Iraq government approves $67b budget for 2009

Baghdad: The Iraqi government on Tuesday approved a $67 billion budget for 2009 after revising its spending plans downward as a result of falling oil prices.

Government spokesman Ali Al Dabbagh said the budget would be sent to parliament for ratification.

The government had announced last month it was cutting its spending plans from a forecast $80 billion to $67 billion in light of falling oil prices.

Iraq earns nearly all of its government revenue from oil exports, which have averaged between 1.6 and 2 million barrels per day over the course of this year.