The Iraqi parliament is set to convene on Sunday for a second reading of the federal budget bill, which was submitted by the cabinet a month ago. The session, starting at 8:30 pm, will be dedicated to the second reading of the draft federal budget law, according to Speaker of the Iraqi Parliament Mohammed al-Halbousi.

The new budget for the years 2023, 2024, and 2025 includes a record $152 billion in spending and has raised concerns over instability if global oil prices drop below the $70 per barrel threshold set in the budget. Iraq's economy relies heavily on its oil exports, and a decline in oil prices could seriously impact the country's financial stability.

The government was forced to operate without a budget law in 2022 due to political instability, putting the country's economy at risk as Baghdad was unable to invest record revenues generated from oil sales. To prevent a repeat of this scenario, Shakhawan Abdullah, second deputy speaker of the Iraqi parliament, has urged for the quick approval of the federal budget bill.

The second reading of the budget bill is a crucial step in ensuring Iraq's economic stability and continued growth. If approved, the budget could help the country invest in vital infrastructure and services, creating more job opportunities and improving the standard of living for its citizens.