Ministry of Finance – Iraq’s Investment Budget Analysis
In the investment budget for 2024, the Ministry of Oil accounts for almost 50% of the total expenditures, amounting to approximately 12 trillion dinars, while the agricultural sector receives the least allocation of just 178 billion dinars.
According to the investment expenditure schedule for the 11 months of 2024, the Federal Ministry of Finance allocated a total of 22.6 trillion dinars in investment expenditures. Of this amount, 11.9 trillion dinars were designated for the Ministry of Oil, with the Ministry of Transportation receiving a mere 40 million dinars.
Investment expenditures in Iraq have been outlined across five sectors: agriculture, industry, transportation and communications, buildings and services, and education. The agricultural sector has the lowest expenditure at 178.4 billion dinars, while the industrial sector garnered the highest allocation of 12.8 trillion dinars across its various fields.
The projected overall budget for Iraq in 2024 has reached more than 55 trillion dinars, with the execution statistics indicating that 41.5% of this budget was utilized within the specified 11-month period.
Soran Omar, a member of the Iraqi parliament’s Economy, Industry, and Trade Committee, expressed concern over the low expenditure levels. He remarked that much of the investment funds are typically earmarked by the provinces for future use rather than being spent in the current fiscal period.
The Iraqi budget for 2024 totals 211.8 trillion dinars, with a projected revenue deficit of 147.8 trillion dinars. Data indicate that the deficit reached approximately 64 trillion dinars within the initial 11 months of the year.
Sector-wise Expenditures:
| Sector | Expenditure (trillion dinars) |
|---|---|
| Industry | 12.8 |
| Buildings and Services | 6 |
| Transportation and Communications | 2.6 |
| Education | 1.1 |
| Agriculture | 0.1784 |
