Shafaq News / Parliamentary Finance Committee revealed, on Sunday, that the general budget draft has not been submitted to the Prime Minister yet.

The federal budget law of the current year was not approved earlier this year due to the crisis of protests that has swept the country since October 2019 and toppled the previous government.

The Iraqi parliament obligated the current government to submit the budget draft no later than June 30.

"The budget law draft needs to be studied before putting it into vote and submitting it to the parliament", the member of the Finance Committee Abdul Hadi Al-Saadawi told Shafaq News agency.

The new government, headed by Mustafa Al-Kadhimi, is preparing the budget draft, while the country is suffering from a severe financial crisis resulting from the collapse of oil prices in global markets.

Al-Saadawi stated, “It is possible that the Ministry of Finance will start preparing budget law draft for the year 2021, in July”.

Iraq, which is the second largest oil exporter in "OPEC", mainly depends on revenues of crude oil to finance about 95% of the state's expenditures.