Iraq’s federal revenues for 2024 have exceeded 140 trillion dinars, with oil producing extra than ninety one% of the overall, the Ministry of Finance mentioned on Saturday.
legitimate facts suggests overall income reached one hundred forty.774 trillion dinars ($99.576B), whilst prices hit one hundred twenty five.214 trillion dinars ($88.582B). Oil revenue contributed 127.536 trillion dinars ($90.192B), highlighting Iraq’s persevered reliance on crude exports. Non-oil income totaled just 13.237 trillion dinars ($nine.361B).
Economist Mohammed al-Hasani criticized the imbalance, arguing Iraq has “failed” to build a numerous economic base. “This overdependence makes the country surprisingly at risk of international oil fluctuations. without reforms to boost efficiency and broaden opportunity sectors, monetary instability will remain,” he told Shafaq information.
Iraq’s rentier financial system, fashioned by using many years of war, sanctions, and vulnerable governance, has confronted lengthy-status scrutiny. In 2021, high Ministerial adviser Mudhhir Mohammed Saleh attributed the structural flaws to decades of disrupted making plans and mismanaged assets.
Analysts hold to warn that except Iraq broadens its revenue assets, it’s going to stay exposed to finances crises for the duration of oil slumps, often turning to debt to cover spending gaps.
