Iraqi PM’s Adviser: Higher Oil Prices and Exports to Boost State Revenues

Prime Minister’s financial adviser, Mazhar Mohammed Salih, said that rising oil prices and increased export volumes would strengthen Iraq’s financial revenues despite ongoing geopolitical challenges and risks facing oil exports.

Salih explained that government spending priorities include salaries, pensions, social welfare payments, contractors’ and farmers’ dues, as well as essential services such as electricity maintenance and municipal services.

He stressed that financial balance should be assessed by comparing annual revenues with expenditures, given monthly fluctuations in oil income, adding that available resources should be directed toward essential priorities rather than relying on borrowing.

He also noted that oil accounts for around 90% of Iraq’s public budget revenues, making financial management under current circumstances a major test of the country’s ability to overcome challenges while minimizing losses and maximizing returns.