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[size=38]Ridiculous salaries besiege the Iraqi economy... When will reason triumph over obsession?[/size]
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May 25, 2024[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: Economic expert Nabil Al-Marsoumi revealed, on Saturday, shocking figures related to the size of salaries in the Iraqi budget for the year 2024, which constitute a large percentage of the country’s oil revenues, which represents a grave danger to the Iraqi economy.
Al-Marsoumi detailed the size of salaries as follows:
– Salaries of employees on fixed staff = 63.338 trillion Iraqi dinars.
– Civil retirement salaries = 7.868 trillion Iraqi dinars.
– Military retirement salaries = 6.566 trillion Iraqi dinars.
– Retirement bonuses for civilians and military personnel = 1.751 trillion Iraqi dinars.
– Social protection salaries = 6.217 trillion Iraqi dinars.
– Total salaries = 85.740 trillion Iraqi dinars.
These huge salary figures put great pressure on the state budget, as they consume a large portion of oil revenues, which are considered the main source of income in Iraq.
Economists believe that increasing salaries in such a large manner without any compensation for increasing production or diversifying sources of income represents an imminent danger to the Iraqi economy and threatens its sustainability in the long term.
Experts also warn that this significant increase in salaries may lead to a large budget deficit, increased inflationary pressures, and the erosion of the purchasing power of the Iraqi currency, which will negatively affect citizens’ livelihoods.
These experts call on the Iraqi government to reconsider its financial and economic policies, and the need to rationalize government spending, diversify sources of income, and encourage investment in productive sectors, in order to achieve real and sustainable economic growth.
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