Iraq's Parliament to Vote on Federal Budget Bill for the Next Three Years Amid Economic Instability
The Iraqi parliament is preparing to vote on the federal budget bill for the years 2023, 2024, and 2025. The budget, which includes a record $152 billion in spending, has sparked concerns of instability should oil prices drop below the $70 per barrel threshold set in the bill.
The country lacked a budget law in 2022 due to political instability, jeopardizing Iraq's oil-dependent economy and preventing the government from taking advantage of soaring oil prices.
Iraq's Council of Ministers approved the budget bill earlier in March, and its passage is being closely watched as the economic stability of the country largely hinges on the global oil prices.
In a televised statement on Thursday, Speaker Mohammed al-Halbousi announced that the budget is in its final touches and that the parliamentary finance committee will convene and vote on the budget on Saturday.
Prime Minister Mohammed Shia' al-Sudani and Halbousi have emphasized the need to expedite the approval of the budget bill.
The bill includes many investment and strategic projects that are expected to positively reflect on the government's programs. The economic stability of Iraq is at stake, and securing the budget's approval is vital for the country's well-being and long-term economic security.
Overall, the vote on the federal budget bill is an important step towards securing a brighter future for Iraq and its citizens, who are dependent on the government to ensure economic stability amid challenging global economic conditions.