The Iraqi Service of Money uncovered, on Monday, that the volume of incomes in the government spending plan during four months surpassed 42 trillion dinars, affirming that the oil commitment to the financial plan stays at around 89%.
ollowed the data and tables that were released this month by the Ministry of Finance for the accounts for the months of January, February, March, and April for the current fiscal year. These tables showed that oil is still the primary resource for Iraq’s general budget, with a figure of 89 percent. This shows that the rentier economy is the foundation of the country’s general budget.
According to the financial tables, the total expenditures with advances totaled three trillion, 678 billion, 245 million, and 511 thousand dinars, and the total revenues totaled 42 trillion, 725 billion, and 409 million, 202 thousand, and 38 dinars.
As indicated by the monetary tables, oil incomes added up to 38 trillion, 3 billion, 728 million, and 183 thousand dinars, which comprise 89% of the general spending plan, while non-oil incomes added up to four trillion, 698 billion, 785 million, and 9 thousand dinars.
Economic expert Muhammad al-Hassani, on the other hand, stated to Shafaq News Agency that “Oil prices are subject to global fluctuations” and that “the Iraqi government must take advantage of the financial abundance in the budget by developing the economic and agricultural sectors to reduce dependence on oil.” He also emphasized that “Oil prices are subject to global fluctuations.”
He added, “Defilement and administration overpower most parts of government foundations and forestall any monetary advancement occurring in Iraq,” advance notice against “not enhancing the Iraqi economy as fast as could really be expected, which will make the Iraqi state unfit to try and pay the compensations of its representatives soon.”
The Top state leader’s Consultant for Monetary Undertakings, Mazhar Muhammad Salih, affirmed in Walk 2021 in a meeting with Shafaq News Organization, that the explanations behind the Iraqi economy remaining rentier are because of the conflicts and the burden of the financial barricade on the country during the previous time and the political struggles we are seeing today, which prompted… Dispersal of financial assets.
The Iraqi government’s continued reliance on oil as the sole source of the general budget poses a risk in global crises, as oil prices are affected by them. As a result, the country frequently borrows money from abroad or within to cover the deficit, indicating an inability to effectively use state funds and a lack of alternative financing options.
