Kurdistan Finance confirms its commitment to the provisions of the budget and the settlement of government bank debts

economyKurdistan RegionBaghdadfinancial budget 2021-06-15 09:30A-AA+

Shafaq News/ The Minister of Finance and Economy of the Kurdistan Regional Government held a meeting today, Tuesday, with the Director of the Trade Bank of Iraq (TBI) regarding the implementation of the paragraphs of the Iraqi general budget, declaring that the regional government is fully prepared to commit to implementing what is stated in the budget. 

A statement by the ministry, received by Shafaq News Agency, stated that the Minister of Finance in the regional government, Awat Sheikh Janab Nuri, received the Director of the Trade Bank of Iraq (TBI) Salem Jawad Abdul Hadi.

Sheikh Janab stressed, during the meeting, the region’s full readiness to abide by all the paragraphs of the Iraqi general budget in order to reach a comprehensive understanding and the agreement between Baghdad and the region would be in the interest of the Iraqi people.

The statement indicated that the meeting was held with the aim of implementing Paragraph (11 Second) of Budget Law No. 23 of 2021, through which it is directed towards defining a mechanism for how to address and settle the debts of the TPI owed by the Kurdistan Regional Government within the framework of the same law as part of the commitment from both sides.

The budget stipulates that the Kurdistan Region will deliver 250 barrels per day of oil and half of the other financial revenues to Baghdad, in return for a share in the budget estimated at 12.6 percent.

The KRG says that Baghdad has not sent any budget payments so far, despite the passage of months since its approval.



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