Iraq’s Economic Center

  In Iraq’s Economic Center 

The Central Bank Is Matching Foreign Revenues To Iraq For The Years 2005-2017

The Central Bank of Iraq announced that it was conducted in accordance with the financial revenues received by the State from 2005 to 2017.

Since 2003 until recently, the Iraqi economy has witnessed a significant increase in oil resources, accompanied by high international oil prices, which have led to the figures of public budgets to high amounts over the past years.

There is a lot of discussion among the specialists and non-specialists about these large dollar revenues, how much they are, how they were disposed of, and their spending.

The bank said it “has completed an important work that shows the size of the real foreign revenues received by Iraq by preparing a matching of the receipts of Iraqi governments of foreign exchange and the doors of spending for the period from 2005 to 2017.”

The statement pointed out that “the total amount of receipts of the Ministry of Finance from foreign currency, during the years 2005-2017 nearly 706.23 billion US dollars, and the amount of which spent $ 703.11 billion, or 99.5% of the total revenue, remaining as at 31/12/2017 A role to the opening balance for the Ministry of Finance at the beginning of 2018.

The statement added that “this spending is distributed at different sections, the most important of which is the monetization of the Ministry of Finance, which is spent by the Ministry of Finance in the period of 2005-2017 amounted to nearly 488.6 billion dollars, or 69.5% of total spending, followed by Iraqi government revenues for the same period Which is through the Iraqi Trade Bank (TBI) $ 156.9 billion, 22.3% of the total expenditure, and then the expenses of the payment of the contractors of oil service contracts and military payments of $ 41.5 billion, or 5.9% of the total expenditure, 2.3% of total expenditure has been charged for payment Debts of Iraq and other expenses “.

“The year 2012 is the highest year in terms of revenue with a total revenue of $ 106.23 billion, and 2013 is the highest year in terms of spending with a total expenditure of about $ 97.45 billion.

“The total revenue for the period 2005-2013 grew by 21.7% compared to 5.4% for the years 2014-2017, and the total expenditure grew by 24.3% for the period 2005-2013, with a negative rate of 9.1% for the period 2014-2017 “. Source