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For the fifth month in a row, the contribution of oil to the Iraqi budget reached 96%
Shafaq News/ The Ministry of Finance issued the Iraqi state accounts for the month of August for the fiscal year 2022, which indicated that the contribution of oil to the federal budget is still 96% for the fifth month in a row, while an economic expert considered that this percentage is alarming.
Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of October for the accounts of last August, which indicated that oil is still the main resource for Iraq's general budget, reaching 96%, which is the same percentage for the past five months, which indicates that the rentier economy is The basis for Iraq's general budget.
Through the financial tables, it is shown that the total oil revenues for the month of August amounted to 103 trillion and 669 billion and 500 million and 471 thousand and 848 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to 4 trillion and 504 billion and 798 million and 551 thousand and 744 dinars, which is It constitutes 4% of the total revenues, while the total oil and non-oil revenues amounted to 108 trillion and 174 billion and 299 million and 23 thousand and 592 dinars, which is 92.86% higher than the same period last year 2021, which amounted to 56 trillion and 465 billion and 687 million dinars as a result of high oil prices .
According to the finance report, the revenues for the month of August came from current revenues, which amounted to 108 trillion and 126 billion and 295 million and 878 thousand and 446 dinars, and also came from capital revenues, which amounted to 48 billion and 3 million and 145 thousand and 147 dinars.
for his part; Financial expert Hilal Al-Tahan confirmed in an interview with Shafaq News that "the high percentage of the oil sector's contribution to the budget is alarming, which means that the state has not tried or is trying to diversify its economy, which is still rentier, which will make international oil prices control Iraq's general budget."
He added that "all the major oil countries in the Organization of Petroleum Exporting Countries tended to diversify their economy, taking advantage of the large revenues that came through the oil sector, realizing the importance of this after the countries of the world sought to reduce dependence on fossil fuels and move towards clean energy."
He pointed out that "striving to get rid of the rentier economy requires a serious stand by decision-makers in the state through several important factors, which are the development of industry and agriculture, activating the private sector, attracting foreign investments, reducing imports, and activating laws that are in the interest of protecting the product and supporting local production."
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.
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 October for the accounts of last August, which indicated that oil is still the main resource for Iraq's general budget, reaching 96%, which is the same percentage for the past five months, which indicates that the rentier economy is The basis for Iraq's general budget.
Through the financial tables, it is shown that the total oil revenues for the month of August amounted to 103 trillion and 669 billion and 500 million and 471 thousand and 848 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to 4 trillion and 504 billion and 798 million and 551 thousand and 744 dinars, which is It constitutes 4% of the total revenues, while the total oil and non-oil revenues amounted to 108 trillion and 174 billion and 299 million and 23 thousand and 592 dinars, which is 92.86% higher than the same period last year 2021, which amounted to 56 trillion and 465 billion and 687 million dinars as a result of high oil prices .
According to the finance report, the revenues for the month of August came from current revenues, which amounted to 108 trillion and 126 billion and 295 million and 878 thousand and 446 dinars, and also came from capital revenues, which amounted to 48 billion and 3 million and 145 thousand and 147 dinars.
for his part; Financial expert Hilal Al-Tahan confirmed in an interview with Shafaq News that "the high percentage of the oil sector's contribution to the budget is alarming, which means that the state has not tried or is trying to diversify its economy, which is still rentier, which will make international oil prices control Iraq's general budget."
He added that "all the major oil countries in the Organization of Petroleum Exporting Countries tended to diversify their economy, taking advantage of the large revenues that came through the oil sector, realizing the importance of this after the countries of the world sought to reduce dependence on fossil fuels and move towards clean energy."
He pointed out that "striving to get rid of the rentier economy requires a serious stand by decision-makers in the state through several important factors, which are the development of industry and agriculture, activating the private sector, attracting foreign investments, reducing imports, and activating laws that are in the interest of protecting the product and supporting local production."
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.
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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