Iraqi parliament approves 2021 budget after months of political row
BAGHDAD, March 31 (Xinhua) -- The Iraqi parliament on Wednesday endorsed a bill for the 2021 budget with about 89 billion U.S. dollars and a deficit of about 19 billion dollars after months of delay due to political differences.
A statement by the media office of the parliament said 215 lawmakers attended a session chaired by Speaker Mohammed al-Halbousi and passed the budget for 2021.
The proposed budget was set on the basis of an average oil price of 45 dollars per barrel and export of 3.25 million barrels per day (bpd), including 250,000 bpd exported from the Kurdish region, said the statement.
The approval came after months of debates among various political blocs over multiple controversial items, including a 12.67-percent allocation from the national budget to the semi-autonomous Kurdistan region.
According to Iraqi law, the annual budget must also be approved by the president before going into effect.
Iraq's economy heavily relies on the export of crude oil, which accounts for more than 90 percent of the country's revenue. Enditem