Shafaq News/ A member of the parliamentary finance committee, Jamal Kocher, on Thursday suggested that the federal budget for the current year could be approved before the upcoming Eid el-Fitr holiday, despite the presence of a "serious deficit".
Speaking to Shafaq News Agency, Kocher admitted that the parliament does not have the authority to add salary scales to the budget, hinting that the government may resort to borrowing to cover the shortfall.
Earlier this month, economist Manar al-Obaidi predicted that the general budget deficit for the country could reach 90 trillion Iraqi dinars if the expected revenues were not met.
Al-Obaidi stated that a one-dollar drop in oil prices might cost the government 1.5 trillion dinars annually.
On March 13th, the Iraqi cabinet approved the budget law for the next three years, valued at approximately 200 trillion dinars, making it the largest budget in Iraq's history.
The budget includes allocations for the reconstruction of cities devastated by the war against ISIS, as well as funds for healthcare, education, and social welfare. The parliament is expected to discuss and approve the budget in the coming weeks.