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Iraq revises budget for 2015

28 Jan 2015

(MENAFN) Iraqi cabinet said that they had to revise their 2015 budget draft, as they trimmed their forecast of the prices of oil to be USD55 per barrel instead of USD60 due to the continuous fall in oil prices, Arab News reported.

The cabinet also said that it trimmed spending USD105 billion for 2015, while projecting that the country will record a deficit of USD21.28 billion.

“I fear lower revenues from falling global oil prices could hurt Iraq’s military campaign against Islamic State,” The Iraqi Prime Minister said.

The budget, which has become a measure of growing goodwill between Baghdad and the Kurdish region after signing an agreement regarding the semi-autonomous’ oil, has been delayed for months by sliding oil prices after it originally assumed an average oil price of USD70 a barrel.

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