Friday, 3 December 2010

Iraq approves budget for 2011

Iraq's Government Spokesman Ali Al-Dabbagh has said that the Iraqi cabinet has approved a $79.5 billion federal draft budget for 2011. Dabbagh said that the budget was estimated based on an oil price of $73 a barrel and average crude output of 2.25 million b/d.

The budged for 2011 showed an increase of approximately 9 per cent on the previous year's spending plan of 84.7 trillion dinars based on an oil price of $63.50 a barrel, and forecast deficit of 22.9 billion trillion.

The country's lawmakers are required to approve the plan, a process which has been delayed by the eight month political deadlock that followed inconclusive parliamentary election results in March. Iraq has made great strides last month in forming a new government when Prime Minister Nouri Al-Maliki secured a second term in office and was selected to chose the new cabinet.

Dabbagh said a total of 29 trillion dinars would be allotted to investment opportunities next year, and 64 trillion for operation expenses. Iraq's oil reserves are estimated to be in excess of 143.1 billion barrels , the country is depended on oil revenues for 95 per cent of its budget funding.

Source: Press TV

For more news and expert analysis about Iraq, please see Iraq Focus.

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