Shafaq News/ The Iraqi government requested the parliament to amend a section of the draft budget law for the year 2025, Iraqi MP stated on Saturday.
The MP Muthanna Amin announced that the Iraqi parliament’s legislative recess will end on January 10, 2024, and one of the primary tasks to be completed during the upcoming session will be the approval of the 2025 budget law.
He added that the federal government had requested a modification to a paragraph in the budget related to the oil of the Kurdistan Region, specifically regarding the estimated costs of crude oil extraction.
“A preliminary agreement has been reached between oil companies and the Kurdistan Regional Government on this issue, and what the regional government presents will be included in the 2025 national budget draft,” he pointed out.
Following negotiations, Erbil and Baghdad have reached an agreement to amend the budget, raising the costs to approximately from 6$ per barrel to $20.6. In the initial phase, oil companies will receive around $16 per barrel.
Regarding Iraq’s upcoming legislative elections, Amin revealed, “The current parliamentary term will expire next year,” emphasizing that the elections must be held at least two months before the term ends.
Shafaq.com
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