Economic expert Safwan Qusay said the Central Bank of Iraq still has the ability to help secure government salaries despite the current financial pressures facing the country.
Speaking to local media, Qusay explained that Iraq continues to export oil through several routes. These include exports to Turkey’s Ceyhan port, about 120,000 barrels per day transported by tankers to Syria’s Banias port, and shipments from southern export terminals that pass through the Strait of Hormuz. He noted that Iraq exported nearly 42 million barrels of oil during July.
According to Qusay, these exports generated around $3 billion in revenue. However, he said this amount is not enough to fully cover government obligations such as employee salaries, pensions, social welfare payments, and the food ration program.
Because of this shortfall, the Ministry of Finance has been moving funds from other areas of the budget to help cover essential spending.
Qusay also said the government has relied on domestic borrowing through the Central Bank. He stressed that the Central Bank currently has enough liquidity to meet the Ministry of Finance’s needs through the end of this year.
He added that increasing government revenue collection remains important, as it would give the Ministry of Finance a better chance to depend more on non-oil income and reduce pressure on public finances.
