Iraq News

Iraq parliament approves 2019 budget, one of largest ever

Iraqi lawmakers on Thursday (January 24th) approved the government's 2019 budget, which at $111.8 billion is one of the country's largest ever spending bills, AFP reported.

It represents a nearly 45% increase from last year and awards even more money for public salaries, including those of the northern Kurdish region.

Nearly 90% of the budget comes from oil revenues.

Iraq expects to export 3.9 million barrels per day in 2019, including 250,000 bpd from the Kurdish region, at an average of $56 per barrel.

The current price of crude sits at $63 per barrel.

The deficit is expected to more than double to $23.1 billion, while investments increase to $27.8 billion.

The draft bill was originally submitted to parliament in October but has been fiercely debated since then.

MPs from provinces ravaged by the fight against the "Islamic State of Iraq and Syria" (ISIS) criticized it for not allocating enough reconstruction funds to their regions.

Do you like this article?

0 Comment(s)
Comment Policy * Denotes Required Field 1500 / 1500