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FINANCIAL NEWS
Iraq sets $18.6b deficit in 2011 budget
11 Oct 2010
(MENAFN) Iraqi Deputy Finance Minister Fadhil Nabi said that the country’s proposed 2011 budget runs a deficit of $18.6 billion and assumes oil exports of 2.4 million barrels per day, Reuters reported.
The government, which is trying to rebuild Iraq after years of war and sanctions, is dependent on oil revenue to fund about 95 percent of its budget.
The Opec producer has signed deals with global oil firms that could boost its output capacity to 12 million barrels per day in six to seven years from the current 2.5 million a day, potentially rivaling top Opec producer Saudi Arabia.
The assumed exports of 2.4 million bpd next year would represent a significant boost. Iraq’s exports in September were 2.021 million bpd.
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