Doha:The Iraqi Parliament's Finance Committee has announced the 2027 general budget, estimated at approximately IQD 217 trillion (USD 165.6 billion), with a projected deficit of around IQD 50 trillion.
According to Qatar News Agency, Abbas Hayal, a member of the Parliamentary Finance Committee, stated that discussions were held with Iraqi Finance Minister Faleh Al Sari regarding the main provisions of the draft budget. The discussions covered the distribution of financial allocations and the timetable for submitting the draft to Parliament.
The budget draft is based on an oil price of USD 58 per barrel, with expected exports of around 4 million barrels per day and an exchange rate of IQD 1,500 to the US dollar. The meeting also focused on digital transformation, the automation of financial systems, and increasing state resources to diversify revenue sources, aiming to reduce oil dependency, contain the deficit, and cut expenditures. Additionally, the performance of the banking sector and the stability of the dinar's exchange rate against the US dollar were addressed.
The Financial Management Law stipulates that the draft general budget is set to be referred to Parliament on October 15.