The Iraqi finance ministry has proposed a budget for 2016 worth 113.5 trillion Iraqi dinars (99.65 billion dollars), with a deficit of 29.4 trillion dinars ($25.81 billion).
Deputy Finance Minister Fathil Nabi told Reuters news agency: “The budget forecasts oil price to be $45 a barrel and presumes the continuation of a 2014 deal with the semi-autonomous Kurdistan region over oil revenues.”
The government has projected a fiscal deficit of about $25 billion for 2015, in a budget of roughly $100 billion.
Iraq suffers from economic problems due to the decreased oil prices paralleled with popular protests demanding the government fight the corruption which has crippled the country’seconomy and left the Iraqi people facing poverty and a lack of services.
original source: https://www.middleeastmonitor.com/news/middle-east/21129-iraqi-deficit-to-reach-25bn-in-2016