Iraq is planning to allocate 55 trillion Iraqi dinars ($42 billion) to projects as part of its 2024 budget of around IQD210 trillion ($161 billion), according to the official media.

Spending was initially forecast at IQD226 trillion ($175.5 billion) this year.

A statement by the Prime Minister’s office on Monday said that revised expenditure remains higher than the 2023 spending of IQD199 trillion ($153 billion).

The budget will soon be sent to Parliament for endorsement, the statement said, adding that current spending is projected at IQD170 trillion ($130.5 billion).

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 per barrel and production of 3.5 million barrels-per-day.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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