Tag Archives | Budget

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

Kurdistan Oil Production at Record Levels

According to the April 2015 report published by the Kurdistan Regional Government, KRG, Ministry of Natural Resources, KRG commitments under the 2015 Federal Budget Law have been met, and oil production has reached record levels. According to an agreement on oil export and budget, reached last December between the KRG and the Federal Government of […]

KRG Reviews Baghdad/Erbil Agreement

To review the latest prospects for and progress of the December 2, 2014 agreement between the KRG and the Federal Government of Iraq, a joint meeting between the Kurdistan Region Council of Ministers’ Presidency and Kurdistan representatives in Baghdad was held in Erbil on Wednesday. After being presented with details and data of oil export […]

Iraq Seeks Credit Rating before Bond Issue

By John Lee. Reuters reports that Iraq is approaching credit rating agencies to obtain a sovereign credit rating as it prepares for its first international bond sale for nine years. Finance Minister Hoshiyar Zebari (pictured) told the news agency: “We started the process … The banks are also trying to help us in that direction.” […]

Iraq to Issue $5bn in Bonds

By John Lee. Finance Minister Hoshyar Zebari (pictured) said on Wednesday that Iraq has decided to issue $5 billion in international bonds, as it attempts to finance a budget deficit of $25 billion for the current year. He told reporters in Washington that negotiations were in progress with Citibank and Deutsche Bank, but according to […]

Iraq in Discussions with IMF

By John Lee. Iraqi Finance Minister Hoshiyar Zebari has confirmed that Iraq is discussing its financial situation with the International Monetary Fund (IMF). Speaking on the sidelines of a conference in Kuwait on Tuesday, Zebari did not elaborate on what aid might be provided, but according to the report from Reuters he has previously said […]

Iraq Owes Oil Companies $20bn

By John Lee. The Deputy Minister for gas refineries at the Ministry of Oil, Fayaz Hassan, has told reporters that Iraq owes almost $20 billion (24 trillion Iraqi dinars) to foreign oil companies working in the country. BasNews quotes him as saying that the Iraqi Oil Ministry has met with the Finance Ministry and Central […]

Basra Approves $216m Power Projects

By John Lee. Basra governorate has reportedly approved 60 new power projects valued at a total of $218 million (255 billion Iraqi dinars) within its 2015 budget. The projects were given the green light at an emergency meeting of the governing council  on Monday, and were fewer than desired because of budget constraints. Emirates 24|7 […]

Turkey Agrees Loan for KRG

By John Lee. Turkey has agreed to provide a $500-million [600 billion Iraqi dinar] loan to the Kurdistan Regional Government (KRG) to help pay the wages of state officials. According to a report from Daily Sabah, the loan will be repaid by either being set off from Turkey’s crude oil debts or being repaid directly […]