Iraq Prime Minister Nouri al-Maliki
Iraq's cabinet approves $118bn budget
Baghdad, October 23, 2012
Iraq's cabinet approved a 2013 draft budget of 138 trillion Iraqi dinars or $118.6 billion on Tuesday, and the proposal will be handed to parliament for final endorsement, Iraqi Prime Minister Nuri Al-Maliki's media advisor said.
Iraq has the world's fourth-largest oil reserves and depends on oil revenues to fund 95 percent of its national budget.
"The cabinet approved the 2013 budget with 138 trillion dinars and it will send it to parliament for final approval," said Ali Al-Moussawi.
Opec-member Iraq exported an average of 2.6 million barrels per day (bpd) in September, the highest total crude exports in decades, and aims to boost shipments to above 2.8 million bpd this month.
It also aims to double its output over the next three years after decades of neglect of infrastructure due to war and economic sanctions. - Reuters
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