Baghdad, October 07 (QNA) - The Iraqi Parliament's Finance Committee announced that the 2027 general budget is estimated at around IQD 217 trillion (approximately USD 165.6 billion), with the deficit projected at around IQD 50 trillion.

Abbas Hayal, a member of the Parliamentary Finance Committee, said in a press statement that the committee discussed during its meeting today with Iraqi Finance Minister Faleh Al Sari the main provisions and items of the draft budget, the mechanism for distributing financial allocations, and the timetable for referring the draft to Parliament.

He added that the draft was prepared based on an oil price of USD 58 per barrel, with exports of around 4 million barrels per day and an exchange rate of IQD 1,500 to the US dollar.

The meeting also addressed plans for digital transformation and the automation of financial systems, increasing state resources and diversifying revenue sources with the aim of reducing dependence on oil, containing the deficit and cutting expenditure. It also discussed the performance of the banking sector and the stability of the dinar's exchange rate against the US dollar.

Under the Financial Management Law, the draft general budget is scheduled to be referred to Parliament on Oct. 15. (QNA)