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Iraq 2027 Budget Assumes $60-70 Oil
The Iraqi government is planning to adopt a hypothetical price ranging between $60 and $70 per barrel of oil in the 2027 budget project, aimed at determining the level of government spending and expected revenues. This comes amidst declining oil prices and ongoing regional tensions that are impacting revenues, with forecasts suggesting that the fiscal deficit may exceed previous estimates due to decreased exports. The budget proposal is expected to be presented to parliament between the end of October and the beginning of November, with a focus on restricting investment spending and expanding the application of program-based budgeting and performance metrics, all amidst a challenging financial situation that threatens to secure monthly salaries, which require more than 8 trillion dinars per month to support government employees and retirees.
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