Iraqi parliamentary committee advances General budget readings

Shafaq News / Under the leadership of Deputy Attwan Al-Attwani, the Financial Committee held a meeting on Monday to proceed with the reading of the provisions of the General Federal Budget.

The committee's chairman emphasized the necessity of comprehending all the details presented in order to expedite its completion. The committee decided to host the concerned parties from the Ministries of Finance and Planning, according to a statement issued by the Iraqi Parliament.

The committee commenced the reading by examining the second article and its paragraphs, which pertain to the mechanism of covering the deficit through the achieved surplus from oil sales and other revenues. Additionally, discussions revolved around the inclusion of investment projects financed by grants and loans, expanding the scope of investment and involving the private sector, and hearing proposals in line with the government's program.

Continuing their work, the committee delved into the first axis concerning ongoing loans to finance projects within ministries and provinces, reconstruction of affected areas, and support for education, health, and energy sectors.

Moreover, the committee addressed the second axis, focusing on the funding of infrastructure projects under the framework agreement between Iraq and China, using loans to support energy projects, educational projects for the construction of 1,000 model schools, and strategic and developmental projects aligned with the government's priorities.

The committee then proceeded to read the third axis, which dealt with financing projects such as water desalination, Ministry of Health projects for the establishment of disease diagnosis centers, and Ministry of Electricity projects to finance the construction of composite cycle stations in various regions.

The committee postponed voting on articles 3 and 4, while article 5 of the third chapter, which includes the restriction of expenditure from the main accounts of expenses and the expenses of projects approved within the General Federal Budget, was put to a vote and passed.

Furthermore, the committee voted on article 6, related to the authority to transfer funds between expenditure units, article 7 concerning emergency expenses, article 8 regarding the use of realized revenues as a source for the General Federal Budget, article 9 on allocations for regional development, article 10 on authorizing the implementation of required services, and article 11 on vehicle fees revenue for the state treasury.

Articles 12, 13, 14, 15, and 16 were postponed for further study and comments, while article 17 and article 18 of the law were voted upon, as stated in the press release.