The Iraqi parliament has approved a record budget of 198.9 trillion dinars [$152 billion] for 2023, following four days of debate.According to Al Jazeera, the planned fiscal deficit is 64.36 trillion Iraqi dinars [$49 billion], more than double the amount in the 2021 budget.The budget assumes an oil price of $70 per barrel and oil exports at 3.5 million barrels per day (bpd), including 400,000 bpd from Iraqi Kurdistan. The International Monetary Fund (IMF) recently said the fiscal break-even oil price, based on the planned budget spending, is $96 per barrel, and warned:" In the short run, implementation of the authorities' fiscal plans could re-ignite inflation and FX market volatility. Over the medium term, continuation of current policies in the presence of substantial uncertainty about the future path of oil prices poses critical macroeconomic stability risks. Barring a large increase in oil prices, the current fiscal stance could lead to mounting deficits and intensifying financing pressures in the coming years."A statement from the Prime Minister said that the budget takes into account, "priorities that affect the basic requirements of the individual and the family, and the livelihood of citizens, and seeks to meet their aspirations in what they expect from the government in terms of services, construction and infrastructure projects." (ICE AMMAN)

Fonte notizia: IRAQ BUISNESS NEWS