Iraq’s new budget is coming. It is expected in 2014. Many positive changes are expected within the country. The Finance Commission of Iraqi Parliament has given an expected figure of 8 to 11% increase in budget. This figure is quite much more than last year’s budget. Many new points of prosperity are also under consideration. These include the National Projects, and oil exploration project, etc.
It is said worldwide that Iraq’s budget does not present the picture of a third world country. The budget is quite handsome. This expects to reduce unemployment in the country and also there will be low inflation rate. The low inflation rate will improve lifestyles in Iraq. People will put their energies into positive actions, which will ultimately contribute to the progress of the country.
$130 billion budget is expected this year. This is a quite heavy budget. It can easily spare amount for various progressive projects in the country. With this much budget, Iraq will be able to get stable. Iraq has already got prominence in international matters too. The overall layout of the budget is decided. They know which amount is sanctioned to which department. This information is also confirmed by the finance minister of Iraq.
It is expected that budget of Iraq will be finally announced in the month of August next year. The budget is much delayed. That’s why the ministry of finance has asked to wind up all the budget calculations as soon as possible and present the budget at the earliest.
The investment commission of Iraq, in accordance with parliamentary economy, has said that the reserves of the Central Bank of Iraq will be increased. This advancement will also do well for the whole Iraq. This is particularly a good sign to make the currency of Iraq strong. Overall, the reserves of Iraqi bank will increase. Also, this is mentioned by the Central Bank that the reserves of the bank have already reached the count of $80 billion.
The budget has a big part to tackle the problem of power outages. They are planning to drag the power to 13K megawatts this year. This cannot be done at once. This will be done by the end of the year. Till then, people will have to face the situations of power failure. If the output of power reaches 13K megawatts, there will be no problem at domestic level.
More national grids are also a big part of national projects. Oil exploration and purification are also one of the main projects of the country. Iraq is sparing big budget for this sector too. If this sector will progress, overall condition will improve. Oil is the biggest trade of Iraq. After Saudi Arabia, Iraq has the biggest oil reserves. Iraqi economy’s big support lies in the export of crude oil. Other industries also contribute but oil has its own importance. Canned food, cloth, agriculture, etc. are other big industries.
The budget will be presented for approval in October. A big part is also sanctioned for paying back the debt. Iraq has paid the entire debt of Kuwait. The condition is quite hopeful for Iraq. Maybe, the budget proves to be the best budget ever.