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Iraq's calculations in July portend great danger: the state is unable to find an alternative to oil

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Post by RamblerNash Wed Sep 15, 2021 9:53 pm

Iraq's calculations in July portend great danger: the state is unable to find an alternative to oil 29006
Ministry of Finance building. "Economy News"
 
09/15/2021

Economy News - Baghdad

The Iraqi state’s account figures for the month of July for the fiscal year 2021 showed dependence on oil as a major and almost the only source of income, which poses a great danger to the future of Iraq.

The data and tables issued by the Ministry of Finance in September for the calculations for the month of July showed that oil is still the main resource for Iraq's general budget, despite its decline by 1% from last year, but it remains above 90% of Iraq's budget. Which poses a threat to Iraq's future in light of the current Iraqi government's attempt to reform the Iraqi economy within the white paper submitted by the Council of Ministers to the Council of Representatives.

According to the financial report; Non-oil revenues came from current revenues represented by taxes on income and wealth at 981 billion and 501 million and 142 thousand and 565 dinars, and also came from commodity taxes and production fees at 631 billion and 925 million and 911 thousand and 784 dinars, and they also came from fees that amounted to 556 billion and 72 million dinars. And 835 thousand and 328 dinars and from the share of public sector profits, at a rate of 68 billion and 686 million and 643 thousand and 672 dinars, and from the transfer revenues, which amounted to one trillion and 121 billion and 196 million and 283 thousand and 106 dinars, and from other revenues by 589 billion and 828 million and 557 thousand and 848 dinars.

It also came from capital revenues, which amounted to 23 billion and 999 million and 864 thousand and 382 dinars.

The Minister of Finance had confirmed (last August 26) that "the number of people who receive salaries and benefits in the state, including employees, retirees, and the social protection network is between 6.5 million to 7 million people, and these salaries constitute 65 percent of Iraq's general budget."

And the inability to rein in expenditures, especially salaries and subsidies, which raises doubts about the government's ability to continue this approach and reform the economy, with the inability so far to diversify the economy and exit from the rentier economy.

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, on March 2, 2021, attributed the reasons for the economy to remain rentier because “the wars and the imposition of sieges during the past era, and the political conflicts we are witnessing today, led to the dispersal of economic resources.”

Saleh added that "development was lost as a result of these wars, and that the country needs a resource to go about things and for people to live from it. Therefore, oil remained the only resource, and the Iraqi economy remained a one-sided economy."

Saleh pointed out that "development, stability, diversification of the economy, and the transition from a rentier economy require political stability and stable institutions, which the state has missed over the years."

Finance Minister Muhammad Allawi revealed in an interview about the size of Iraq's external debt, which amounted to 50 billion dollars, excluding bonds amounting to nearly 3 billion dollars, while the internal debts amounted to 75 trillion dinars.

The Iraqi state’s continued dependence 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 indicates the inability to manage funds the state effectively, and the inability to find alternative financing solutions.

https://economy-news.net/content.php?id=26309
RamblerNash
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