The federal budget’s total revenue for the first six months of the year exceeded 65 trillion dinars, according to Iraq’s Ministry of Finance on Tuesday. Oil continues to be the primary source of revenue for Iraq’s public budget.
“Total revenue for the first half of the year reached 65,921,901,657,850 dinars (about 50.5 billion USD),” according to the financial tables. In addition, the loans totaled 15,954,981,637,865 dinars.
From January to July 2024, data were made available, and oil brought in 58,803,897,993 thousand dinars, while non-oil revenues brought in 7,118,703,763 thousand dinars.
Financial master Mohamed Al-Hassani told that “without certified and serious enactment of the confidential area and carrying out profound underlying changes across the economy — including decreasing the state’s job and strength, taking out rentier rehearses, and modernizing and incorporating it into the worldwide economy — there is no prompt answer for forestall a reasonable monetary breakdown.”
He went on to say that “within a few years at most, the state will be unable to meet its expenses and will face the risk of bankruptcy and economic collapse” if spending levels did not change significantly.
Muzhar Mohammed Saleh, the financial advisor to the Prime Minister, stated in March 2021 that past wars, economic sanctions, and ongoing political conflicts, which have dispersed economic resources, are to blame for the persistence of a rentier economy.