Former MP Jawad Al-Yassari said on Saturday that Iraq’s draft general budget is still being prepared by the government and has not yet been finalized. He stressed the need to reduce unnecessary spending and be careful with financial planning during the current regional situation.
Al-Yassari explained that the budget remains under review because of the tense conditions in the region, which could become more complicated at any time. He said the government should prepare the budget carefully since Iraq depends heavily on oil revenues and should avoid creating a large budget deficit.
He called for cutting non-essential expenses and delaying projects that are not urgently needed, especially given the economic and political challenges facing both Iraq and the region.
According to Al-Yassari, Iraq has been significantly affected by recent developments and needs to focus on finding alternative routes for exporting its oil.
He added that once current challenges ease, Iraq could work on reviving several oil pipeline projects to expand its export options. These include the pipeline that previously connected Iraq to Syria, the Iraq-Saudi Arabia pipeline, and further development of the Ceyhan export route.
Al-Yassari believes that expanding and diversifying oil export routes would strengthen Iraq’s ability to export crude and reduce its dependence on a limited number of outlets.
