Iraq’s parliament approves 2023 budget of $153 billion
QAMISHLI, Syria (North Press) – On Monday, the budget proposal for 2023 was approved by Iraq’s parliament. The budget, which amounts to 198.9 trillion dinars ($153 billion), includes a significant increase in spending for public wages and development projects aimed at improving services and repairing the country’s infrastructure.
Reuters reported, citing lawmakers, that the budget is based on an oil price of $70 per barrel and projects oil exports at 3.5 million barrels per day (bpd), including 400,000 bpd from Kurdistan Region of Iraq (KRI).
Iraq’s budget adoption process is typically scheduled before the start of the year it covers, but it often faces delays or does not get passed due to political disputes and instability in the country. This is a recurring issue in Iraq’s political landscape.
The country has a rapidly growing population, expected to double from 43 million to approximately 80 million by 2050. The majority of the economy is driven by the state, and unemployment rates are high, leading to frequent protests and unrest over various grievances.
The budget takes steps to address long-standing issues between Iraq and the semi-autonomous Kurdistan region, with its oil revenues set to be deposited in an account overseen by the Iraqi central bank.