Iraq's 2011 Budget: $86.4bn at $70 per Barrel

Iraq's preliminary budget proposal for the next year is $86.4 billion [101 trillion Iraqi dinars], based on a world oil price $70 a barrel, Deputy Finance Minister Fadhil Nabi has told Reuters.

Iraq's Finance Minister, Baqir Jabur al-Zubaidi, will present the budget to the cabinet this week.

According to Iraqi law, the annual budget must be approved by the Iraqi cabinet, the parliament and the three-member presidency council.

(Sources: Reuters, Xinhua)

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