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Iraq expects $13.7bn budget deficit in 2012

Iraqi Finance Minister Rafie Al-Esawi has said the country is to run a budget deficit of around ID16trn ($13.7bn) next year on a budget of ID115trn ($98.3bn), Reuters has reported. Iraq's 2011 budget was $82.6bn based on an average oil price of $76.50 per barrel and 2.2 million barrels per day in crude exports. "The deficit of 2012 will be around 16trn Iraqi dinars ($13.7bn). As a percentage (of the budget) it will be less than the deficit of the current year," Esawi said.