20 Hrs
Source:
وكالة بغداد اليوم الاخبارية
Iraq faces budget deficit amid oil halt
Iraq is facing an exceptional financial situation, as the 2026 budget could not be approved due to the suspension of oil exports and declining revenues. This has led the government to rely on implementing the budget based on the (1/12) rule outlined in the Financial Management Law. Spending will continue in this manner until the end of the current year, while the government prepares the 2027 budget. There is concern about the impact of the absence of an approved budget on projects, development, and the ability to withstand economic pressures.
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