By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre.
Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Debt and the Ides of March: An Overview of Iraq's 2023 Federal Budget Proposal*
On the eve of the Ides of March, Iraq's Council of Ministers (CoM) submitted its 2023 budget proposal to the Council of Representatives (CoR) for review.
The budget proposal reflects the political priorities of the new administration, and crucially those of the parties within the State Administration Coalition (SAC), the drivers of the government's formation in October 2022 following a year of deadlock fraught with political conflict.
Irrespective of the budget's unprecedented spending plans at 199 trillion Iraqi Dinars (IQD), or $153 billion, it essentially perpetuates the structural imbalances between current and investment expenditures that characterised prior budgets, especially following periods of high oil prices.
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