Iraq Business News brings you the latest Iraq budget news – including the Iraq investment budget, Iraq infrastructure projects and more.
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 […]
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 […]
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 […]
The Kurdistan Region of Iraq Needs an Estimated US$1.4 billion this Year to Stabilize the Economy The Kurdistan Regional Government (KRG) is facing an economic and humanitarian crisis as a result of the influx of Syrian refugees (starting in early 2012) and more recently the Internally Displaced Persons (IDP) in 2014. According to a newly […]
By John Lee. Kuwait will host the 23rd soccer Gulf Cup in early 2016, after Iraq declined to host the tournament due to a deficit in the State budget. According to Arab News, Iraq will instead bid to host the 24th edition of the Cup. Iraq had been due to host the event in Basra. […]
By John Lee. Iraq’s parliament approved the country’s 2015 budget on Thursday, based on a crude oil price of $56 a barrel. According to a report from the Wall Street Journal, the budget projects a deficit of $20 billion, compared with $40 billion in an earlier version. Iraq didn’t pass a budget for 2014. The […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Kurdish Plan To Take Out International Loans: Financial Folly? The past year has done much damage to the economy of Iraqi Kurdistan. And late in 2014 the government of […]
By Mustafa al Kadhimi for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. On Dec. 23, Iraq's Cabinet approved and submitted the 2015 federal budget to parliament. This development occurred following months of study to review and reduce the initial budget’s large […]
Iraqi State Budget 2015- It Deserves Careful Reading But Needs Serious Revision By Ahmed Mousa Jiyad. The first reading of the draft law for budget 2015 by the Federal Parliament was done on 25 December at a presence of only 229 members of the Parliament. According to the parliamentary procedure the first reading entail reading […]
By John Lee. Iraqi Finance Minister Hoshyar Zebari (pictured) has taken a brutally realistic stance on the passing of Iraq's 2015 budget, Reuters reports. Zebari has previously been frank about the challenges Iraq faces and the war economy situation the country is now in. The Finance Minister noted how, "The strategy was to present a real budget - […]
By Omar al-Jaffal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Sana al-Khafaji, an employee in Iraq’s Ministry of Construction and Housing, was surprised by the $100 deduction from her monthly salary paid by the Iraqi government, following news about an expected government […]
By John Lee. Finance Minister Hoshiyar Zebari said he will soon present his proposed 2015 budget to Cabinet, based on an oil price of $70 per barrel. The Minister said: “We are proposing a budget of $100 billion. This is projected ... “We have based our projections on about $70 a barrel. This could fluctuate. […]
