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)
Iraqi Budget . From reading your few lines on this subject , i would like to make the following notes :
1- Oil production is different from oil sales outside Iraq . And if we take the figure of 3.6 mbd as sales , then total revenue will be $59.1 billion based on $45 per barrel.
2- The 2016 budget of 106 trillion dinars will equal $88 .3 billions , hence we are in deficit of $29.23 billion .
The announcement by the speaker for the PM office is not accurate about the needs to have a balanced budget . Iraq will need more than $30 billions for 2016 .