Iraq Cuts Budget Again

摘要

The Iraqi government this week slashed its 2009 draft budget for the second time in three months on falling oil prices and now projects a deficit of some $19 billion, a cabinet statement said (IOD Nov.12,p6).Annual budget spending has been scaled down to $62 billion, or more than 22% from the $80 billion originally agreed last year before being cut to $67 billion in November because of lower oil revenues. Iraq is now expected to run a budget deficit of $19 billion in 2009, based on an oil price of $50/bbl and average oil exports of 2 million b/d. The original draft budget assumed an oil price of $80/bbl, before being revised down to $62/bbl in November.