Baghdad (Agencies): The Iraqi Ministry of Finance announced on Sunday that the country’s financial revenues for the first five months of 2024 have exceeded 54 trillion Iraqi dinars (approximately $41.3 billion).
Data released by the Finance Ministry for January through May 2024 highlighted that oil exports remain the primary source of Iraq’s general budget, accounting for 89% of total revenues. During this period, total expenditures reached 21.7 trillion Iraqi dinars (around $16.6 billion).
Oil exports generated 48.4 trillion Iraqi dinars (nearly $37 billion), while non-oil revenues amounted to 6.78 trillion Iraqi dinars (approximately $5.2 billion). The Iraq Future Foundation (IFF) noted that non-oil revenues reached 11% for the first time, with oil revenues declining to less than 90%.
The IFF report also highlighted significant increases in revenues from income and wealth taxes (118%), excise duties (285%), and fees (50%), while oil revenues saw a 6.4% increase. Despite these gains, Iraq’s heavy reliance on oil remains a concern due to the volatility of global oil prices.