(MENAFN) The Iraqi cabinet announced that it has approved a USD102.5 billion budget for 2015 based on a projected oil price of USD60 a barrel, with a projected deficit of USD19.1 billion, The Peninsula Qatar reported.
The budget, which still needs to be approved by parliament, is expected to be distributed between Iraq and the autonomous Kurdish region after both sides reached an agreement regarding the budget and the oil revenues.
Iraq, one of the world's top oil producers, is currently facing several challenges due to its high public spending as it attempts to battle its current political unrest, as well as the falling oil prices which are affecting to impact its revenue as oil is a major source of it to the country.
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