Shafaq News / The Iraqi parliament voted, on Wednesday, on Article 11 of the General Budget Law for the Kurdistan Region’s share, after a tug of war that lasted for months.
Article 11 states:
First: Dues are settled between the federal government and the Kurdistan Region for the years from 2004 to 2020 after the Federal Office of Financial Supervision, in coordination with the Regional Office of Financial Supervision, audited them to show the final accounts approved by the Federal Office of Financial Supervision from the financial revenues and expenditures achieved after excluding the sovereign expenditures and what happened His spending for the region is among the ruling expenditures.
A- The Kurdistan Regional Government is committed to producing crude oil from its fields at a rate of quantities not less than 460 thousand barrels per day, and the quantities necessary to cover production, transportation and operating expenses are excluded according to the data provided and the quantities consumed locally in the region and the quantities that cover the allocations of the region’s share of petrodollars, provided that they are not less The quantities delivered are based on the amounts realized from the sale of 250 thousand barrels of crude oil per day at the price of SOMO.
Paragraph (a) above shall be implemented in coordination between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Regional Government.
A The Kurdistan Regional Government is obligated to deliver non-oil revenues to the state treasury and according to the Federal Financial Administration Law, provided that the Federal Office of Financial Supervision in coordination with the Office of Financial Supervision in the region audits the data related to those revenues.
D- The balances of the Iraqi Trade Bank owed by the Kurdistan Regional Government are settled with government and private banks, and the Ministry of Finance schedules monthly installments to be deducted from the region’s share, starting from the year 2021 for a period of 7 years.
E – The federal government shall pay the Kurdistan Region’s dues mentioned in this law and the tables attached to it after the region has implemented paragraphs (a, b, c, d) of this article.
Third – obligating the Kurdistan Region to provide the Federal Ministry of Finance, after auditing the Federal Office of Financial Supervision, in coordination with the Office of Financial Supervision in the region, with the functional staffing of the formations affiliated to it (civil – military) distributed by class, vacant and occupied job title, and gender according to the numbers specified for it according to a schedule
Manpower (C) attached to this law no later than 6/30/2021.