Baghdad, Aug.7 (AKnews) - The Iraqi Finance Ministry said on Sunday that it will submit the federal budget for 2012 –with no fiscal deficit - to the Council of Ministers in September.
Deputy Finance Minister Dia Khayyoun told AKnews that the 2012 budget is based on the premise that Iraq will export 2.2 million barrels of crude oil per day at $85 a barrel.
Iraq sits atop the fourth largest oil reserves in the world and oil exports account for 96% of the country’s economy.
"The Ministry of Finance has developed mechanisms to counteract deficit in the 2012 budget," he said, without specifying what those mechanisms consist of.
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