Iraq Business News brings you the latest Iraq budget news – including the Iraq investment budget, Iraq infrastructure projects and more.
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
Iraq’s Cabinet has approved a federal spending plan of almost $100 billion for 2012. The budget is based on an oil price of $85 a barrel and is smaller than the $112 billion spending plan discussed by the Cabinet in September, which was based on an oil price of $90 a barrel. The deficit will […]
Iraq is planning to reduce civil service employment by one third, according to a report from AKnews. Head of the Financial Committee at the House of Representatives, Haidar Edadi told the agency that 125,000 jobs will be reduced to 85,000 "due to budget deficiency for the investment projects." (Source: AKnews)
Azzaman news agency reports that the Iraqi Central Bank’s budget forecast for 2012 is based on and oil price of $80 per barrel. Muatasem Akram, a consultant with the bank, said the forecast was reasonable, though much below the 2012 forecasts for oil prices on international markets. He acknowledged the bank’s budgetary estimates for oil […]
Iraq's budget will be reviewed due to changes in oil prices, according to Aswat al-Iraq. MP Haitham al-Jubori said the differences center around the expected price of 85 dollars per barrel, pointing out that the government wanted to set the price at 80 dollars per barrel. This review necessitates sending the budget estimates to the […]
The Chairman of the Development Committee of Basra Council announced on Friday that he had completed a 1.58 trillion Iraqi dinar [$1.3 billion] plan for the province. Mustapha Attiya told Aswat al-Iraq that the figure “covers the allocations granted for Basra Province, including the Region’s development budget, as well as the revenues of the petrodollar […]
Last week we asked readers to submit their three main suggestions to improve Iraq, and thanks to all who contributed so far. It's noticeable that none of the suggestions included adding an additional layer of administration, which if recent reports are to be believed is a favourite solution of some of Iraq's politicians. The good […]
Iraq's cabinet plans a substantial boost in public spending next year in a draft budget proposed on Sunday, government spokesman Ali al-Dabbagh said in a statement. AFP reports that the $111-billion spending programme for 2012 is a 36 percent increase on the same figure for this year, with 15 percent of next year's budget allocated […]
Iraq needs to boost its 2012 investment budget to as much as 60 trillion dinars ($51 billion) from a planned 40 trillion dinars, to allow funds for new projects, the Planning Minister, Ali al-Shukri (pictured), told Reuters in an interview on Monday. "What is being put forth is 40 trillion Iraqi dinars (as the investment […]
The president of north Iraq’s Kurdistan Region, Massoud Barzani (pictured), has approved the Region’s 2011 Budget, estimated at 13.9 trillion Iraqi dinars ($11.6 billion), the Region’s media director,Simko Anwar, told Aswat al-Iraq news agency. “The President of Kurdistan Region, Massoud Barzani, has approved the Region’s budget for the year 2011, last Thursday, after long discussions […]
The Iraqi government has approved only $927 million [1.1 billion Iraqi dinars] in the 2011 budget to tackle the electricity shortage in the country. In February, the Ministry of Electricity had demanded $6 billion (6.99 trillion Dinars) to resolve the energy crisis. On top of that an investment of between $3 billion and $4 billion […]
Iraq’s oil production has risen to 2.63 million barrels a day, up by 15 percent from the same period last year, according to Bloomberg. Crude exports averaged 2.18 million barrels a day in the first five months of 2011 and are expected to increase in the second half of the year, Hussain al-Shahristani, deputy prime […]
