Iraq's parliament gave the final approval on Sunday to an $82.6 billion budget for 2011, according to Reuters. AKnews puts the Iraqi dinar amount at 96 trillion. The budget is based on an average oil price of $76.50 per barrel, and 2.2 million barrels per day in crude exports. The deficit was projected at $13.4 […]
Tag Archives | Iraq Budget News
Iraq Business News brings you the latest Iraq budget news – including the Iraq investment budget, Iraq infrastructure projects and more.
The Electricity Ministry says it needs $8 billion [9.6 trillion Iraqi dinars] this year to pay its debts and finance current and new projects. The sum amounts to nearly 10 percent of the country’s budget, reports Azzaman. “The sum is needed to pay the ministry’s debts and finance new projects to revive the power sector,” […]
Iraq's government submitted a revised draft budget to MPs for approval on Sunday, raising projected public spending as oil prices have increased, government spokesman Ali al-Dabbagh said. The new spending programme estimates overall expenditure at $81.86 billion, or 96.6 trillion Iraqi dinars, while income will be $68.56 billion, leaving a shortfall of $13.3 billion-- about […]
The Iraqi cabinet has approved a draft 2011 budget on Tuesday that envisages a deficit of 14 trillion dinars ($11.99 billion), down from an expected deficit of $19.6 billion for this year, according to a report from Reuters. The budget, which still needs parliamentary approval, is based on an oil price of $73 a barrel, […]
The oil and finance ministries agreed to set the price of oil barrel at $73, to be endorsed in the 2011 state budget, oil ministry spokesman Assem Jihad told Aswat al-Iraq news agency at the weekend. “The agreement comes in light of an export rate of 2.3 million barrels per day (bpd), including the oil […]
Iraq's government will today start to discuss a $86.4 billion draft budget for next year, a 20% increase on 2010. The budget for 2011 is based on an oil price of $70 per barrel, Finance Minister Baqir Jabr al-Zubaidi [Zubeidi] told the newspaper As Sabah. Iraq's crude oil exports rose 9 percent in September to […]
An Iraqi official said on Thursday that some $18 billion [21 trillion Iraqi dinar] will be reduced from Iraq's proposed budget for next year. Speaking to AKnews, Fadhil Nabi, the deputy for the Iraqi finance minister said that the requested budget for 2011 amounts to over $87 billion but the income of the country falls […]
Iraq's preliminary budget proposal for the next year is $86.4 billion [101 trillion Iraqi dinars], based on a world oil price $70 a barrel, Deputy Finance Minister Fadhil Nabi has told Reuters. Iraq's Finance Minister, Baqir Jabur al-Zubaidi, will present the budget to the cabinet this week. According to Iraqi law, the annual budget must […]
According to a report from AK News, the Iraqi government is planning to borrow $5 billion from the World Bank to fund its 2010 general budget deficit, Iraq’s acting Finance Minister said Wednesday. Iraq’s budget for 2010 is suffering a deficit of IQD23 trillion Iraqi dinars [approx $19bn] which the government is planning to narrow […]
Iraq relies almost solely on oil revenues for its hard currency earnings, but latest gyrations in oil prices are said to have added to budget strains. “We are looking forward to obtaining more loans … mainly from donor countries,” Naib said.
“We will cover the budget with the difference in oil prices,” Zubaidi said. The Iraqi budget is based on oil prices at $62.5 per barrel, and in agreements already made “we sold at $74,” he said.
Iraq earned more than $17 billion in the first four months of this year an Oil Ministry spokesman said. The spokesman, Assem Jihad, said the sum is one billion dollars in excess of budget expectations for 2010. “The ministry exported 222.7 million barrels in the first four months of this, earning the country $17.218 billion,” […]