Iraqi parliament approves budget

27 January 2010

The Iraqi parliament has approved a 2010 budget that sets federal spending at ID84.7 trillion dinars and a deficit of ID22.9 trillion dinars, Reuters has reported. Lawmakers said the budget sets an expected oil price of $62.5 per barrel and puts expected average oil exports at 2.15 million barrels per day in 2010. According to Ali Hussain Balou, head of parliament's oil and gas committee, the parliament also included a clause setting aside $1 for each barrel of oil produced for oil-producing provinces to use in investment projects.

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