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Iraq’s $86.4 bln 2011 proposed budget assumes $70 oil

The budget will be presented to the cabinet next week.

September 23, 2010 1:39 by

Iraq’s preliminary budget proposal for 2011 is 102 trillion dinars (US$86.4 billion) based on a world oil price of $70 a barrel, Deputy Finance Minister Fadhil Nabi said on Thursday.

“The minister has the budget. He will present it to the cabinet next week,” Nabi told Reuters.

Nabi did not elaborate on the budget details. About 95 percent of Iraq’s government budget comes from oil revenue.

(Reporting by Aseel Kami; Editing by Ruth Pitchford)

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