Law proposal includes financial aspects and $100 billion reserves expectations

INA - BAGHDAD 

The technical advisor to the Prime Minister, Haitham al-Jubouri explained on Monday, the mechanism for submitting a proposal for a law that includes a financial aspect, while noting that the currency reserves leveled up to more than $85 billion that Iraq had not witnessed before.

"There is a decision by the Federal Court that prevents the government from submitting any bill that includes a financial aspect," said Al-Jubouri in a statement to Al-Iraqiya News TV, which was followed by the Iraqi News Agency - INA.

He noted that "it is possible for the Parliament, via one of the committees, or 10 MPs and more, to submit a proposed law and take the government's opinion on it, as it will have financial consequences."

"The government cannot submit bills according to the decision of the Federal Court. We do not want too many laws related to financial consequences or additional allocations, and we expect that there will be a government to approve a new budget," he stressed.

Al-Jubouri highlighted that "the increase in reserves to more than $85 billion is an important indicator for the Iraqi economy and growth. This increase was not witnessed by Iraq previously."

"We expect the reserves to reach 100 billion if oil prices remain high until the end of the year," he noted, explaining that "this figure will support the stability of the Iraqi currency."