Iraq reveals 2011 budget proposal at 86 bln dollars
2010-09-25 22:53:11
BAGHDAD, Sept. 25 (Xinhua) -- Iraq's preliminary budget proposal for the next year is 86.4 billion U.S. dollars based on a world oil price, an official newspaper said on Saturday.
The state-run al-Sabah newspaper said that budget was designed on a proposed world price of 70 dollars a barrel for the crude oil which is the main export for the country.
"Iraqi Finance Minister Baqir Jabur al-Zubaidi will present the budget to the cabinet next week," the newspaper quoted Deputy Finance Minister Fadhil Nabi as saying without giving further details.
According to the Iraqi law, the annual budget must be approved by the Iraqi cabinet, the parliament and the three-member presidency council.
Iraq has the world's third largest oil reserves and the oil incomes constitute nearly 95 percent of its revenues. It is producing roughly 2.5 million barrels a day, mostly for export.
2010-09-25 22:53:11
BAGHDAD, Sept. 25 (Xinhua) -- Iraq's preliminary budget proposal for the next year is 86.4 billion U.S. dollars based on a world oil price, an official newspaper said on Saturday.
The state-run al-Sabah newspaper said that budget was designed on a proposed world price of 70 dollars a barrel for the crude oil which is the main export for the country.
"Iraqi Finance Minister Baqir Jabur al-Zubaidi will present the budget to the cabinet next week," the newspaper quoted Deputy Finance Minister Fadhil Nabi as saying without giving further details.
According to the Iraqi law, the annual budget must be approved by the Iraqi cabinet, the parliament and the three-member presidency council.
Iraq has the world's third largest oil reserves and the oil incomes constitute nearly 95 percent of its revenues. It is producing roughly 2.5 million barrels a day, mostly for export.
