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Shafaq News/ Financial oil imports still constitute the main and highest source of supplying the Iraqi state, despite governments' attempts to secure other sources of income, and the advice of economic experts to find economic alternatives to black gold.
According to the data and tables issued by the Ministry of Finance to the accounts of the Iraqi state for the month of last April, which were reviewed by Shafak News Agency, oil still constitutes the main resource for the general budget, reaching 96%, which is the same percentage for the month of last March, which indicates that the rentier economy is the basis in the budget.
Through the financial tables, it appears that the total oil revenues for the month of April amounted to 45 trillion and 72 billion and 503 million and 873 thousand and 432 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to two trillion and 57 billion and 213 million and 741 thousand and 41 dinars, which constitute 4 % of total revenue.
The total oil and non-oil revenues amounted to 47 trillion and 129 billion and 717 million and 614 thousand and 614 dinars, which is 88% higher than the same period last year 2021, which amounted to 24 trillion and 994 billion and 967 million dinars as a result of high oil prices.
According to the finance report, the current revenues for the month of last March came from oil exports and mineral wealth by 44 trillion and 791 billion and 6 million and 778 thousand and 297 dinars.
While income and wealth tax revenues amounted to 449 billion and 136 million and 784 thousand and 800 dinars, and also came from commodity taxes and production fees at 366 billion and 557 million and 309 thousand and 65 dinars, and fees amounted to 384 billion and 314 million and 105 thousand and 407 dinars.
The share of public sector profits amounted to 324 billion and 595 million and 235 thousand and 902 dinars, while the transfer revenues were 438 billion and 610 million and 457 thousand and 958 dinars, and other revenues amounted to 348 billion and 142 million and 686 thousand and 359 dinars, and capital revenues also amounted to 27 billion and 354 million and 256 thousand and 685 dinars. dt.
For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed in an interview with Shafak News Agency, the reasons for the high percentage of oil contribution to the federal budget at the expense of non-oil revenues.
He said that "due to the global food crisis and the rise in fuel prices, the state has zeroed customs revenues and postponed tax revenues for a period of six months, which led to a decrease in the proportion of non-oil revenues in the general budget."
He pointed out that "non-oil revenues in Iraq historically constitute between 7 to 10 percent."
Saleh added, "The government's support for prices to confront the food and imported fuel crisis was the reason behind this. The tax-exempt imported commodity deprived the state of non-oil revenues," noting that "non-oil revenues mostly come from customs and taxes."
He pointed out that "the increase in oil revenues as a result of a significant increase in its prices is another reason for the increase in the proportion of oil revenues at the expense of non-oil revenues," stressing that "this percentage is considered normal."
The Prime Minister's Adviser for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency, "The reasons for the economy remaining rentier are due to wars and the imposition of economic blockades 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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Despite attempts to find alternatives, oil is still the backbone of Iraq's economy
Shafaq News/ Financial oil imports still constitute the main and highest source of supplying the Iraqi state, despite governments' attempts to secure other sources of income, and the advice of economic experts to find economic alternatives to black gold.
According to the data and tables issued by the Ministry of Finance to the accounts of the Iraqi state for the month of last April, which were reviewed by Shafak News Agency, oil still constitutes the main resource for the general budget, reaching 96%, which is the same percentage for the month of last March, which indicates that the rentier economy is the basis in the budget.
Through the financial tables, it appears that the total oil revenues for the month of April amounted to 45 trillion and 72 billion and 503 million and 873 thousand and 432 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to two trillion and 57 billion and 213 million and 741 thousand and 41 dinars, which constitute 4 % of total revenue.
The total oil and non-oil revenues amounted to 47 trillion and 129 billion and 717 million and 614 thousand and 614 dinars, which is 88% higher than the same period last year 2021, which amounted to 24 trillion and 994 billion and 967 million dinars as a result of high oil prices.
According to the finance report, the current revenues for the month of last March came from oil exports and mineral wealth by 44 trillion and 791 billion and 6 million and 778 thousand and 297 dinars.
While income and wealth tax revenues amounted to 449 billion and 136 million and 784 thousand and 800 dinars, and also came from commodity taxes and production fees at 366 billion and 557 million and 309 thousand and 65 dinars, and fees amounted to 384 billion and 314 million and 105 thousand and 407 dinars.
The share of public sector profits amounted to 324 billion and 595 million and 235 thousand and 902 dinars, while the transfer revenues were 438 billion and 610 million and 457 thousand and 958 dinars, and other revenues amounted to 348 billion and 142 million and 686 thousand and 359 dinars, and capital revenues also amounted to 27 billion and 354 million and 256 thousand and 685 dinars. dt.
For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed in an interview with Shafak News Agency, the reasons for the high percentage of oil contribution to the federal budget at the expense of non-oil revenues.
He said that "due to the global food crisis and the rise in fuel prices, the state has zeroed customs revenues and postponed tax revenues for a period of six months, which led to a decrease in the proportion of non-oil revenues in the general budget."
He pointed out that "non-oil revenues in Iraq historically constitute between 7 to 10 percent."
Saleh added, "The government's support for prices to confront the food and imported fuel crisis was the reason behind this. The tax-exempt imported commodity deprived the state of non-oil revenues," noting that "non-oil revenues mostly come from customs and taxes."
He pointed out that "the increase in oil revenues as a result of a significant increase in its prices is another reason for the increase in the proportion of oil revenues at the expense of non-oil revenues," stressing that "this percentage is considered normal."
The Prime Minister's Adviser for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency, "The reasons for the economy remaining rentier are due to wars and the imposition of economic blockades 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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