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.

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 […]

How much will $15bn IMF Loan really cost Iraq?

By Omar Sattar, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. On May 19, Iraq signed an agreement with the International Monetary Fund (IMF) for a loan for as much as $15 billion over the next three years. Observers are wondering how Iraq will […]

Possible $15bn in Aid for Iraq

By John Lee. Central Bank chief Ali al-Allaq has said a possible deal with the International Monetary Fund (IMF) may unlock $15 billion in aid this year and next. He told an interview in Beirut that he expects Iraq to receive $10 billion in assistance from the IMF and World Bank, with a further $5 […]

Iraq sells $1.3bn in Local Bonds

By John Lee. According to a report from Reuters, the Central Bank of Iraq (CBI) has started selling local bonds worth 1.5 trillion Iraqi dinars ($1.29 billion). The first local bonds sale to the public since 2003 is aimed at relieving the government budget deficit caused by falling oil prices and the costs of fighting […]