Al-Sudani announces budget details and launches an oil and gas project

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Al-Sudani announces budget details and launches an oil and gas project

On Tuesday, Prime Minister Muhammad Shia’a Al-Sudani shared the specifics of the tripartite budget for the years 2023, 2024, and 2025.
During a press conference, Al-Sudani explained that their plans were prepared in advance to anticipate the three-year budget. He also mentioned that Article Three was included in the budget to provide a sovereign guarantee to the private sector.

He mentioned that an Iraqi delegation had recently visited Germany and Italy. The parties have reached a preliminary agreement to import production lines and set up factories. The government has guaranteed 85% of the factory value to support the private sector.

The Prime Minister announced that a meeting would take place the following day with political forces, technicians from the Federal Ministry of Oil, the Ministry of Natural Resources in the Kurdistan Regional Government of Iraq, and legal experts to discuss the draft oil and gas law.

Al-Sudani raised concerns about the power outage that occurred on the tenth day of Muharram, stating that there are uncertainties surrounding the electricity incident.

He mentioned that intentional neglect should be classified as an accident.