Reducing regional development funds by %50 in 2009

BAGHDAD / IraqiNews.com: A source from the Ministry of Planning on Thursday said that funds allocated for regional development will be brought down by 50 percent in 2009 due to the fall in oil prices. “Oil prices have dropped from $82 to $62.5 per barrel,” Qassim Inaiya told IraqiNews.com. “Funds allocated for regional development in 2009 will not affect the execution of projects,” he said. “The drop in oil prices also reduced the investment budget by around 24 percent,” he added. MH (P) / SS 1