Middle East Economic Survey


No 45



Iraq Revises Downward Its 2009 Draft Budget To $67Bn

Iraq will have to cut its 2009 budget spending to $67bn from a previous draft budget figure of $80bn as a result of the slide in oil prices, Iraqs Finance Minister Bayan Jabr said at the end of last month following a meeting held with IMF officials in 'Amman. Despite this cut of 16.25%, the revised figure of $67bn represents an increase of around 34% from the 2008 budget figure of $50bn (...