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

  • Latfe ALHUSSEINAWI PhD. Student, Bucharest University of Economic Studies
  • Ileana ASHRAFZADE The Bucharest University of Economic Studies, Bucharest, Romania
  • Zaid ALAJWADEE Thi-Qar University Gollege of Administration and Economics Iraq, origin country Iraq
DOI: https://doi.org/10.18662/lumproc.nashs2017.1
Keywords: oil prices, general budget, sources of non-oil income

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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Published
2018-08-13
How to Cite
ALHUSSEINAWI, L., ASHRAFZADE, I., & ALAJWADEE, Z. (2018). Risks and Problems of Lower Oil Prices in Preparing the General Budget of Iraq and the Necessity of Activating Sources of Non-Oil Income. LUMEN Proceedings, 3, 5-20. https://doi.org/10.18662/lumproc.nashs2017.1
Issue
Vol 3 (2018): New Approaches in Social and Humanistic Sciences
Section
Articles

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