Oil Ministry objects to Iraqi budget law, citing risks to oil sector

Iraq cannot pay oil companies on time under its 2021 budget law, the Oil Ministry said in an official letter seeking a legal intervention.
Iraq's Parliament votes for an emergency 12 trillion ($10.2 billion) financing law on Nov. 12, 2020. (Source: Iraqi Parliament media office)

BASRA - Oil Minister Ihsan Ismaael has filed an official objection to several key provisions in Iraq's 2021 national budget law, including problems that would result in payment delays for oil companies.

The complaint is the latest indication of serious flaws in the legislation, which was passed one month ago. After the ratified law was published in the government's official gazette on April 12, the Finance Ministry also identified major problems with different parts of the law.

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