Source: Iraq's 2025 budget nears submission with large deficit
According to the source, budget tables have been completed and are expected to be sent to parliament after Eid al-Fitr holiday (on March 31), or by mid-April for legal review, in line with government spending and current needs.
'The total budget would be approximately $200 billion, with a large deficit caused by a sharp decline in strategic reserves of gold and foreign currency, as well as a lack of liquidity due to the numerous projects requiring substantial spending,' the source pointed out.
The operational budget, he added, will be reduced, and the pace of government service projects will slow down. As a result, there may be an expedited budget process, as the Independent High Electoral Commission has requested its financial allocations by mid-April to prepare for the October elections.
On March 16, Hussain Mouanes, a member of Iraq's Parliamentary Finance Committee, criticized the delay in receiving confirmation on whether the Ministry of Finance has submitted the 2025 budget tables to the Council of Ministers, calling it 'a violation of the Financial Management Law.'
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