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Four paragraphs of the general budget hinder sending the Kurdistan region’s share
Economy News - Baghdad
The reporter of the Finance Committee in the House of Representatives, Ahmed Al-Saffar, stated that the Kurdistan Regional Government must implement four paragraphs of the General Budget Law for 2021, in order to send its share of the budget from Baghdad.
Al-Saffar said that the Kurdistan region must implement four paragraphs of Article (11) of the General Budget Law for 2021, so that the federal government will implement the fifth paragraph of the same article, which is related to sending the Kurdistan region’s share of the budget, according to Rudaw.
He added that "the issue of the general budget is finished in both the political and legislative terms. The share of the Kurdistan region was determined during Article 11 of the Budget Law, which is a conditional article in which Erbil must implement four paragraphs in order for Baghdad to initiate the implementation of the fifth paragraph related to sending the Kurdistan region’s share of the budget."
It is noteworthy that the Iraqi Council of Representatives voted on March 31, 2021, to approve Article (11) of the Budget Law for 2021 regarding the Kurdistan region's share of the budget.
Article 11 of the Iraqi Federal Budget Law for the year 2021 states that the Kurdistan region must produce from its fields at least 460,000 barrels of oil per day, and after deducting production and transportation expenditures, the amount required for domestic consumption and the petrodollar share, the Kurdistan Regional Government must hand over to the federal government Daily revenues of at least 250 thousand barrels of oil, at the price of SOMO. The Kurdistan region must also hand over 50% of its non-oil revenues to Baghdad, so that the latter will spend its share of the general budget.
The reporter of the Finance Committee of the Iraqi Parliament indicated that "a joint technical delegation from the Ministry of Finance, the Ministry of Natural Resources and the Financial Supervision Authority of the regional government, was supposed to head to Baghdad, two weeks after the approval of the General Budget Law, to end the outstanding issues."
With regard to the Kurdistan Region’s share in the past months, Al-Saffar explained that “the federal government deducts monthly imports of 250 thousand barrels of crude oil at the price set for SOMO, in addition to half of the non-oil revenues in the Kurdistan Region, so that the remaining amount is sent to the Kurdistan Region.”
The federal budget for the year 2021 was estimated at more than 129 trillion dinars, thus the Kurdistan region’s share of the federal budget for this year is 11 trillion and 482 billion and 394 million dinars.
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