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Kurdistan's Minister of Finance: KRG is committed to the Federal Budget obligations

Category: Economy

Date: 2021-06-15T16:22:17+0000
Kurdistan's Minister of Finance: KRG is committed to the Federal Budget obligations

Shafaq News/ Kurdistan's Minister of Finance and Economy, Awat Sheikh Janab Nouri, held a meeting today, Tuesday, with the Director of the Trade Bank of Iraq (TBI), Salem Jawad Abdul Hadi, to discuss issues related to the general federal budget, asserting the Region's commitment to its content.

According to a readout issued by the ministry, Minister Sheikh Janab expressed the region's readiness to abide by all the paragraphs of the General Budget to ultimately reach a settling point between Baghdad and Erbil.

The meeting aimed, according to the Ministry, to discuss paragraph 11/2nd of the Budget Law No. 23 of 2021, based on which a mechanism to settle KRG's debts to TBI will be set under the umbrella of the same law.

The budget stipulates that Kurdistan shall deliver 250 oil barrels daily to the state-owned "SOMO" company, in addition to half of the Region's other financial revenues to Baghdad. In return, the Region receives 12.6% of the Federal Budget.

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