Sun. Jun 23rd, 2024

The Iraqi Ministry of Finance revealed on Monday that Iraq’s financial revenues exceeded 42 trillion dinars ($32.1 billion) in four months.

Data revealed by Iraq’s Finance Ministry related to the finances of January, February, March, and April for the current fiscal year indicated that oil is still the main resource for Iraq’s general budget, representing 89 percent.

According to official data, the rentier economy serves as the foundation for the country’s overall budget.

Data showed that Iraq’s financial revenues during the aforementioned months reached 42.72 trillion Iraqi dinars (approximately $32.67 billion), while expenditures were 3.67 trillion Iraqi dinars ($2.81 billion).

Iraq’s revenues generated from oil exports reached $38 trillion Iraqi dinars (about $29.06 billion), while non-oil revenues reached 4.69 trillion Iraqi dinars ($3.59 billion).

The Iraqi parliament approved last week the 2024 budget that raised the country’s expenditure to 211 trillion Iraqi dinars (approximately $161 billion).

Iraq’s 2024 budget deficit is around 63 trillion Iraqi dinars (around $48 billion), representing roughly one-third of the budget.

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