Shafaq News/ The Ministry of Finance reported that Iraq relies on oil to fund 96% of its state budget for the sixth month.

The Ministry's Data for September 2022 showed that the oil revenues amounted to 122,796,502,987,111 dinars, while the total non-oil revenues were 4,958,597,101,636 dinars. (4% of the payments)

According to the Ministry, the budget surplus for September is 38,129,896 million dinars (about 26 billion dollars.)

In this regard, the financial expert, Hilal al-Taan, said in an interview with Shafaq News Agency that Iraq must start introducing other industries to stop depending on oil in the fiscal budget.

"Oil prices are affected by the international economic, political and health fluctuations."

He pointed out that other countries now resort to manufacturing as a dynamic sector, noting that Iraq will "miss the opportunity for progress and prosperity without operating these funds. As a result, the future of generations will be lost."

It is worth noting that in 2020, the Iraqi government, headed by Mustafa Al-Kadhimi, adopted the so-called "White Paper" for Economic Reform, which aims to place "Iraq's economy on a path that allows the state to take appropriate steps in the future to develop it into a diversified, dynamic economy." Yet, such reforms receive attention during economic recessions and get postponed when oil prices and profits are high.