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Iraq's revenues exceed 45 trillion dinars in 5 months, and an expert warns of the rentier economy
economy breaking Oil export Iraqi economy Rental economy Financial revenue
2023-07-31 05:04
Shafaq News/ The Iraqi Ministry of Finance revealed, on Monday, that the revenues collected for the country during the past five months exceeded 45 trillion dinars, of which 95.5% were oil, while
an economist warned of the continuation of the rentier economy.
The ministry published the accounts of the Iraqi state from January until last May for the fiscal year 2023, and Shafaq News Agency reviewed them, as
it showed that oil is still the main resource for Iraq's general budget,
which indicates that the rentier economy is the basis for the budget. General Iraq.
And through the financial tables, it indicated that the total revenues until the month of May amounted to 45 trillion and 552 billion and 80 million and 454 thousand and 325 dinars, after excluding the transfer revenues from them, which amounted to one trillion and 935 billion and 958 million and 139 thousand dinars, explaining that the total expenditures with advances amounted to 37 trillion and 856 One billion and 446 million and 546 thousand dinars.
According to the finance table, oil revenues amounted to 45 trillion and 462 billion and 287 million and 873 thousand and 109 dinars, while non-oil revenues amounted to two trillion and 25 billion 750 million and 720 thousand and 592 dinars, which provided the federal budget.
For his part, economist Muhammad al-Hassani said, in an interview with Shafaq News Agency, that
"the survival of Iraq's economy as a rentier will pose a threat to the economy in the future," noting that
"any collapse in oil prices will lead to bankruptcy of the general budget." He added that
"the countries of the world are currently moving towards clean energy and dispensing with fossil fuels," pointing out that
"the developed countries have allocated no less than 40% of the funds to finance green energy projects." Al-Hassani explained that
"oil-producing countries, especially the Gulf countries, have realized the dangers of this and have begun to diversify their economy and reduce their dependence on oil,
with the exception of Iraq, which is still throwing its weight on oil and gas without diversifying its economy, and
for this we see that the Iraqi market is the largest importer of goods, commodities, and even vegetables."
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News agency, that
"the reasons for the economy remaining rentier go back to the wars and the imposition of the siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources."".
The continuation of the Iraqi state’s dependence 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 tend every time to cover the deficit through borrowing from abroad or from the inside, and
thus indicates the inability to manage State funds effectively, and
the inability to find alternative financing solutions.
[You must be registered and logged in to see this link.]
economy breaking Oil export Iraqi economy Rental economy Financial revenue
2023-07-31 05:04
Shafaq News/ The Iraqi Ministry of Finance revealed, on Monday, that the revenues collected for the country during the past five months exceeded 45 trillion dinars, of which 95.5% were oil, while
an economist warned of the continuation of the rentier economy.
The ministry published the accounts of the Iraqi state from January until last May for the fiscal year 2023, and Shafaq News Agency reviewed them, as
it showed that oil is still the main resource for Iraq's general budget,
which indicates that the rentier economy is the basis for the budget. General Iraq.
And through the financial tables, it indicated that the total revenues until the month of May amounted to 45 trillion and 552 billion and 80 million and 454 thousand and 325 dinars, after excluding the transfer revenues from them, which amounted to one trillion and 935 billion and 958 million and 139 thousand dinars, explaining that the total expenditures with advances amounted to 37 trillion and 856 One billion and 446 million and 546 thousand dinars.
According to the finance table, oil revenues amounted to 45 trillion and 462 billion and 287 million and 873 thousand and 109 dinars, while non-oil revenues amounted to two trillion and 25 billion 750 million and 720 thousand and 592 dinars, which provided the federal budget.
For his part, economist Muhammad al-Hassani said, in an interview with Shafaq News Agency, that
"the survival of Iraq's economy as a rentier will pose a threat to the economy in the future," noting that
"any collapse in oil prices will lead to bankruptcy of the general budget." He added that
"the countries of the world are currently moving towards clean energy and dispensing with fossil fuels," pointing out that
"the developed countries have allocated no less than 40% of the funds to finance green energy projects." Al-Hassani explained that
"oil-producing countries, especially the Gulf countries, have realized the dangers of this and have begun to diversify their economy and reduce their dependence on oil,
with the exception of Iraq, which is still throwing its weight on oil and gas without diversifying its economy, and
for this we see that the Iraqi market is the largest importer of goods, commodities, and even vegetables."
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News agency, that
"the reasons for the economy remaining rentier go back to the wars and the imposition of the siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources."".
The continuation of the Iraqi state’s dependence 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 tend every time to cover the deficit through borrowing from abroad or from the inside, and
thus indicates the inability to manage State funds effectively, and
the inability to find alternative financing solutions.
[You must be registered and logged in to see this link.]
