Iraq Business News brings you the latest Iraq budget news – including the Iraq investment budget, Iraq infrastructure projects and more.
If Iraq didn't face enough challenges already, the slump in the price of crude oil is another unwelcome development for the new Abadi government to deal with. At a current price of $81.78, the benchmark West Texas Intermediate (WTI) crude is down nearly 25 percent from its June high, driven in part by a strong […]
By John Lee. The Financial Times reports that a looming fiscal crisis is threatening to limit Iraq’s ability to finance its war against the Islamic State insurgents. This is despite the country having large oil revenues, billions of dollars in reserves and surplus funds left from unexecuted projects. In recent years, expenditures have "skyrocketed", with […]
By Harith Hasan for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi parliament still has not been able to approve the draft general budget for 2014, prompting Prime Minister Nouri al-Maliki to warn of the possibility of a major financial crisis and […]
Kurdish ministers have reportedly walked out of a cabinet session in protest at the country’s draft 2014 budget. Reuters reports that the draft budget requires the Kurds to export 400,000 bpd, well above the region’s current export capacity, and says Baghdad will deduct any shortfall from the 17 percent share of state revenues to which […]
By John Lee. The Ministry of Electricity’s 2013 budget has soared to $14 billion to help it end power outages in the country, reports Azzaman. But the ministry’s spokesperson Musaib Mudaris said the blackouts will continue until the end of the year, by which time output will reach 13,000 megawatts, enough to meet the country’s […]
By Matthew Gayle. Iraqi parliament Oil & Energy Committee member, MP Suzan al-Sa'ad, recently stressed that the country's decline in crude oil production during 2013 will lead to major deficit in the federal budget of 2014. According to a report by the Oil Ministry, Iraq oil exports decreased at average of seven million barrels in […]
From Iran’s PressTV. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Negotiations between Iraq's central government and Kurdistan's regional government have been described as productive. Officials in the Kurdistan Region have sent a letter to Iraq's ruling National Alliance. The alliance has visited Kurdish […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The strenuous efforts exerted to handle the housing crisis were quickly rendered useless when the ratified 2013 general budget did away with the allocations for the housing fund, which was to […]
By John Lee. The Iraqi parliament passed the 2013 budget of the 138 trillion Iraqi dinars ($118.5 billion) on Thursday, allocating to Kurdistan just a fraction of the oil revenue the region requested, reports Wall Street Journal. Ibrahim al-Mutlaq, a member of the parliamentary finance committee, said the budget allocates 750 billion Iraqi dinars ($644 […]
By John Lee. The President of Kurdistan Region, Massoud Barzani (pictured), has approved the budget for 2013, officials from Ministry of Justice from KRG said. This follows the budget's approval last week by a majority of the Kurdistan parliament. (Sources: Kurdsat, AIN)
By John Lee. A member of the Shiite-dominated National alliance coalition told a press conference at the weekend that Iraq is losing almost $27 million per day because delays in agreeing the budget. Haider Abadi, Chairman of the parliamentary Finance Committee, is reported as insisting that the budget is issued as soon as possible. Iraq’s […]
By John Lee. The Speaker of the Iraqi Parliament, Osama Al-Nujeifi [Usama al-Nujaifi] (pictured), said on Thursday that negotiations with leaders of the political blocs on the state budget for 2013 have entered a "blind alley", according to KUNA news agency. He blamed the deadlock on disputes among the parliamentary blocs on allocations for the […]
