Budget delays cost Iraq $27 million a day
Iraq already marred by high deficit is losing almost $27 million per day because of a budget delay, a member of the Shiite-dominated National alliance coalition said in a press conference on Saturday.
“The National alliance coalition is insisting to issue Iraq’s budget as soon as possible,” the Iraqi news website Al-Sumaria reported the Chairman of the parliamentary Finance Committee, Haider Abadi saying.
The secular yet Sunni-backed Iraqiya list and the Kurdistan coalition have both rejected the current budget proposal.
In addition to this, disagreement over payment to oil companies operating in the semi-autonomous region of Kurdistan, the Iraqiya list still demands money that has been allocated to the Defense Ministry to be funneled through to the budget of other provinces.
Iraq’s budget deficit is expected to fall to $4 billion at end-2014 from $12 billion that was planned for 2012, as the country benefits from increased oil proceeds.
Iraq sits on $143.1 billion barrels of proven oil revenues and 126.7 trillion cubic feet of natural gas.
- The tip of the iceberg: Gaza War to 'leave a dent' in the Israeli economy
- Starting with fewer power cuts, what has Eid brought to the Egyptian economy?
- From escaping to winning: the story of the Lebanese who are 'making it big' in Brazil
- A will with no way: Egypt's charitable spirit dampened with economic hardship
- OPEC exports largest share of petroleum to Asian and Pacific countries in 2013
- Iraq's finance committee discusses finance bill
- Iraq's 2014 budget hanging on a cliff- and Kurdistan is the only one that can save it
- Iraqi ministry of health enters final stage of sovereignty
- US puts Iraq's six-month national budget for 2003 at $3 billion
- A $987-million deficit orojected in Omani 2002 budget