The budget deficit could reach approximately 65 trillion dinars… and the parliamentary finance committee confirms: salaries are secured.
The budget deficit could reach approximately 65 trillion dinars… and the parliamentary finance committee confirms: salaries are secured.
9-23-2026
The parliamentary finance committee confirmed on Wednesday that it has prepared its plans and arrangements to discuss the draft general budget, noting that the 2027 budget is expected to reach the House of Representatives on October 15.
Committee member Ikhlas Al-Dulaimi said that “the Finance Committee will have a major role in studying the budget, organizing its items, and discussing it until it is voted on within the House of Representatives,” indicating that “the expected deficit in the budget may reach about 65 trillion dinars.”
She explained that “the committee will discuss, as part of addressing the deficit, the exchange rate issue and the measures that the Ministry of Finance will propose,” stressing that “there are solutions at the Ministry that the Finance Committee will review after the draft budget reaches the House of Representatives.”
Regarding public spending, Al-Dulaimi confirmed that “employees’ salaries are secured,” noting that “the volume of oil exports is increasing, reaching about 3 to 4 million barrels per day, in addition to the existence of a reserve at the Central Bank that can contribute to supporting financial stability.”
Meanwhile, the Finance Committee, chaired by MP Uday Awad, and attended by its members, held a workshop yesterday, Tuesday, with the participation of the Executive Director of Private Banks, Ali Tariq Mustafa, his accompanying delegation, and a number of private banks, to discuss the reality of the banking sector in Iraq, and mechanisms for its development and keeping pace with financial and banking developments.
Awad stressed “the importance of strengthening coordination with the private banking sector, which contributes to the development of banking operations and addressing challenges in light of the current financial conditions.”
For his part, the head of the Association of Private Banks presented an overview of the reality of the banking sector, its working mechanisms and its role in supporting the economy, in addition to issues related to financial inclusion, electronic payment, structural reform and governance, which enhances the efficiency of the financial and banking system in Iraq.
The workshop addressed the current situation of the banking sector, indicators of banking system structure analysis, banking inclusion indicators, the size of deposits, credit facilities, non-performing loans and capital, as well as keeping pace with financial developments in the areas of liquidity and cash transactions.
The workshop also discussed in its second session the electronic payment file and its associated infrastructure, the extent of integration of point-of-sale (POS) devices and automated teller machines (ATMs), in addition to digital services related to electronic payment cards, electronic wallets and banking applications.
In the third axis, the workshop discussed structural reform and governance, the importance of applying compliance standards, and updating the legal frameworks of the banking law, with an emphasis on increasing bank capital, enhancing integration with the financial system, and developing relations with global banks in accordance with the principles of transparency and internationally adopted standards.
The interventions by the committee members stressed the importance of facilitating procedures for obtaining loans, supporting the local market, increasing the amount of currency and the volume of trading in the market, as well as providing the legal protection that the bank provides to depositors.
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