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.

KRG to Pay only Partial Salaries

By John Lee. The Kurdistan Regional Government (KRG) has announced that it will pay only partial salaries to all government employees except security personnel, as it struggles with an economic crisis due to low oil prices. In a statement, it said the decision was taken “in order to ensure the continued distribution of part of […]

Video: State Employees Feel Pinch

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Falling oil prices and the rising cost of the war against ISIL is causing hardship in Iraq. Salaries for government employees have been cut, and they get paid every six weeks instead of […]

KRG and EU Mission discuss Kurdistan Situation

Prime Minister Nechirvan Barzani yesterday received a delegation from the European Union Mission to Iraq led by Mr. Constantinos Vardakiz, acting Head of the EU Mission to Iraq and Head of the EU Office in the Kurdistan Region, along with representatives assigned to the Kurdistan Region by EU member states. The EU delegation noted with […]

KRG Discusses Financial Crisis with Governors

Kurdistan Regional Government Prime Minister, Nechirvan Barzani and Deputy Prime Minister, Qubad Talabani, have held a meeting with the governors of Erbil, Sulaymani and Duhok to discuss ways to address the current financial crisis in the Kurdistan Region. In the meeting, which was also attended by the KRG Minister of Interior and a number of […]

Public Debt to Jump to 66% of GDP

By John Lee. According to a report from the International Monetary Fund (IMF), the fall in oil prices is causing a sharp deterioration of Iraq’s fiscal position. The analysis finds that the budget deficit increased from 6 percent of GDP in 2014 to 15 percent of GDP in 2015 and a projected 10 percent of […]

Foreign Reserves to Fall to $43bn

By John Lee. According to a report from the International Monetary Fund (IMF), the fall in oil prices since mid-2014 is expected to shift the current account balance from a surplus of 1 percent of GDP in 2014 to a deficit of 7 percent of GDP in 2015 and 6 percent of GDP in 2016. […]

IMF Approves a Staff-Monitored Program for Iraq

The Managing Director of the International Monetary Fund (IMF) approved a Staff-Monitored Program (SMP) for Iraq covering the period of November 2015-December, 2016, on which the authorities and staff had reached ad-referendum agreement in November 2015 (see Press Release No. 15/509). Iraq is facing a double shock arising from ISIS attacks and the sharp drop […]

Basra to get $5/barrel in 2016 Budget

By John Lee. Basra is to receive an allocation of five dollars per barrel of oil exported from the province in the 2016 budget. Local MP Hassan al-Khalati said that this will be a significant benefit to the people of Basra. (Source: Shafaaq)

Iraq to Receive $1.2bn World Bank Loan

A US$1.2 billion loan will support Iraq in strengthening fiscal stabilization and improving efficiency in the energy sector to help counter the effects of the drop in oil prices and rising security costs. The World Bank Group’s Board of Directors acknowledged the Government of Iraq’s engagement in a rigorous reform program and approved the Emergency […]

IMF “to Agree Iraq Monitoring Program”

By John Lee. The International Monetary Fund (IMF) is expected to finalize an agreement with Iraq in the coming days for a program to monitor its economy. The fund’s Middle East director, Masood Ahmed, told Reuters the program would establish a track record of effective performance from the Iraqi authorities which could lead to a […]