By John Lee.
Iraq’s Cabinet has approved a budget of 106 trillion Iraqi dinars ($91 billion) for 2016.
The figures are based on crude oil output of 3.6 million barrels per day (BPD) at a price of $45 a barrel.
Spokesman Saad al-Hadithi told The Associated Press that Iraq will run with a deficit of 23 trillion dinars ($20 billion), which will be relieved through loans from local and international lenders.
The budget will now go before parliament for final approval.
(Source: Fox News)
(Budget image via Shutterstock)