The Expert in Economic Affairs, Safwan Qusai, warned today, Wednesday, of the continued delay in approving the budget, while he stressed that most of the state's Ministries are without a financial budget, which negatively affects their performance.

He said in a statement to the National Iraqi News Agency (NINA) that "the 2023 budget was late, which reflects negatively on service projects, the operational budget and salaries of state employees, calling for speedy approval."

He pointed out that "the fiscal year 2023 is on the cusp of the fifth month, that is, half of the fiscal year, and without a budget for it, which leads to a breach in all the budgets of the service Ministries and their needs, and a lack of economic production in the country."

Last month, the Council of Ministers approved the country's draft general budget law for the year 2023, with a deficit of $48.5 billion, and referred it to parliament for review and opinion before ratifying it and transferring it to the President.

The media office of the PM stated in a statement, “The Council of Ministers approved the draft federal budget law for the fiscal years 2023, 2024 and 2025,” noting that the budget deficit amounted to 63 trillion dinars (48.5 billion dollars), which it controls.

The deficit will be covered from a group of sources, including the amount transferred in the Ministry of Finance, from the share of treasury transfers in the Central Bank, bonds, internal loans and other sources.

Parliament is expected to announce its observations on what was stated in the draft budget, prior to approving it, submitting it to the president for approval, and converting it into an effective law.

The quantities of crude oil exports in the 2023 budget will amount to about 3.5 million barrels per day, of which 400 thousand barrels per day will be via the Kurdistan region.

Source: National Iraqi News Agency