Iraq's Finance Ministry proposed a 2009 draft budget of 79 trillion Iraqi dinars ($68.7 billion) and a deficit of 18 trillion Iraqi dinars ($15.6 billion), said the government spokesman Sunday, according to AP. Ali al-Dabbagh said the Cabinet held a special meeting Sunday to discuss the country's finances in light of the global financial crisis and falling world oil prices. The ministry based budget revenues on an oil price of $62.5 per barrel, he added. The government had to revise that from an original estimate of $80 a barrel. Oil prices have slipped sharply since summer highs. On Friday, oil for December delivery rose 27 cents to $61.04 a barrel on the New York Mercantile Exchange. Iraq is dependent on oil revenues for more than 90 percent of its budget.
