Iraq’s President ratifies federal budget bill

ERBIL, Kurdistan Region - Iraq’s President Abdul Latif Rashid on Wednesday ratified the country’s long-awaited federal budget bill, over a week after all Articles were approved by the parliament.

The Iraqi parliament earlier this month passed a budget of $153 billion, the country’s largest bill in monetary value, for 2023 with the same budget allocations set to be followed in the next two years as well.

Rashid emphasized that “approving and ratifying the budget is a turning point for the government to implement its program which includes ensuring the necessary needs of the citizens,” according to a statement from his office.

The Iraqi president lauded the efforts made towards passing the budget, urging the government to rationalize its spending and preserve public funds.

The budget is set to be published in the Official Gazette in the upcoming days, after which it will come into effect.

Iraq did not have a budget law in 2022 amid political uncertainty after the 2021 election. The lack of a budget jeopardized the oil-dependent economy with Baghdad prevented from taking advantage of soaring oil prices following Russia's invasion of Ukraine to combat poverty and bring much-needed economic stability.

Atwan al-Atwani, head of the Iraqi parliament’s finance committee, told Iraqi state media in March that the new budget bill sets the minimum nominal wage at 425,000 dinars ($275), adding that lower grade salaries will increase by 150 percent according to the new scale.

Iraq’s Finance Minister Taif Sami has said that the bill will prioritize developmental projects and the country’s less fortunate groups.