Iraq’s non-oil revenues reach 11% for first timers

The Iraq Future Foundation (IFF) announced on Thursday that Iraq’s non-oil revenues reached 11 percent for the first time, with oil revenues declining to less than 90 percent.

A report issued by the IFF mentioned that non-oil revenues during the first five months of 2024 were 6.24 trillion Iraqi dinars (approximately $4.76 billion), while revenues generated from oil exports reached 48.4 trillion Iraqi dinars (nearly $37 billion), Shafaq News reported.

According to the report, revenues generated from income and wealth taxes jumped by 118 percent, while revenues from excise duties increased by 285 percent.

Fee revenues increased by 50 percent, while oil revenues increased by 6.4 percent.

Iraq’s continuous dependence on oil as the primary source of general revenue is a risky issue, as oil prices are influenced by global crises that arise from time to time.

Iraq borrows from outside and inside to cover its deficit, demonstrating the country’s incapacity to adequately manage public funds and identify other financial resources.