Fiscal policy & Federal Budget – Page 5

Iraq’s budget problems go beyond Erbil-Baghdad crisis. By Harith Hasan

The Iraqi parliament still has not been able to approve the draft general budget for 2014, prompting Prime Minister Nouri al-Maliki to warn of the possibility of a major financial crisis and a disruption of state institutions. As the conflict continues between Baghdad and Erbil regarding Iraqi Kurdistan's share in the state budget, there is a pressing need for the government t

1. ABSTRACT Though the fact Iraq is preparing and issuing a federal annual budget, on yearly basis, since 2004. Besides, and to some extents, Iraq is also adopting few well acknowledged internationally advanced norms in the structure and preparation of the annual budget. Notwithstanding, the existing practice of preparing the budget, being recurrent and/or investment version

Abstract The bulk of revenue that is generated in the Iraqi Economy is from oil export. The oil sector is an enclave sector with very little interaction with other areas of the economy. Government Budgeting is the only medium by which development in the oil sector can be used to promote other areas of the economy. This demands a greater emphasis of the role of budgeting, as an

Key Messages: • The Government expenditure for 2013 totals IQD 138.4 Trillion ($ 118.3 Billion), with an increase of 18% over 2012 and exceeding 70% of GDP. The budget has three main headings: Energy, Security / Defense and Social Services, accounting for 21%, 14%, and 13% respectively of total budget. • Investment Expenditure represents 40% (IQD 55.1 Trillion

For full text of the paper including end-of-paper tables and appendix, click PDF file. Abstract The paper, first, looks at the multifaceted benchmarks that have been included in the various international arrangements with Iraq, post 2003, as conditions for aid and debt reduction. It is noted that for non-Paris Club debt the fulfillment of these benchmarks is only a ne