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Haidar Reviews Iraq's 2027 Budget Risks
Former Deputy Minister of Finance, Masood Haidar, provided an initial assessment of Iraq's 2027 budget, warning against excessive reliance on oil, which renders the budget vulnerable to price fluctuations and global economic shifts. Estimates indicate that total expenditures amount to approximately 217.239 trillion dinars, while expected revenues are about 174.234 trillion dinars, resulting in a deficit of nearly 43 trillion dinars (around 19.8%). He pointed out that these assumptions are based on the export of 4 million barrels of oil per day at a price of $58 per barrel, with an exchange rate of 1,500 dinars to the dollar. He warned that the rise in personnel compensations and social welfare, which constitute about 54.4% of expenditures, increases the financial burden on the treasury and diminishes the budget's flexibility. He also noted a decline in investment spending and its destructive impact on growth opportunities, calling for clarification of mechanisms for collecting revenues from oil sales, details regarding parliamentary bonds, and a review of the exchange rate, which could affect the overall deficit. He emphasized the need to protect salaries, audit revenues, ensure fairness in distribution, and link expenditures to realistic financing sources.
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