52 minutes ago

SULAIMANI — The Kurdistan Regional Government (KRG) said on Monday (May 3) that its Finance Monitoring Diwan has sent a letter to its federal counterpart to suggest the formation of a joint plan and committee to monitor implementation of the 2021 Federal Budget Law.

On March 31, the Council of Representatives passed Iraq’s annual budget, which included the terms of a financial agreement between Erbil and Baghdad.

The KRG is supposed to receive 9.5 trillion Iraqi dinars ($6.5 billion), which will be disbursed in monthly increments, in return for submitting 250,000 barrels of crude oil per day to Iraq’s oil marketer SOMO for export. The federal government will be able to cut off funds in the event of non-compliance.

The KRG said in a statement on April 7 that all of its ministries and departments should take necessary steps to implement the law and urged the federal government to do the same.

(NRT Digital Media)

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