Iraqi Parliament approves 2024 budget, key allocations for social welfare, education, and agriculture

Shafaq News / On Monday, the Iraqi Parliament voted on the 2024 budget tables.

In the hours leading up to the vote, there was significant debate within the Parliamentary Finance Committee, resulting in the budget tables being voted on twice due to disagreements.

Earlier, Saad Al-Toubi, a member of the Parliamentary Finance Committee, confirmed that the committee had voted on the federal budget tables for 2024 without making any changes.

He noted that two trillion IQD were allocated for transfers between spending categories.

During a press conference held by its members following the parliamentary vote, the committee stated that "student grants for university and school students have been secured, and allocations for employees have been increased by four trillion IQD to secure salaries for employees, new hires, retirees, and to implement contract terms and appointments, including those whose contracts were canceled."

The committee noted the allocation of "1.25 trillion IQD to secure the increased salaries for retirees," announcing the provision of "funds for the end-of-service bonuses for both civil and military retirees."

The Finance Committee confirmed "an increase in social welfare allocations to include more than 650,000 new families," and highlighted "an increase in the capital of the Real Estate Bank by 500 billion IQD to cover housing loan requests from citizens."

Additionally, the committee allocated five trillion IQD to secure the dues of farmers for the purchase of wheat and barley crops.

In June 2023, Parliament approved the Federal Budget Law for 2023-2025, totaling 197 trillion dinars, with a deficit of 63 trillion dinars, approximately one-third of the budget.

PM Mohammed Shia Al-Sudani revealed that the 2024 revenues are around 144 trillion and expenses are at 210 trillion, leaving a deficit of 63 trillion dinars.