SULAIMANI (ESTA) — The budget law which has been passed in recent days was published in the Official Gazette of Iraq on Monday as the final stage for it to become law.
Iraqi legislators voted to pass the draft federal budget bill for the years 2023, 2024, and 2025 on June 12.
“Approval and ratification of the general budget is the first step in implementing the government’s agenda,” Iraqi President Latif Rashid last Wednesday said after he signed the law.
The new budget outlines annual spending of 198T IQD (153B USD).
The budget is based on an oil price of $70 per barrel and projects oil exports at 3.5 million barrels per day (bpd), including 400,000 bpd from the semi-autonomous Kurdistan region, lawmakers said.
The budget sets the exchange rate for oil revenues in U.S. dollars at 1,300 dinars per dollar. It will remain valid through 2025, though it is subject to amendment, including to the oil price it uses given its near-total dependence on oil revenue.
Iraq’s budgets are supposed to be adopted before the beginning of the year they cover but are frequently delayed or not passed at all due to instability and political disputes.
