Latest news with #ParliamentaryFinanceCommittee
Shafaq News
4 days ago
- Business
- Shafaq News
Iraqi lawmaker: Finance Minister unaware of budget details
Shafaq News – Baghdad Iraqi Finance Minister Taif Sami lacks knowledge of the 2025 federal budget tables, an Iraqi MP claimed on Saturday, criticizing parliament's approval of the three-year Budget Law as a mistake. The Member of Iraq's Parliamentary Finance Committee, Faisal al-Naeli, told Shafaq News that the three-year budget experiment was flawed, adding that it burdened the Iraqi people and government employees, depriving them of financial and career entitlements. The finance minister informed the committee that the ministry is currently paying obligations related to the 2023 budget, Al-Naeli stated, noting, 'Everyone is looking for the 2025 budget tables, yet no one knows where they are or when they will be sent to parliament.' Earlier, fellow committee member Saad al-Toubi told Shafaq News that Sami informed members during a session that a special committee—formed by Prime Minister Mohammed Shia al-Sudani—had been tasked with drafting the tables. Finance Committee Chairman Atwan al-Atwani criticized the government last Sunday for failing to send the tables to parliament, warning that the delay has negatively impacted wide segments of the Iraqi population.
Shafaq News
20-07-2025
- Business
- Shafaq News
Finance Minister: Iraq's 2025 Budget Law under committee review
Shafaq News – Baghdad Iraqi Finance Minister Taif Sami informed lawmakers on Sunday that a special committee, formed by Prime Minister Mohammed Shia al-Sudani, is currently drafting the tables of the 2025 Federal Budget Law. Saad al-Tobi from the Parliamentary Finance Committee explained to Shafaq News that the draft tables will be sent to the Cabinet for approval before heading to Parliament. 'Information on revenues and expenditures remains limited,' he added. 'The documents will be ready for submission next month.' Earlier today, Parliament hosted Sami to discuss the delay in submitting the budget tables to the legislature. The appearance followed a formal request by Finance Committee Chair Atwan al-Atwani and, according to a parliamentary source, covered the implementation of the government program and the execution of the 2023–2025 Budget Law.
Shafaq News
05-06-2025
- Business
- Shafaq News
Iraq fast-tracks Chinese-led gas project to curb energy imports
Shafaq News/ The Iraqi Ministry of Oil has reached an agreement with a Chinese energy firm to accelerate the development of the al-Mansouriya gas field in Diyala province—part of efforts to reduce reliance on imported fuel, a member of Iraq's Parliamentary Finance Committee revealed on Thursday. MP Mudar al-Karawi told Shafaq News Agency that the ministry has signed a revised deal with China's Jereh Group and state-owned PetroIraq to shorten the project timeline from 42 months to just 20 months. 'The first phase will produce 100 million standard cubic feet of gas per day (Mscfd), gradually increasing to 300 Mscfd,' al-Karawi explained. Located in eastern Iraq near the Iranian border, the al-Mansouriya gas field is expected to play a vital role in fueling domestic power stations and trimming costly natural gas imports. Iraq currently imports gas from Iran to run much of its electricity sector. 'The locally produced gas will help reduce dependence on imported supplies and save Iraq millions of dollars annually,' al-Karawi noted. The development is part of a wider national strategy announced by Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani last October. The minister unveiled multiple gas and oil deals, including complementary licensing rounds, expected to boost production by over 850 Mscfd and 750,000 barrels of oil per day. The original contract for al-Mansouriya was signed on October 31, 2024, under the supervision of the Oil Ministry, targeting a full production capacity of 300 Mscfd. According to data from Global Fire Power, Iraq consumed over 19 billion cubic meters of natural gas in 2025, ranking 38th globally. The country's fast-growing energy demands continue to strain its power infrastructure, especially during peak summer months.
Shafaq News
28-05-2025
- Business
- Shafaq News
Iraq's top advisor to speculators: We're not in financial trouble
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani's Financial Advisor, Mudher Muhammad Saleh, dismissed speculation of a looming financial crisis in Iraq, crediting the country's economic stability to 'prudent fiscal policy.' Saleh told Shafaq News that Iraq relies on oil revenues to finance about 90% of public expenditures, while government spending constitutes roughly 50% of GDP, noting, 'This spending drives around 85% of total demand in the economy.' He cautioned that Iraq must remain vigilant amid global trade tensions and energy market disruptions, noting that oil prices seem to be entering a new downturn. This, he said, has led to closer coordination between the country's fiscal and monetary authorities. 'Iraq has weathered similar oil cycles since 2014 and succeeded in preserving economic stability,' he added. The economic expert further pointed out that the government is enforcing stricter fiscal discipline on revenues and expenditures, coordinating with the central bank to cover deficits without disrupting essential outlays. Ensuring sufficient liquidity to meet national needs remains a top priority. Earlier, the Parliamentary Finance Committee warned of a potential future crisis amid falling oil prices and inadequate safeguards to cushion Iraq's economy. Economic experts blamed the Ministry of Finance and the Central Bank for weak monetary circulation and declining public trust in the banking sector. Official data showed that Iraq's money supply has reached around 127 trillion dinars (96.52 billion USD), with 70% of it held outside the banking system. Additionally, oil revenues reportedly dropped by 15% in April, compounding pressure on strategic reserves.
Shafaq News
27-05-2025
- Business
- Shafaq News
Dollar sinks in Iraq: MP cites market forces
Shafaq News/ Declines in the US dollar rate against the Iraqi dinar were not the result of government action, an Iraqi PM announced on Tuesday. Speaking with Shafaq News, Jamal Kocher, a member of the Parliamentary Finance Committee, attributed the drop in the dollar's value to multiple factors, most notably the slump in trade activity and the resulting decline in demand on the parallel market. He warned that the government's failure to disburse payments to contractors, coupled with a halt in project execution and growing public tension, has further reduced market demand for dollars. Observers say global economic turmoil, rising trade restrictions, and declining commercial activity have spilled into Iraqi markets. The weakened global demand for imports has reduced the need for dollars, contributing directly to its lower value locally.
