Iraq Cabinet Approves Lower Spending Plan on Oil’s Drop
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Iraq’s cabinet approved a smaller 2015 spending plan than the government expected because of the collapse in oil, which provides most government revenue.
The budget, based on a $60 a barrel price for oil, stands at 123 trillion dinars ($103 billion), Saad Al-Hadithi, spokesman for the office of the prime minister, said by phone yesterday. The budget deficit was set at 23 trillion dinars and total revenue at 99.8 trillion dinars, including oil revenue of 84 trillion dinars, Obaid Mahal, deputy secretary general of the cabinet, said. The 2015 budget had initially been set at 141 trillion dinars, and was 138.4 trillion dinars in 2013.