Iraq's Fiscal Exposure
The Gap: Revenue vs Expenditure
March oil revenue measured against Iraq's three layers of monthly state spending
Monthly Oil Revenue
Scale: $11.1bn = full width
February
last normal month
$6.81 bn
$6.81bn
March
war month
~$2 bn
~$2bn
March Revenue vs Monthly Spending Tiers
Salaries, pensions & welfare
$5.6bn
· 7.4T IQD/month
$2bn covers 27%
gap: $3.6bn
Total operational expenditure
$7.2bn
· 9.5T IQD/month
$2bn covers 21%
gap: $5.2bn
Total spending incl. investment
$8.4bn
· 11.1T IQD/month
$2bn covers 18%
gap: $6.4bn
March Oil Revenue Covered
27%
of monthly
Salaries & welfare
21%
of monthly
Operational costs
18%
of monthly
Total spending