Iraq’s budget for next year is expected to be one of the largest in the country’s history, reaching between $120 billion and $130bn, an MP told The National on Thursday.
High oil prices and spending limits amid political wrangling over the formation of a new government after national elections in October last year have boosted finances.
“Definitely, it will be the largest comparing it with previous years,” said Jamal Kojar, a member of the parliament financial committee.
“In previous years, we had financial crises [caused by low oil prices] and dwindling revenue, as well as the fight [against ISIS] and the political stalemate.
“Now, all that is gone and our monthly revenue is healthy and we have financial abundance.”
In late October, Iraq's Parliament approved a new government led by Prime Minister Mohammed Shia Al Sudani, ending a year-long political crisis that led to clashes between political rivals.
Earlier in November, the Finance Ministry said it had begun preparing the budget and would send to the Cabinet "very soon”.
“It should be sent to the Parliament this month otherwise it will be delayed, and any delay will affect the spending next year,” Mr Kojar said.
The budget calculations are expected to be based on an assumed oil price of between $70 and $80 a barrel, he said.
Brent, the benchmark for two thirds of the world’s oil, was 2.3 per cent lower at $93.04 a barrel at 10.56pm UAE time on Tuesday.
West Texas Intermediate, the gauge used to track US crude, was down 2.9 per cent at $86.27 a barrel.
Oil revenue makes up about 95 per cent of federal revenue in Iraq.
As of early October, the country's foreign reserves stood at $85bn, the highest since the 2003 US-led invasion that toppled Saddam Hussein, the Central Bank of Iraq said.
This month, the Oil Ministry said exports during October averaged 3.382 million barrels a day, generating $9.25bn. The average achieved price for a barrel was $88.31.
Foreign reserves are expected to increase to $90bn by the end of the year, the central bank said, thanks to the rise in oil prices and devaluation of the Iraqi currency in December 2020.
Iraq's monthly oil revenue hit a historic high this year, exceeding $10bn in some months.
The country boosted its gold reserves to 130.4 tonnes last month, it said.
Iraq is Opec's second-largest oil producer after Saudi Arabia.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
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India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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UAE currency: the story behind the money in your pockets
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
UAE currency: the story behind the money in your pockets
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Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
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Fuel economy, combined: 7.0L / 100km
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