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: New Attempt at OPEC Deal in June

By Simon Kent. Iraq’s representative to OPEC Falah Al-Amri has announced that plans are underway for a second round of talks on freezing OPEC output in June. Currently, Iran is now the sticking point in any such deal, aiming for 4 million BPD by March, and one Iranian official has called talks by non-OPEC members of […]

IMF could Secure 3-yr Standby Deal for Iraq

By John Lee. Reuters reports that the International Monetary Fund could approve a standby arrangement (SBA) with Iraq as early as June, unlocking $15 billion in international assistance over the next three years. The head of the IMF’s mission in Iraq, Christian Josz, said on Tuesday that the package of assistance, nearly one third of it […]

US Allows Iraq to Postpone $2.7bn for Arms Purchases

By John Lee. The US government has said it will allow the Iraqi government to postpone the payment of $2.7 billion for arms purchases. On a visit to Baghdad, US Special Presidential Envoy Brett McGurk (pictured) met with Prime Minister Haider al-Abadi, Speaker of Parliament Saleem al-Jibouri, and the governors of Diyala, Salah ad-Din, Ninewa […]

Germany to Lend Iraq $566m

By John Lee. Germany has agreed to lend 500 million-euros ($566 million) to Iraq to help rebuild the country’s infrastructure. At a meeting with Iraqi Prime Minister Haider al-Abadi in Berlin, Chancellor Angela Merkel said Germany also wants to help with the demining of cities and towns in Iraq so that the country’s 3 million internally […]

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 […]