The Iraqi government will have to borrow ID9 trillion ($7.7bn) in 2014 to be able to pay oil producing governorates $5 for every barrel of oil produced or refined locally, and for every 5,300cu ft of gas produced, if the federal parliament approves this payment, rather the $1 stipulated in the draft budget, Acting Minister of Finance Safa al-Din al-Safi says.

Speaking in an interview with the Iraqi Media Network (IMN), Mr Safi adds that the government will have to issue bonds to cover the draft budget’s estimated ID23 trillion ($19.7bn) deficit. (CONTINUED - 360 WORDS)