Economy

Iraqi budget audit complete: Council of State

With the completion of the audit, and with no other obstacles in its path, the Iraqi government is expected to implement the budget law.

Kurdistan 24 2023/08/01 18:45

Kurdistan Budget Iraqi Council of State audit Taif Sami Mohammed

ERBIL (Kurdistan 24) – The Iraqi Council of State announced on Tuesday that the audit of the next three-year budget has been completed.

The budget audit was attended by Iraqi Finance Minister Taif Sami Mohammed, representatives of the Ministry of Planning, and several other parties.

With the completion of the audit, and with no other obstacles in its path, the Iraqi government is expected to implement the budget law.

On June 12, the Iraqi parliament approved the 2023, 2024, and 2025 budget bills.

Hailed as one of the country’s biggest budgets, the state expenditures were set at 198.91 trillion Iraqi dinars ($153 billion) with a deficit of more than 64 trillion dinars (over $48 billion).

The Iraqi government relies on international loans to cover the budget deficit. To counteract this, 70 percent of all oil revenues will be allocated to cover the deficit.

The Kurdistan Region’s share in the federal budget is set at 12.67 percent, amounting to more than $12 billion annually.

Oil and gas management has been among the contentious issues between Erbil and Baghdad for over a decade, leading to the suspension of the Region’s share in previous federal budgets.