The story: After extensive discussions, Iraq’s Council of Ministers has submitted a draft budget law for 2023 to the parliament. The move is the first major legislative effort by the administration of Prime Minister Muhammad Shia’ Al-Sudani, who took office in Oct. 2022.

Iraq did not pass a budget last year amid the lengthy government formation process following the Oct. 2021 parliamentary polls. The budget bill provides the Sudani administration with a chance to address pressing concerns about the economy, unemployment, and relations with Erbil.

The coverage: The new budget, which the government says will support stability by being repeated over the next three years, outlines annual spending of 198.7T IQD (152.8B USD). Deficits of 64.1T IQD (49.3B USD) are projected...