The federal government clarifies the details of the financial settlement with the Kurdistan region
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
The federal government clarifies the details of the financial settlement with the Kurdistan region

The headquarters of the Ministry of Finance. "Internet"
08/18/2020
Economy News - Baghdad
The Ministry of Finance affirmed its commitment to its constitutional duties in economic and financial reform and public financial management, including its obligations towards the Kurdistan Regional Government, without the existence of the federal budget bill for 2020.
"When the government took over in May 2020, it was decided not to proceed immediately in drafting the 2020 budget until oil prices stabilize in world markets for the purpose of knowing the most obvious revenues," the ministry said in a statement seen by "Al-Eqtisad News". The ministry also had to compensate Revenues resulting from the collapse of oil prices, reduced demand for it, and Iraq's obligations under the OPEC Plus agreement. "
She pointed out that “the Coronavirus epidemic has led to the emergence of additional demands on state expenditures as well as very large additions to public salaries as a result of previous government commitments in the field of employment and employment, and the Ministry of Finance must also deal with the large number of new graduates who are waiting for jobs from The state in light of the instability of oil prices on the world markets and the decline in revenues from it.
The ministry added that "during the month of May 2020, the government agreed to transfer (400) billion dinars to the Kurdistan Regional Government in a state of emergency to meet the demands of the regional government employees who had not received their salaries for several months, and this funding was subject to entering into discussions with the regional government to solve all The outstanding issues between the federal government and the regional government regarding oil and non-oil revenues.
And she continued, "The negotiations have started in multiple rounds to reach a final agreement in light of the mutual obligations between the two sides and based on the original agreement, the Ministry of Finance has not made any financial transfers to the region since the April payment. However, the financial conditions of the Kurdistan Regional Government have deteriorated and requests have been submitted again to The Ministry of Finance to provide it with financing in order to meet the expenses of the salaries of its employees. "
The ministry indicated that “a seven-point agreement (attached) has been concluded between the prime minister and the prime minister of the regional government, which was concluded on 8/15/2020 on the basis of which the Ministry of Finance was invited to finance (320) billion dinars in August / 2020 to the region, And that this amount is based mainly on the ministry’s estimates of the region’s share of federal expenditures, and from it the estimates of the Ministry of Finance on the region’s oil and non-oil imports.
She added, "The Ministry considered that the aforementioned amount in light of the current circumstances and within the framework of the goodwill atmosphere that prevailed in the discussions between the federal government and the Kurdistan Regional Government, and based on the fact that the funding request submitted by the General Secretariat of the Council of Ministers, which includes the approval of the legal department therein, falls within the reasonable and will be amended later by an increase or The decrease in the final calculation between the federal government and the regional government, and based on all that, the Ministry of Finance approved this request on 8/17/2020 and authorized the financing of an amount of (320) billion dinars to the Kurdistan Regional Government for the month of August / 2020.
The Ministry of Finance affirmed "the necessity to proceed with the dialogue to implement the attached interim agreement regarding customs and oil revenues, the region’s commitment to the (OPEC Plus) agreement and settlement of the debts of the Iraqi Trade Bank TBI, and this must be done within 30 days."
She revealed that "the total funds made by the Ministry of Finance since the beginning of this year are (1,360) trillion dinars through the previous government and (720) billion dinars by the current government, with a total of (2.080) trillion dinars."
Finance concluded its statement by saying: “The Ministry of Finance will present the draft budget law for the year 2020 before the end of next September of this year, and the funds will be determined to the regional government. Allocated to the region, and the Ministry of Finance will finally clarify the financial basis for the funding for the regional government in the 2021 budget.
https://economy-news.net/content.php?id=21470
RamblerNash- GURU HUNTER
- Posts : 19651
Join date : 2015-02-19
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
» Parliamentary Finance continues to discuss the budget and hosts the Tax Authority and the Office of Financial Supervision
» The Minister of Finance receives the Tunisian ambassador to Baghdad
» Cabinet approves allocation of 100 million dollars for acquiring Coronavirus vaccines
» TNT Bank Story #4001
» The Iraqi government comments on fears of a jump in the exchange rate of the dollar after the approval of the budget
» Countries and global institutions, including the G7, the EU, the @WorldBank and the IMF have pledged their support for the @IraqiGovt reform programme outlined in the White Paper for Economic Reform:
» Guru Pimpy: "That's also going to help them with the foreign currency reserves" 1/26/21
» Frank26: "the Iraqi citizens right now concerning the new small category notes and the new exchange rate because they know" 1/26/21
» Guru Petra: "the budget is done and we're just waiting on the rate" 1/26/21
» MilitiaMan: "the agreements made will be sorted through the new value added" 1/26/21
» Fleming Update: "The master plan was to start the Shotgun Liquidity release this Tues. 26 Jan" 1/26/21
» MarkZ: "Most of the folks I know will be in place today" 1/26/21
» Judy: "These were huge amounts of monies to down-stream Tier 1-4A & 4B exchanges" 1/26/21
» Mnt Goat News Brief - (Guru Portion Only) There is absolutely no news of any project to delete the zeros happening anytime soon. 1/26/21
» THE ARAB MONETARY FUND ANNOUNCES THE SIGNING OF A COOPERATION AGREEMENT WITH "GB MORGAN" BANK TO LAUNCH SETTLEMENT SERVICES IN US DOLLARS THROUGH THE "BUNA" PLATFORM FOR ARAB PAYMENTS
» Parliamentary Finance: The budget will be ready for voting mid next week
» Parliamentary Finance reveals the results of its meeting with the delegation of the regional government
» 3 new decisions from the Kurdistan International Bank
» The agenda for the parliament session tomorrow, Wednesday, includes the questioning of the governor of the Central Bank
» Al-Kazemi: We are going to create a healthy environment for the work of major investment companies in Iraq
» Budget 2021 ... a move to add `` huge '' revenues
» SDR - Special Drawing Rights added to CBI.iqebsite
» Parliamentary Finance reveals violations in the 2021 budget of the Financial Management Law
» Parliamentary Finance confirms the resolution of the budget debate by the end of this week
» Saleh: Iraq faces an arduous task to address the recession of the economy
» Planning: We have 44 committees regarding the specifications of the construction materials industry
» Footforward - The best is yet to come
» The exchange rate of the dollar against the Iraqi dinar in the local markets today
» Judy Update claiming -- Wed. 27 Jan. was the date of the Global Currency Reset, at which time the general public Tier 5 would be able to exchanging foreign currencies at their new international rates.
» NICK FLEMING UPDATE, filled with dragons and lies
» COFFEE WITH MARKZ - Video and Transcript -- Jan-25 2021
» MarkZ claims -- I am not hearing any change on rates…could those high rates be reflective of the weakening of the US dollar? Yes- that is a possibility.
» Pimpy says it could be 3 more years before the IQD RV
» MilitiaMan says -- they are ceasing the Multi Currency Practices... 0 cash sales. A key indicator change is coming.
» Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries
» The International Development Bank announces its joining the "Bani" platform
» Source: The IMF knows very well that the Minister of Finance has lost the confidence of the people and will not loan it again
» Kuwait and Iraq hold talks on regional and international developments
» New statement by the Minister of Planning on the exchange rate and the agreement with China and the Port of Fao