The total estimated value of Iraqi federal budget 2018 is amounted at 85.33 trillion Iraqi dinars ($71.65 billion) with an estimated deficit of 22.78 trillion Iraqi dinars ($19.13 billion). One of the famous Iraqi economists said that the Iraqi budget will not exceed 110 trillion Iraqi dinars. The Iraqi government has dedicated 20% projects for the reconstruction in the destructed areas liberated from Daesh and other terrorist gangs. The draft law of Iraqi budget 2018 shows the total share of Kurdistan Region in the Iraqi federal budget is amounted at 12.67%. The allocated amount is dedicated for current expenditures and investment projects in the provinces of Kurdistan region. The taxes on wealth and income in the Iraqi budget have been reached at 4.5 trillion U.S dollars. The commodity taxes and production fees has reached at 2.68 trillion Iraqi dinars. The share of the public sector profits in the upcoming budget is estimated at 927 billion Iraqi dinars.
The statement shows that the federal budget included the oil price at 43.4 U.S dollars per barrel, with a production capacity of 3.89 million barrels. The oil revenues and mineral wealth revenues have been reached at 73 trillion Iraqi dinars. The financial advisor to the Iraqi Prime Minister, Mazher Saleh said that the major objective in the Iraqi fiscal budget 2018 will be to maximize non-oil resources. He added that the aim of Iraqi government is to encourage employment by attracting the Iraqi private sector. We will develop programs with the issuance of soft loans to young Iraqi people in order to engage them in the labor market. He also said that the Iraqi Prime Minister Haider Al-Abadi has directed to decrease government expenditures for presidencies and entire ministries. It would secure wages and salaries of state employees. He also confirmed that Iraqi fiscal budget 2018 will be a balanced and it will provide more flexibility in moving economic wheel of the country.