Home
Finance: Our revenues in 6 months exceeded 54 trillion dinars
Economical 2023/08/21
[You must be registered and logged in to see this image.]
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.
[You must be registered and logged in to see this link.]
» Ports Authority notes the fate of the five berths in the Grand Faw Port
» MP: Why is the regional government fighting the civil banks war and leaving the core of the issue?
» Political researcher: The amendment will include sovereign ministries
» Retirement: End of service bonus paid to more than 7,000 retirees
» Al-Mashhadani stresses the importance of the role of the Audit Bureau in combating administrative an
» Al-Mashhadani and Al-Hakim discuss parliament’s approval of important laws
» Parliamentary consensus to pass controversial laws soon
» Currency Auction.. Increase in the Central Bank of Iraq’s sales of foreign remittances
» Interior Ministry dismantles 600 drug networks, electronic passport to be introduced soon - Press co
» utube 11/2/24 MM&C Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operati
» utube 11/5/24 MM&C MM&C News Report-ICC-Investors-RIYADA BANK-Port of Faw-3 Presidents Seated-Removi
» Foreign Minister warns of major and dangerous economic repercussions
» Roadmap for Reform
» Government reshuffle looms over Al-Sudani’s cabinet.. The compass of change is heading towards 4 min
» Parliamentary move to legalize foreign labor in Basra
» Parliament intends to amend the retirement law and return the service age to 63 years
» Parliamentary move to question a senior official and complete procedures against the Minister of Com
» Legal expert explains the mechanism for forming the Kurdistan Regional Government
» Silk Road imposes a state of maximum alert suddenly
» Sheikh Raouf: There is an urgent need to find a constructive, corrective opposition in Kurdistan
» Green light from Baghdad to build the first waste recycling plant in eastern Iraq
» MP: Al-Mashhadani discussed 3 important files with parliamentary blocs
» MP: Al-Mashhadani's election will not affect the completion of legislation
» Parliamentary Oil: Investment in associated gas in fields exceeds 60%
» IMF: Foreign investment outperforms sovereign funds in generating growth in Gulf
» Categories exempted from the curfew in the population census.. Get to know them
» Kurdish investment trend in central and southern Iraq.. What are the reasons?
» Iraq exports more than 6 million barrels of oil to America in a month
» The Private Banks Association supports the Prime Minister’s directives to localize private sector em
» Parliamentary confirmation to support financial oversight in combating corruption
» Next Sunday.. Celebrating Baghdad Day
» Sayyid Sistani's commandments
» New services for health insurance subscribers
» Al-Sudani directs ministries to leave (cash)
» Mr. Sistani sets a roadmap for Iraq’s prosperity
» OPEC+ postpones production increase
» Government Advisor to {Sabah}: Turkish companies’ expertise has given them importance in implementin
» The future of smart cities in Iraq is on the table for discussion
» Expectations of achieving agricultural self-sufficiency within 3-5 years
» Ministry of Agriculture: Launches the Electronic Inquiry System Service
» Electricity contract employees demonstrate in Maysan to demand permanent employment
» The Council of Ministers holds its regular session headed by Al-Sudani
» Iraqi oil exports to America amounted to more than 6 million barrels during the past month
» Launching the major national campaign to raise awareness of the Social Security Law
» Private Banks Association: We support the Prime Minister’s directives to localize private sector emp
» Parliamentary Committee: The Social Security Fund has become sovereign and the legislation of the la
» Britain launches programme inside Iraq to combat 'Kurdish human trafficking gangs' in France
» Warnings of delay in forming the regional government: will push regional and international parties t
» Dollar prices rise again in Baghdad Stock Exchange and Exchanges
» Al-Sudani praises the assistance provided by the United Nations mission to Iraq in facing challenges
» The Private Banks Association announces its support for Al-Sudani’s approach to localizing private s
» Interior: We have achieved a very significant decrease in crime rates across the country
» The Private Banks Association announces its support for Al-Sudani’s approach to localizing private s
» Iraq, Saudi Arabia sign MoU for military cooperation, boost bilateral ties
» Transportation: Direct flights to 4 global cities
» Prime Minister stresses importance of Mr. Sistani's diagnosis of Iraq's needs
» “To enhance national security”.. Parliamentary Committee: Intelligence Service Law is ready to be pr
» Optimism for a bountiful agricultural season.. Kurdistan Region records record high rainfall amounts
» Al-Sistani’s “Seven Commandments” occupy Iraqi politics.. A reading of the position of the authority
» As the date approaches, will Article 140 hinder the population census?
» Prime Minister directs unification of efforts in the Iraqi Media Network
» “Framework” coups with Sunni facades on the map of local governments in preparation for the 2025 ele
» Parliament intends to extend the legislative session for a month
» Difficult tests facing Parliament.. What are the scenarios for the remainder of the current session?
» Parliamentary Security: Iran will launch a new strike against “Israel” within a short period.. What
» Barzani to Romanowski: We have started negotiations to form the tenth government and no veto on any
» Al-Sudani directs the localization of private sector salaries and sets a date for the departure of c
» Bakhtiar Haji meets a delegation from the General Directorate of Civil Defense in the Kurdistan Regi
» New Cities Authority sets timeframes for project completion, reveals details of its services
» Oil announces completion of drilling and rehabilitating 15 wells during the past month
» Ministerial Council for Economy: Taking the necessary measures and decisions that contribute to mark
» Parliamentary Legal: There is a trend to extend the legislative term of Parliament
» What is the truth about extending the legislative term of the House of Representatives?
» The "Freedom of Demonstration" Law is Ready for Voting.. How Was It Amended?
» Mr. Al-Sadr on the US elections: It is shameful for an Arab to pin his hopes on a senile or insane p
» Laws stuck hostage to disputes between blocs
» Doubts after the decline in power supply at the beginning of each month.. Is there a deal between ge
» Integrity and the Financial Supervision Bureau agree to activate the cooperation agreement between t
» Al-Mashhadani faces 170 suspended laws.. Will they be approved or deported?
» Parliamentary demands to cancel the security agreement with Washington
» MP: Oil derivatives smuggling has decreased by 80% in Iraq
» After years of controversy, the Minority Protection Act is submitted for the first reading
» Al-Sayhoud: The ministerial reshuffle is useless for several reasons
» Iraqi government makes changes to the General Secretariat: Al-Juhaishi succeeds Al-Halbousi
» Extension of the legislative term of the Iraqi parliament for an additional month to pass laws
» Prime Minister: The necessity of strengthening Iraq's position to be at the forefront of the region'
» Parliamentary Transportation: We are determined to pass the Civil Aviation Authority Law
» Baghdad Council: Study of the reality of companies applying to implement projects
» Water Resources announces its control over the oil slick in the Tigris River
» Reconstruction: A new government vision for distributing serviced lands among those entitled to them
» Parliamentary Immigration Committee demands increasing the amount of the return grant
» Accreditation of specialized graduates to support quality control
» Heritage markets and buildings in Mosul after its reconstruction
» Specialized committee to ensure acceptance of cybersecurity outputs
» The Ministry of Interior issues mechanisms to regulate the work of private security companies
» Baghdad Council: Study of the reality of companies applying to implement projects
» Welcome to the trends of establishing an administrative capital
» Securities trade more than 88 billion shares