01.12.2014 - Oil Price Drop Forces OPEC Member Iraq to Weigh Spending Cuts
The plunge in oil prices is forcing the Iraqi government to consider spending cuts even as the conflict with Islamic State threatens to shrink economic output for the first time in at least three years. The government formed a panel to look into ways to cut next year’s proposed budget deficit to a “realistic level,” according to a cabinet statement released during the weekend. The current budget proposal envisages a budget deficit of about 47 trillion Iraqi dinars ($39 billion)...............................................Full Article: Source
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