Iraq’s $90bn 2021 budget, which only painstakingly passed on the last day of March (MEES, 9 April), is being slammed by government ministries. The Ministry of Finance complained that the final version published in the national gazette in April carried many “linguistic and mathematical errors,” while the Ministry of Oil has filed a complaint at the Supreme Federal Court through the General Secretary of the Council of Ministers.
In a letter dated 18 April and reported by Iraq Oil Report, Minister Ihsaan Ismaael stated that the law “will have a negative impact on and will hinder the work” of the Ministry of Oil. Under the terms of Technical Service Contracts (TSCs) signed with the international oil firms who operate 80% of the country’s production, annual work programs and budgets are proposed by the operator to a Joint Management Committee. The process of approval of projects and screening of subcontractors is time-consuming and requires back-and-forth amendments throughout the year. (CONTINUED - 293 WORDS)
