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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

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    Rentier economy dominates: Only 11% non-oil revenues in Iraq’s mid-term budget

    Rocky
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    • Post n°1

    Rentier economy dominates: Only 11% non-oil revenues in Iraq’s mid-term budget Empty Rentier economy dominates: Only 11% non-oil revenues in Iraq’s mid-term budget

    Post by Rocky Thu 08 Aug 2024, 5:14 am

    Rentier economy dominates: Only 11% non-oil revenues in Iraq’s mid-term budget

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    The Iraqi Ministry of Finance revealed today, Wednesday, the revenue data in the federal budget, explaining that the volume of revenues during the first six months of the current fiscal year exceeded 65 trillion dinars, while stressing that the oil contribution to the budget still dominates by 89%.
    According to the data published by the Ministry of Finance, the total revenues for the first half of the year amounted to 65 trillion, 921 billion, 901 million, 657 thousand, and 850 dinars. It added that the total advances amounted to 15 trillion, 954 billion, 981 million, 637 thousand, and 865 dinars.
    It is worth noting that oil revenues constituted 89% of total revenues, while non-oil revenues amounted to 7 trillion, 118 billion, 703 million and 763 thousand dinars.  
    This distribution indicates that the Iraqi economy is still heavily dependent on oil as the main source of revenue, reflecting the continued rentier economy in the country.
    Commenting on the figures, economic expert Mohammed Al-Hasani warned that continued reliance on oil without real activation of the private sector and the introduction of deep structural reforms could lead to the risk of an inevitable economic collapse.  
    Al-Hasani stressed that failure to make fundamental adjustments to spending levels could lead to the state being unable to meet its expenses within a few years, threatening the risk of bankruptcy.
    For his part, the Prime Minister's advisor for financial affairs, Mazhar Mohammed Salih, confirmed in previous statements that the economy remains rentier due to wars, economic blockades, and political conflicts that have affected the stability of the Iraqi economy.  
      
    Continued reliance on oil as the sole source of the general budget is considered dangerous, as it exposes Iraq to global crises and their effects on oil prices, which forces the country to borrow to cover the deficit and reflects the inability to manage resources effectively or find alternative financing solutions.


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