OPEC producer Iraq has projected spending of 228 trillion dinars ($174 billion) in 2024 to fund post-war reconstruction, an Iraqi official has said.

The budget, which will be sent to Parliament shortly, could be projected far below that level with a forecast deficit of 75 trillion dinars ($57 billion), said Faisal Al-Nanli, a member of Parliament’s finance committee.

“Spending and revenue will be projected at 150 trillion dinars ($114.6 billion)…but actual expenditure could reach 228 trillion dinars,” he told the official news agency INA.

In mid -2023, Parliament passed Iraq’s first 3-year budget of $153 billion for each year but officials said the budget could change every year depending on oil prices.

The budget, which is heavily reliant on volatile oil sales, was last year based on average oil price of $70 a barrel and production of 3.5 million bpd.

(Writing by Nadim Kawach; Editing by Bhaskar Raj) 


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