IRAQ

Parliament Ratifies Record 2012 Iraqi Budget

The Iraqi parliament on 23 February approved the 2012 federal budget with total revenue of ID102,327bn ($88.21bn), total expenditure of ID117,123bn ($100.97bn) and a resulting deficit of ID14,796bn ($12.76bn). The bulk of the deficit will be covered from the retained surplus in the Development Fund of Iraq (DFI) account at the New York Federal Reserve. At the same time the Minister of Finance is authorized in 2012 to continue borrowing up...