An in-depth analysis of the period from 2004 to 2023 reveals an overreliance on oil revenues, which makes the public budget vulnerable to global price fluctuations and leads to recurring cycles of large surpluses and deficits. The Iraqi financial system faces profound structural challenges that require comprehensive reforms to achieve fiscal sustainability and balance efficiency and equity. This dependence limits Iraq's ability to build a diversified and sustainable economy. Data indicates structural imbalances in public spending, with average expenditures exceeding revenues over the long term, leading to the accumulation of debt, particularly domestic debt. Achieving distributive justice remains a challenge, with potential unequal distribution of oil wealth and public services. Addressing these challenges requires structural reforms aimed at diversifying revenues, rationalizing spending, strengthening fiscal governance, developing a vibrant private sector, and ensuring a more equitable distribution of opportunities and services. Achieving a balance between efficiency and equity is not simply an economic goal; it is essential for achieving long-term social and political stability and inclusive growth in Iraq.