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Iraq’s 2024 budget has gone into effect as part of a landmark three-year budget approved in 2023 although this year’s budget has not yet been passed by Parliament, an aide to Prime Minister Mohammed Al-Sudani was reported on Tuesday as saying.
Financial adviser Mudhar Saleh said any allocations for projects should not be delayed since the 2023-2025 budget has been approved by Parliament.
“The 2024 budget went into effect at the start of the fiscal year without the need for Parliament’s approval,” Saleh told Baghdad Alyoum news agency.
“Therefore, spending this year in accordance with the three-year budget does not contradict with national interests, especially the execution of new projects.”
In June 2023, Iraq’s Parliament passed the country’s first three-year budget of $153 billion for each of 2023, 2024 and 2025 with a 2023 deficit of around $49 billion.
The budget was based on an average oil price of $70 a barrel and production of 3.5 million bpd, including nearly 400,000 bpd from the Northern Kurdistan region.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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