Parliamentary Finance: The 2023 budget will amount to 130 trillion dinars, with a deficit of about 25%

Parliamentary Finance: The 2023 budget will amount to 130 trillion dinars, with a deficit of about 25%

2022-11-21 01:55

Parliamentary Finance - The 2023 budget will amount to 130 trillion dinars with a deficit of about 25 percentShafaq News/ Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, suggested on Monday that the Iraqi government will send the draft budget law for the year 2023 within the next two weeks, noting that the budget ceiling may reach 130 trillion dinars, with a deficit rate of less than 25%.

Al-Dulaimi told Shafaq News agency, “The general budget law, according to the Financial Management Law, is sent in mid-October to the Parliament, and the Parliament and the Parliamentary Finance Committee can make amendments to the law and approve it within a maximum period of two months.”

And she emphasized that “the draft budget law has been studied in the Ministry of Finance, but it has not yet been presented to the Council of Ministers, which in turn sends it to the House of Representatives for a vote.”

And she indicated that “the price of a barrel of oil currently ranges between 85 to 87 dollars, but we do not know the exact price in the budget law, and that the real price of a barrel of oil will be determined when the draft budget law reaches the House of Representatives, and through previous experiences we usually set the lowest prices for a barrel of oil despite from the continued rise in global oil prices.

Al-Dulaimi expected that “the draft budget law will be presented to the Council of Ministers within 15 days, after which it will be sent to the House of Representatives, and the budget may be approved in Parliament during January of the year 2023.”

It also suggested that “the total amount of the budget law will range between 128 to 130 trillion dinars, and the deficit rate we believe is less than 25% of the total amount.”

It is noteworthy that the financial budget for the current year 2022 was not approved by the Council of Ministers and the House of Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, which escalated to dangerous levels that ended with the events of the Green Zone, with armed confrontations between supporters of the Sadrist movement and the security forces, which claimed lives. Dozens and hundreds injured.

After the end of the crisis, with the agreement of the political blocs to elect the President of the Republic and to grant confidence to the government of Prime Minister Muhammad Shia’a al-Sudani, the latter pledged that he would present the draft federal budget law for the year 2023 as soon as possible.

shafaq.com