By Ahmed Rasheed

BAGHDAD, Feb 28 (Reuters) - Iraq's parliament is likely to cut the country's oil-dependent budget, already slashed twice because of the collapse in global crude prices, before approving government spending plans, lawmakers said on Saturday. The 2009 budget had been due to be put to a vote on Saturday but negotiations over further cutbacks delayed the session.

Iraq is struggling with slumping income from oil exports.

Lawmakers on the chamber's finance committee said one of about 50 proposals involved a cut of 5 trillion Iraqi dinars, or around $4.3 billion, off the current $62 billion budget. Another called for a cut of 5 percent, or around $3 billion.

"We in the financial committee will work hard and hope to cut back the budget by 5 trillion Iraqi dinars to achieve a reasonable and acceptable deficit," said Ayad al-Samarai, head of the committee.

"We hope to put it to a vote the day after tomorrow."

Iraq, which depends on oil exports for 90 percent of its income, has already cut its spending plans for this year twice as global oil prices slumped from a record high of $147 per barrel last summer to nearer $40 now.

The drop in revenues has hit just as violence unleashed by the 2003 U.S.-led invasion declines and the country desperately needs money to start to rebuild.

The original spending plans amounted to $80 billion. Investment spending on infrastructure like power stations bore the brunt of the cuts when the budget was last slashed.