IMF Might Disprove 2014 Iraq’s National Budget

In the last few days, the economic community expressed of fear that the International Monetary Fund might rejects Iraq’s 2014 National budget.

 The fears were explained in that the IMF think that Iraq's budget for next year 2014 , with a total of 174 trillion dinars ($150 million) might cause inflation.

The 2014 Iraq’s national budget is considered the largest in its history, depending 95% on oil revenue, with expected budget deficit of 27 trillion dinars according to the ministry of finance.

Despite of the expected deficit in the Iraqi National budget, in most cases it might  ends with a surplus, same as what happened in previous budgets.

The ministries delay in executing its projects, and local governments deficiency in spending their allocated funds due to lack of planning and executing, resulted in returning most of the funds to the ministry of finance in Baghdad.

According to Iraq Public Banks, there are 57 trillion dinars in its accounts for previous years budgets.

For example, Basra province with a total development plan of 20 trillion dinars, estimated three times of Jordan budget, will not be expected to spend all of the allocations with the current projects planning and executing strategies.

Unless international private sector companies specialized in projects planning and management are hired to help in provincial development , the same scenario will be repeated in 2014.

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