Draw Media

A delegation from the Kurdistan Regional Government (KRG) is scheduled to go to Baghdad to discuss how to send the Kurdistan Region's share of the Iraqi budget law and the financial cleansing of the past six months of revenues with the Iraqi Ministry of Finance.

The Kurdistan Region's financial entitlements for salaries are about (906) billion dinars monthly and (5 trillion 436 billion) dinars annually, in addition to the provincial development budget and other expenditures.
For the financial cleansing of the past six months, the Kurdistan Region must return (oil for the first three months of 2023, 50% of the revenue from border points, commercial bank loans, 400 billion dinars loan) to Baghdad.

The budget law came into force after it was published in the Waqaii newspaper, because the budget law has (retroactive effect) so it will be counted from January 1, 2023.
The delegation of the Ministry of Finance visited Baghdad before the Eid al-Adha holidays, in order to discuss the details of the implementation of the budget law and the share of the past six months.

 Finally, the budget law was approved by the Iraqi parliament and published in the Waaqii newspaper, and went into effect immediately.
Articles 11, 12 and 13 of the budget law are specific to the Kurdistan Region, in addition to several other items in the budget.
According to the budget law:
• In the event of payment of 100% of the financial entitlements of the Kurdistan Region as stated in the budget law, the average entitlements of the Kurdistan Region in the budget will be (18 trillion and 310 billion) dinars, that is, (1 trillion and 526 billion) dinars monthly.
• In return for receiving this financial entitlement, the Kurdistan Region will bear financial obligation and must return (1 trillion 210 billion) dinars monthly to Baghdadi according to the budget law.
According to this equation, the Kurdistan Region will receive 1.526 trillion dinars from Baghdad and return 1.210 trillion dinars to Baghdad, which means each month 310 billion dinars remain for the Kurdistan Region.