Iraq’s budget focuses on security

BAGHDAD - Agence France-Presse

Energy and security are at the forefront of a draft budget for 2012 approved by Iraq’s cabinet this week, government spokesman Ali al-Dabbagh said yesterday.

 The $100-billion spending program represents a 22 percent increase over the previous year, and compares against revenues of $87 billion. “The revenues ... are coming from oil revenues based on an estimated average price of $85 per barrel, and expected production of 2.6 million barrels per day” Dabbagh said in a statement. Oil revenues represent 94 percent of Iraq’s state income. T

wo thirds of overall expenditures will cover the country’s operating expenses, while the remainder will be spent on investment. The largest share of the budget is dedicated towards energy, with 17.5 percent of spending on the sector, and security at 14.6 percent.