Twilight News / Council of Ministers approved in its fifteenth ordinary day on the draft federal budget law for 2015 and forwarded to the House of Representatives.
According to a statement of the Council that the decision came after the formation of a committee headed by the Prime Minister Haider al-Abadi and the membership of the Deputy Prime Minister Bahaa al-Araji, finance ministers and planning, higher education, scientific research and transportation, to review and re-formulations of some of the material legally.
The Iraqi government formed late last month a special committee to reconsider the draft budget after oil prices fell to the lowest level in five years.
The draft is based on the price of $ 70 per barrel, but oil prices tumbled to below $ 60 a barrel. Iraq relies on oil revenues to fund 95 percent of budget income.
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