The deficit amount in the Iraqi federal budget 2016 is estimated at 74 billion U.S dollars and the total budget amount is estimated at 94 billion U.S dollars.
The Iraqi Parliamentary Finance Committee stressed that this budget has not yet published in the Official Gazette. A member of the committee Muhammad Abdul Qadir said that Iraqi federal budget 2016 is considered only words on papers and didn’t implement yet. He also pointed out that budget draft 2016 didn’t publish in the official newspaper, but the 2016 budget deficit is amounted at 74 billion U.S dollars in the total estimated Iraqi budget amount of 94 billion U.S dollars.
Abdul Qadir also stressed that it is assumed that Iraqi government and its ally parties to show more importance and determination to finalize the outstanding and periodic cases annually at the time of preparation and execution of the budget. He also pointed out that rising graph of the budget deficit need to focus on proper planning in the budget and in the early acceptance of sufficient transparency in their resources in all the aspects. It is important in order to get a real balanced and maintainable development. It is important that Iraq is currently experiencing critical financial and economic crisis due to continuous decline in the global oil prices. It also caused a considerably a huge deficit in the Iraqi federal budget 2016. The severe security situation and expenses in the war against terrorism is also another important factor in increasing the budget deficit 2016.