Iraq unveils $162 billion 2024 Budget

Iraq unveils $162 billion 2024 Budget

Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani unveiled the country's 2024 budget on Sunday, allocating 211 trillion Iraqi dinars (approximately $162 billion) for total expenditures.

"The cabinet is submitting the 2024 budget to the parliament for approval," al-Sudani said at a press conference. He explained that the 2024 budget reflects an increase from the 2023 budget of 199 trillion dinars ($153 billion). Public sector salaries in 2023 totaled 59 trillion dinars ($45 billion).

Projecting a deficit of 63.599 trillion dinars ($48 billion), the 2024 budget anticipates revenues of 144.336 trillion dinars ($111 billion) and expenditures of 210.936 trillion dinars ($162 billion). Al-Sudani said that the projected deficit is a planning figure, not a forecast of actual shortfalls.

Providing a breakdown of the budget, the Prime Minister said allocations include 4.79 trillion dinars ($3.6 billion) for centrally funded labor, 10.42 trillion dinars ($8 billion) for administrative expenses, and 55 trillion dinars ($42 billion) for investment projects.

"The 2023 budget allocated a total of 10.633 trillion dinars ($8.1 billion) for investment projects in the country's Development Fund," al-Sudani noted. "Of this amount, 3.3 trillion dinars ($2.5 billion) have been spent, leaving 7.33 trillion dinars ($5.6 billion) in trust accounts managed by local governments for project financing."

He added that 11.264 trillion dinars ($8.6 billion) has been designated for local food security. Around 38%, or 4.2 trillion dinars ($3.2 billion), of these funds have already been disbursed. The remaining 7 trillion dinars ($5.3 billion) is available for project spending.

Al-Sudani emphasized the government's commitment to completing infrastructure projects and preventing the misuse of public funds. He pointed to the revival of 1,321 stalled projects under the three-year budget plan. Of these, 120 projects have been finalized, with 471 nearing completion.

"The three-year budget framework has allowed us to address stalled projects," al-Sudani said. "We have completed 120 projects, and an additional 471 are on track for completion."

In June 2023, Iraq passed a three-year budget that included a record $152 billion in spending, of which the semi-autonomous Kurdistan Region's share is 12.6 percent.

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