BAGHDAD: Iraq’s Cabinet has approved next year’s budget of about $91 billion, sending it to parliament for final approval, a government spokesman said on Monday. Spokesman Saad al-Hadithi said the budget of 106 trillion Iraqi dinars (about $91 billion) will run with a deficit of 23 trillion dinars ($19.72 billion). Al-Hadithi added that the deficit will be relieved through loans from local and international lenders. He said the budget calculations are based on an assumed oil price of $45 a barrel with an average daily crude oil output of 3.6 million barrels. Iraq holds the world’s fourth largest oil reserves, some 143.1 billion barrels, and oil revenues make up nearly 95 per cent of its budget.