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Decreased contribution of oil to the budget .. and an expert: The shift from the rentier economy is proceeding like a "turtle"
Shafaq News/ The Ministry of Finance issued the Iraqi state accounts for the month of December for the fiscal year 2021, which indicated an increase in the contribution of the non-oil sectors by 11%, while an economic expert described the process of shifting from the rentier economy to a turtle.
Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of March for the accounts of last December, which indicated that oil is still the main resource for Iraq's general budget, despite its decline by 1.11% from last November, bringing the contribution of oil to the general budget 89% After it was 90% last November, which indicates that Iraq is trying to get out of the rentier economic system.
Through the financial tables, it shows that the total oil revenues from the beginning of January until the month of December amounted to 96 trillion and 622 billion and 396 million and 704 thousand and 686 dinars, which represents 89% of the total revenues, while the total non-oil revenues amounted to 12 trillion and 459 billion and 35 One million and 657 thousand and 185 dinars, which constitutes 11% of the total revenues, while the total oil and non-oil revenues amounted to 109 trillion and 81 billion and 432 million and 361 thousand and 870 dinars, which is 42% higher than the same period last year 2020, which amounted to 63 trillion and 199 billion dinars. As a result of high oil prices.
According to the financial report; The non-oil revenues for the month of December came from the current revenues represented by taxes on income and wealth at 3 trillion and 252 billion and 565 million and 479 thousand and 951 dinars, and they also came from commodity taxes and production fees at a trillion and 283 billion and 676 million and 71 thousand and 188 dinars and also came from Fees that amounted to one trillion, 137 billion and 883 million and 79 thousand and 498 dinars, and from the share of public sector profits, at a trillion and 513 billion and 945 million and 267 thousand and 361 dinars, and from transfer revenues that amounted to 4 trillion and 990 billion and 265 million and 118 thousand and 713 dinars and from other revenues at the rate of A trillion and 561 billion and 690 million and 987 thousand and 531 dinars.
It also came from capital revenues, which amounted to 71 billion and 108 million and 810 thousand and 810 dinars.
for his part; The economic expert, Manar Al-Tahan, considered in an interview with Shafaq News Agency that "the economic reforms announced by Iraq and reducing dependence on oil in its public budget by shifting from the rentier economy is a slow process", describing it as a "turtle".
He added, "Iraq needs nearly 10 years of complete economic reforms to reach 50 percent of its dependence on oil in the general budget," adding at the same time that "oil fluctuations, distortions and economic problems that Iraq suffers from, in addition to the corruption that exists in the state." prevents such economic reforms."
He pointed out that "the state did not show much interest in restoring industry and agriculture, in addition to finding a solution to the problem of electricity, which is the backbone of the country's economic life, and it was satisfied with imposing fees and taxes on citizens as a patchwork solution to the problem of liquidity that it suffered during the last period."
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency that "the reasons for the economy remaining rentier are due to wars and the imposition of sieges during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources."
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 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 thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions.
[You must be registered and logged in to see this link.]
Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of March for the accounts of last December, which indicated that oil is still the main resource for Iraq's general budget, despite its decline by 1.11% from last November, bringing the contribution of oil to the general budget 89% After it was 90% last November, which indicates that Iraq is trying to get out of the rentier economic system.
Through the financial tables, it shows that the total oil revenues from the beginning of January until the month of December amounted to 96 trillion and 622 billion and 396 million and 704 thousand and 686 dinars, which represents 89% of the total revenues, while the total non-oil revenues amounted to 12 trillion and 459 billion and 35 One million and 657 thousand and 185 dinars, which constitutes 11% of the total revenues, while the total oil and non-oil revenues amounted to 109 trillion and 81 billion and 432 million and 361 thousand and 870 dinars, which is 42% higher than the same period last year 2020, which amounted to 63 trillion and 199 billion dinars. As a result of high oil prices.
According to the financial report; The non-oil revenues for the month of December came from the current revenues represented by taxes on income and wealth at 3 trillion and 252 billion and 565 million and 479 thousand and 951 dinars, and they also came from commodity taxes and production fees at a trillion and 283 billion and 676 million and 71 thousand and 188 dinars and also came from Fees that amounted to one trillion, 137 billion and 883 million and 79 thousand and 498 dinars, and from the share of public sector profits, at a trillion and 513 billion and 945 million and 267 thousand and 361 dinars, and from transfer revenues that amounted to 4 trillion and 990 billion and 265 million and 118 thousand and 713 dinars and from other revenues at the rate of A trillion and 561 billion and 690 million and 987 thousand and 531 dinars.
It also came from capital revenues, which amounted to 71 billion and 108 million and 810 thousand and 810 dinars.
for his part; The economic expert, Manar Al-Tahan, considered in an interview with Shafaq News Agency that "the economic reforms announced by Iraq and reducing dependence on oil in its public budget by shifting from the rentier economy is a slow process", describing it as a "turtle".
He added, "Iraq needs nearly 10 years of complete economic reforms to reach 50 percent of its dependence on oil in the general budget," adding at the same time that "oil fluctuations, distortions and economic problems that Iraq suffers from, in addition to the corruption that exists in the state." prevents such economic reforms."
He pointed out that "the state did not show much interest in restoring industry and agriculture, in addition to finding a solution to the problem of electricity, which is the backbone of the country's economic life, and it was satisfied with imposing fees and taxes on citizens as a patchwork solution to the problem of liquidity that it suffered during the last period."
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency that "the reasons for the economy remaining rentier are due to wars and the imposition of sieges during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources."
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 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 thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions.
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