On Thursday, economic expert Nabil Al-Marsoumi criticized the federal budget for the year 2024, which is the largest in the history of Iraq, describing it as operational par excellence, considering that it is not part of the development plan.
Al-Marsoumi told Shafaq News Agency, “The budget has abundant funds, amounting to 211 trillion Iraqi dinars, and this is a very large amount, but as is the case in previous Iraqi budgets, it was allocated to social care, salaries, and other expenses, and therefore it is an operational budget that does not change the quality and structure of the Iraqi economy.” .
He added, “The budget is dependent on oil and the extent of the backwardness is large in the sectors of industrial and agricultural production and operational services. The budget was not part of the development plan, as there is supposed to be a development plan in the country every four or five years.”
Al-Marsoumi continued, “There is no strategic tool that distributes oil revenues to the people and to the governorates, as the financial allocations to the governorates range between 7-20% of the budget.”
He pointed out that “operational spending took up 74% of the approved budget, with about 95% on oil export imports, while investment spending amounted to 55 trillion dinars, including 1,321 projects, 470 of which were lagging in implementation due to the lack of financial allocations. The government is also completing implementation.” Major projects related to infrastructure and other commercial and industrial projects that have important future economic roles, such as Al-Faw Port and the development road.”
shafaq.com
