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Twilight News / The House of Representatives began the first reading of the draft federal budget for the Republic of Iraq for fiscal year 2019.
The bill faces differences in regard to the share of the Kurdistan Region and financial demands for the province of Basra in the south of the country or areas liberated from the grip of Daash.
The new Iraqi government, headed by Adel Abdul Mahdi, agreed on Sunday to send the draft of the 2019 budget to parliament to vote on it, estimated at 128.4 trillion Iraqi dinars (107 billion dollars), with a financial deficit of up to 20 billion dollars, Oil at $ 56, with oil revenues accounting for about 99 percent of Iraq’s income.
The price of Brent crude is about $ 80, while international investment banks expected to reach about $ 100 next year, pointing out that the price forecasts come in the possibility that US sanctions on Iran to reduce the global supply.
The share of the Kurdistan region and allocations Basra is the subject of serious dispute in the budget this year, before reaching the government of Haider Abadi previous to reach consensus with the main blocks in parliament to pass.
The budget of 2018 amounted to about 104 trillion dinars (88.1 billion dollars), deficit of 12.4 trillion dinars (10 billion dollars). The projected export revenues were calculated on the basis of the average price of $ 46 per barrel and an export rate of 3.8 million barrels per day.