The draft Iraqi budget for fiscal year 2019, revealed that the size of financial expenditures amounted to 128.4 trillion Iraqi dinars (108 billion dollars), showing a deficit of 22.8 trillion dinars (about 19 billion dollars).
According to the draft prepared by the Ministry of Finance, the rate of export of oil per day was calculated by 3 million and 880 thousand barrels, at $56 a barrel. The expected export figure includes 250,000 barrels per day of crude oil produced in the northern provinces.
The draft budget also showed that, the fiscal deficit will be covered by the financial abundance of increased crude oil prices or increased oil exports during 2019.
The Iraqi budget for the current year 2018, was about 104 trillion dinars (88.1 billion dollars), while revenue is estimated at 91.6 trillion dinars (77.6 billion dollars), and the deficit amounted to 12.4 trillion dinars (10 billion dollars). The expected revenues from the export of crude oil in the budget of 2018, based on the rate of $46 per barrel, and an export rate of 3.8 million barrels per day, including 250 thousand barrels of fields in the northern region of the country.
Source: (Al-Arabi Al-Jadeed newspaper, Edited)
