Iraq's parliament has approved this year's budget of about 104 trillion Iraqi dinars, or nearly $88 billion.
A statement says the budget, which was approved on Saturday, will run with a deficit of 12.5 trillion dinars, or about $10.58 billion. It adds that the budget is based on a projected oil price of $46 per barrel and a daily export capacity of 3.8 million barrels. The budget reduced the self-ruled Kurdish region's share to 12.67 percent from 17 percent.
Iraq holds the world's fourth-largest oil reserves, some 143.1 billion barrels, and oil revenues make up nearly 95 percent of its budget. Plummeting global oil prices, as well as a costly war against the Islamic State group, has severely battered the country's economy.