Iraq's parliament approved a budget of $ 100.5 billion dollars in 2012

23/02/2012 | (Voice of Iraq) - Add Comment - BAGHDAD (Reuters) Iraq's parliament approved on Thursday a budget of 100.5 billion dollars in 2012 on the basis of an average oil price of $ 85 a barrel and an average crude exports of 2.6 million barrels a day. The approval came on the budget too late because of frequent disagreements among the members of Parliament. Under the power-sharing agreement was to divide the ministries in Iraq between the Shiite blocs, Sunni and Kurdish. The budget forecasts a deficit of $ 12.6 billion will be funded the bulk of it from the surplus in the calculation of the Development Fund for Iraq to the Federal Reserve Bank in New York. was set up the fund after US-led invasion of Iraq in order to guide the oil revenues to finance reconstruction and nutritional programs for Iraqis. And is filed Iraq, the bulk of the proceeds of oil sales in the Fund. and budget allocates $ 31.7 billion for investment projects, salaries and support system of food commodities. allocated budget is also $ 14.7 billion for Iraqi security forces. and put the budget on the basis of an average oil exports this year of 2.6 million barrels per day including that 175 thousand barrels per day of semi-autonomous Kurdistan region. The average oil exports last year's 2.165 million barrels per day and fell to 2.106 million barrels per day in January. In London ended the crude Brent session up 72 cents to 123.62 dollars a barrel. trying to Iraq - a member of OPEC - to rebuild its economy, which ravaged by years of war, sanctions and depends mainly on oil revenues, which funds about 95 percent of its budget. aims Iraq - which has the fourth largest oil reserves in the world - to increase production capacity to 8-8.5 million barrels per day by 2017, which could jump him to the the first row of the global producers. and Iraq's budget deficit in 2011 reached 82.6 billion dollars on the basis of an oil price of $ 76.50 per barrel and average exports of 2.2 million barrels a day.

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