Iraq's 117 trillion dinar ($100bn) budget for 2012 has passed into law after being endorsed by parliament following months of squabbling.The budget is based on an oil price of $85/bl for Iraqi crude and assumes exports of 2.6mn b/d, including 175,000 b/d from the semi-autonomous northern Kurdish enclave run the by the Kurdistan Regional Government, according to Iraqi government news agency Nina.
The budget projects revenues of ID102.3 trillion.All proceeds from oil sales will be deposited in the Development Fund for Iraq (DFI) after a 5pc deduction of war reparations payable to Kuwait. The DFI is controlled by the Iraqi finance ministry.