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Iraq .. the contribution of oil to the budget amounted to 96%, and the surplus was 21 billion dollars within a month
Shafaq News/ The Ministry of Finance issued the Iraqi state accounts for the month of May for the fiscal year 2022, which indicated that the contribution of oil to the federal budget is still high, reaching 96%, while the government attributed this to zero customs and high oil prices. At the same time he warned of its danger.
Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of July for the accounts of last May, which indicated that oil is still the main resource for Iraq's general budget, reaching 96%, which is the same percentage for the month of last April, which confirms that the rentier economy is the basis in the budget Iraq General.
Through the financial tables, it is clear that the total oil revenues for the month of May amounted to 59 trillion and 785 billion and 819 million and 356 thousand and 654 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to two trillion and 432 billion and 775 million and 493 thousand and 926 dinars, which constitutes 4% of the total revenues, while the total oil and non-oil revenues amounted to 62 trillion and 218 billion and 594 million and 850 thousand and 580 dinars, which is 95% higher than the same period last year 2021, which amounted to 31 trillion and 917 billion and 236 million dinars as a result of high oil prices.
According to the finance report, the revenues for the month of last May came from the current revenues represented by oil revenues and mineral wealth, amounting to 59 trillion, 489 billion and 48 million and 396 thousand and 722 dinars, and they came from taxes on income and wealth at the rate of 574 billion and 774 million and 723 thousand and 503 dinars, and they also came from Commodity taxes and production fees amounted to 413 billion and 30 million and 36 thousand and 822 dinars and also came from fees that amounted to 479 billion and 131 million and 96 thousand and 127 dinars and from the share of public sector profits amounting to 352 billion and 741 million and 60 thousand and 477 dinars and transfer revenues that amounted to 453 billion and 205 million And 204 thousand and 609 dinars and from other revenues by 427 billion and 362 million and 400 thousand and 503 dinars.
It also came from capital revenues, which amounted to 29 billion and 301 million and 607 thousand and 817 dinars.
Accordingly, the actual surplus for the month of May amounted to 21.834 trillion dinars.
For his part, financial expert Hilal Al-Tahhan considered in an interview with Shafaq News Agency, "The high contribution of the oil sector in the federal budget is considered normal in the case of Iraq for its rentier economy dependent on oil to obtain hard currency and neglect the rest of the other economic sectors."
He added that any country that pursues a rentier economy, such as the case of Iraq, is a serious matter because the country's economy is linked to international oil prices and what these prices face from market fluctuations, pointing out that "what we are witnessing today of rising oil prices may not be witnessed at all in the coming years with the direction of countries the world to decarbonize and use clean energy.
The Prime Minister's Adviser for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March of the year 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.
And the Iraqi state’s continuation of relying on oil as the only source of the general budget makes the country at risk of global crises that occur from time to time because oil is affected by 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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Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of July for the accounts of last May, which indicated that oil is still the main resource for Iraq's general budget, reaching 96%, which is the same percentage for the month of last April, which confirms that the rentier economy is the basis in the budget Iraq General.
Through the financial tables, it is clear that the total oil revenues for the month of May amounted to 59 trillion and 785 billion and 819 million and 356 thousand and 654 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to two trillion and 432 billion and 775 million and 493 thousand and 926 dinars, which constitutes 4% of the total revenues, while the total oil and non-oil revenues amounted to 62 trillion and 218 billion and 594 million and 850 thousand and 580 dinars, which is 95% higher than the same period last year 2021, which amounted to 31 trillion and 917 billion and 236 million dinars as a result of high oil prices.
According to the finance report, the revenues for the month of last May came from the current revenues represented by oil revenues and mineral wealth, amounting to 59 trillion, 489 billion and 48 million and 396 thousand and 722 dinars, and they came from taxes on income and wealth at the rate of 574 billion and 774 million and 723 thousand and 503 dinars, and they also came from Commodity taxes and production fees amounted to 413 billion and 30 million and 36 thousand and 822 dinars and also came from fees that amounted to 479 billion and 131 million and 96 thousand and 127 dinars and from the share of public sector profits amounting to 352 billion and 741 million and 60 thousand and 477 dinars and transfer revenues that amounted to 453 billion and 205 million And 204 thousand and 609 dinars and from other revenues by 427 billion and 362 million and 400 thousand and 503 dinars.
It also came from capital revenues, which amounted to 29 billion and 301 million and 607 thousand and 817 dinars.
Accordingly, the actual surplus for the month of May amounted to 21.834 trillion dinars.
For his part, financial expert Hilal Al-Tahhan considered in an interview with Shafaq News Agency, "The high contribution of the oil sector in the federal budget is considered normal in the case of Iraq for its rentier economy dependent on oil to obtain hard currency and neglect the rest of the other economic sectors."
He added that any country that pursues a rentier economy, such as the case of Iraq, is a serious matter because the country's economy is linked to international oil prices and what these prices face from market fluctuations, pointing out that "what we are witnessing today of rising oil prices may not be witnessed at all in the coming years with the direction of countries the world to decarbonize and use clean energy.
The Prime Minister's Adviser for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March of the year 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.
And the Iraqi state’s continuation of relying on oil as the only source of the general budget makes the country at risk of global crises that occur from time to time because oil is affected by 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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