The Council of Representatives held on 6/3/2013 the thirteenth session of the second legislative term for the third year under chairmanship of Osama Al-Nujaifi, the Speaker of Council of Representatives. The session included the following:
- Presence 168 members.
- The Council started voting on the draft law of the budget submitted by the committees of finance and economy and investment where it has been voted on 12 items of the draft law.
The revenues of the federal budget for the financial year 2013 are estimated (119296663096) Iraqi Dinars. Where the revenues by exporting the crude oil were calculated based on the average price of $ 90 per barrel and the rate of exporting 2 million and 900 thousand barrels per day, including 250 thousand barrels per day for the amount of oil produced in Kurdistan region.
The budget included allocating expenses for the financial year 2013 (138424608000) Iraqi Dinars. The total planned deficit of the federal budget (19127944904) Iraqi Dinars. This deficit will be covered from cash retained in the Development Fund for Iraq and internal and external borrowing and the percentage of surplus expected from increasing selling prices of oil or production increase. The federal budget for the financial year 2013 identified 17% of the total expenses to the Kurdistan region, also taking into account the rations of provinces not organized in a region by population. The federal budget included allocating revenues for the security and defense sector (19702296000) Iraqi Dinars, while allocated (12782897000) Iraqi Dinars for the education sector and (29456011000) Iraqi Dinars for energy sector.
The session was adjourned until Thursday 7/3/2013.