Iraq's parliament gave final approval on Sunday to an $82.6 billion budget for 2011 based on an average oil price of $76.50 per barrel and 2.2 million barrels per day in crude exports.
The deficit was projected at $13.4 billion, although Iraqi officials have said the shortfall would be eliminated if world oil prices remain at current levels. About 95 percent of Iraq's government budget comes from oil revenue.
Budget shortfalls challenge Iraq's ability to rebuild after years of conflict following the 2003 U.S.-led invasion that ousted dictator Saddam Hussein.
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7 comments:
Well, so far Iraq is ahead of the game, as oil prices are above their target figure.
Kind of an interesting discussion over at Mahmood's here. If you ignore the distraction of the health care and taxes debate, that is.
PH, a blogger in Libya.
Lynnette In Minnesota ate my hammster!
Minnesota hamster pizza party.
I'm going to have a hamm sandwich, now.
Very interesting post.Great, its an intelligent discussion.
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