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JAPU Has Issued a Background Paper on Iraq's Budget for 2013

New Background Paper on Iraqi Budget

By John Lee.

The United Nations’ Joint Analysis Policy Unit (JAPU) has issued a background paper on Iraq’s budget for 2013.

The Government expenditure for 2013 totals IQD 138.4 Trillion ($ 118.3 Billion), with an increase of 18% over 2012 and exceeding 70% of GDP. The budget has three main headings: Energy, Security / Defense and Social Services, accounting for 21%, 14%, and 13% respectively of total budget.

Investment Expenditure represents 40% (IQD 55.1 Trillion) of government budgeted expenditure, the largest ever for Iraq. Investment in Oil and Electricity amounts to over 43% of the investment expenditure.

Government budgeted revenues amount to IQD 119.3 Trillion, with revenues from oil making 93%. The increase in oil revenues, made it possible for the government to cover its operating expenditure and allocate more to investment, yet heavy reliance on oil resulted in a budget fragile to oil shocks, and government going through complementary budgeting, and excessive delays in investment projects implementation.

The full report can be downloaded here.

Source: http://www.iraq-businessnews.com/2013/01/30/new-background-paper-on-iraqi-budget/
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New Background Paper on Iraqi Budget
Topics: Metallurgy