KRG receives 200 billion dinars from Baghdad, Region's MoF says

Shafaq News/ The Kurdistan Regional Government (KRG) has received 200 billion dinars from the Federal Government of Iraq, the Region's Ministry of Finance (MoF) said earlier today, Monday.

A brief press release by the Ministry said that the amount received by the Region's government is an "advance" pending the Federal Monitoring Committee's audit into the incomes of the Kurdistan Region.

Under the 2021 budget law, which was passed by a majority of Arab and Kurdish legislators after months of wrangling, KRG is committed to producing no less than 460,000 bpd of oil.

After deducting expenses for production operations in the region, transport of oil and the domestic consumption of crude oil, KRG must hand over to Baghdad revenues generated from regional oil exports of 250,000 bpd, according to Iraq's Oil Marketing Company (SOMO) pricing, in exchange of a fixed share that equals 12.6% of the Federal budget.