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Economy News - Baghdad
Prime Minister's Media Office:
Based on the positive mutual understandings between the federal government and the Kurdistan Regional Government of Iraq, and the agreement to proceed with the implementation of constitutional obligations and the content of the federal general budget law, in a way that guarantees the rights of all citizens of our country, and within the framework of completing audit and oversight procedures that achieve transparency and credibility of the state’s revenues and expenditures, and with the aim of providing liquidity. Finance for the Kurdistan Regional Government of Iraq, enabling it to pay the salaries of employees, those covered by social welfare, and retirees until the Federal Ministry of Finance completes a settlement of what the region owes in implementation of the Federal General Budget Law for the years (2023, 2024, 2025); The Council of Ministers decided to amend its previous resolution No. (23500) of 2023 to be as follows:
1. Rafidain and Rasheed Banks and (TBI) will lend the Iraqi Kurdistan Regional Government an amount of two trillion and one hundred billion dinars for the current fiscal year, to be paid in three equal installments of (700) billion dinars for each installment, starting in the month of September.
2. The Federal Ministry of Finance will repay the loan amounts mentioned in Paragraph (1) above from the region’s allocations in the federal general budget for the fiscal year 2023, after settling what is owed.
3. In the event that the remainder of the region’s share is insufficient to repay the loan amounts in implementation of Paragraph (2) above, the Federal Ministry of Finance shall repay the aforementioned loan amounts from the region’s allocations in the federal budget for the fiscal year (2024), or from any other dues to the aforementioned banks, before... Pay any dues to the region.
4. The Ministry of Finance places a bank deposit with the aforementioned banks equal to the loan amounts of each of them, which is withdrawn after implementing the aforementioned paragraphs (2, 3).
5. The Federal Office of Financial Supervision, in coordination with the Office of Financial Supervision in the region, shall audit the numbers of employees and those covered by social welfare salaries and retirees in the region according to the lists submitted to the Federal Ministry of Finance and the amount of their salaries within a period not exceeding (30) days from the date of issuance of this decision. In accordance with the requirements set by the two aforementioned offices.
Added 09/17/2023 - 7:05 PM
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