Iraq Development Program - Iraq to channel additional oil revenue to budgetary investment

Iraq to channel additional oil revenue to budgetary investment (01/04/08) Iraq will channel an additional $5 billion to its budget by the end of June, according to government spokesman Ali al-Dabbagh. The government will be investing the money generated from increased oil revenue in infrastructure and services, Al-Dabbagh said in a statement on Monday.

		The funds will be supplemented onto $15 billion that was already planned for economic and infrastructure development in the budget. The additional budgetary allocation will be used for “important” and “strategic” investment, the statement said. Iraq's oil exports have increased in recent times, with an average of 1.54 million barrels sent each day through the main oil hub Basra in February, according to the Iraqi Oil Ministry.
Iraq's average production for last month was 2.4 million barrels per day. Exports averaged 1.93 million barrels per day during the corresponding period. Iraq, like all oil-producing nations, has benefited largely by the skyrocketing oil prices, which have climbed above $100 a barrel. Source: RTT News

Iraq to channel additional oil revenue to budgetary investment (01/04/08)