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Iraq 2013 budget seen above $110bn

Baghdad, June 27, 2012

Iraq's 2013 budget is expected to rise to around 130 trillion Iraqi dinars ($111.4 billion), based on an oil price of $85 per barrel and crude exports of 2.9 million barrels per day, the country's deputy finance minister said on Wednesday.

'It will be bigger than the current budget,' Fadhil Nabi told Reuters.

'We've finished the broad outline of the budget. We have started discussions with the ministries and directorates. God-willing, according to the schedule, it's supposed to be sent to cabinet by September 15.'

Iraq's parliament approved a 2012 budget of $100 billion in February, based on an average oil price of $85 per barrel and 2.6 million bpd in exports.

The budget covers operational and investment spending and Nabi said he expected 50 trillion dinars to be allocated to investment projects next year.

Iraq has the world's fourth largest oil reserves and is currently exporting an average of 2.4 million barrels per day. – Reuters

Tags: Budget | Iraq | Baghdad | Finance Minister | 2013 |

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