Parliamentary Finance Committee: The move to legislate the 2026 borrowing and grants law due to the failure to approve the budget.
The head of the parliamentary finance committee, Uday Awad, confirmed on Monday that the House of Representatives is moving towards legislating the draft law on borrowing and grants for the year 2026, in light of the absence of a general budget law.
Awad told the official news agency that “the parliamentary finance committee and parliament are moving towards legislating the draft law on borrowing and grants for the year 2026 due to the absence of a budget.”
He added, “The lack of a legal cover for borrowing prompted the submission of a proposal to legislate a borrowing law, which was discussed with the Minister of Finance, Faleh Al-Sari, and officials, and we are now in the process of legislating the law.”
He explained that “the Minister of Finance, Falih Sari, will submit the proposal to the Finance Committee to adopt the legislation of the law,” indicating that “internal borrowing is financed by the Central Bank, while external borrowing is from countries or the World Bank.”
He pointed out that “the law will grant the government the authority to seek loans, and there are many countries from which it can borrow, in addition to the Central Bank of Iraq,” noting that “the House of Representatives will, through the law, grant the Council of Ministers and the Minister of Finance the authority to borrow in order to secure the payment of salaries and run the affairs of the state.” ForeignInvestment Guide
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