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Economy News - Baghdad
After a difficult struggle that extended for months, the Iraqi Parliament voted on the country’s general financial budget for the years 2023, 2024, and 2025 after a series of sessions held by the Council that began on Thursday, June 8, 2023, and extended until the early hours of dawn on Monday, June 12, 2023. The sessions
witnessed The recent parliament witnessed an unprecedented controversy between the political blocs, especially after the Kurdistan Democratic Party refused to proceed with voting on some budget items, before the two parties reached a compromise agreement that guaranteed the continuation of the political agreement that led to the formation of the state administration coalition and the formation of the government of the current Prime Minister, Muhammad Shiaa al-Sudani.
The sessions also witnessed sharp tensions between representatives from various governorates due to disagreements related to the governorates’ financial allocations, development funds, and the creation of job grades in the public sector, with Parliament refusing to approve the imposition of a tax on fuel and communications prices.
The current budget is the largest in the country’s history, amounting to approximately 153 billion dollars per year, and the Kurdistan region will receive a percentage estimated at 12.6%, while recording a large financial deficit estimated at about 48 billion annually, which is the highest and more than double the deficit recorded in the last budget for the year. 2021, when it reached 19.7 billion, which observers consider to be an alarm bell that will surprise the current government if oil prices decline.
The budget also approved the country’s export of 3.5 million barrels of oil per day, including about 400,000 barrels from Kurdistan’s fields, amid disagreements between the Kurdistan Democratic Party and political blocs over the mechanism by which the region will export its oil in light of the cessation of its oil exports through the Turkish port of Ceyhan since last March. .
Added 10/01/2023 - 12:15 PM
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