A report that was released on Tuesday by the Ministry of Finance stated that Iraq’s financial revenues for the first seven months of 2024 exceeded 77 trillion dinars, which is equivalent to approximately $55 billion.
The information, which covers the period from January to July showed the absolute incomes was 77,475,502,239,546 dinars.
The report showed that oil incomes represented 89% of the complete spending plan, adding up to 69,055,827,984,000 dinars, while non-oil incomes contributed 8,317,883,512,000 dinars.
During that time, advances totaled 15,664,477,820,559 dinars.
“The failure of previous regimes to transition to a developmental economy,” according to economist Mohammed Al-Hassani, Iraq’s economic difficulties. He emphasized the necessity of investing oil wealth in economic diversification, the creation of productive employment opportunities, and human development.
Al-Hassani likewise called for “administrative changes to cultivate both nearby and unfamiliar private-area venture, including updates to tax guidelines, shopper assurance regulations, and against syndication measures.”
Mudher Mohammad Saleh, the Monetary and Financial Counselor to the Iraqi Head of the state, made sense of that Iraq’s dependence on oil is a tradition of past conflicts, monetary assents, and continuous political struggles. Resources have been misallocated as a result of these factors.
Iraq’s continued reliance on oil puts it at risk for fluctuations in the global economy, necessitating borrowing from abroad or within the country to address budget deficits.
