The Parliamentary Finance Committee hosted Finance Minister Faleh al-Sari to finalize essential amendments to fiscal legislation, targeting enhanced state revenues and public budget efficiency.

The meeting, chaired by MP Uday Awad Kadhim and attended by committee members, was held on Monday to discuss legislative proposals, amendments to lending laws, and joint strategies to boost state revenues. 

The session also drafted the necessary amendments to align them with both statutory and financial requirements.

Committee Chairman Awad Demands Stronger Coordination 

Kadhim stressed “the importance of strengthening coordination between the committee and relevant executive bodies.” 

He noted that this cooperation reinforces legislative and oversight mechanisms while adhering to constitutional and legal frameworks to ensure legislation effectively meets current needs.

Al-Sari: Cooperation Vital to Reforming Borrowing Law 

Meanwhile, Finance Minister Faleh al-Sari reviewed the prominent legislation under discussion, led by the Borrowing, Grants, and Subsidies Law, emphasizing “the vital importance of ongoing cooperation and coordination between the Ministry of Finance and the Parliamentary Finance Committee to overcome obstacles, maximize public revenues, and support the state treasury in meeting its financial needs.”

Finance Committee Finalizes Statutory Amendments

The meeting further featured extensive discussions on completing the technical and legal aspects of the statutory amendments within constitutional and legislative frameworks. 

The Finance Committee reaffirmed its commitment to boosting state resources and public finance efficiency to support the general budget and achieve economic integration.

Advancing Alternative Financing Amid Deficits and U.S.-Iraq Agreements

This high-level legislative session between parliament and the Ministry of Finance comes amid severe budget deficits and escalating regional pressures. 

Iraq is restructuring its economy amid an anti-corruption crackdown, with lawmakers urging a shift from high-interest foreign loans to alternative financing like the amended Borrowing, Grants, and Subsidies Law.

Concurrently, Prime Minister Ali al-Zaidi’s recent return from Washington saw the signing of 48 strategic agreements valued at over $60 billion to focus on commercial investments and energy modernization.