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Parliamentary Finance: 2024 will not stop disbursing budget funds because they were approved for three years
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Baghdad Today - Baghdad
The Parliamentary Finance Committee confirmed today, Wednesday (December 13, 2023), that the entry into the new year 2024 will not stop the disbursement of funds from the tripartite budget, given that it was approved for three years.
The head of the committee, Atwan Al-Atwani, told the official agency, “The committee approved a tripartite government budget and there is no interruption in spending and disbursement, given that the approved budget is for (3) years to ensure the continuation of spending, contracting, and the continuity of the government’s work throughout its years without faltering, as happened in the past, which led to the budget being delayed for more than 6 months ago.
He added, "With regard to the 2024 budget, the committee is communicating with the government while awaiting its schedules, and it is possible to complete the issue as soon as possible with the aim of sending it to the House of Representatives to vote on it."
On June 12, the House of Representatives voted on the draft general budget law for the fiscal years (2023, 2024, 2025), after deliberations that began last Thursday.
The value of the current year’s budget amounts to 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 64.36 trillion dinars (49 billion dollars), while the budget items for the years 2023 and 2024 have not been published.
The current year's budget estimates the price of a barrel of oil at $70, with a daily export volume of 3.5 million barrels per day, including 400,000 barrels per day from the Kurdistan region of Iraq.
Iraq is the second largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels under normal conditions.
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