2-7-11 The Iraqi government recognizes the current year budget after an increase of three billion dollars

Highlights/Thoughts
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1. The cabinet approved the 2011 budget ($81.9 billion) on Sunday after an increase of 3 billion dollars and a deficit of $13.3 bil
2. The cabinet granted the MOF the right to borrow from the World Bank and the IMF
3. The deficit will be covered by surplus and the amounts retained in the 2010 budget as well as internal and external borrowing and savings derived from increases in oil prices
4. The MOF plans to borrow $4.5 bil from the IMF and $2 bil from the WB