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Iraq Cabinet Approves $100 Billion Spending Plan for 2012
By Khalid Al-Ansary - Dec 6, 2011 10:49 AM ET
Iraq’s Cabinet approved a federal spending plan of almost $100 billion for 2012, state minister and government spokesman Ali al-Dabbagh said.
The budget is based on an oil price of $85 a barrel and is smaller than the $112 billion spending plan discussed by the Cabinet in September, which was based on an oil price of $90 a barrel, Dabbagh said by phone from Baghdad. The deficit will be about 16 trillion dinars ($14 billion), he said.
Revenue projections are based on exports of 2.6 million barrels of oil a day, including 175,000 barrels from the northern Kurdish region, higher than the 2.2 million barrels a day forecast in last year’s budget. Iraq has $4.5 billion in International Monetary Fund loans available should it need additional funds, Dabbagh said.
Iraq, which has the world’s fifth-biggest crude reserves, is seeking foreign investment and expertise to help boost energy exports and pay to rebuild an economy and infrastructure destroyed by conflict, economic sanctions and sabotage.
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By Khalid Al-Ansary - Dec 6, 2011 10:49 AM ET
Iraq’s Cabinet approved a federal spending plan of almost $100 billion for 2012, state minister and government spokesman Ali al-Dabbagh said.
The budget is based on an oil price of $85 a barrel and is smaller than the $112 billion spending plan discussed by the Cabinet in September, which was based on an oil price of $90 a barrel, Dabbagh said by phone from Baghdad. The deficit will be about 16 trillion dinars ($14 billion), he said.
Revenue projections are based on exports of 2.6 million barrels of oil a day, including 175,000 barrels from the northern Kurdish region, higher than the 2.2 million barrels a day forecast in last year’s budget. Iraq has $4.5 billion in International Monetary Fund loans available should it need additional funds, Dabbagh said.
Iraq, which has the world’s fifth-biggest crude reserves, is seeking foreign investment and expertise to help boost energy exports and pay to rebuild an economy and infrastructure destroyed by conflict, economic sanctions and sabotage.
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