Iraq: Parliament approves 2021 budget of $89b

Baghdad: Iraq’s parliament on Wednesday approved the 2021 budget of 130 trillion Iraqi dinars (Dh327 billion) as the country wrestles with an economic and financial crisis due to low crude prices.

The budget deficit is estimated at 28.7 trillion Iraqi dinars, lawmakers said.

The 2021 budget set an oil price of $45 a barrel and expected oil exports of 3.25 million barrels per day, including 250,000 bpd from the Kurdish region, according to a budget document and lawmakers.