Oil revenues in Iraq have fallen short of its projections

21/06/2015

Prime Minister Haider al-Abadi said that Iraq's oil revenues are even lower than projected in the country's already austere 2015 budget. Hence, more financial troubles are waiting for Baghdad in near future.

Abadi also stated, "So far, our oil revenues are below what was passed in the budget."
Iraq's parliament approved a budget of 119.5 trillion Iraqi dinars in January (about $99.6 billion at the time). That budget was nearly $3 billion less than the one approved by the cabinet a month before, a decrease due to the falling price of oil, on which its government is almost completely reliant for funds.

Iraq also faces major financial pressure from its battle against the Islamic State jihadist group, which overran large areas of the country a year ago.

Last Update:: 21/06/2015

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