Iraq proposes major spending hike under 2019 draft budget

Iraq's new Cabinet has proposed $24 billion in spending increases in a 2019 draft budget sent to Parliament, marking a dramatic shift away from the austerity budgets initiated when the price of oil crashed.

The budget outlines 132.3 trillion Iraqi dinars ($111.9 billion) in expenditures and a deficit of 26.7 trillion dinars ($22.6 billion), according to copies of the budget provided to Iraq Oil Report by multiple MPs.