Tag Archives | Iraq Budget News

Iraq Business News brings you the latest Iraq budget news – including the Iraq investment budget, Iraq infrastructure projects and more.

Iraq Wrangling with $26.6bn Budget Deficit

By Sami-Joe Abboud for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq’s parliament will meet Dec. 1 to continue hashing out a draft of the 2017 general budget, which currently includes a deficit that will require the country to seek […]

Iraqi Foreign Reserves Fall to $50bn

By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali al-Alak, has reportedly said that Iraq’s foreign reserves have dropped to $50 billion. According to a report from Reuters, this is down from $59 billion at the end of October 2015. Prime Minister Haider al-Abadi has announced plans to narrow the public […]

Zebari Dismissed – What now for IMF Loan?

By Omar Sattarfor Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. What’s the status of IMF loan as Iraq dismisses finance minister? Prior to his dismissal Sept. 21, Iraqi Finance Minister Hoshyar Zebari ran successful negotiations with international banks to obtain […]

IMF starts first review of $5.3bn Assistance Package

The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Amman from August 28–September 10, 2016 on the first review of Iraq’s 36-month $5.3-billion Stand-By Arrangement (SBA) approved by the IMF Executive Board on July 7, 2016. Mr. Christian Josz, Mission Chief for Iraq, issued the following statement: “The Iraqi […]

Power Supply Cut pending Payment of Debts

By John Lee. The Turkish company Karadeniz Holding has reportedly stopped supplying electricity from its three generating ships loctated in the ports of Khor al-Zubair, Umm Qasr and Abu Flous. Local media report that the move is due to the non-payment of debts to the company by the Iraqi Ministry of Electricity. The company had […]

Hopes to raise $2bn+ from Donors for Iraq

By John Lee. Twenty-four countries will take part in a pledging conference in Washington tomorrow, where the United States expects to raise about $2 billion from donor nations to help Iraq with humanitarian assistance, mine removal, jobs, electricity and sanitation. According to Bloomberg, the event will be attended by Iraqi Foreign Minister Ibrahim al-Jaafari (pictured). […]

Iraq receives first $634m Payment from IMF

By John Lee. The Iraqi government has reportedly received the first installment of the $5.3-billion dollar loan recently approved by the International Monetary Fund (IMF). A senior Iraqi official told Anadolu Agency: “The Iraqi government received Tuesday the first $634 million installment. “The first installment will be allocated to the … relief of the displaced, […]

IMF Approves $5.3bn Stand-By Arrangement for Iraq

The Executive Board of the International Monetary Fund (IMF) on Thursday approved a three-year Stand-By Arrangement (SBA) for Iraq for SDR 3.831 billion (about US$5.34 billion, or 230 percent of quota) to support the government’s economic reform program. The Board’s approval enables the disbursement of SDR 455 million (about US$634 million). In July 2015, Iraq […]

Karbala Refinery Project “Halted … Solvency Concerns”

By John Lee. Work on a the $6-billion Karbala Refinery Project has reportedly been suspended. According to Korea Times, the work has been halted “due to the Iraqi government’s late construction payment, raising concerns about its solvency.” The Engineer, Procure and Construct (EPC) contractor for the Karbala Refinery Project is HDGSK, a South Korean joint […]

Iraq-IMF deal “On Track”

By John Lee. Iraq has reportedly approved measures requested by the International Monetary Fund (IMF) to unlock loans of $5.4 billion over the coming three years. An adviser to Prime Minister Haider al-Abadi told Reuters that the agreement is “on track“. Among the measures approved is the settling of all arrears owed to foreign oil […]