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The accounts of the Iraqi state..a new rise in the contribution of oil and an opportunity to get out of the rentier economy
Shafaq News/ Today, Wednesday, the Iraqi Ministry of Finance issued the state's accounts for the month of March 2022, which indicated that oil's contribution to the federal budget had risen again for the third month in a row, while an economist considered the budget's resources an opportunity to exit the rentier economy.
Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of May for the accounts of last March, which showed that oil is still the main resource for Iraq's general budget, as it rose by 1.05% from last February, bringing the contribution of oil to the general budget 96% after that It was 95% last February, which indicates that the rentier economy is the basis for the country's general budget.
The financial tables show that the total oil revenues for the month of March amounted to 33 trillion and 393 billion and 430 million and 457 thousand and 750 dinars, which represents a percentage of 96% of the total revenues, while the total non-oil revenues amounted to 1 trillion and 508 billion and 508 million and 533 thousand and 486 dinars. It constitutes 4% of the total revenue.
While the total oil and non-oil revenues amounted to 34 trillion and 901 billion and 963 million and 925 thousand and 799 dinars, which is 102% higher than the same period last year 2021, which amounted to 17 trillion and 311 billion and 941 million dinars as a result of the rise in oil prices.
According to the finance report, the non-oil revenues for the month of last March came from the current revenues represented by oil revenues and mineral wealth, amounting to 33 trillion and 169 billion and 236 million and 760 thousand and 601 dinars, and came from taxes on income and wealth at a rate of 252 billion and 569 million and 46 thousand and 418 dinars. It also came from commodity taxes and production fees at 231 billion and 851 million and 60 thousand and 293 dinars, and it also came from fees that amounted to 283 billion and 319 million and 140 thousand and 172 dinars, and from the share of public sector profits amounting to 274 billion and 908 million and 919 thousand and 309 dinars, and from revenues The conversion amount, which amounted to 426 billion and 274 million and 166 thousand and 718 dinars, and from other revenues of 270 billion and 348 million and 9 thousand and 355 dinars.
Also, it came from capital revenues, which amounted to 20 billion and 456 million and 822 thousand and 932 dinars.
An expert indicates an opportunity to exit the rentier economy
For his part, financial expert Hilal Al-Tahan told Shafaq News Agency, "The rise in the general budget for the current year and the financial abundance that came from high oil prices is a historic opportunity for Iraq to exit the rentier economy."
Al-Tahhan added, "Iraq can from now on investing this money in diversifying its economy from agriculture and industry and even developing oil industry projects such as refineries, petrochemicals and fertilizers, to be a producing and exporter country, not a consumer and importer of goods."
Al-Tahhan pointed out that "the rise in oil prices may not be repeated in the coming years in light of the world's trend towards clean energy, which is what the major countries seek," adding that "Iraq also has commitments to the United Nations to reduce carbon emissions during the next five years."
The Prime Minister's Adviser 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.
The continuation of the Iraqi state to rely on oil as the only source of the general budget makes Iraq at risk from the global crises that occur from time to time due to the impact of oil on it, which makes Iraq tend 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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Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of May for the accounts of last March, which showed that oil is still the main resource for Iraq's general budget, as it rose by 1.05% from last February, bringing the contribution of oil to the general budget 96% after that It was 95% last February, which indicates that the rentier economy is the basis for the country's general budget.
The financial tables show that the total oil revenues for the month of March amounted to 33 trillion and 393 billion and 430 million and 457 thousand and 750 dinars, which represents a percentage of 96% of the total revenues, while the total non-oil revenues amounted to 1 trillion and 508 billion and 508 million and 533 thousand and 486 dinars. It constitutes 4% of the total revenue.
While the total oil and non-oil revenues amounted to 34 trillion and 901 billion and 963 million and 925 thousand and 799 dinars, which is 102% higher than the same period last year 2021, which amounted to 17 trillion and 311 billion and 941 million dinars as a result of the rise in oil prices.
According to the finance report, the non-oil revenues for the month of last March came from the current revenues represented by oil revenues and mineral wealth, amounting to 33 trillion and 169 billion and 236 million and 760 thousand and 601 dinars, and came from taxes on income and wealth at a rate of 252 billion and 569 million and 46 thousand and 418 dinars. It also came from commodity taxes and production fees at 231 billion and 851 million and 60 thousand and 293 dinars, and it also came from fees that amounted to 283 billion and 319 million and 140 thousand and 172 dinars, and from the share of public sector profits amounting to 274 billion and 908 million and 919 thousand and 309 dinars, and from revenues The conversion amount, which amounted to 426 billion and 274 million and 166 thousand and 718 dinars, and from other revenues of 270 billion and 348 million and 9 thousand and 355 dinars.
Also, it came from capital revenues, which amounted to 20 billion and 456 million and 822 thousand and 932 dinars.
An expert indicates an opportunity to exit the rentier economy
For his part, financial expert Hilal Al-Tahan told Shafaq News Agency, "The rise in the general budget for the current year and the financial abundance that came from high oil prices is a historic opportunity for Iraq to exit the rentier economy."
Al-Tahhan added, "Iraq can from now on investing this money in diversifying its economy from agriculture and industry and even developing oil industry projects such as refineries, petrochemicals and fertilizers, to be a producing and exporter country, not a consumer and importer of goods."
Al-Tahhan pointed out that "the rise in oil prices may not be repeated in the coming years in light of the world's trend towards clean energy, which is what the major countries seek," adding that "Iraq also has commitments to the United Nations to reduce carbon emissions during the next five years."
The Prime Minister's Adviser 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.
The continuation of the Iraqi state to rely on oil as the only source of the general budget makes Iraq at risk from the global crises that occur from time to time due to the impact of oil on it, which makes Iraq tend 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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