Iraq’s financial revenues exceed 30 trillion dinars within 3 months

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Iraq’s financial revenues exceed 30 trillion dinars within 3 months

On Monday, the Ministry of Finance disclosed that Iraqi revenues for the previous three months exceeded 30 trillion dinars, confirming that the oil contribution to the budget had decreased to 89 percent.

followed the information and tables gave by the Service this May for represents the long stretches of January, February and Walk for the ongoing financial year, which showed that oil is as yet the fundamental asset for Iraq’s general spending plan, as its commitment reached 89%, which It demonstrates that the rentier economy is the premise of the nation’s general spending plan.

The monetary tables showed that the all out incomes in the initial three months added up to 31 trillion and 187 billion and 625 million and 445 thousand and 38 dinars, and that the absolute consumptions with propels added up to 3 trillion and 678 billion and 245 million and 419 thousand dinars.

As indicated by the tables, oil incomes added up to 27 trillion, 675 billion, 924 million, and 540 thousand dinars, which comprise 89% of the general financial plan, while non-oil incomes added up to 3 trillion, 533 billion, 932 million, and 400 thousand dinars.

“The percentage of oil is still high and Iraq’s economy is still a rentier economy that relies on oil as the sole source in its general budget,” said economic expert Hilal Al-Taan in an interview with Shafaq News Agency.

He went on to say, “The government did not use the cash surplus to revive industrial and agricultural projects; rather, it used it to construct infrastructure, bridges, and roads.”

He cited the “success of neighboring countries in developing their industrial and agricultural sectors, and they have become a source for other countries, and Iraq is a consumer and importer from these countries” as an example.

In an interview with Shafaq News Agency in March 2021, Mazhar Muhammad Saleh, the Prime Minister’s Advisor for Financial Affairs, confirmed that the wars and economic blockade imposed on Iraq in the past, as well as the current political conflicts, which have resulted in… Dispersal of economic resources, are to blame for the economy remaining rentier.

The Iraqi state’s proceeded with dependence on oil as the sole wellspring of the general spending plan jeopardizes Iraq from the worldwide emergencies that happen now and again in light of the fact that oil is impacted by them, which makes the nation tend each opportunity to cover the shortfall through acquiring from abroad or inside, and in this manner demonstrates the failure to Overseeing state reserves actually, and the powerlessness to track down elective funding arrangements.