Sunday, 19th July 2009
Iraq cabinet approves supplementary budget
19-JUL-2009 16:23
BAGHDAD, July 19 (Reuters) - Iraq's cabinet has approved a supplementary budget to top up this year's budget of $58.6 billion, the government's spokesman said on Sunday.
Ali al-Dabbagh's emailed statement did not give a figure for the supplementary budget, but Finance Minister Bayan Jabor on Tuesday said it would be up to $3 billion, derived from higher oil export rates and fees from mobile phone firms.
The supplementary budget must now be approved by parliament.
The extra money would cushion spending plans after a sharp fall in global oil prices from a peak of more than $147 per barrel last year forced Iraq to cut its 2009 budget three times.
Almost all Iraqi income is derived from sales of oil from its vast reserves, the world's third largest.
(Writing by Mohammed Abbas: Editing by David Cowell) Keywords: IRAQ/BUDGET SUPPLEMENTARY
(mohammed.abbas@reuters.com, +964 790191 7035; Reuters Messaging:
mohammed.abbas.reuters.com@reuters.net)