Iraqi government increases the budget for 2024

Iraqi government increases the budget for 2024

The budget for 2024 was increased by the Iraqi government to 228 trillion Iraqi dinars, or around $174.04 billion, according to a statement made on Wednesday by the Parliamentary Finance Committee.

According to Mouin Al-Kadhimi, a member of the Parliamentary Finance Committee, the committee examined the projects, revisions, and justifications for not sending the general budget bill to the Iraqi Parliament with the Minister of Planning.

According to Al-Kadhimi, “the committee was taken aback by the government’s decision to raise the budget for 2024 from 199 trillion Iraqi dinars (about $152 billion) to 228 trillion Iraqi dinars (about $174.04 billion).”

The Iraqi member went on to say that the rise is significant when compared to the 2023 expenditure of 142 trillion Iraqi dinars, or around $108.4 billion.

Al-Kadhimi said that the budget is still being considered in the Council of Ministers and would probably be presented to the Iraqi Parliament next month. He also highlighted that raising the budget’s total size led to an increase in the deficit.

Al-Kadhimi claims that the amendments led to a postponement of the draft budget’s end-of-year 2023 presentation to Parliament.