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Is the government moving to “adjust” the budget to reduce the deficit?
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Baghdad today - Baghdad
Economic affairs researcher Haider Al-Sheikh revealed today, Monday (January 1, 2024), a government intention to amend the budget for the three years in an attempt to control the deficit.
The Sheikh told "Baghdad Today", "There is a tendency among the government to make an amendment to the draft law on the general budget of the Iraqi state for the three years, which was approved by the House of Representatives last June."
He added, "There will also be some amendments made to some articles of the budget law, including making financial transfers and reducing unnecessary expenditures."
He pointed out that "all of this will contribute to reducing the expected fiscal deficit in 2024 to 40 trillion dinars," pointing out that "the Ministry of Finance will work to amend the draft and send it to the Council of Ministers, and after its approval in the Council, it will be sent to the House of Representatives as a legal text to amend the budget law."
The current budget is the largest in the country’s history, amounting to approximately 153 billion dollars per year, with a large financial deficit estimated at about 48 billion annually, which is the highest and more than double the deficit recorded in the last budget for the year 2021, when it reached 19.7 billion.
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