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FINANCIAL NEWS
Iraq to narrow deficit, increase investments
11 Jun 2010
(MENAFN) Iraq�s Finance Minister, Bayan Jabor, said that the government plans to slash its deficit to 8 percent over the next three years from the current 18 percent, Reuters reported.
The minister also envisioned a substantial increase in investment as a percentage of the budget.
Battered by years of war and sanctions, Iraq struggles to see steady strong growth. A senior central bank official said earlier that growth, excluding the key oil sector, dropped to 4 percent of gross domestic product (GDP) last year from 10 percent in 2008.
Jabor said the 2010 Iraqi budget was $70 billion and would increase incrementally over the next three years. He said that the current budget in total is around $70 billion, in 2011 it will be $80 billion, in 2012 it will be $90 billion and in 2013 it will be $100 billion.
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