Budget Delay And Its Negative Impact on Economy

Iraq NewsIraq is busy in annual general elections right now but budget 2014 is still in the parliament for final approval. Iraq is one of the fastest growing nations in the Middle East along with the poor law and order situation in the country. The growth rate of Iraq is more than any other country of the region, according to World Bank report. The expected growth rate of Iraq economy is also more than other Middle East countries according to this report. The delay in budget 2014 is seriously harming the country and its economy. Number of international oil contracts is pending due to delay in budget.

The international companies operating in the country are also asking for their payments and almost near to stop the work. The finance ministry is not issuing the funds to the many departments in the country as a result the salaries of many people are unpaid for months. The oil dispute between Erbil and Baghdad is the major cause of budget delay that needs to be resolved. The united States of America offered arbitration between both of the region last week that was appreciated by many of the economist of the world with the hope this issue will be resolved soon.

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