This is an update regarding today’s voting by the Iraqi parliament approving om the approval of government’s 2019 budget at US$88.6 billion which contains one of the largest spending bills; whereby the calculation of revenues from the export of crude oil is set at a rate of $56 per barrel with an export rate of 38.8 million barrels per day. The major part of revenues is oil export-dependent at a rate nears to 90%.

As for the expenditures, the 2019 federal budget included allocation of US$111.7 billion for current, operational and investment expenditures budget.

The total deficit planned for the federal budget is at US$23 billion.

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