A record three-year budget approved by the Iraqi parliament on Monday will help the government tackle the persistent problem of stalled projects, the country’s Prime Minister said in press comments on Tuesday.

Mohammed Al-Sudani said the oil-reliant budget, which envisages spending of around $153 billion in 2023, would fulfil the citizens’ needs and ensure funds for new projects in infrastructure and other sectors.

“I believe this three-year budget will once for all tackle the problem of stalled projects and ensure enough funds for new projects,” Sudani said in statements published by Aliqtisad News and other Iraqi publications.

According to official estimates, OPEC member Iraq has over 4,800 stalled major projects worth more than $20 billion as a result of mismanagement and malpractices.

Officials have said the government needs to spend nearly $10 billion to revive key projects that have been blocked by the war as well as red-tape mismanagement and other problems over the past years.

(Writing by Nadim Kawach; Editing by Anoop Menon)