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2021-09-14 07:36
Iraq's calculations in July portend great danger: the state is unable to find an alternative to oil
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2021-09-14 07:36
Shafaq News/ The Iraqi state account numbers for the month of July for the fiscal year 2021 showed dependence on oil as a main and almost the only source of income, which poses a great danger to Iraq's future.
Shafaq News Agency followed the data and tables issued by the Ministry of Finance in September for the last July accounts, which indicated that oil is still the main resource for Iraq's general budget, despite its decrease by 1% from last year, but it remains above 90% of Iraq's budget. Which poses a danger to the future of Iraq in light of the current Iraqi government's attempt to reform the Iraqi economy within the white paper submitted by the Council of Ministers to the Council of Representatives.
Through the financial tables, it appears that the total oil revenues amounted to 43 trillion and 282 billion and 383 million and 790 thousand and 920 dinars, which represents 92% of the total revenues, while the total non-oil revenues amounted to 3 trillion and 982 billion and 211 million and 238 thousand and 585 dinars, which constitutes 8% of the total revenues, while the total oil and non-oil revenues amounted to 47 trillion and 264 billion and 595 million and 29 thousand and 504 dinars, which is higher by 16 trillion and 72 billion and 191 million and 353 thousand and 634 dinars from the same period last year 2020 as a result of high oil prices .
According to the financial report; Non-oil revenues came from current revenues represented by taxes on income and wealth at 981 billion and 501 million and 142 thousand and 565 dinars, and they also came from commodity taxes and production fees at 631 billion and 925 million and 911 thousand and 784 dinars, and they also came from fees that amounted to 556 billion and 72 million dinars. And 835 thousand and 328 dinars, from the share of public sector profits, at a rate of 68 billion and 686 million and 643 thousand and 672 dinars, and from transfer revenues, which amounted to one trillion and 121 billion and 196 million and 283 thousand and 106 dinars, and from other revenues by 589 billion and 828 million and 557 thousand and 848 dinars.
It also came from capital revenues, which amounted to 23 billion and 999 million and 864 thousand and 382 dinars.
The Minister of Finance had confirmed in an interview with Shafaq News Agency on (last August 26) that "the number of people who receive salaries and benefits in the state, including employees, retirees, and the social protection network is between 6.5 million to 7 million people, and these salaries constitute 65 percent of Iraq's general budget.
And the inability to rein in expenditures, especially salaries and subsidies, which raises doubts about the government's ability to continue this approach and reform the economy, with the inability so far to diversify the economy and get out of the rentier economy.
The Prime Minister's Adviser for Financial Affairs, Mazhar Muhammad Salih, in an interview with Shafaq News Agency on March 2, 2021, attributed the reasons for the economy to remain rentier because "the wars and the imposition of sieges during the past era and the political conflicts we are witnessing today led to the dispersal of economic resources."
Saleh added that "development was lost as a result of these wars, and that the country needs a resource to move things along and for people to live, so oil remained the only resource, and the Iraqi economy remained a one-sided economy."
Saleh pointed out that "development, stability, diversification of the economy, and the transition from a rentier economy require political stability and stable institutions, which the state has missed over the years."
And Finance Minister Muhammad Allawi revealed in an interview with Shafaq News agency about the size of Iraq's external debt, which amounted to 50 billion dollars, excluding bonds amounting to approximately 3 billion dollars, while the volume of internal debts amounted to 75 trillion dinars.
The Iraqi state’s continuation of relying on oil as the only source of the general budget makes Iraq at risk of global crises that occur from time to time due to the impact of oil on it, which makes Iraq turn every time to cover the deficit through borrowing from abroad or inside, which indicates the inability to manage funds the state effectively, and the inability to find alternative financing solutions.
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Shafaq News Agency followed the data and tables issued by the Ministry of Finance in September for the last July accounts, which indicated that oil is still the main resource for Iraq's general budget, despite its decrease by 1% from last year, but it remains above 90% of Iraq's budget. Which poses a danger to the future of Iraq in light of the current Iraqi government's attempt to reform the Iraqi economy within the white paper submitted by the Council of Ministers to the Council of Representatives.
Through the financial tables, it appears that the total oil revenues amounted to 43 trillion and 282 billion and 383 million and 790 thousand and 920 dinars, which represents 92% of the total revenues, while the total non-oil revenues amounted to 3 trillion and 982 billion and 211 million and 238 thousand and 585 dinars, which constitutes 8% of the total revenues, while the total oil and non-oil revenues amounted to 47 trillion and 264 billion and 595 million and 29 thousand and 504 dinars, which is higher by 16 trillion and 72 billion and 191 million and 353 thousand and 634 dinars from the same period last year 2020 as a result of high oil prices .
According to the financial report; Non-oil revenues came from current revenues represented by taxes on income and wealth at 981 billion and 501 million and 142 thousand and 565 dinars, and they also came from commodity taxes and production fees at 631 billion and 925 million and 911 thousand and 784 dinars, and they also came from fees that amounted to 556 billion and 72 million dinars. And 835 thousand and 328 dinars, from the share of public sector profits, at a rate of 68 billion and 686 million and 643 thousand and 672 dinars, and from transfer revenues, which amounted to one trillion and 121 billion and 196 million and 283 thousand and 106 dinars, and from other revenues by 589 billion and 828 million and 557 thousand and 848 dinars.
It also came from capital revenues, which amounted to 23 billion and 999 million and 864 thousand and 382 dinars.
The Minister of Finance had confirmed in an interview with Shafaq News Agency on (last August 26) that "the number of people who receive salaries and benefits in the state, including employees, retirees, and the social protection network is between 6.5 million to 7 million people, and these salaries constitute 65 percent of Iraq's general budget.
And the inability to rein in expenditures, especially salaries and subsidies, which raises doubts about the government's ability to continue this approach and reform the economy, with the inability so far to diversify the economy and get out of the rentier economy.
The Prime Minister's Adviser for Financial Affairs, Mazhar Muhammad Salih, in an interview with Shafaq News Agency on March 2, 2021, attributed the reasons for the economy to remain rentier because "the wars and the imposition of sieges during the past era and the political conflicts we are witnessing today led to the dispersal of economic resources."
Saleh added that "development was lost as a result of these wars, and that the country needs a resource to move things along and for people to live, so oil remained the only resource, and the Iraqi economy remained a one-sided economy."
Saleh pointed out that "development, stability, diversification of the economy, and the transition from a rentier economy require political stability and stable institutions, which the state has missed over the years."
And Finance Minister Muhammad Allawi revealed in an interview with Shafaq News agency about the size of Iraq's external debt, which amounted to 50 billion dollars, excluding bonds amounting to approximately 3 billion dollars, while the volume of internal debts amounted to 75 trillion dinars.
The Iraqi state’s continuation of relying on oil as the only source of the general budget makes Iraq at risk of global crises that occur from time to time due to the impact of oil on it, which makes Iraq turn every time to cover the deficit through borrowing from abroad or inside, which indicates the inability to manage funds the state effectively, and the inability to find alternative financing solutions.
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