Parliamentary Finance Committee reviews federal budget law

BAGHDAD – The Iraqi Parliament’s Finance Committee reviewed the federal general budget law tables sent by Prime Minister Mohammed Shia Al-Sudani’s government on Thursday, comparing financial allocations between the previous and current years.

Committee Chairperson Atwan Al-Atwani emphasized the importance of completing this task for the public interest and stressed the need to draft the law in line with the tables, considering the significant financial commitments for projects across ministries and provinces.

Iraq’s proposed 2024 budget estimates revenues at around 144 trillion dinars (approximately $110 billion) and expenditures at about 211 trillion dinars (roughly $160 billion), revealing a deficit of over 63 trillion dinars, or $48 billion.

During a meeting, the committee underscored the urgency of fulfilling contractual commitments for ongoing projects funded through regional development allocations in all provinces. They expressed dedication to finalizing the budget law optimally, in alignment with the government’s program.

The committee prepared a report comparing the financial allocations for the 2023 and 2024 budgets. The report included methods for addressing the deficit, enhancing resources, and discussed allocations for service and commodity requirements, asset maintenance, grants, subsidies, commitments, contributions, and social welfare. It also clarified the differences between the two budgets and reviewed feedback received.

The committee plans to discuss all details included in the tables with the Ministries of Finance and Planning, and other relevant ministries, to analyze the data and achieve the best outcomes.and enhance infrastructure.