The Iraqi Ministry of Finance announced that federal budget revenues exceeded IQD 106 trillion (approximately $81 billion) in the year’s first ten months.
The Finance Ministry data showed that oil still makes up 95 percent of Iraq’s general budget, according to Shafaq News.
From the beginning of 2023 until October, oil revenues amounted to over 101.94 trillion Iraqi dinars (nearly $78 billion), while non-oil revenues were 5.47 trillion Iraqi dinars (about $4.18 billion), according to the ministry’s financial data.
Economic experts warn that relying on oil as the sole source of Iraq’s budget is dangerous due to global oil price fluctuations.
Iraq’s general budget was impacted when oil prices dropped from $90 to $70 per barrel.
Iraq’s financial savings are used for operational expenses instead of major investments, leaving other economic sectors undeveloped.
Iraq’s reliance on oil as the only budget source makes it vulnerable to global crises.
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