Petroleum's Persistent Power: A Glance at Iraq's Fiscal Dynamics in May 2023

Shafaq News/ Oil continues to be the lifeline of Iraq's treasury, contributing a formidable 96% to the fiscal coffers, emerging data from the Ministry of Finance of Iraq showed this weekend.

A report by the ministry showed Iraq's revenue stream swelling to an eye-watering over 27 trillion dinars in May.

May's purse owes its lion's share to the ceaseless flow of oil revenues, amassing a colossal 28,252,445,810,436 dinars, consolidating its reign as the unchallenged backbone of Iraq's economy.

A flicker of promise sparkles in the face of non-oil revenues, albeit meekly contributing 1,150,448,652,381 dinars.

Despite its subdued contribution, it offers a much-needed reminder of the need for diversification in the Middle Eastern nation's economy.

Fiscal probity emerges as another highlight of the report, as a remarkable surplus is evident from the total expenditure figure, which stands at 20,144,515,86,000 dinars.

However, adding another layer of complexity to this financial tapestry is the conversion revenues. Amounting to,115,930,623,000 dinars, these revenues stand excluded from the total revenue calculations up until March 2023, adding a note of fiscal intrigue to the tableau.