Iraqi Budget 2018 will be Presented in the Parliament Next Month: Saleh

On Saturday, the financial adviser to the Iraqi Prime Minister, Muhammad Saleh issued a statement that the Iraqi federal budget 2018 is in its final preparation. He added that the draft bill for Iraqi budget 2018 will be presented next month according to constitutional time in the Council of Ministers. Saleh further added in his statement that the content of the draft bill for the budget 2018 is designed maximum possible non-oil resources. He added that the trend of the state is to strengthen employment with participation of Iraqi private sector. He said that the participation of private sector will develop programs regarding the issuance of soft loans to young people and it would enable them to angage in the labor market. He pointed out that Iraqi budget for the financial year 2018 is under preparation and we are hopeful that it will be forwarded to the Iraqi Council of Ministers in the coming month.

Iraqi Budget 2018 will be Presented in the Parliament Next Month: SalehSaleh further indicated that after the approval by the Iraqi Council of Ministers, it will be presented to the Iraqi House of Representatives for voting. He added that the issues of deficit should be addressed in order to provide a safeguard to the continuation of Iraqi economic activity and reallocation of resources in the fiscal budget 2018. He added that we are working very hard to present a workable and effective budget for the year 2018. He also confirmed that Iraqi officials are consulting with the IMF (International Monetary Fund) about consolidation in order to decrease expenses, maximize resources and revenues, and sustain debt feasibility according to the economic limits. He added that Iraq has critically suffered by the financial crisis since 2014 due to a massive decline in the global oil prices as those oil prices were decreased at least 50% and an increase in the expenses in the war against terrorism.

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