Iraq’s record spending endorsed by the cabinet and Parliament in June will give priority to infrastructure projects, an official was quoted on Monday as saying.
New projects in various sectors will be launched by the end of 2023 and in early 2024 following the approval of the budget which contains large capital allocations, Planning Ministry Undersecretary Maher Jouhan said.
In a statement published by Al-Forat News agency, Jouhan said spending outlines would be published in the official media at the end of this week.
“The larger part of the budget will be dedicated to executing strategic infrastructure projects, including power, health, education, water sewage and housing…there are many projects in this sector…when they materialise, they will largely benefit the services sector,” he said.
Jouhan said several projects would be approved this year and in 2024, adding that priority next year would be given to completing stalled projects.
Officials said last month there are more than 1,000 large stalled projects in Iraq and that they would benefit from the 2023 record spending of $153 billion.
(Writing by Nadim Kawach; Editing by Anoop Menon)