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New supplementary budget with the rise of oil prices

10 Jun 2009
The Iraqi Prime Minister Nuri al-Maliki said on Monday that if oil prices continued to increase as well as the Iraq's oil production and exports of crude oil , the government may be able to pass a supplementary budget later this year. Iraq has just emerged from years of war and was forced to reduce its budget of 2009 three times, when the global oil prices collapsed from peak of 147 dollars a barrel last summer. The final draft of the budget includes expenditure of $ 58.6 billion dollars based on an average oil price at50 dollars per barrel and exports of two million barrels a day. The Iraqi oil exports rose slightly to 1.905 million barrels per day in May and the oil price has increased lately to $ 70 a barrel. Iraq gets a price of oil less than the international prices. The price of Brent crude on European standards reached to $ 68 a barrel. Al-Maliki said that provinces have to spend their allocations fully so that citizens may feel improvement in basic services. He added "with God willing, the improvement which is taking place in prices is good, and the increase in the production and export of oil might help us to submit another supplementary budget and add other funds to the provinces."
Prepared & Translated By: Team Iraq Daily Business Updates
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