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Finance: Our revenues in 6 months exceeded 54 trillion dinars
Economical 2023/08/21
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Baghdad: Al-Sabah,
the Ministry of Finance said, yesterday, Sunday, that the country’s revenues during the first six months of the year 2023 amounted to more than 54 trillion dinars, indicating that the contribution of oil to the federal budget rose to 97%, while an expert considered that the country’s economy is similar to the “Dutch disease.” ».
According to the data and tables issued by the Ministry of Finance in the current month of August for the semi-annual accounts of the year 2023, it showed that oil is still the main resource for Iraq's general budget, reaching 97%, which indicates that the rentier economy is the basis for Iraq's general budget.
The financial tables indicated that the total revenues for the month of May amounted to 54 trillion and 308 billion and 339 million and 824 thousand and 760 dinars, after excluding the transfer revenues of two trillion and 142 billion and 885 million and 417 thousand dinars, indicating that the total expenditures with advances amounted to 46 trillion and 484 billion and 966 million and 743 Thousand dinars.
According to the financial tables, oil revenues amounted to 35 trillion and 887 billion and 299 million and 711 thousand and 339 dinars, which constitute 97% of the general budget, while non-oil revenues amounted to two trillion and 534 billion and 765 million and 62 thousand and 152 dinars.
For his part, economist Bassem Jamil Antoine says, “The Iraqi economy is a rentier economy, and this economy is neither investment nor productive, and therefore it creates a kind of dependence called (Dutch disease), so we see hundreds of thousands of young people unemployed because the government depends on oil sales to get by.” Things and this represents a major imbalance in the economy ».
He continued, "In the event of a contraction in oil prices, the economy will be in the news," noting that "countries whose rentier economies collapsed over time."
He added, "The revenues that come from the sale of oil should not be distributed entirely on salaries and allocations and tamper with them, but rather create productive projects that operate the industrial and agricultural sectors, provide water and electricity, and provide productive capacities for youth and train them to work and produce."
Antoine pointed out that "the state needs broad economic plans run by people with economic competence and experts with experience, while eliminating rampant corruption, which has become a scourge in the Iraqi economy."
The “Dutch disease” is a concept that describes an economic phenomenon in which the rapid development of one sector of the economy (particularly natural resources) leads to a decline in other sectors.
The “Dutch disease” is a paradoxical case, in which good news for one sector of the economy, such as the discovery of natural resources, leads to a negative impact on the overall economy of the country.
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