Iraq parliament to debate 2026 borrowing and grants draft law

BAGHDAD, Iraq — Iraq's parliament is moving to legislate a draft law on borrowing and grants for 2026 in the absence of a general budget, the head of parliament's Finance Committee said. Adiy Awad told the state news agency that the committee and the full chamber are working to pass the borrowing and grants bill because the 2026 budget has not been enacted, leaving the government without a legal basis for new borrowing. Awad said consultations have been held with Finance Minister Faleh al-Sari and other officials to prepare the legislation, and that the draft has reached the stage of enactment. He added that the law, if passed, would authorize the Council of Ministers and the finance minister to secure funds for salary payments and the operation of state affairs. According to Awad, the legislation would allow the government to seek financing from multiple sources, including Iraq's Central Bank and foreign lenders, providing the legal cover needed for borrowing until a full budget is approved. No further details on the draft's provisions or a timeline for the parliamentary vote were immediately available.