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Iraq: parliament passes 2012 budget

In Baghdad, lawmakers focus on financing.

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Iraqis take part in a political protest last month demanding the resignation of Sunni Muslim Vice President Tareq al-Hashemi after a judicial committee investigation issued an warrant for his arrest. (SABAH ARAR/AFP/Getty Images)

Iraq's parliament has approved a $100 billion 2012 budget, AFP reported

The new finance plan, which passed late Thursday, was based on an average oil price of $85 per barrel, Reuters reported, and assumed the country will export some 2.6 million barrels of crude per day.

An unnamed Iraqi official told AFP that the parliamentary session on the budget lasted seven hours. Its passage had been delayed numerous times due to political problems between parliament's Shi'ite, Sunni, and Kurdish political factions, said Reuters

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Crude oil sales account for the majority of Iraq's income. The country produces some 2.9 million barrels per day, with exports averaging 2.1 million barrels per day 2011. 

http://www.globalpost.com/dispatch/news/regions/middle-east/120224/iraq-parliament-passes-2012-budget