Risks and Problems of Lower Oil Prices in Preparing the General Budget of Iraq and the Necessity of Activating Sources of NonOil Income
Risks and Problems of Lower Oil Prices in Preparing the General Budget of Iraq and the Necessity of Activating Sources of NonOil Income

Author(s): Alhusseinawi Latfe, Ileana Ashrafzade, Zaid Alajwadee
Subject(s): Essay|Book Review |Scientific Life
Published by: Editura Lumen, Asociatia Lumen
Keywords: oil prices; general budget; sources of non-oil income.
Summary/Abstract: The aim of the present study is to analyze the impact of the decrease in oil prices on the general budget of Iraq and to raise awareness over the importance of activating non-oil income sources in order to provide resources for the budget. The study reached several conclusions from which the most important was that the volatility of oil prices between 1921 and 2012 generated a lot of confusion regarding public budgets of Iraq, as well as real challenges, such as budget surplus or deficit. The research concludes that it is necessary to activate alternative sources of income, or non-oil resources, for financing the general budget in Iraq, especially taxes, in addition to the development of productive and service sectors.

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