Iraqi Parliament sets expectations for Iraq’s 2023 budget
The Iraqi Prime Minister Mohammad Shia Al-Sudani chairing a meeting attended by Iraqi ministers and officials. Photo: Shafaq News
Baghdad (IraqiNews.com) – The Parliamentary Finance Committee announced on Wednesday the expected figures for 2023 budget and the deficit, according to the Iraqi News Agency (INA).
Member of the Parliamentary Finance Committee, Mueen Al-Kadhimi, stated that 2023 budget will range between 110 and 120 trillion Iraqi dinars (75.9 and 82.8 billion USD), according to the expected expenditures.
Al-Kadhimi indicated that if the total revenues of the country’s budget reached 140 trillion Iraqi dinars (nearly 96 billion USD), the expected deficit will be 20 trillion Iraqi dinars (approximately 13.7 billion USD).
Al-Kadhimi added that if the government increased its financial revenues by raising taxes and custom fees, the deficit will be reduced to 10 trillion Iraq dinars (approximately 6.85 billion USD).
The Iraqi Prime Minister, Mohammad Shia Al-Sudani, directed earlier that the budget should effectively address the issue of electricity shortage, INA reported.
Al-Sudani chaired a meeting attended by ministers of finance, oil and electricity as well as investors, where they discussed the federal budget law for 2023, and the need to expedite the preparation of the draft to be sent to the Parliament for ratification, according to the Prime Minister’s press office.
Al-Sudani directed that the budget should prioritize the needs of the Iraqis, and stressed the importance of effectively addressing the problem of electricity shortages, which had a significant impact on the life of citizens and the economic sector.