Iraq parliament committee drafts bill to create Salary Stability Fund

BAGHDAD, Iraq — Iraq's Parliamentary Finance Committee has prepared a draft law to establish a "Salary Stability Fund" aimed at ensuring the continuous payment of public-sector salaries, committee chair Adnan Awad announced. Awad said the draft meets all legal requirements under Article 60, paragraph two of the Iraqi constitution and Article 121 of the parliament's internal rules. Because the draft carries a financial burden, Awad added, executive branch approval must be secured under Federal Supreme Court rulings before the final vote. Under the proposal, the fund would be established as a legal entity with financial and administrative independence, reporting directly to the Council of Ministers. Its resources would include 10 percent of annual oil revenues, investment returns, domestic and foreign loans and grants, and other sources approved by the Council of Ministers. Management of the fund would be overseen by the Finance Ministry through a board comprising the Central Bank of Iraq, the Ministry of Planning, the Federal Integrity Commission and an independent economist.