Tag Archives | Budget

The latest Iraq Economic News – 2012 investment budget, infrastructure projects and more – brought to you by Iraq Business News

Iraq Ready to Market Bonds

By John Lee. Reuters reports that Iraqi officials are planning to start marketing a new Eurobond following the Labor Day holiday in the U.S., which falls on 7th September. Citigroup, Deutsche Bank and JPMorgan Chase are to be the lead managers for the deal, which is expected to be unsecured. Iraq is hoping to raise […]

Int’l Banks hired for $6bn Bond Sale

By John Lee. The Iraqi government has reportedly appointed three major international banks to advise on its first international bond issue in almost a decade. Citigroup, Deutsche Bank and JPMorgan Chase will assist in placing $6 billion (7.2 trillion Iraqi dinars) of new government bonds, in an attempt to bridge the budget deficit. According to […]

Fitch Rates Iraqi Debt as ‘Junk’

Fitch Ratings issued its first rating on Iraqi sovereign debt, giving it the fifth-worst junk grade, due in part to the cost of the civil conflict and the global slump in oil prices. The rating comes as the country is planning a $5-billion bond issue towards the end of this year. The international ratings agency […]

Assessing Government Spending

By Ahmed Mousa Jiyad. Assessing Government Spending This is an updated version of the last part (and the list of consulted references) of the research work commissioned by the Natural Resource Governance Institute (NRGI), USA, as part of the preparation for NRGI’s strategic plan for interlinked and complementary interventions in Iraq during the upcoming three […]

Midyear Review of Budget and Oil Revenues

By Ahmed Mousa Jiyad. Midyear Review of the State Budget and Oil Export Revenues The State budget for 2015 was based on an oil export volume of 3.3 million barrels per day (mbd) and a price of $56 a barrel. Accordingly, oil export revenues were estimated to finance 83% of budget revenues. Despite marked improvement […]

Baghdad/Erbil Oil Agreement of Brink of Collapse

By John Lee. The agreement between the Kurdistan Regional Government (KRG) and the Iraqi central government agreement on budget and oil exports looks set to collapse. Kurdish MP Ardalan Nouraddin told BasNews that a new agreement will be signed, adding, “the details are yet to be revealed.” Under the December agreement, the KRG was to […]

World Bank to Lend Iraq $1.7bn

By John Lee. The World Bank had reportedly agreed to lend Iraq $1.7 billion (2.0 trillion Iraqi dinars) to help meet its budget deficit. $1 billion of the amount will be a Development Policy Loan (DPL), with a further $350 million allocated to reconstruction and restoring stability to areas liberated from the Islamic State (IS, […]