Increase in oil prices to minimize deficit in Iraq’s 2011 budget, Oil Ministry:

BAGHDAD / IraqiNews.com: The current increase in oil prices on the international level shall lead to the increase of Iraq‘s revenues and minimize the deficit in its State Budget for the fiscal year 2011, an Oil Ministry official said on Sunday. “If oil prices keep their current level achieving an increase, it shall help to increase the Iraqi Budget and minimize the deficit in the State Budget for 2011, as well as decreasing Iraq‘s depending on other resources, such as credits from the World Bank and foreign states,” the Oil Ministry‘s Spokesman, Assem Jihad, told IraqiNews.com news agency. Jihad added that “the oil prices might be remporary and unstable, but they are useful in the present time, and we hope that they would continue on their current level.” The Council of Ministers had approved a proposal to raise Iraq‘s State Budget for 2011 to the Iraqi Parliament recently, adding US$5 billions (b) for investment projects, that would be financed by credits from the Central Bank of Iraq. HSH (A) / SKH 10