Absence of Annual Budget Impels Iraqi Parliament Toward Passing Borrowing and Grants Law

In response to the absence of a federal budget law, the Iraqi Parliament is moving toward enacting a national borrowing and grants bill to establish the requisite legal framework for state financial operations. The Parliamentary Finance Committee confirmed that the proposed draft, coordinated with the Ministry of Finance, authorizes the government to secure both domestic and international financing to cover public sector salaries and operational expenditures. Under the proposed framework, internal credit will be managed through the Central Bank of Iraq, while external financing will target agreements with international financial institutions and foreign partners.