Iraqi Parliament Approves First Amendment to General Federal Budget Law

PUKMEDIA

Iraqi parliament's session.

The Iraqi parliament voted during its regular session today, Sunday, 2 February 2025, on the draft of the first amendment to Article (12) of Law No. (13) of 2023, the federal general budget of the Republic of Iraq for the fiscal years (2023-2024-2025).
 
Dr. Bryar Rashid, a member of the Patriotic Union of Kurdistan (PUK) bloc, said in a statement to PUKMEDIA: "The Iraqi parliament voted today, Sunday, to amend the federal budget law, which had been postponed several times due to the political blocs' lack of agreement on the matter."
 
He added: "Under the approved amendment, the actual value of the Kurdistan Region's oil production and transportation has been set at $16 per barrel. This amount will be provided as an advance to the Kurdistan Region until the actual value of oil production and transportation from each field in the Kurdistan Region is determined separately by the competent advisory bodies, after 60 days from the implementation of the Federal General Budget Law."
 
Dr. Rashid confirmed that "the amendment to the Federal Budget Law was approved with the participation of 176 members of the Iraqi parliament."
 
On November 5, 2024, the Council of Ministers approved the proposal to amend paragraph (c) of the second section of Article (12) of the Triennial Budget Law No. (13) of 2023, setting the average actual cost of production and transportation of oil from the Kurdistan Region at 16 dollars per barrel. The first and second readings of the amendment project were held in the Iraqi parliament, and the vote was initially scheduled for the session on 13 January, but it was postponed due to opposition from certain blocs.



PUKMEDIA