Iraqi Federal budget upped by ID1 trillion 

(MENAFN - Aswat Al-Iraq) Iraq's federal budget for the year 2010 has been increased by 1 trillion Iraqi dinars (ID) to reach 84.6 trillion and is currently awaiting a cabinet approval before a parliamentary vote is taken, an Iraqi lawmaker said on Sunday.

"The budget deficit will be reduced to ID20 trillion following this increase," MP Sami al-Atroushi from the parliamentary financial committee told Aswat al-Iraq news agency.

The Ministry of Finance has approved the increase, which will be allocated for the Prisoners Institution, the Kurdistan region, and to cover the costs of Iraqi crude exports, according to Atroushi.

Iraq's budget is based on an oil price of 60 a barrel.