In Numbers.. Iraq’s Expenditures Amount To One Trillion Dollars In A Decade, And 92% Of Its Revenues Depend On Oil
Time: 2025/03/09 12:27:23 Read: 1,230 times {Economic: Al-Furt News} Economic expert, Manar Al-Obaidi, revealed details of the financial situation in Iraq during the past decade.
Al-Obaidi said in a statement received by {Euphrates News}, a copy of which, “Total revenues amounted to 1,028 trillion dinars, of which oil exports accounted for 92%, while tax and customs revenues and other sources accounted for only 8%.”
Al-Obaidi explained in an economic analysis that “total government spending during the same period amounted to 1,007 trillion dinars, in addition to unliquidated loans ranging between 100-150 trillion dinars, so that total spending exceeded 1,100 trillion dinars (about one trillion US dollars).”
He pointed out that Iraq’s annual spending rate is estimated at $100 billion, exceeding its counterpart in countries such as the UAE ($65 billion), Malaysia ($82 billion), and Singapore ($77 billion).
Al-Obaidi pointed out the paradox in economic performance, as countries such as Singapore and Malaysia rely on diversified economies that have achieved a GDP of nearly $500 billion annually, while the Iraqi economy remains hostage to the oil sector, with continuing challenges represented by disguised unemployment, financial waste, and inefficient spending.
He stressed that “Iraq’s problem is not a scarcity of resources, but rather their mismanagement,” calling for urgent reforms focused on diversifying the economy, improving spending efficiency, and combating corruption. He also highlighted the need to implement the famous development program saying: “A stable government improves development management,” warning that “losing any word in this phrase will bring down the entire sentence.”
Iraq faces deep structural challenges, with a rentier economy unable to absorb its growing population, while its vast resources are being spent without achieving sustainable development, according to the analysis. LINK
Iraq’s Oil Exports To America Fell Sharply Last Week
Sunday 09 March 2025 11:02 | Economic Number of readings: 228 Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq’s oil exports decreased significantly during the past week.
The administration said in a table, “The average US imports of crude oil during the past week from 8 major countries amounted to 5.577 million barrels per day, up by 42 thousand barrels per day from the previous week, which amounted to 5.535 million barrels per day.”
It added that “Iraq’s oil exports to America decreased significantly, reaching an average of 46 thousand barrels per day, down by 182 thousand barrels per day from the previous week, which averaged 228 thousand barrels per day.
” The administration indicated that “most of America’s oil revenues during the past week came from Canada, followed by Brazil, Mexico, Colombia, Saudi Arabia, Venezuela and Ecuador.” / End
https://ninanews.com/Website/News/Details?key=1190828
US Ambassador To Iraq: Importing Natural Gas Outside The Sanctions System
energy Economy News – Baghdad The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Sunday, that the Iraqi government is serious about achieving independence in the field of energy, while the Chargé d’Affairs of the US Embassy in Iraq, Daniel Rubinstein, indicated that the import of natural gas is outside the sanctions system.
A statement by the Finance Committee, received by “Al-Eqtisad News”, stated that “the Chairman of the Finance Committee, Atwan Al-Atwani, received today, Sunday, the Chargé d’Affairs of the US Embassy in Iraq, Daniel Rubinstein, and the accompanying delegation,” indicating that “the meeting discussed ways to enhance joint cooperation between Iraq and the United States of America in terms of managing and developing the work of the financial and banking sector.”
He added, “The meeting focused on discussing the US sanctions file and their impact on the electricity sector, especially in light of talk about the end of the deadline for Iraq’s exemption from importing Iranian gas.”
Al-Atwani stressed, according to the statement, “the importance of this visit at this sensitive time, and stressed the need for continuous communication to correct the course of Iraqi-American relations,” charging “the Chargé d’Affairs with an important message to his country’s government, which is that stopping the import of gas will have disastrous consequences for the Iraqi people, especially in the summer, as it will cause the collapse of the national electricity system, due to the lack of any alternatives at the present time.”
He pointed out that “the Iraqi government is serious about achieving energy independence through many promising projects related to investing in associated gas, for the purpose of using it in generating electricity and achieving self-sufficiency, but these projects will enter service in the coming years.”
He called on “the US administration to review the policy of pressure exerted by the US Treasury on the financial and banking sector in Iraq by imposing continuous sanctions on local banks.”
He stated that “Iraq has achieved a qualitative shift in the policy of compliance and financial transfers, and despite that, we are surprised by collective sanctions targeting Iraqi banks without prior warning and without any declared justification or even notifying the Central Bank of Iraq about it, and this has created a major problem for us, and has affected the work and activity of the banking sector.”
For his part, Rubinstein expressed his “understanding of what Al-Atwani had raised during the meeting regarding the energy and banking sanctions files, and promised to convey these messages to his country’s government in the hope of finding permanent treatments and solutions that would achieve the interests of the two friendly peoples,” noting that “the import of natural gas is, so far, outside the sanctions system.” https://economy-news.net/content.php?id=53231
Prime Minister’s Advisor: Investment Boosts Economic Growth, Keeps Iraq Away From Oil Price Fluctuations
09/03/2025 Mawazine News – Economy The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Sunday, that foreign investment is an important step towards enhancing economic growth in Iraq, and isolating the country from the fluctuations of oil asset cycles and the problems of oil price fluctuations, explaining that linking the international economy to the Iraqi economy contributes to achieving sustainable economic growth, based on the indicators of the National Development Plan 2024-2028.
Salih said, in a statement to the official agency: “The influx of foreign investment to Iraq means the development of linking international economic activity to the country’s productive economy, which enhances the environment that encourages investment thanks to what Iraq possesses in terms of material and human resources.”
He added that this link contributes to enhancing economic growth in accordance with the development plan, which aims to diversify the national economy, stressing that foreign direct investment contributes to introducing advanced technology and improving organizational and administrative thinking, which leads to reducing unemployment, increasing job opportunities and improving the level of income in the country.
Salih pointed out that foreign investment plays a major role in developing infrastructure in many vital sectors such as electricity, energy, transportation, communications and information technology, and it also contributes to protecting the national economy from economic fluctuations that affect the oil sector.
Saleh concluded his statements by stressing that the benefits of foreign investment are clearly embodied when this investment is integrated into the local labor market, which maximizes the economic benefit and increases the employment of the local workforce, thus contributing to strengthening the movement of the national economy.
https://www.mawazin.net/Details.aspx?jimare=260064
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