The Ministry of Finance revealed, on Tuesday, that the volume of Iraqi revenues in the federal budget during a month exceeded 11 trillion dinars, confirming that the oil contribution to the budget had decreased to 89%.
Shafaq News Agency followed the data and tables issued by the Ministry of Finance in April for the January accounts of the current fiscal year, which showed that oil is still the main resource for Iraq’s general budget, reaching 89%, which indicates that the rentier economy is the basis of the country’s general budget.
The financial tables indicated that the total revenues in January amounted to 11 trillion, 527 billion, 453 million, 587 thousand and 580 dinars, indicating that the total expenditures with advances amounted to one trillion, 252 billion, 731 million and 419 thousand dinars.
According to the financial tables, oil revenues amounted to 10 trillion and 275 billion and 776 million and 460 thousand dinars, which constitute 89% of the general budget, while non-oil revenues amounted to one trillion and 266 billion and 307 million and 956 thousand dinars.
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency in March 2021 that the reasons for the economy remaining rentier are due to wars and the imposition of the economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of… for economic resources.
The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them, which makes the country turn every time to cover the deficit through borrowing from abroad or within, and thus indicates the inability to Managing state funds effectively, and the inability to find alternative financing solutions.
shafaq.com
