ERBIL, Kurdistan Region - The Iraqi parliament is set to convene and vote on the three-year federal budget bill on Saturday over two months since the cabinet approved the bill, its speaker announced.
“The budget is in its final touches. We had a meeting with the [parliamentary] finance committee and … voting on the budget will be the coming Saturday,” Mohammed al-Halbousi said in a televised statement on Thursday.
Iraq’s Council of Ministers in early March approved the federal budget bill for the years 2023, 2024, and 2025. The country lacked a budget law in 2022 because lawmakers were unable to prepare one due to political instability.
The lack of a budget jeopardized the oil-dependent economy with Baghdad prevented from taking advantage of soaring oil prices following Russia's invasion of Ukraine to combat poverty and bring much-needed economic stability.
“The law is important and contains many investment and strategic projects that will positively reflect on the service reality of the government’s program,” Halbousi added.
Included in the new budget is a record $152 billion in spending, which has sparked concerns of instability should oil prices drop below the $70 per barrel threshold set in the budget.
Earlier this month, Prime Minister Mohammed Shia’ al-Sudani and Halbousi emphasized the need to expedite the approval of the federal budget bill.
In oil-reliant Iraq, global prices hold significant sway over the economy.
