Iraq wrangling with $26.6 billion budget deficit

The parliament is studying Iraq’s controversial 2017 budget this week, with the main challenges coming from a significant deficit and disagreements over allocations.
A customer counts Iraqi dinars at a money changer in Baghdad October 1, 2012. Many Iraqis have lost faith in their dinar currency but to some foreign speculators, it promises big profits. The contrast underlines the uncertainties of investing in Iraq as the country recovers from years of war and economic sanctions. Picture taken October 1, 2012. To match IRAQ-ECONOMY/DINAR REUTERS/Saad Shalash (IRAQ - Tags: BUSINESS POLITICS) - RTR38QU1
A customer counts Iraqi dinars at a money changer in Baghdad, Iraq, Oct. 1, 2012. - REUTERS/Saad Shalash
waseem-basim.jpeg
Wassim Bassem

BAGHDAD — Iraq's parliament will meet Dec. 1 to continue hashing out a draft of the 2017 general budget, which currently includes a deficit that will require the country to seek out non-oil income, attract investments and eliminate alleged corruption.

So far, the draft law pegs the budget at 102 trillion dinars (about $85 billion) with a projected deficit of $26.6 billion.

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