The increase in world crude oil prices this year will add $8 billion [9.6 trillion Iraqi dinars] to the Iraqi budget, the Secretary-General of Iraq’s Council of Ministers said.
Ali al-Allaq (pictured) told al-Sabah Newspaper in Baghdad on Tuesday that the increase would result in additional allocations to for the implementation of projects.
He added that the Iraqi government “expects the increase to be more than the above figure, which would contribute to the implementation of additional service projects in the whole country.”
The budget is based on an average oil price of $76.50 per barrel, and 2.2 million barrels per day in crude exports.
(Source: Aswat al-Iraq)