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- SUNDAY, 07-14-2024, PM 1:23
- TAISIR AL-ASADI
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The Iraqi Ministry of Finance announced today, Sunday, that the size of Iraqi revenues in the federal budget during the first five months of the year exceeded 54 trillion dinars, considering that oil still represents nearly 89% of total revenues, while it indicated that total expenditures with advances amounted to 21 trillion dinars during the same period.
The data issued by the ministry showed that oil revenues amounted to 48 trillion dinars, while non-oil revenues amounted to 6 trillion dinars, indicating that these figures highlight the continued heavy reliance on oil as a major resource for the Iraqi budget.
Economic expert Mohammed Al-Hasani commented on these figures, considering that complete reliance on oil exposes the Iraqi economy to risks, and that diversification of sources of revenue must be essential to achieving economic and social stability.
These figures reflect the challenges facing Iraq in managing its economic resources and providing sources of financing independent of oil, to avoid being greatly affected by fluctuations in oil prices and global economic conditions.
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