Iraq’s state treasury dealt trillion-dollar blow, expenditures soar

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Iraq's state treasury dealt trillion-dollar blow, expenditures soar

The Iraq Future Foundation disclosed on Thursday that, in January 2024, state spending from the budget was significantly higher than in 2023, despite a little decline in oil receipts.

According to Foundation President Manar Al-Obaidi, “Government salary expenditures for January 2024 increased by 13.8% at a rate of four trillion dinars, compared to the same period last year.”

“Social welfare expenditures for the same month increased by 20.4% by 1.8 trillion dinars, and overall current expenditures also increased by 20% to reach 6.5 trillion dinars, compared to 5.5 trillion dinars last year,” he stated.

Al-Obaidi noted that “the total government expenditures for January 2024 increased by 37% compared to the same period last year, reaching a total of 8.8 trillion dinars compared to 6.4 trillion dinars.”

“A 0.1% drop in oil earnings from January 2023 to January 2023, or 10.27 trillion dinars instead of 10.28 trillion dinars…Revenues from sources other than oil rose to 1.26 trillion dinars. He added that.

Al-Obaidi came to the conclusion that “the total government revenues in January 2024 increased to 11.5 trillion dinars from 7.7 trillion dinars,” and confirmed that “the data provided is based on the Iraqi Ministry of Finance’s data.”