Iraq's President Ratifies Federal Public Financial Budget Law

Shafaq News/ On Wednesday, Iraqi President Abdul Latif Jamal Rashid officially ratified the Federal Financial Budget Law in Iraq.

Emphasizing the significance of approving and implementing the budget, President Rashid stated that it marks a "pivotal moment" for the government to execute its program. This program encompasses "ensuring the essential needs of citizens, providing vital services like healthcare and education, rehabilitating infrastructure, and undertaking strategic projects that will positively impact people's daily lives."

President Rashid stressed the importance of rationalizing government expenditure, safeguarding public funds, and developing and diversifying the country's economic resources, particularly in the face of economic and environmental challenges.

Furthermore, the President commended the collective efforts of all parties involved in the budget approval process. He highlighted the consideration given to operational and investment aspects and the commitment to ensuring fairness for low-income groups, thus achieving social justice.

On June 12, the Iraqi Parliament voted on the federal budget law for 2023, 2024, and 2025 after five discussions. The budget for the current year amounts to 197 trillion and 828 billion Iraqi dinars (approximately 152.2 billion dollars), with a total deficit of 63 trillion dinars (about 48.3 billion dollars). This comprehensive budget aims to address the nation's pressing economic priorities and pave the way for sustainable development.