$18bn Cut From 2011 Iraqi Budget

An Iraqi official said on Thursday that some $18 billion [21 trillion Iraqi dinar] will be reduced from Iraq's proposed budget for next year.

Speaking to AKnews, Fadhil Nabi, the deputy for the Iraqi finance minister said that the requested budget for 2011 amounts to over $87 billion but the income of the country falls short of the amount.

The general budget of the country reached over $71 billion in 2010 while, if ratified, the budget for the coming year may drop to $69 billion.

The education, interior, defense, oil and electricity ministries are prioritized in the budgetary allocations, he said. The budget must first be ratified by the council of ministers and then by parliament.

Iraq's income depends mainly on oil exports, customs tariffs and taxes.

(Source: AKnews)

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