Iraq's state treasury dealt trillion-dollar blow, expenditures soar

Shafaq News/ On Thursday, the Iraq Future Foundation revealed a significant increase in state expenditures from the budget during January 2024 compared to 2023, indicating a slight decrease in oil revenues.

Manar Al-Obaidi, the Foundation's president, stated, "Government salary expenditures for January 2024 increased by 13.8% at a rate of four trillion dinars, compared to the same period last year."

"Social welfare expenditures for the same month increased by 20.4% by 1.8 trillion dinars, and overall current expenditures also increased by 20% to reach 6.5 trillion dinars, compared to 5.5 trillion dinars last year," he added.

Al-Obaidi pointed out that "the total government expenditures for January 2024 increased by 37% compared to the same period last year, reaching a total of 8.8 trillion dinars compared to 6.4 trillion dinars."

"A decrease in oil revenues by 0.1% compared to January 2023, reaching 10.27 trillion dinars from 10.28 trillion dinars…non-oil revenues increased to 1.26 trillion dinars." He also noted.

Al-Obaidi concluded that "the total government revenues in January 2024 increased to 11.5 trillion dinars from 7.7 trillion dinars," confirming that "the data provided is based on the Iraqi Ministry of Finance's data."