BAGHDAD, June 3 (Xinhua) -- The Iraqi parliament on Monday endorsed a bill for the 2024 budget.
According to the documents published on the parliament's official website, the total government spending is set at 211 trillion Iraqi dinars (about 161 billion U.S. dollars) with a deficit of about 64 trillion dinars.
A press statement by the parliament said 199 lawmakers out of the 329-membered parliament attended a session chaired by parliament's Acting Speaker Mohsen al-Mandalawi and passed the budget for 2024.
The documents showed that the budget was based on an oil price of 80 U.S. dollars per barrel, without providing further details about the daily quantities of crude oil exports.
According to Iraqi law, the annual budget must be approved by the president before going into effect.
Iraq's economy heavily relies on crude oil exports, which account for more than 90 percent of the country's revenues. ■
