Shafaq News / The Iraqi Council of Representatives held a dedicated parliamentary session on Thursday to vote on the tripartite Federal Budget Law. The session, chaired by Speaker Mohammed al-Halbousi, saw the participation of 258 deputies.

During the session, the deputies voted on the approval of six articles of the budget law. However, one article was postponed, and another was removed from the budget law. The session was adjourned to Friday to vote on the remaining provisions.

Late on Thursday night, the Iraqi Council of Representatives approved an exchange rate of 1,300 Iraqi dinars per US dollar in the budget law. Additionally, the budget law included an oil price of $70 per barrel.

Earlier in the evening, sources reported that several members of the Parliamentary Finance Committee requested a 24-hour extension from the Parliamentary Legal Committee to review the budget law. The request, pending approval from the parliamentary leadership, aimed to allow more time for a comprehensive reading of the budget law.

Member of the Parliamentary Legal Committee, Iman Abdul Razzaq, confirmed the proposed extension from the Parliamentary Finance Committee and the unofficial consent from the parliamentary leadership.

Moreover, Member of the Parliamentary Finance Committee, Mueen al-Kadhimi, revealed that an important agreement had been reached between the Kurdistan Regional Government and the federal government regarding Articles 13 and 14 of the General Budget Law. These articles pertain to the mechanism of oil exports from the Kurdistan Region through the State Organization for Marketing of Oil (SOMO) and the deposit of revenues into the Central Bank.

The ongoing parliamentary discussions and negotiations highlight the significance of reaching consensus among different political factions to ensure the timely approval and implementation of the budget law. The continuation of these deliberations aims to address the remaining differences and pave the way for the final adoption of the budget law.

As the parliamentary session resumes on Friday, all eyes are on the Council of Representatives to witness the outcome of the voting on the remaining provisions, determining the financial framework for the coming years and shaping the economic course of Iraq.