The budget deficit is estimated at a record 64.36 trillion Iraq dinars, more than double the last budget deficit in 2021, according to a budget document and lawmakers.
The budget sets the exchange rate for oil revenues in U.S. dollars at 1,300 dinars per dollar.
It will remain valid through 2025, though it is subject to amendment, including to the oil price it uses given its near-total dependence on oil revenue.
To break even, Iraq required an oil price of $96 bpd, it said, while the price averaged $71.3 bpd in May.
Baghdad previously had no say over Kurdistan's expenditure of oil revenues, with Kurdistan unilaterally exporting crude via Turkey despite Baghdad's objections.
Persons:
Mohammed Nouri, Ahmed Tabaqchali, Ahmed Rasheed, Timour, Shri Navaratnam, Robert Birsel
Organizations:
Media, REUTERS, London School of Economics Middle East Center, Monetary Fund, Thomson
Locations:
Baghdad, Iraq, REUTERS BAGHDAD, Kurdistan, Iraqi, Turkey, Erbil, Iraq's, Kurdish, Ankara