Iraqi parliament to require 30-45 days to pass budget: MP
ERBIL, Kurdistan Region - The Iraqi parliament will require a period of between 30 to 45 days to surpass the voting stage and pass the federal budget recently approved by the Council of Ministers, a member of the legislature’s finance committee told state media on Tuesday.
“The draft budget approved by the government is expected to reach the parliament next week, and it will first be discussed with the finance committee, and we believe that preparing it for the voting stage requires between a month and a month and a half,” said Mueen al-Kadhimi, a member of the Iraqi parliament’s finance committee.
Iraq’s Council of Ministers on Monday approved the federal budget bill for the years 2023, 2024, and 2025 after the country was left devoid of a new budget for 2022 due to the instability in the political process. The lack of a budget had highly jeopardized the country’s economy.
Included in the new budget is a total spending bill of $152 billion, the highest ever amount for government spending. The massive spending has sparked concerns of instability should oil prices drop below the $70 per barrel threshold set in the budget.
However, Kadhimi defended the price per barrel of oil included in the new federal budget.
“The adoption of the budget on the price of 70 dollars per barrel of oil is realistic and was determined by specialists and it does not cause concern, because global expectations indicate that oil prices will stabilize within these limits,” he said.
Atwan al-Atwani, head of the Iraqi parliament’s finance committee, told Iraqi state media after the cabinet’s approval of the budget on Monday that the new budget bill sets the minimum nominal wage at 425,000 dinars ($275), adding that lower grade salaries will increase by 150 percent according to the new scale.
On Sunday, Iraq’s Finance Minister Taif Sami said that the new bill will prioritize developmental projects and the country’s less fortunate groups.
“The draft budget approved by the government is expected to reach the parliament next week, and it will first be discussed with the finance committee, and we believe that preparing it for the voting stage requires between a month and a month and a half,” said Mueen al-Kadhimi, a member of the Iraqi parliament’s finance committee.
Iraq’s Council of Ministers on Monday approved the federal budget bill for the years 2023, 2024, and 2025 after the country was left devoid of a new budget for 2022 due to the instability in the political process. The lack of a budget had highly jeopardized the country’s economy.
Included in the new budget is a total spending bill of $152 billion, the highest ever amount for government spending. The massive spending has sparked concerns of instability should oil prices drop below the $70 per barrel threshold set in the budget.
Government spending at $152 billion is massive -- the highest ever
— Ziad Daoud (@ZiadMDaoud) March 14, 2023
It easily exceeds the 2013 peak of $113 billion
For context, the IMF projected in Feb that total expenditure would reach $106 billion this year
Current spending ($115 billion) alone beats the IMF's expectations pic.twitter.com/3o64GyhEln
However, Kadhimi defended the price per barrel of oil included in the new federal budget.
“The adoption of the budget on the price of 70 dollars per barrel of oil is realistic and was determined by specialists and it does not cause concern, because global expectations indicate that oil prices will stabilize within these limits,” he said.
Atwan al-Atwani, head of the Iraqi parliament’s finance committee, told Iraqi state media after the cabinet’s approval of the budget on Monday that the new budget bill sets the minimum nominal wage at 425,000 dinars ($275), adding that lower grade salaries will increase by 150 percent according to the new scale.
On Sunday, Iraq’s Finance Minister Taif Sami said that the new bill will prioritize developmental projects and the country’s less fortunate groups.