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For the first time.. Finance publishes the accounts of the Iraqi state for the month of June 2022

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For the first time.. Finance publishes the accounts of the Iraqi state for the month of June 2022

Last update August 24, 2022

The Independent -
The Ministry of Finance issued the Iraqi state accounts for the month of June for the fiscal year 2022,

which indicated that the contribution of oil in the federal budget is still high, reaching 96% for the third month in a row, while an economist attributed the matter to high oil prices and zero customs.

The data and tables issued by the Ministry of Finance in the current month of August for the accounts of last June, which showed that oil is still the main resource for Iraq’s general budget, reaching 96%, which is the same percentage for the month of last May, indicating that the rentier economy is the basis in Iraq’s general budget..

Through the financial tables, it appears that the total oil revenues for the month of June amounted to 72 trillion and 476 billion and 471 million and 603 thousand and 97 dinars, which represents 96% of the total revenues.

While the total non-oil revenues amounted to 3 trillion and 163 billion and 857 million and 400 thousand and 641 dinars, which constitutes 4% of the total revenues.

While the total oil and non-oil revenues amounted to 75 trillion and 639 billion and 329 million and 3 thousand and 738 dinars, which is the highest by 89.49% over the same period last year 2021, which amounted to 39 trillion and 917 billion and 497 million dinars as a result of high oil prices.

According to the finance report, the revenues for the month of June came from current revenues, which amounted to 75 trillion and 603 billion and 414 million and 231 thousand and 21 dinars, and also came from capital revenues, which amounted to 35 billion and 914 million and 772 thousand and 716 dinars.

For his part, financial expert Hilal Al-Tahhan said in a press statement that the Independent followed, that

"the high oil prices, which amounted to nearly $100, are behind the high contribution of the oil sector to the general budget, in addition to zeroing customs to support food security in Iraq."  Al-Tahhan added,

“The percentage of oil’s contribution to the budget is normal in Iraq,” explaining that

it “represents the rentier economic nature, which is not a modern matter, but

this is considered dangerous because of the fluctuations that it carries in the dangerous oil market, which we witnessed during the Corona period that Prices fell to about $20 a barrel.  Al-Tahhan pointed out that

"Iraq is still unable to raise non-oil production, which is considered unjustified in light of its reliance on imports to finance its local markets and away from developing and returning its factories that have been suspended for years."

The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 through an interview and his independent follower, that

the reasons for the survival of the economy are rentier due to wars and the imposition of siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources.

And the Iraqi state’s continuation of relying on oil as the only source of the general budget makes Iraq at risk of global crises that occur from time to time due to the impact of oil on it,

which makes Iraq turn every time to cover the deficit through borrowing from abroad or inside, which thus indicates the

inability to manage Effectively state funds, and the
inability to find alternative financing solutions.

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