The Iraqi parliament approved the budget for 2021, which amounts to 130 trillion Iraqi dinars (89.65 billion dollars), at a time when the country is suffering an economic and financial crisis due to low oil prices.
Lawmakers have said the budget deficit is expected to be 28.7 trillion dinars ($ 19.79 billion).
According to documents and lawmakers, the budget is based on an oil price of $ 45 a barrel, and expected exports of 3.25 million barrels per day, including 250,000 barrels per day from the Kurdistan region of Iraq.
Iraq relies on oil to finance 97 percent of its budget, and its commitment to the (OPEC +) agreement to reduce oil production has reduced the financial resources of a government struggling to deal with the repercussions of the years of war and rampant corruption.
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