IMPORTANT IRAQ NEWS: FOR THE FIRST TIME, THE IRAQI STATE’S NON-OIL REVENUES RECORD AN INCREASE OF 11% BY MNT GOAT

FOR THE FIRST TIME, THE IRAQI STATE’S NON-OIL REVENUES RECORD AN INCREASE OF 11%

The “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.

A report issued by the institution today 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.