Iraqi Parliamentary Finance Committee seeks alternative revenue sources amid oil price volatility

Shafaq News/ On Monday, the Parliamentary Finance Committee announced that it is exploring alternative revenue sources due to concerns over fluctuating global oil prices.

Committee Chairman Atwan al-Atwani told Shafaq News Agency, "Iraq relies heavily on oil to boost its revenues, as it is the primary source of funding for the state's general budget. Therefore, it is necessary to identify and increase non-oil revenues in the budget."

Al-Atwani added, "The Central Bank of Iraq has sufficient liquidity, and we require eight trillion dinars ($6.1 billion) monthly to fund public sector salaries."

"As members of the Finance Committee, we are not reassured by the instability of oil prices. We are working to strengthen non-oil revenue collection to support the Iraqi budget."

On September 19, the Ministry of Finance issued a statement denying recent claims attributed to Minister Taif Sami regarding the ministry's inability to pay employee salaries in the coming months.

The ministry asserted that the circulated information was "completely false," clarifying that the minister made no such statements. The ministry reaffirmed its full commitment to paying salaries on schedule for employees, retirees, social welfare beneficiaries, and various security personnel, including members of the Popular Mobilization Forces, in accordance with applicable laws and regulations.