Shafaq News/ Iraq's legislative body, late on Sunday, convened to engage in an extensive scrutiny of the country's federal budget bill.

The session kicked off under the stewardship of Speaker Mohammad al-Halboosi with 198 lawmakers in attendance.

This crucial session, dedicated to the second reading of the pivotal legislation, is poised to shape the nation's fiscal landscape for three years (2023-2025) to come as lawmakers endeavor to address economic challenges and bolster financial stability in the region.

Earlier today, the member of the parliament's finance committee, lawmaker Jamal Kocher, told Shafaq News Agency that the report on the budget law "focuses on the committee's insights and crucial clauses requiring modification, rather than incorporating any explicit amendments."

He further explained that the report, slated for presentation during Monday's parliamentary session, serves as a comprehensive analysis of the budget's current state.

Following the report's reading, parliament members will have the opportunity to put forth their observations on various articles and clauses within the budget law, he said.

"The committee will then initiate the necessary revisions based on the collective vision and input from both the Finance Committee and parliamentary members," he continued.

The announcement comes as a Kurdistan Democratic Party (KDP) lawmaker revealed that party members convened for a closed-door meeting in the parliament building today.

The meeting's agenda included discussions on the budget law and the oil agreement between Baghdad and Erbil.

Previously, Majid Shingali, a KDP lawmaker, had suggested the possibility of disputes arising over the budget under study following its second reading.

Earlier this month, the Iraqi parliament concluded the first reading of the draft federal budget for the fiscal years 2023, 2024, and 2025.