Iraq’s financial revenues exceeded $81 billion in 10 months
An aerial view of the Iraqi capital, Baghdad. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Ministry of Finance revealed on Monday that the revenues in the federal budget for 10 months exceeded 106 trillion dinars (approximately $81 billion).
The data issued by the Finance Ministry showed that oil is still the main source for Iraq’s general budget, as it represented 95 percent, Shafaq News reported.
According to the ministry’s financial data, oil revenues from the beginning of 2023 until October surpassed 101.94 trillion Iraqi dinars (nearly $78 billion), while non-oil revenues were 5.47 trillion Iraqi dinars (about $4.18 billion).
Economic experts warn of the danger of relying on oil as the sole source of Iraq’s general budget, considering that oil prices are subject to global fluctuations.
Oil prices fell from $90 to $70 per barrel and thus affected Iraq’s general budget.
Iraq is unable to develop other economic sectors despite its financial savings, which are used for operational expenses rather than major investments.
Iraq’s continued reliance on oil as the sole source of the general budget makes the country vulnerable to global crises that occur from time to time.