policy
The parliamentary financial committee has confirmed that the Ministry of Finance has actively commenced preparations for the draft 2027 budget, adding that the Law of Grants and Loans bill is scheduled for parliamentary presentation next week. Committee member Ikhlas al-Dulaimi stated that discussions with the Prime Minister yielded several agreements, including the submission of the 2027 budget to Parliament. She clarified that the financial committee has undertaken legislating the Law of Grants and Loans, reaching an agreement with the government for its approval, with the first reading set for the coming week. Al-Dulaimi added that the Ministry of Finance has initiated 2027 budget preparation, developing a comprehensive strategy involving the financial committee, several ministries, and regional representatives for submission. She affirmed an agreement between the Prime Minister and the financial committee on the urgent need to pass the budget swiftly through the Council of Representatives, emphasizing the country's need for financial stability to determine exchange rates, oil prices, export mechanisms, and public operations. Regarding contract stabilization, al-Dulaimi noted this issue was not discussed with the Prime Minister or Finance Minister. She suggested that the current challenging financial situation, compounded by unexported oil, likely precludes the state from addressing these details now. The financial committee member further explained that the Financial Management Law mandates the budget reach Parliament by October 15th for next year's approval, expressing hope that the crisis of promotions and allowances will be resolved within the new budget's provisions.
