(MENAFN) Iraq's Ministry of Finance has submitted a 2013 preliminary budget of USD118 billion to the cabinet for approval, with a projected USD15.5 billion deficit, Reuters reported.
Deputy Finance Minister Fadhil Nabi said that the budget was based on oil exports at 2.9 million bpd, including 175,000 barrels from the Kurdistan region, and an oil price of USD90 per barrel.
He added that the suggested budget includes USD45.5 billion allocated for investment projects.
Nabi said also that the government has allocated USD644 million for companies working in the autonomous Kurdistan region.
Iraq holds the world's fourth-largest oil reserves and currently exports an average of 2.5 million barrels per day.
The country depends on oil revenues to fund about 95 percent of its budget.
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