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Iraq 06/04/2024
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The House of Representatives approved the budget yesterday, ending nearly six months of debate and waiting. This is a long time that was driven by the desire to reduce the deficit and fears of a financial crisis that might erupt if oil prices were disturbed. But these fears dissipate in light of the reassurances provided by economists, such as the presence of a financial reserve in the Central Bank estimated at more than $112 billion, in addition to the continuation of oil flows and the stability of oil prices, even with the escalation of regional political unrest.
Iraq is in an economically safe zone. Experts in this field hope that Iraq is able to overcome fears of deficit, especially since it is a hypothetical deficit and not within the core of the budget itself, relying on the government’s adoption of a policy of opening windows for industrial investment, restarting factories that stopped for a long time, and the government’s persistent efforts to dispense with imported oil derivatives, which is what It will be a reality in two or three years.
The approval of the budget comes in light of unprecedented government spending since 2003, but it is necessary and the citizen has begun to feel its importance. The large urban movement initiated by the Sudanese government in Baghdad and the provinces has given hope of ending two full decades of stagnation in the same performance that left previous budgets limited to the operational aspect of them. Without any tangible benefit in terms of services and urbanization.
The government’s welcome, expressed by its Prime Minister Muhammad Shiaa al-Sudani, to the approval of the budget was followed by a call from him to the House of Representatives and the provincial councils to strengthen government work by intensifying oversight and legislative efforts, which is a must to complete the construction process, the manifestations of which the Iraqis have begun to clearly sense.
Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, pledged that the House would not allow “the loss or waste of the people’s money” and expressed agreement with the government’s aspirations to continue its reform and service program.
Approving the budget will dispel the fears that were plaguing all the talk about the financial situation in Iraq, and put a strong foot forward on the path to the recovery of the Iraqi economy and complete the government’s momentum in construction, reconstruction, and service provision.
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