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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    For the first time, Iraq's non-oil revenues record an 11% increase

    Rocky
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    • Post n°1

    For the first time, Iraq's non-oil revenues record an 11% increase Empty For the first time, Iraq's non-oil revenues record an 11% increase

    Post by Rocky Thu 11 Jul 2024, 6:42 am

    [size=35][size=35]For the first time, Iraq's non-oil revenues record an 11% increase[/size]
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    Alsumaria News - Economy

    Today, Thursday, the head of the "Iraq Al-Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the total non-oil revenues for the year 2024, while he indicated that the non-oil revenues for the first five months of the year recorded an amount of 6.24 trillion Iraqi dinars.


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    Al-Obaidi said in a tweet followed by Sumaria News, "Non-oil revenues account for 11% of total revenues, and oil revenues are below the 90% barrier," indicating that "non-oil revenues for the first five months of the year amounted to 6.24 trillion Iraqi dinars."



    He pointed out that "oil revenues for the first five months of the current year amounted to 48.4 trillion Iraqi dinars, and income and wealth tax revenues increased by 118%."

    He added that "commodity tax revenues increased, production fees by 285%, and fee revenues increased by 50%, while oil revenues increased by 6.4%."

    Al-Obaidi considered that "the increase in non-oil revenues is an achievement of economic reform policies and mechanisms for controlling taxes and customs tariffs, and it is expected that total non-oil revenues for the year 2024 will reach around 15 trillion Iraqi dinars, but they are far from the plan in the 24 budget tables, which amounts to 27 trillion dinars."
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    • Post n°2

    For the first time, Iraq's non-oil revenues record an 11% increase Empty After rising by 11 percent... Has Iraq succeeded in diversifying "non-oil" revenues?

    Post by Rocky Fri 12 Jul 2024, 4:48 am

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    • THURSDAY,11-07-2024,PM 4:59
       
    • KARAR AL-ASADI


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    Diversifying revenues in Iraq has always been at odds with “oil dominance” and the “unworthy” plans of successive governments. The budget’s total dependence on oil puts the government on a carpet of anxiety caused by the volatility of oil prices in the global market, in light of the deterioration of agriculture and industry.
    However, in a new development, the “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations announced today, Thursday, that for the first time, the non-oil revenues of the Iraqi state have recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.
    A report issued by the institution stated that “non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.”
    According to the report, “tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.”
    The institution's report indicated that "fee revenues increased by 50%, while oil revenues increased by 6.4%."
    The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.
    On June 10, the Ministry of Finance confirmed that the volume of revenues in the federal budget over four months exceeded 42 trillion dinars, confirming that the oil contribution to the budget remained at about 89%.
    According to the financial tables, oil revenues amounted to 38 trillion, three billion, 728 million, and 183 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to four trillion, 698 billion, 785 million, and 9 thousand dinars.
    Fitch Solutions' BMI Research raised its forecast for Iraq's budget deficit in 2024 from 3.3% to 7%, mainly due to weaker prospects for oil revenues, which account for 93% of total government revenues.
    The financial and economic advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed in a previous statement that “there is a historical dominance of oil revenues in the components of the country’s annual general budget resources, as oil revenues still constitute about 91 percent of the total actual annual revenues in government budgets, compared to 19 percent for non-oil revenues. The reason is due to the predominance of the single oil economy in the formation of Iraq’s gross domestic product, which ranges between 50-45 percent of the annual gross product, while we find that the effects of spending oil revenues on the economic life cycle extend to more than 85 percent of the effectiveness of the overall economic activity; civil and public in Iraq.”
    On June 3, the Iraqi parliament completed voting on the tables of the Federal General Budget Law No. 2024, which amounted to 228 trillion dinars, after last year’s budget had collected 199 trillion dinars, in what specialists described as a “risk” by the government with the country’s economy and financial situation, especially in the event of a collapse in oil prices, on which it depends entirely, as happened in previous years.
    Iraq relies heavily on the sale of crude oil to secure its annual revenues and pay salaries and other dues, while the agricultural sector, which used to be one of the sources of revenue, is facing a major deterioration. Since 2022, the drought crisis has clearly emerged in Iraq. After agricultural areas were reduced to 50 percent last year, the crisis has recently worsened with most governorates losing their agricultural areas, most notably Diyala and Babylon, where officials announced an almost complete lack of agricultural land due to water scarcity.
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