Saudi Press

Saudi Arabia and the world
Friday, Sep 05, 2025

Iraq seeks fiscal stability with 3-year budget

Iraq seeks fiscal stability with 3-year budget

Iraq's prime minister on Monday said his government had finalized a three-year budget for the oil-dependent economy traditionally plagued by budgetary delays.
The bill, sent to parliament for approval, will include financial aid to 600,000 families in a bid to “lower the poverty rate”, Prime Minister Mohammed Shia al-Sudani said at a press conference.

He spoke ahead of the 20th anniversary later this month of the US-led invasion that toppled dictator Saddam Hussein, ushering in years of war, unrest, and political instability which the country is struggling to overcome.

Iraq last year went without a budget because of political paralysis.

Sudani said he hopes the three-year fiscal framework will provide more certainty.

“We will end the process that disrupts all development and construction efforts, as ministries are usually paralyzed before the end of the fiscal year,” waiting for a new budget's approval, a statement from his office said.

According to the United Nations, nearly one-third of Iraq's 42 million population live in poverty.

The country is beset by corruption as well as power cuts that reflect its crumbling infrastructure, but Sudani talks often of repairing roads, hospitals, housing and other essential facilities.

The 2023-2025 spending plan would see $36.5 billion in annual infrastructure investment, including the creation of a “special fund to support the poorest provinces”, Sudani said.

He promised reconstruction of certain regions, including Sinjar province, the historic home of the Yazidi minority.

ISIS extremists massacred Yazidis in 2014 during their occupation of swathes of Iraq.

Annual expenditure would amount to $152 billion, with future modifications possible in the event of oil price fluctuations.

Iraq is the second biggest producer in the Organization of the Petroleum Exporting Countries (OPEC), and crude exports represent around 90 percent of the government's revenue.

Baghdad projects annual revenues of $103.4 billion from oil sales, based on projected exports of 3.5 million barrels a day with an average price of $70 dollars a barrel.

According to data cited by OPEC, Iraq produced more than 4.3 million barrels daily in January. Brent crude futures traded below $81 a barrel late Monday.

The budget also seeks to illustrate warming ties between Baghdad and Iraqi Kurdistan, the autonomous province in the country's north, with $307 million allocated for civil servant salaries.

In exchange, 400,000 barrels of oil produced daily by the Kurds will go to the central government.

Iraq's public deficit stands at more than $48 billion, up from $19.8 billion in 2021 when the government last presented a budget.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
×