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For the fourth month in a row in Iraq, the contribution of oil to the budget reached 96%
Shafaq News/ The Ministry of Finance issued the Iraqi state accounts for the month of July for the fiscal year 2022, which indicated that the contribution of oil in the federal budget is still high, reaching 96% for the fourth month in a row, while an economic expert considered that the rise is normal for Iraq's rentier economy.
Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of September for the accounts of last July, 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 June, which indicates that the rentier economy is the basis in Iraq's general budget.
Through the financial tables, it shows that the total oil revenues for the month of July amounted to 88 trillion and 381 billion and 38 million and 997 thousand and 103 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to 3 trillion and 539 billion and 615 million and 851 thousand and 199 dinars. It constitutes 4% of the total revenues, while the total oil and non-oil revenues amounted to 91 trillion and 920 billion and 654 million and 848 thousand and 302 dinars, which is 94.48% higher than the same period last year 2021, which amounted to 47 trillion and 264 billion and 595 million dinars as a result of high prices oil.
According to the finance report, the revenues for the month of July came from current revenues, which amounted to 91 trillion and 877 billion and 18 million and 164 thousand and 945 dinars, and also came from capital revenues, which amounted to 43 billion and 636 million and 683 thousand and 357 dinars.
for his part; Financial expert Hilal Al-Tahhan said in an interview with Shafaq News Agency, "The increase in the proportion of oil in Iraq's general budget is a natural thing for Iraq's rentier economy," noting that "Iraq has not benefited so far from its large budget in diversifying its economy."
He added, "The countries of the world are currently moving towards clean energy and gradually dispensing with carbon, and therefore what we are witnessing today in the rise in oil prices may not be witnessed at all in the coming years, and Iraq will be in trouble as a result," noting that "all the Gulf oil countries have tended to diversify their economy from Through investments abroad and the formation of a large production structure within their countries.
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency; The reasons for the economy to remain rentier are due to wars and the imposition of sieges during the past era and the political conflicts we are witnessing today, which have 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 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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Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of September for the accounts of last July, 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 June, which indicates that the rentier economy is the basis in Iraq's general budget.
Through the financial tables, it shows that the total oil revenues for the month of July amounted to 88 trillion and 381 billion and 38 million and 997 thousand and 103 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to 3 trillion and 539 billion and 615 million and 851 thousand and 199 dinars. It constitutes 4% of the total revenues, while the total oil and non-oil revenues amounted to 91 trillion and 920 billion and 654 million and 848 thousand and 302 dinars, which is 94.48% higher than the same period last year 2021, which amounted to 47 trillion and 264 billion and 595 million dinars as a result of high prices oil.
According to the finance report, the revenues for the month of July came from current revenues, which amounted to 91 trillion and 877 billion and 18 million and 164 thousand and 945 dinars, and also came from capital revenues, which amounted to 43 billion and 636 million and 683 thousand and 357 dinars.
for his part; Financial expert Hilal Al-Tahhan said in an interview with Shafaq News Agency, "The increase in the proportion of oil in Iraq's general budget is a natural thing for Iraq's rentier economy," noting that "Iraq has not benefited so far from its large budget in diversifying its economy."
He added, "The countries of the world are currently moving towards clean energy and gradually dispensing with carbon, and therefore what we are witnessing today in the rise in oil prices may not be witnessed at all in the coming years, and Iraq will be in trouble as a result," noting that "all the Gulf oil countries have tended to diversify their economy from Through investments abroad and the formation of a large production structure within their countries.
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency; The reasons for the economy to remain rentier are due to wars and the imposition of sieges during the past era and the political conflicts we are witnessing today, which have 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 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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