Iraq’s general budget to exceed $300 billion in 2032

Iraqi Prime Minister Ali al-Zaidi and senior officials during a meeting with Iraqi businessmen. Photo: PMO Baghdad (IraqiNews.com) – Iraqi Prime Minister Ali al-Zaidi projected on Monday that the country’s federal budget will exceed $300 billion in 2032. Al-Zaidi’s remark took place during his meeting with a large group of Iraqi businessmen operating in different sectors as part of his official trip to the Jordanian capital, Amman. The prime minister noted that Iraq is on track to reach a production capacity of 10 million barrels of crude oil per day by 2032. The Iraqi government will start the implementation of the Development Road project in 2027, according to al-Zaidi. He explained that work at the al-Faw Grand Port will continue around the clock to turn Iraq into a commercial hub connecting the East and the West. Al-Zaidi pointed out that Iraqi entrepreneurs should take advantage of these opportunities to make investments in the industrial zones that would be developed as part of the Development Road project in the future. The doors are open for Iraqi businesspeople to develop projects in accordance with the Iraqi investment laws, according to al-Zaidi. The Iraqi prime minister added that the government is eager to attract investments by facilitating procedures, protecting domestic products, and providing tax exemptions.