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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Kurdistan Minister of Finance: Local revenues are insufficient to pay employees' salaries

    Rocky
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    Kurdistan Minister of Finance: Local revenues are insufficient to pay employees' salaries Empty Kurdistan Minister of Finance: Local revenues are insufficient to pay employees' salaries

    Post by Rocky Mon 24 Jul 2023, 5:01 am

    Kurdistan Minister of Finance: Local revenues are insufficient to pay employees' salaries



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    2023-07-24 04:10
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    Shafaq News / The Kurdistan Regional Government announced, on Monday, that it will not be able to pay the monthly salaries of its employees from local revenues only.




    This came during a visit by the Minister of Finance and Economy in the Kurdistan Region, Awat Sheikh Janab, to the city of Kifri in the Garmian administration, where people have been demonstrating for days to protest the lack of services.

    Janab said, in an interview with reporters, that the regional government was receiving an amount of 720 billion dinars per month from oil revenues, which would have provided 80 percent of salaries, and the rest from local revenues.

    He added that, according to this basis, internal revenues alone are not sufficient to pay salaries.

    The Iraqi government spends 400 billion dinars from Kurdistan's share in the budget to the regional government to finance the salaries of employees.
    The Iraqi government had won an arbitration case that it filed before the Arbitration Board of the International Chamber of Commerce in Paris against Ankara regarding the export of crude oil from the Kurdistan Region through the Turkish port of Ceyhan without referring to the Iraqi Oil Marketing Company "SOMO".
    As a result of the decision, the export of Kurdistan's oil, amounting to 480,000 barrels per day, stopped on March 25, and the stopped flows represent only about 0.5% of the global oil supply, without resuming until today, as indicators of damage and financial losses amounted to more than one billion dollars per month, at 33 million dollars per day, by calculating the average price per barrel at $70.
    According to the draft budget law 2023, Iraq must export 3,500,000 barrels per day, of which 400,000 barrels are from the region, at a price of $70 per barrel, and most of it is exported from the Turkish port through the pipeline that extends from Kirkuk in the north of the country to Ceyhan in Turkey.
    The export cessation caused the region to lose half of its monthly revenues, as a result of which its economic crises worsened, and it also caused a "major problem" for its employees, according to a previous statement by the region's Finance Minister Awat Sheikh Janab.
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