Finance Minister Affirms Progress on Drafting 2027 Budget Law for Cabinet Submission

Finance Minister Faleh Al-Sari confirmed on Tuesday that the ministry is proceeding with the preparation of the federal general budget bill for 2027, in anticipation of its submission to the Council of Ministers, and subsequently to the Parliament. In a related context, the parliamentary finance committee, chaired by MP Uday Awwad and attended by its members along with a number of members from other parliamentary committees, hosted Finance Minister Faleh Al-Sari and the senior staff of the ministry. The meeting included an extensive discussion of the financial and economic situation in the country, as well as the mechanisms for preparing the 2027 federal general budget bill. The head of the Finance Committee welcomed the Minister of Finance and the accompanying delegation at the beginning of the meeting, emphasizing the importance of enhancing cooperation and coordination between the legislative and executive authorities. He noted that this cooperation ensures the integration of roles in the fields of legislation and oversight, thereby contributing to the improvement of institutional performance. The Committee Chairman affirmed that the committee is moving forward in supporting and legislating laws aimed at addressing financial challenges. It also works to develop non-oil resources and enhance the state's financial sustainability. During the session held at its headquarters, the Finance Committee listened to a detailed explanation of the country's financial and economic situation, with an emphasis on the importance of developing appropriate solutions through legislation to ensure economic stability. For his part, the Minister of Finance praised the active role played by the Finance Committee in the process of preparing general budgets and exercising its oversight role. He commended its contributions to legislating laws related to financial and economic affairs. Al-Sari explained that the ministry has identified a set of priorities, topped by the automation of its departments and the establishment of a specialized body. The priorities also include adopting a gradual transition from traditional item-based budgeting to program and performance-based budgeting. Al-Sari pointed out that the 2027 budget project includes a phased plan for implementing program and performance budgeting, which will start in a limited number of governorates as a pilot model, to be gradually generalized to include all Iraqi governorates. The Finance Minister also reviewed his ministry's plan to repay public debt, which involves reorganizing dealings with banks affiliated with the ministry. This plan aims to reduce the volume of indebtedness, enhance financial stability, and support the state's public treasury. He reiterated that the ministry continues to prepare the federal general budget bill for 2027, in preparation for its submission to the Council of Ministers, before being referred to the Parliament in the coming period. The meeting witnessed an in-depth discussion of mechanisms for maximizing general state revenues and activating the implementation of the ASYCUDA system, which would enhance customs administration efficiency and increase state resources. The possibility of amending several related laws was also discussed, along with efforts to establish a Development Fund and an Energy Fund to boost revenues and support the public treasury. The hosting concluded with extensive discussions from committee members on various financial and economic files. Emphasis was placed on the importance of adopting treatments and procedures capable of achieving the public interest and enhancing financial and economic stability in the country, in addition to finding appropriate solutions for the contracts and daily wages file.