Iraq’s financial revenues exceed 121 trillion dinars in 11 months, 18 JAN
Shafaq News/ The Ministry of Finance revealed, on Wednesday, that the volume of Iraqi revenues in the federal budget during 11 months exceeded 121 trillion dinars, confirming that the oil contribution to the budget had risen to 93%.
Shafaq News Agency followed the data and tables issued by the Ministry of Finance this January, for the 11-month accounts of the last fiscal year, which showed that oil is still the main resource for Iraq’s general budget, reaching 93%, which indicates that the rentier economy is the basis for the budget. General countries.
The financial tables indicated that the total revenues up to the month of November of last year amounted to 121 trillion, 214 billion, 907 million, 87 thousand and 408 dinars, after excluding transfer revenues, which amounted to one trillion, 438 billion, 122 million and 744 thousand dinars, indicating that the total expenditures with advances amounted to 98 trillion 727 billion 745 million 419 thousand dinars.
According to the financial tables, oil revenues amounted to 112 trillion and 665 billion and 1 million and 402 thousand dinars, which constitute 93% of the general budget, while non-oil revenues amounted to 8 trillion and 549 billion and 504 million and 931 thousand dinars.
Meanwhile, economic expert Muhammad Al-Hassani considered, in an interview with Shafaq News Agency, that “the decrease in oil’s contribution to the general budget is a positive factor,” adding that “the decrease was not significant and that it came as a result of the decrease in oil prices in global markets.”
He added, “Oil prices decreased significantly, which affected Iraq’s general budget,” stressing that “oil prices are subject to global fluctuations.”
He pointed out that “the Iraqi government must take advantage of the financial abundance in the budget by developing the economic and agricultural sectors to reduce dependence on oil.”
The Prime Minister’s Advisor 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 are due to wars and the imposition of the economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to… Dispersal of economic resources.
The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them, which makes the country turn every time to cover the deficit through borrowing from abroad or within, and thus indicates the inability to Managing state funds effectively, and the inability to find alternative financing solutions.
The news...could not get any better. I know we all await news of the accession of Iraq to the WTO. Many have asked if Iraq has already completed the accession process. I will tell you they have completed it and we are waiting for the announcement of full accession but there is some legislation requirements that must be met first. Why is the WTO important for our investment in the dinar?
It is important because Iraq will need an international currency in order to trade with the international markets.
NO, the RV did not yet happen! But we all should know the process is in motion. How can anyone deny it when we look at all the progress made in 2023 on currency reform. The dinar and dollar crisis filled the headlines every day.
I asked [my CBI contact] what rate the CBI wants to bring the parallel rate of the dollar down to?
I was told at least around the “official” CBI rate. They are driving to have them match very closely. In consultation with the IMF this is what they are now mandating and is in the plan. When this is reached and stable, the committee will be notified to begin the process of deleting the zeros and move ahead with it.
