OPEC producer Iraq is seeking to issue its 2024 state budget as early as possible to guarantee funds for projects and public offices, the local media reported on Thursday.

Ministers of Planning, Finance and other heads of departments met on Wednesday to discuss the draft budget before sending it to Parliament for approval.

A statement carried by the official news agency INA said the Ministers “discussed budget allocations in its functional and investment aspects” in the light of expected oil prices and revenues for fiscal 2024.

“We are keen this year to finish discussions on the budget as early as possible and send it to Parliament for approval,” it quoted Planning Minister Mohammed Tamim as saying.

In June 2023, Iraq’s Parliament passed a landmark 3-year budget of $153 billion for each of 2023, 2024 and 2025 with a 2023 deficit of around $49 billion.

The budget was based on an average oil prices of $70 a barrel and production of 3.5 million bpd, including nearly 400,000 bpd from the Northern Kurdistan region.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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