenditure to be included in the draft budget. "

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ARTICLE 21. A new item that will remain as follows:

" The National Planning Department and the Ministry of Finance and Public Credit-Directorate General of the National Budget-will jointly develop the distribution of the financial surpluses of the Public establishments of the national order and of the Industrial and Commercial Companies of the State and Companies of Mixed Economy with the regime of those.

21 of the Law 225 of 1995. "[passage omitted] (El Universal, 6 March) Text Crossed Out --" From the financial surpluses, distributed by the Conpes to the Nation, the government will only be able to incorporate an amount that does not exceed 1% of the current budget. In other cases, " The Government will make the necessary budgetary adjustments to comply with the distribution of the resources referred to in the previous paragraph. It will also be done once the Nation's financial surplusmade.

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ARTICLE 22. Article 30 of Law 38 of 1989, will remain so:

" Based on the investment goal for the public sector established in the Financial Plan, the National Planning Department in coordination with the Ministry of Finance and Public Credit will draw up the Annual Investment Plan. This Plan, once approved by the Conpes, will be referred to the General Directorate of the National Budget for inclusion in the General Budget Project of the Nation. The adjustments to the project will be made jointly between the Ministry of Finance and Public Credit and the National Department of Planning. "

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ARTICLE 23. Article 31 of Law 38 of 1989 will remain so:

" You will not be able to execute any program or project that makes part of the General Budget of the Nation until you have been evaluated by the competent organ and registered with the National Bank of Programs and Projects.

The bodies authorized to co-finance, mentioned in the coverage of this Organic Law, will co-finance projects, at the direct initiative of any citizen, endorsed by the territorial entities, before the co-financing bodies or through those.

The territorial entities benefiting from these resources must be guaranteed to fulfill their obligations corresponding to the service of the debt and to provide what is appropriate for them.

For territorial entities whose population is less than 20,000 inhabitants according to the population census of 1985, alternative financial mechanisms may be used to facilitate co-financing. "

33 of Law 225 of 1995.

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ARTICLE 24. A new item that will remain as follows:

" If the legally authorized revenues are not sufficient to meet the projected expenses, the government, through the Ministry of Finance, through a bill will propose the mechanisms for obtaining new income or modification of the existing ones that finance the amount of the expenses contemplated.

In this project, adjustments will be made to the draft income budget up to the amount of the unfunded expenditure. "

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ARTICLE 25. New: Article 36 of Law 38 of 1989 will remain so:

" The National Government will submit the National Budget Project to the Congress through the Ministry of Finance and Public Credit during the first 10 days of each legislature, which will contain the income, expenses and the tax result. "

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ARTICLE 26. Article 39 of Law 38 of 1989 will remain so:

" Once the National Government Budget Project has been presented, the commissions, during their discussion, will hear the Bank of the Republic for its opinion on the macroeconomic and sectoral impact of the deficit and the level of spending. proposed.

before August 15, the commissions will be able to resolve that the bill does not comply with the provisions of this Organic Law, in which case it will be returned to the Ministry of Finance and Public Credit that will present it again to the before 30 August with the relevant amendments.

Before September 15, the Quarters Commissions will decide on the final amount of the spending budget. The approval of the project, by the Commissions, will be done before 25 September and the Plenary will begin their discussion on 1 October of each year.

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ARTICLE 27. Article 40 of Law 38 of 1989 will remain so:

" All deliberation in the first debate will be held in joint session of the Commissions Quarters; the Commissions will be taken in a vote of each House by separated. "

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ARTICLE 28. Article 42 of Law 38 of 1989, will remain so:

" Once the first debate is closed, the rapporteurs will be appointed for supervision and report in the second debate, both in the House and in the Senate. The second debate may be held in simultaneous and immediate plenary sessions. "

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ARTICLE 29. Article 43 of Law 38 of 1989, will remain so:

"If the Congress does not issue the General Budget of the Nation by the middle of the night of 20 October of the respective year, it will govern the project presented by the Government, including the modifications that have been approved in the first debate."

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ARTICLE 30. A new item that will remain as follows:

" If the Budget is approved without the bill being issued on the additional resources referred to in Article 347 of the Political Constitution, the Government suspend by decree, appropriations that do not have funding, until a final decision of the Congress is produced. "

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ARTICLE 31. Article 54 of Law 38 of 1989, will remain so:

" It is up to the government to dictate the decree on the Settlement of the General Budget of the Nation.

In the preparation of this decree, the Ministry of Finance and Public Credit-Directorate General of the National Budget-will observe the following guidelines:

1. It will take as a basis the draft budget presented by the government to the consideration of the Congress.

2. It will insert all the modifications made to it in the Congress.

3. This decree will be accompanied by an annex that will have the detail of the expenditure for the respective fiscal year. "

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ARTICLE 32. Article 55 of Law 38 of 1989, will remain so:

" The execution of the expenses of the General Budget of the Nation will be made through the Annual Program of the Caja-PAC-. This is the instrument by which the maximum monthly amount of funds available in the Single Account is defined National, for the organs financed with the resources of the Nation, and the maximum amount Monthly of payments of the public establishments of the national order in respect of their own income, in order to fulfill their commitments. As a result, the payments will be made taking into account the CAP and will be subject to the amounts approved in it.

The Annual Caja Program will be classified in the form that the government establishes and will be prepared by the different bodies that make up the General Budget of the Nation, with the advice of the General Directorate of the National Budget and taking into account the financial goals set by the Confis. To begin its implementation, this program must have been established in the Directorate General of the National Budget.

33 of Law 225 of 1995.

33 of Law 225 of 1995.

The CAP corresponding to the appropriations for each fiscal life will have as the maximum limit the value of the budget of that period.

The modifications to the CAP will be approved by the National Directorate General of the National Budget, based on the financial goals established by the Confis. The CAP may reduce the CAP in the event of a deficiency in its implementation.

Similarly, appropriations may be reduced when an inadequate implementation of the CAP is found or when the revenue performance or macroeconomic conditions so require.

The suspended appropriations, including those that are financed from the additional resources referred to in Article 347 of the Political Constitution, as well as those financed by the (a) the amount of the non-improved credit resources shall only be included in the annual Caja Programme (CAP) when the suspension or when the Trust is authorised by the Fund while the borrowing contracts are completed. '

The government will regulate the matter.

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ARTICLE 33. A new item that will remain as follows:

"The Confis shall authorize the conclusion of contracts, commitments or obligations, with respect to the authorized credit resources, while the respective borrowings are perfected."

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ARTICLE 34. Article 63 of Law 38 of 1989, will remain so:

" In any month of the fiscal year, the National Government, prior to the Council of Ministers, will be able to reduce, in whole or in part, the budget appropriations in the event of one of the following events: that the Ministry of Hacienda y Crédito Público considers that the revenue of the year may be lower than the total of the expenses and obligations incurred by the Congress or that the new resources are not approved by the Congress or that the are not sufficient to meet the costs referred to in Article 347 of the Political Constitution, or that the authorized credit resources are not perfected; or that macroeconomic consistency so requires. In such cases the Government may prohibit or subject to special conditions the assumption of new commitments and obligations.

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ARTICLE 35. Article 68 of Law 38 of 1989, will remain so:

" The availability of the Nation's income to open the additional appropriations to the budget will be certified by the General Accountant. In the case of the income of the public establishments the availability will be certified by the Head of Budget or who does its times.

The availability of appropriations to carry out the budget transfers shall be certified by the budget chief of the respective body. "

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ARTICLE 36. Article 69 of Law 38 of 1989, will remain so:

" The additional appropriations and transfers to the General Budget of the Nation, which are intended to cover expenses incurred by the states of exception, will be carried out by the Government in the terms that it points out. The source of the public expenditure shall be the decree declaring the respective state of exception. "

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ARTICLE 37. .

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ARTICLE 38. 8 of the Law 225 of 1995. The new text is as follows: > Article 72 of Law 38 of 1989, as amended by article 38 of Law 179 of 1994, will remain so:

The appropriations included in the General Budget of the Nation are maximum authorizations of expenditure that the Congress approves to be executed or committed during the respective fiscal period. After 31 December of each year, these authorisations expire and, as a result, may not be committed, added, transferred or counteracted.

At the end of the fiscal year each body will constitute the budget reserves with the commitments that have not been fulfilled by 31 December, provided that they are legally contracted and develop the object of the appropriation. The budget reserves can only be used to cancel the commitments given to them.

Likewise, each organ will be responsible for paying with the obligations corresponding to the advances agreed in the contracts and the delivery of goods and services to 31 December of the year.

The National Government will establish the requirements and deadlines to be observed for the compliance of this article.

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ARTICLE 39. 33 of Law 225 of 1995 >.

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ARTICLE 40. Article 77 of Law 38 of 1989, will be as follows:

" The Ministry of Finance and Public Credit-Directorate General of the National Budget-, to carry out the programming and budget execution, will carry out the financial follow-up of the General Budget of the Nation, of the budget of the industrial and commercial enterprises of the State and of the mixed-economy companies with a regime of industrial and commercial enterprise of the State engaged in non-financial activities and of the budget of the territorial entities in relation to the Fiscal position and the participation of the municipalities in the current income of the Nation.  The National Planning Department will evaluate the management and follow up the public investment projects, in addition, it will advance the functions assigned to this department in Law 60 of 1993. "

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ARTICLE 41. A new item, which will remain as follows:

" The organs that are part of the General Budget of the Nation, the Industrial and Commercial Companies of the State and the Companies of the Mixed Economy with the regime of Industrial and Commercial Enterprise of the State engaged in non-financial activities, the territorial entities in relation to the fiscal position and the participation of the municipalities in the current income of the Nation, will send to the Ministry of Finance and Public Credit-Directorate General of National Budget-the information to ask you for your budget tracking and for the information center budget. The National Planning Department will be able to directly request the financial information needed to evaluate public investment and to carry out results control.

The Ministry of Finance and Public Credit-Directorate General of the National Budget-will be the budget information center in which the relevant programming, implementation and monitoring of the General Budget will be consolidated. Nation, Industrial and Commercial Companies of the State and Companies of Mixed Economy with a regime of Industrial and Commercial Enterprise of the State engaged in non-financial activities, Regional Autonomous Corporations and entities (a) territorial relations with the tax establishment and the participation of the municipalities in the Current income of the Nation. This Directorate shall design the methods and procedures for information and systematization necessary for this purpose. " This is without detriment to the legal functions established in the National Department of Planning, in particular Law 60 of 1993.

For such purposes, the Ministry of Finance and Public Credit-Directorate General of the National Budget-will determine the rules and procedures that will have to be followed by the information supply, budget records and their systematization. organs of the national order.

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ARTICLE 42. A new item, which will remain as follows:

" The Ministry of Finance and Public Credit-Directorate General of the National Budget-will be able to suspend or limit the Annual Fund Program of the organs that make up the General Budget of the Nation, and order the suspension of the co-financing and its disbursements, for territorial entities, when some or others do not comply with the provision of reports and other data required for budgetary monitoring and for the budgetary information center.

Likewise, the Ministry of Finance and Public Credit-Directorate General of the National Budget-will be able to carry out the visits it deems necessary to determine or verify the budgetary programming and execution mechanisms that it uses each organ and establish its actual budgetary needs. "

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ARTICLE 43. A new item, which will remain so:

" To the Industrial and Commercial Companies of the State and to the Companies of the Mixed Economy with the regime of Industrial and Commercial Enterprise of the State, dedicated to non-financial activities, they are applicable to the budgetary principles contained in The Organic Law of the Budget with the exception of the inembargability.

It is up to the government to establish the guidelines and controls that these bodies must comply with in the elaboration, conformation and execution of the budgets, as well as the investment of their surpluses.

The Minister of Finance will establish the guidelines and controls that the Industrial and Commercial Companies of the State and the Companies of Mixed Economy engaged in financial activities must fulfill in the elaboration, approval, conformation and execution of their budgets; this function may be delegated to the Banking Superintendent. "

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ARTICLE 44. Article 81 of Law 38 will remain so:

" The National Treasury Department of the Ministry of Finance and Public Credit in the management of the National Single Account may directly or through authorized specialized intermediaries, make the following financial operations in coordination with the General Directorate of Public Credit of the Ministry of Finance:

a. Foreign transactions on: Titles of securities issued by the Nation, as well as securities issued by other governments or treasuries, banks and financial institutions, of classes and securities authorized by the Government;

b. Transactions in the country on securities issued by the Bank of the Republic and the financial institutions subject to supervision and supervision of the Banking Superintendence and other securities authorized by the Government, which shall be short term and maintaining a strict policy of non-concentration and risk diversification;

c. Conduct treasury credit operations and issue and place securities on domestic public debt securities in the country or abroad under conditions established by the National Government;

d. Early liquidate your investments and sell and endorse the financial assets that make up your investment portfolio in the primary and secondary markets;

e. Accept the endorsement of securities of public debt of the Nation for the payment of obligations of the public bodies with the Treasury of the Nation, with the exception of those of tax origin,

f. The others to be established by the Government.

The government will be able to set up a fund for the early redemption of securities securities of public debt and if it deems it necessary to contract its administration.

In all cases, financial investments must be made under the criteria of profitability, soundness and security and in market conditions. "

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ARTICLE 45. A new item that will remain as follows:

" The Ministry of Finance and Public Credit will have the capacity to conclude the contracts that are required in the development of the provisions of the previous article, which will only require for their celebration, validity and improvement. of the signature of the parties and of their publication in the Official Journal, a requirement that is understood to be fulfilled with the order of publication issued by the Treasurer General of the Republic. In any case, the purchase, sale and negotiation of securities directly carried out by the Ministry of Finance and Public Credit shall be subject to the rules of private law."

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ARTICLE 46. A new item that will remain as follows:

" The National Government is authorized to replace in the public debt portfolio as long as the deadlines, interests, or other conditions of the debt are improved. These operations only require authorization from the Ministry of Finance and Public Credit, will not affect the debt quota, will not have budgetary effects, and will not affect the nation's net debt at the end of the term. "

Neither will require any budget operation any asset substitutions that are made in accordance with the law and do not mean cash payments. "

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ARTICLE 47. A new item that will remain as follows:

" The National Treasury Department of the Ministry of Finance and Public Credit will produce a monthly report on the results of its financial operations.  

They belong to the Nation the returns obtained by the System of National Single Account, as well as those of the public or private organs with the resources of the Nation with the exception of those who obtain the organs of social foresight. "

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ARTICLE 48. A new item that will remain as follows:

" Public establishments in the national order will invest their surplus liquidity in securities issued by the National Treasury Department of the Ministry of Finance under market conditions, or in investments authorized by the Ministry of Finance.

The Minister of Finance and Public Credit will establish the conditions and requirements that national public establishments will have to take into account in order to obtain Treasury credits. "

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ARTICLE 49. Article 86 of Law 38 of 1989 will thus be:

" All administrative acts that affect budget appropriations must have prior availability certificates that guarantee the existence of sufficient appropriation to address these expenses.

Likewise, these commitments will have to have a budget record so that the resources with which they are financed will not be diverted to any other end. This register must clearly indicate the value and the time limit for the benefits to which there is a place. This operation is a prerequisite for the improvement of these administrative acts.

Consequently, no authority may contract any obligations on non-existent appropriations, or in excess of the available balance, or without prior authorization of the Trust or by whom it delegates, to commit future vigencies and the acquisition of commitments from the authorised credit resources.

For the modifications to the personnel plants of the organs that make up the General Budget of the Nation, which involve an increase in the current costs, it will be essential and prior to obtaining a certificate of viability. budget, issued by the Directorate-General of the National Budget in which the possibility of attending these modifications is guaranteed.

Any commitment that is acquired in violation of these precepts will create personal responsibility and pecuniary responsibility for those who assume these obligations. "

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ARTICLE 50. Article 88 of Law 38 of 1989 will remain so:

" The heads of the organs that make up the General Budget of the Nation will allocate in their preliminary draft budgets and will timely turn the appropriate resources to serve the public debt and pay attention to the payment of public services. addresses, including water, light and telephone. Those who do not comply with this obligation will be initiated an account tax by the Comptroller General of the Republic, in which they will be able to impose the fines that are deemed necessary until their compliance is guaranteed.

This provision will apply to territorial entities. "

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"Laws since 1992-Expressed Effective and Constitutionality Sentences"
ISSN [1657-6241 (Online)]
Last Updated: September 23, 2016
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