The story: Iraq has passed its largest ever national budget. The move follows months of delay over a compromise on how to manage oil revenues generated by the Kurdistan region. The legislation will notably run for three years and increases spending on public sector jobs. Many challenges remain, however, particularly if oil prices drop any further.

The coverage: Iraq’s Council of Representatives passed a 153B USD budget in the early hours of June 12, almost three months after it was submitted by the cabinet.

• The vote followed days of late-night sessions from June 8 through June 11. Series disagreements among parliamentary factions were evident both between ethno-sectarian blocs and...