Shafaq News/ A source from inside the finance committee od the Iraqi parliament said that the emergency bill on food security and development is debt-free after removing articles related to internal and external borrowing.

"Except for an ongoing loan, the amendments the committee introduced to the bill have made it debt-free," the source said.

"External and internal borrowing was canceled since the treasury has enough funds after the rise of oil prices. The committee removed articles on borrowing nearly 15 trillion dinars."

"The total amount allocated for the budget is 25 trillion dinars. It might go a little higher or lower according to the requirements of the government departments."

On May 15, Iraq's Federal Supreme Court revoked an emergency bill on food security and development deferred by the caretaker government.

Three days later, the parliamentary finance committee presented a new bill in lieu of the draft dismissed by the court.

On May 19, the Iraqi legislative body completed the first reading of the emergency bill on food security and development.