Iraqi Finance Minister Taif Sami announced the completion of the draft of the federal budget law for 2023 and its submission to the Cabinet for discussion and a vote.
According to a statement by Sami, the bill was prepared during extraordinary circumstances endured by the global economy and was drafted to handle impact of international, regional, and local economic challenges.
The finance minister stated that the budget bill will focus on development, support for the social protection network, and low-income families, as well as providing a secure cover for sustainable strategic and development projects.
“Throughout the past months of the new government’s tenure, we have worked on coming up with a budget that meets the needs of the Iraqi economy and is consistent with the government program,” she said.
Meanwhile, Diaa al-Nasseri, advisor to Prime Minister Mohammed Shia al-Sudani, revealed that the budget will be approved by the government on Monday.
Labeling the budget as “smart,” al-Nasseri said that it will focus on projects.
It has been nearly two years since the last time the country passed a budget bill. The delay was caused by the failure of the political forces to form a government for more than a year since elections were held in late 2021.
The biggest obstacle facing the budget, according to economists, is the fluctuation of the exchange rate of the dinar against the US dollar.
The government has been exerting efforts to address the issue.
