Iraq plans to spend a record ID174,600bn ($149.2bn) in 2014, up 26.1% from ID138,425bn ($118.3bn) in 2013, according to the draft federal budget drawn up in September by the Ministry of Finance. The draft, which has recently become available to MEES, is still preliminary and its numbers are likely to be amended first by the cabinet which has to approve it, before submitting it to the federal parliament for ratification.
In a detailed budget statement issued by the ministry, total revenue as it now stands is estimated at ID139,640bn ($119.4bn), of which revenue from oil and mineral resources is projected at ID130,230bn ($111.3bn), or roughly 93% of the total (see table). The budget is projected to have a deficit of ID35,370bn ($30.2bn), almost double the budgeted figure of ID19,000bn ($16.2bn) in 2013. GDP growth is projected at 9% in 2014, driven by higher oil production of some 4mn b/d. The draft budget has set an exchange rate of $1=ID1,166 for 2014, unchanged from 2013. (CONTINUED - 993 WORDS)
