Instead of a budget, the Iraqi parliament is moving towards passing a borrowing law.
On Monday, the parliamentary finance committee revealed that it had discussed the draft law on borrowing, grants and subsidies with Finance Minister Faleh al-Sari, stressing that the law would be an alternative to the 2026 general budget law, in preparation for its inclusion on the agenda of the House of Representatives.
The head of the parliamentary finance committee, Uday Awad, told Shafaq News Agency that “the committee hosted Al-Sari today to discuss a number of proposed laws, most notably the law on borrowing, grants and subsidies, which aims to maximize public revenues in a way that supports the Iraqi state treasury.” NewsArticle Subscription
He added that “the borrowing law will be an alternative to the 2026 budget law, and the committee read the draft law and discussed it with the Minister of Finance, before voting by majority to include it in the agenda of the upcoming sessions of the House of Representatives.”
Awad explained that “the law includes mechanisms for internal and external borrowing, without specifying a particular amount or financial ceiling,” indicating that “the draft law grants specific powers to each minister with regard to spending, in addition to other powers granted to the Council of Ministers in accordance with the provisions of the law.”
Awad had revealed to Shafaq News Agency yesterday, Sunday, that the committee intends to discuss the possibility of separating the allowances and promotions of state employees from the budget law.
Earlier, Finance Committee member Hussein Al-Daraji revealed to Shafaq News Agency that the legislative and executive authorities intend to gradually move towards implementing a “programs and performance budget” starting from next year, 2027, to ensure the regulation of spending and the protection of public funds.
The committee had hosted the Minister of Finance and senior officials in the ministry on July 7 to discuss the financial and economic situation and the mechanisms for preparing the draft federal budget for 2027.
Shafaq.com