The Central Bank re-matches the foreign revenues of Iraq for the years 2005-2017

Economy News _ Baghdad

The Central Bank of Iraq (CBE) on Monday reconciled the foreign revenues of Iraq for the years 2005-2017, explaining that the total receipts of the Ministry of Finance from foreign currency during the previous years amounted to approximately 706.23 billion US dollars.

The Bank said in a statement received by "Economy News", that "since 2003 until recently, the Iraqi economy witnessed a rise in oil resources markedly accompanied by high global oil prices, followed by the numbers of public budgets to high amounts over the past years, There is a lot of debate about these large dollar revenues and how much they have been spent and how they were spent. We hear from time to time misinformation based on inaccurate information that harms Iraq's reputation. In order to remove suspicions and confusion,

He added that "the total receipts of the Ministry of Finance of foreign currency, during the years 2005-2017 nearly 706.23 billion US dollars, and the amount of which spent $ 703.11 billion, or 99.5% of the total revenue, and remaining as at 31/12/2017 role to Opening balance for the Ministry of Finance at the beginning of 2018.

The statement said that the expenditure is distributed at different sections, the most important of which is the monetary appropriation, which is the Ministry of Finance spending in the public budget. During the years 2005-2017, it amounted to approximately 488.6 billion dollars, or 69.5% of the total expenditure, followed by Iraqi government revenues for the same period. Through the Iraqi Trade Bank (TBI) $ 156.9 billion, 22.3% of the total expenditure, and then the expenses of the payment of the contractors of oil service contracts and military payments amounting to 41.5 billion dollars, or 5.9% of the total expenditure, while the remainder, which is 2.3% % Of total expenditure has been directed to repay d Iraq and other expenditures.

He pointed out that "the year 2012 is the highest year in terms of revenue with a total revenue of $ 106.23 billion, and 2013 is the highest year in terms of spending as the total expenditure of the total of nearly 97.45 billion dollars," noting that "total revenue grew For the period 2005-2013 increased by 21.7%, compared to 5.4% for the years 2014-2017. Total expenditure grew by 24.3% for the period 2005-2013 and a negative rate of 9.1% for the period 2014-2017.


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Dollar Matching Significance


02/8/2018 12:00 am

Dr.. In the name of Brahimi
Well, the Iraqi Central Bank, when they announced two days ago in a statement to clarify the matching of imports and expenses of foreign currency for Iraq for the period from 2005 to 2017, in the context of the stabilization of the financial transparency, which we call, and this statement came at a time when the rhetoric reached its end , To the extent that some people have lost us a thousand billion dollars to convey others this talk without evidence, which drew a big question mark on the fact that happened on the financial side during the said period and if the previous speech is not accurate, what are the exact figures?
Some of the statements unfortunately were issued by people specializing in economic affairs, but it seems that they have other goals, as they say, forgetting the truth of what this talk of a negative impact on the overall economic relations and not only political, as the relationship between economy and politics are becoming so difficult to separate the boundaries of the relationship between them, According to his role as consultant and accountant for the government, the central bank records the movement of the government account (Ministry of Finance) and this is what prompted him to announce these figures to clarify
the facts.
The figures revealed dollar revenues of 706 billion dollars during the period 2005 - 2017 was spent 703 billion dollars, and the rest is a round balance is at the expense of the Ministry of Finance, about 70 percent of revenue went to the budget expenditures, especially ongoing, which are mostly salaries and wages, while 22 percent went to government imports, 6 percent to oil contracts and military contracts, while the remaining 2 percent was used to cover Iraq's debt payments.
Some of them comment on the statement that it shows the financial statements of revenues and main doors of expenditures in terms of size and proportion without analyzing the efficiency of performance, and we see that this is normal in light of the state institutions because it is not within the jurisdiction of the Central Bank, but the competence of other supervisory or supervisory institutions to follow up spending and exchange doors with This is another topic that the statement did not aim at, and therefore we must prove the positive signs that this statement carries in presenting the facts and communicating with the public in a transparent manner in order to be a good year for all other institutions.


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