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The Iraqi Ministry of Finance revealed on Sunday that Iraq%u2019sfinancial revenues during the first 10 months of 2024 exceeded 124trillion Iraqi dinars ($94.5 billion). Oil is the primary source offunding for Iraq%u2019s general budget, accounting for 88 percent of thetotal income, according to figures issued by the Finance Ministry inDecember. Iraq%u2019s financial revenues generated from oil exports inthe first 10 months of 2024 reached 110.22 trillion Iraqi dinars(approximately $84 billion), representing 88 percent of thecountry%u2019s budget sources. The country%u2019s non-oil revenues amountedto 14 trillion Iraqi dinars ($10.67 billion), constituting 12 percent ofIraq%u2019s general budget.The Iraqi Finance Ministry%u2019s statistics indicate that the country%u2019soverall budget is based on the rentier economy. The PrimeMinister%u2019s Advisor for Financial Affairs, Mabudget,zhar Saleh, statedpreviously that political unrest, prior wars, and the imposition of aneconomic embargo on Iraq are the key causes of the economy%u2019scontinued rentier status. Iraq is concentrating on boosting non-oilearnings through improved tax collection methods without enactingnew fees in an effort to strengthen its finances.Due to the country%u2019s heavy reliance on oil exports, Iraq%u2019s economyis vulnerable to changes in the price of the commodity globally. Thebudget for 2024, for example, is predicated on an oil price of $70per barrel, which is less than earlier estimates and reflects thecontinued uncertainty of the oil market. Saleh said earlier thatalthough 2024 may be steady, tighter budgetary control would benecessary for 2025 because of anticipated income deficits.Forecasts indicate that non-oil income will rise significantly.According to projections made by the Iraqi Parliamentary FinanceCommittee, non-oil earnings might be as high as $22 billion by2025. This is a noteworthy attempt to diversify sources of income inthe face of falling oil prices.https://www.iraqinews.com/iraq/iraqs-financial-revenues-surpass-94-5-billion-in-10-months/IRAQIraq%u2019s financial revenues surpass $94.5 billionin 10 months