24/02/2012 09:09
BAGHDAD, Feb.24 (AKnews)- Iraqi House of Representatives finalized the budget bill at $100.5 billion and a deficit of $12.6b, yesterday evening, following months of delay due to political disputes.
The budget is up from last year's $82.6b, which was based on an oil price of $76.50 per barrel and 2.2m barrels per day in crude exports. While this year it is based on an average oil price of $85 per barrel and 2.6m bpd in exports.
Some $31.7 billion is allocated for investment projects and the reminder goes to covering salaries and food ration items. The projected deficit will be covered by a surplus in the Development Fund of Iraq (DFI) account at the New York Federal Reserve.
The budget also allocated 17 trillion dinars ($14.6 billion) to the country's security forces.
Iraq, which has the fourth-biggest oil reserves in the world, aims to boost its oil production capacity to 8-8.5 million bpd by 2017, to become one of the top world oil producers.
By Falih Jiwari
Edited by Abdullah Sabri
The budget is up from last year's $82.6b, which was based on an oil price of $76.50 per barrel and 2.2m barrels per day in crude exports. While this year it is based on an average oil price of $85 per barrel and 2.6m bpd in exports.Some $31.7 billion is allocated for investment projects and the reminder goes to covering salaries and food ration items. The projected deficit will be covered by a surplus in the Development Fund of Iraq (DFI) account at the New York Federal Reserve.
The budget also allocated 17 trillion dinars ($14.6 billion) to the country's security forces.
Iraq, which has the fourth-biggest oil reserves in the world, aims to boost its oil production capacity to 8-8.5 million bpd by 2017, to become one of the top world oil producers.
By Falih Jiwari
Edited by Abdullah Sabri