Economy Update – Baghdad
On Sunday, the Parliamentary Legal Finance Committee confirmed that there have been no significant alterations to the budget law. Modifications were outlined specifically for Article 12, which pertains to the cost of oil extraction in the Kurdistan region.
Mustafa al-Karawi, a member of the Parliamentary Finance Committee, stated that the proposed amendments from Prime Minister Mohammed Shia Sudani and the Council of Ministers were confined to Article 12, focusing on oil extraction costs in the Kurdistan region.
He further elaborated that the revised article is expected to take effect shortly, facilitating direct oil exports from the region’s wells via the State Organization for Marketing Oil (SOMO). Notably, the recent changes do not introduce significant revisions to the budget law, nor do they incorporate new appointments. However, the government may utilize the existing budget framework to reinstate some previous provisions and directives.
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