Nabi expects Iraq’s 2013 budget to hit USD111.4b

28 Jun 2012

(MENAFN) Iraqi Finance Minister Fadhil Nabi expected Iraq’s 2013 budget to increase to USD111.4 billion, based on an oil price of USD85 per barrel and crude exports of 2.9 million bpd, Reuters reported.

He said that the broad outline of the budget was completed and is on the table for discussions. Nabi expected the budget to be presented to the cabinet by September 15.

Nabi said the budget covers operational and investment spending, expecting USD42.7 billion to be earmarked for investment projects next year.

A USD100 billion 2012 budget was okayed by Iraq’s lower house in February, based on an average oil price of USD85 per barrel and crude exports of 2.6 million bpd.

It is worth noting that Iraq has the world’s fourth largest oil reserves and is currently exporting an average of 2.4 million barrels per day.

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