The Federal Ministry of Finance discovered, on Wednesday, that the scale of Iraqi revenues within the widespread price range at some point of 9 months of the current yr 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.
dinaropinions.com observed up on the statistics and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, may also, June, July, August and September of the contemporary fiscal yr, which showed that oil remains the principle aid for Iraq’s fashionable budget, accomplishing 89%, indicating that the rentier economy is the premise of the united states of america’s standard finances.
The economic tables indicated that the total revenues for the 9 months of the current 12 months amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the entire advances amounted to fifteen trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.
in line with the financial tables, oil revenues amounted to one zero one trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the overall price range, even as non-oil revenues amounted to twelve trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s preferred budget.
For his component, economic expert Mohammed Al-Hasani instructed Shafaq news corporation, “The disorder of the Iraqi economy is that it’s miles rentier and relies upon specially on oil, and that Iraq has now not activated the customs tariff that contributes to raising economic sales properly.”
He delivered that “attempts to support the agriculture, industry and tourism sectors that allows you to be a second tributary to grease were timid, and each sector did now not make a contribution extra than four% of the gross home product,” calling for “activating some of legal guidelines that inspire the neighborhood and foreign non-public zone to enter the Iraqi market, which include customs tariff laws, purchaser protection and anti-monopoly laws.”
In March 2021, the high Minister’s consultant for financial affairs, Mazhar Muhammad Salih, showed to Shafaq news business enterprise that the reasons for the financial system closing rentier are due to the wars and the imposition of an financial blockade on Iraq during the past generation, and the political conflicts we are witnessing nowadays, which caused the dispersion of monetary sources.
the continuing reliance of the Iraqi nation on oil as the sole source of the general price range puts Iraq at hazard from global crises that arise now and again because of the effect of oil on them, which makes the united states turn each time to cover the deficit thru borrowing from abroad or regionally, and thus suggests the incapacity to manage the nation’s finances efficiently, and the incapability to find opportunity financing answers.
