Iraq spent nearly 24.1 trillion Iraqi dinars ($18.4 billion) on projects and other investment sectors in 2023 after a surge in oil prices, according to official data.

Total actual expenditure stood at around IQD142.4 trillion ($108.5 billion) in 2023, the first year of a landmark three-year budget passed by Parliament in June last year, showed the Finance Ministry figures, published by the local press on Wednesday.

The Finance Ministry had the lion’s share of expenditure, with around IQD31 trillion ($23.6 billion), followed by the Interior Ministry with IQD13 trillion ($9.92 billion) and the Oil Ministry with IQD12.9 trillion ($9.84 billion).

The report showed oil revenues last year climbed to one of their highest levels of nearly IQD125.8 trillion ($96 billion).

(Writing by Nadim Kawach; Editing by Anoop Menon)


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