Iraqi govt Okays 2012 budget of USD100b

06 Dec 2011

(MENAFN) Iraqi government gave the green light on the proposed USD100 billion budget for 2012, with a deficit of USD14.5 billion, Reuters reported.

Cabinet Secretary Ali Al-Alaq said that the draft budget, subject to parliamentary approval, is based on an oil price of USD85 a barrel and oil exports of 2.625 million bpd next year.

Iraq’s 2011 budget was USD82.6 billion, based on an average oil price of USD76.50 per barrel and 2.2 million bpd in crude exports.

He added that the proposed budget expects total government expenditure at USD68 billion, including USD31.6 billion set for investment spending next year.

Al-Alaq also told Reuters that the projected 2012 deficit will be mainly covered by the surplus of the Development Fund of Iraq (DFI) account at the New York Federal Reserve.

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