22 Hrs
Source:
وكالة الأنباء القطرية
Iraq’s projected budget gap hits 61B
The expected fiscal deficit in the Iraqi budget has risen to approximately $61.1 billion, surpassing the planned ceiling of $49 billion, due to declining oil prices and reduced oil exports during this year. The Prime Minister's advisor for financial affairs attributed this increase to the gap between the oil price assumption used in the budget ($60 per barrel) and the actual market prices, along with decreased export levels, which have posed challenges to financing government projects. The government is working to increase non-oil revenues through tax system reforms and the activation of electronic customs, aiming to raise non-oil revenue to around 45-46% of the total budget over the next decade.
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