Iraqi MPs approved a controversial stop-gap emergency spending bill on 8 June that will enable the government to tap into its oil revenue windfall in the continued absence of a federal budget (MEES, 3 June). Of 329 MPs, 273 voted in favor of the law which allocates ID25tr ($17.2bn) to spending, and crucially will help Iraq finance expensive food imports, support the agricultural sector, and pay for energy imports from Iran.
Only 2% of the funds (ID500bn: $340mn) is allocated to the Oil Ministry. The lion’s share of this (ID400bn: $280mn) is likely to finance due invoices payable by Basrah Oil Company (BOC) for production costs to IOCs. North Oil Company (NOC) meanwhile gets ID100bn ($70mn). (CONTINUED - 1147 WORDS)