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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Iraqi official urges austerity measures AP - Saturday, December 13 BAGHDAD - Iraq's finance minister is urging government departments to cut down on expenses to offset the effects of the drop in world oil prices. Last month, the Iraqi government adopted a revised 2009 budget of $68.6 billion. The original budget for next year was $79 billion. Revenues are based on an oil price of $62.50 per barrel, down from an original estimate of $80. Finance Minister Bayan Jabr says in a statement Friday that the Finance Ministry will review the budget in early 2009 and order austerity measures if necessary to make up for the revenue shortfall. Iraq is dependent on oil revenues for more than 90 percent of its budget. On Friday, oil prices fell below $45 a barrel _ down from more than $140 a barrel in July. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World New York Times reporter Robin Toner dies at 54AP - 26 minutes ago Failed auto talks raise freshman senator's statusAP - 31 minutes ago US gives visa to mother of Ecuadorean beaten in NYAP - 32 minutes ago State plans to review 5 years of Detroit gun casesAP - 38 minutes ago Birth certificates to reflect NY gay-marriage moveAP - 45 minutes ago Most Popular – World Viewed White House mulls urgent new steps on autos US Senate fails to reach deal on auto bailout Autism, other disorders linked to post-natal factors: study Muslim pilgrims stone Satan at the hajj Sarcasm finds medical use in dementia detection View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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