Iraq to Send 2027 Budget Bill to Parliament in October

Iraq’s Ministry of Finance is preparing to submit the draft federal budget law for 2027 to the Council of Representatives on October 15, as discussions continue over the oil price to be used in the budget calculations.

Parliamentary Finance Committee member Jamal Koger said Finance Minister Falah Sari informed the committee that the draft would be submitted in line with the deadlines set under the Financial Management Law.

The benchmark oil price has yet to be finalized, with proposals ranging between $50 and $65 per barrel. The ministry is also considering a proposal by Iraq’s state oil marketing company, SOMO, to set the price at $55, while the government may opt for a figure between $60 and $65 as a compromise.

On public-sector employment, Koger said the government had pledged to formalize contract workers and appoint long-term graduates, but stressed that the country’s economic and financial conditions would ultimately determine whether the measures can be implemented.

Parliament Speaker Hibet Al-Halbousi also said during a meeting with lawmakers that the 2027 budget would include provisions to formalize contract employees working across government ministries and institutions.