BAGHDAD, June 12 (Xinhua) -- The Iraqi parliament on Monday endorsed a bill for the 2023 budget after days of heated debates in the parliament.
According to the budget documents published by local media, the budget amounts to 198.9 trillion Iraqi dinars (152 billion U.S. dollars) with a deficit of about 64.3 trillion dinars (49 billion dollars).
The budget was based on an oil price of 70 U.S. dollars per barrel and the exports of 3.5 million barrels per day (bpd), including the exports of 400,000 bpd from the northern oilfields in the semi-autonomous Kurdistan region.
The parliament statement said that the budget will remain valid through 2024 and 2025 but with necessary amendments in line with changes in oil prices or oil exports.
According to Iraqi officials, the government chose the budget to be valid for three years to ensure the stability of the planning and financing process for long-term projects and programs.
The latest budget approval came after several days of debate between political blocs, especially objections from the largest Kurdish party, the Kurdistan Democratic Party, about provisions related to the distribution of oil revenues.
According to Iraqi law, the annual budget must also be approved by the president before going into effect.
Iraq's economy heavily relies on the export of crude oil, which accounts for more than 90 percent of the country's revenue. ■
