On Friday, the Iraqi Parliamentary Finance Committee proposed that the Iraqi federal budget for the year 2016 is at final stage and it will be approved very soon.
A member of the Iraqi Finance Committee Jabbar Al Abadi issued a statement that most of the important elements have been finalized and we are hopefully expecting that the financial budget for the year 2016 will be approved in the first quarter of December or before the end of the year 2015.
He also pointed out that the posts of Vice-President of the Republic of Iraq have been terminated and they are not collecting their salaries and allowances as the Vice-President due to the Abadi’s decision by implementing the reforms package. The Iraqi House of Representatives authorized the current Iraqi Prime Minister to implement the reforms packages in the best interest of Iraq.
Point to be noted that the Iraqi Council of Ministers approved the federal budget draft on 18th October 2015 for the financial year 2016. This budget is amounted at 106 trillion Iraqi dinars with estimated budget deficit at 22.7 trillion Iraqi dinars (21% of the total budget), including the estimated oil export of 3.6 million barrels per day with an average price at 45 U.S dollars per barrel.