Shafaq News/ The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed, on Monday, during a meeting with a delegation from the Adam Smith International organization that the committee is currently working on passing important legislation to improve Iraq's financial and banking systems.

He also highlighted that “the oil dispute with the Kurdistan Region remains one of the major challenges in preparing next year's budget.”

Al-Atwani emphasized the committee’s ongoing efforts to boost non-oil revenues. “One of the key steps being taken is amending the law governing the Federal Board of Revenue Allocation to ensure it can effectively evaluate, monitor, and collect revenues. Additionally, a new role will be included in the law, focusing on evaluating budget performance and expenditures,” he said.

As part of broader financial reforms, Al-Atwani noted that “the committee is conducting a comprehensive study of the Stock and Commodities Market Law, which is expected to be enacted soon. Specialized workshops are also being held to encourage Islamic banks to participate in the financial and banking sectors.”

He continued that the committee is also working on several legislative proposals aimed at better financial management, including a draft law on Islamic bonds investment and a proposal for establishing a Banking Studies Center.

Regarding the 2025 budget, Al-Atwani estimated that “it would reach the parliament early next year, noting that the government has already begun structuring its provisions,” adding that “the oil dispute with the Kurdistan Region remains a significant issue in drafting the upcoming budget, with the committee making efforts to resolve the conflict through meetings with representatives from Baghdad and Erbil.”

Al-Atwani concluded by stating that the committee has identified and addressed the main points of contention and is hopeful that “a final agreement will be reached soon to resume the export of oil from the Kurdistan Region, thereby enhancing the state's revenues.”