Deficit in 2009 budget may reach 50% – MP

BAGHDAD / IraqiNews.com: Member of the Iraqi Parliament’s financial committee on Monday said that the 2009 federal budget of Iraq faces a deficit of 23 percent, referring that the range may increase up to 50 percent if oil prices continue to decrease. “The government made a mistake when organized the budget in considering oil prices at $62.5 per barrel,” Lawmaker Sami al-Atroshi told IraqiNews.com. “Iraq’s oil prices have reached $45 per barrel,” he said. “Some oil countries arranged their budgets relying on $40 as the price per barrel,” he added. He assumed the Iraqi government would face a “great embarrassment” if oil prices continue to drop. MH (P)/SR 1