Shafaq News/ Iraq’s financial revenues for the first seven months of2024 have exceeded 77 trillion dinars (approximately $55 billion), according toa report released by the Ministry of Finance on Tuesday.
The data, which covers the period from January to July showed the totalrevenues was 77,475,502,239,546 dinars.
The report showed that oil revenues accounted for 89% of the totalbudget, totaling 69,055,827,984,000 dinars, while non-oil revenues contributed8,317,883,512,000 dinars.
Advances for the period amounted to 15,664,477,820,559 dinars.
Economic expert Mohammed Al-Hassani attributed Iraq's economicdifficulties to “the failure of previous regimes to transition to adevelopmental economy.” He stressed the need to invest oil wealth indiversifying the economy, creating productive job opportunities, and enhancinghuman development.
Al-Hassani also called for “legislative reforms to foster both local andforeign private-sector investment, including updates to tariff regulations,consumer protection laws, and anti-monopoly measures.”
Mudher Mohammad Saleh, the Financial and Economic Advisor to the IraqiPrime Minister, explained that Iraq’s reliance on oil is a legacy of past wars,economic sanctions, and ongoing political conflicts. These factors have led tothe misallocation of resources.
The continued dependence on oil exposes Iraq to global economicfluctuations, often resulting in the need for external or internal borrowing toaddress budget deficits.