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Iraqi 2016 budget proposal sees deficit of $25.8 bln

The government has projected a fiscal deficit of about $25 billion this year, in a budget of roughly $100 billion

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Iraq's Finance Ministry has proposed a 2016 government budget worth 113.5 trillion Iraqi dinars ($99.65 billion) with a budget deficit of 29.4 trillion Iraqi dinars ($25.81 billion), according to a draft posted online on Wednesday.

The budget forecasts oil at $45 a barrel and presumes the continuation of a 2014 deal with the semi-autonomous Kurdistan region over oil revenues, Deputy Finance Minister Fathil Nabi told Reuters.

The government has projected a fiscal deficit of about $25 billion this year, in a budget of roughly $100 billion.