Almost 75 percent of Iraq’s draft budget for 2016 is earmarked for operational expenditure, with 25 percent set aside for investment purposes, a lawmaker has said.
He added that more than 6,500 government-sponsored projects are still on hold for a second consecutive year because of falling oil prices.
The Iraqi government has already submitted the 2016 budget to the parliament; it amounted to almost $100 billion, down by $6bn from this year’s budget.
Meanwhile, Iraqi Minister of Industry and Minerals, Muhammad al-Darraji, says the government is looking into how to finish suspended projects whose completion ratio stands at 80 per cent. He adds that projects where completion stands at only 15 per cent will be cancelled.
(Budget image via Shutterstock)