Cabinet offers 2011 draft budget at ID78 trillion – lawmaker

BAGHDAD / IraqiNews.com: The Iraqi cabinet forwarded to parliament the 2011 draft state budget, which hit nearly 78 trillion Iraqi dinars (roughly $67 billion), according to a lawmaker from al-Iraqiya bloc on Saturday. “The draft state budget was forwarded to parliament in accordance with the law. The revenues resulting from export of crude oil within the budget were calculated on the basis of 73 dollars per barrel and a rate of export of 2.25 million barrels per day (bpd), including 150,000 bpd in crude oil exports from the Iraqi Kurdistan Region,” Abdulkareem al-Samarraie told IraqiNews.com news agency. “The Iraqi Kurdistan Region has to be committed to revenues coming from the crude oil exports to the Iraq Reconstruction Fund after deducting the 5% rate in Kuwait War compensations or any other matter adopted by the Security Council and has to be repaid to the United Nations,” he added. AmR (P) 36