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The Central Bank re-matches the foreign revenues of Iraq for the years 2005-2017

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The Central Bank re-matches the foreign revenues of Iraq for the years 2005-2017

Post by RamblerNash on Mon Jul 30, 2018 11:10 am

The Central Bank re-matches the foreign revenues of Iraq for the years 2005-2017


Economy News _ Baghdad

The Central Bank of Iraq (CBE) on Monday reconciled the foreign revenues of Iraq for the years 2005-2017, explaining that the total receipts of the Ministry of Finance from foreign currency during the previous years amounted to approximately 706.23 billion US dollars.

The Bank said in a statement received by "Economy News", that "since 2003 until recently, the Iraqi economy witnessed a rise in oil resources markedly accompanied by high global oil prices, followed by the numbers of public budgets to high amounts over the past years,

He added that "the total receipts of the Ministry of Finance of foreign currency, during the years 2005-2017 nearly 706.23 billion US dollars, and the amount of which spent $ 703.11 billion, or 99.5% of the total revenue, and remaining as at 31/12/2017 role to Opening balance for the Ministry of Finance at the beginning of 2018.

The statement said that the expenditure is distributed at different sections, the most important of which is the monetary appropriation, which is the Ministry of Finance spending in the public budget. During the years 2005-2017, it amounted to approximately 488.6 billion dollars, or 69.5% of the total expenditure, followed by Iraqi government revenues for the same period. Through the Iraqi Trade Bank (TBI) $ 156.9 billion, 22.3% of the total expenditure, and then the expenses of the payment of the contractors of oil service contracts and military payments amounting to 41.5 billion dollars, or 5.9% of the total expenditure, while the remainder, which is 2.3% % Of total expenditure has been directed to repay d Iraq and other expenditures.

He pointed out that "the year 2012 is the highest year in terms of revenue with a total revenue of $ 106.23 billion, and 2013 is the highest year in terms of spending as the total expenditure of the total of nearly 97.45 billion dollars," noting that "total revenue grew For the period 2005-2013 increased by 21.7%, compared to 5.4% for the years 2014-2017. Total expenditure grew by 24.3% for the period 2005-2013 and a negative rate of 9.1% for the period 2014-2017.


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