Shafaq News/ The Iraqi Cabinet has approved the budget bill for the fiscal years 2023, 2024, and 2025, a statement by Prime Minister Mohammed Shia al-Sudani's bureau said.

The bill will now be sent to parliament for further discussion and voting.

On Sunday, Finance Minister Taif Sami said the draft budget bill for 2023 had been completed and sent to the Cabinet for review.

LThe bill includes provisions for public spending, investment, and economic reforms aimed at improving Iraq's fiscal situation and supporting its recovery from years of conflict and instability.

The budget bill is seen as a critical component of Iraq's economic reform program, which aims to address longstanding challenges such as corruption, inefficiency, and dependence on oil revenues. The government has faced pressure from protesters and the international community to take bold steps to address these issues and promote inclusive growth and development.

Iraq is heavily reliant on oil exports for revenue, and the recent decline in global oil prices has had a significant impact on its economy. The government has sought to diversify its revenue sources and attract more foreign investment, but progress has been slow due to bureaucratic obstacles, security concerns, and political instability.

The budget bill includes provisions for reducing government expenditures, increasing non-oil revenue, and promoting private sector development. It also includes measures to improve public services such as education, health care, and infrastructure.

The bill will now be reviewed and debated by parliament, where it may face opposition from lawmakers representing different political factions and interest groups. However, the government is hopeful that the bill will be approved in a timely manner to support its efforts to promote stability, growth, and prosperity for all Iraqis.