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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


    Financial disaster looms: Two-thirds of oil revenues spent on salaries and welfare

    Rocky
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    Financial disaster looms: Two-thirds of oil revenues spent on salaries and welfare Empty Financial disaster looms: Two-thirds of oil revenues spent on salaries and welfare

    Post by Rocky Wed 07 Aug 2024, 6:55 am

    [size=38]Financial disaster looms: Two-thirds of oil revenues spent on salaries and welfare[/size]


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    August 7, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala: Iraq is facing a serious financial crisis that threatens the stability of its national economy, as figures reveal that a large portion of oil revenues is spent on salaries and social costs.
    With alarming figures showing that more than two-thirds of oil revenues are spent on salaries and social welfare, concerns are real about the country's ability to cope with potential fluctuations in global oil prices.
    As pressure on the general budget continues, the big question arises: How will Iraq deal with the upcoming economic challenges in light of increasing financial dependence on oil revenues?
    Economic analyst Nabil Al-Marsoumi said that salaries and social welfare consume a large portion of Iraq's oil revenues, leaving the national economy vulnerable to fluctuations in global oil prices.
    The state's actual accounts for the first half of 2024 showed worrying data indicating that:
    - Salaries of employees on the permanent staff amounted to 28.189 trillion dinars.
    - Social care costs amounted to 12.244 trillion dinars.
    - Total salaries and social care amounted to 40.433 trillion dinars.
    These numbers represent:
    - 69% of general expenses.
    - 77% of operating expenses.
    - 69% of oil revenues.
    This means that more than two-thirds of oil revenues are spent on salaries and social welfare, putting significant pressure on the public budget and limiting the ability to finance other projects.
    And the drop in the price of a barrel of oil to $60 will result in oil revenues being barely enough to cover salaries and social welfare costs alone.
    The economic analyst commented, saying: “May God prolong the life of oil, raise its price, and keep the horror of decline away from it,” expressing hope that oil prices would continue to rise to avoid negative effects on the national economy.
    This warning comes at a time when global markets are facing significant fluctuations in oil prices, making it necessary for the Iraqi government to take measures to improve resource management and enhance non-oil sources of income to ensure financial and economic sustainability.
     
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