Baghdad: The parliamentary finance committee confirmed on Wednesday that it had sent the draft borrowing law to the cabinet for legal review and scrutiny before the first reading in parliament, noting that the law pertains only to external borrowing to support important strategic projects.

According to Iraqi News Agency, Nasser Turki, a member of the parliamentary finance committee, stated that the proposed borrowing law, submitted by Finance Minister Faleh al-Sari to the finance committee, will be sent to the Council of Ministers for study and legal review before the first reading in the House of Representatives.

He further explained that the law pertains solely to external borrowing aimed at supporting critical strategic projects such as electricity and healthcare, and to sustain ongoing projects.