publicfinancialmanagementandcontrollaw.docVIP

PUBLIC FINANCIAL MANAGEMENT AND CONTROL LAW FIRST PART General Provisions FIRST SECTION Purpose, Scope and Definitions Purpose Article 1- The purpose of this Law is to regulate the structure and functioning of the public financial management, the preparation and implementation of the public budgets, the accounting and reporting of all financial transactions, and financial control in order to ensure the effective, economic and productive collection and utilization of public resources, accountability and fiscal transparency in line with the politics and objectives covered in the development plans and programs. Scope Article 2- This Law covers the financial management and control of public administrations within the scope of general government, encompassing public administrations within the scope of central government, social security institutions, and local administrations. Without prejudice to the provisions of international agreements, the utilization and control of European Union funds and domestic and foreign resources allocated to public administrations shall be subject to the provisions of this Law. Regulatory and supervisory agencies are subject only to articles 3, 7, 8, 12, 15, 17, 18, 19, 25, 43, 47, 48, 49, 50, 51, 52, 53, 54, 68 and 76 of this Law. Definitions Article 3- In the enforcement of this Law; a) Public administrations within the scope of general government: refers to public administrations within the scope of central government, social security institutions and local administrations which are determined according to international classifications, b) Public administrations within the scope of central government: refers to public administrations included in chart I, II and III of this Law, c) Regulatory and supervisory agencies: refers to administrations defined in chart III of this Law, d) Social security institutions: refers to public institutions defined in chart IV of this Law, e) Local administration: refers to municipalities, special pro