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Member of the Democratic Party: A new agreement between Baghdad and Erbil at the beginning of 2024
- Time: 09/20/2023 14:52:30
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{Politics: Al-Furat News} A member of the Kurdistan Democratic Party revealed the intention of the federal government and the Kurdistan Regional Government to conclude an agreement regarding the region’s budget and the salaries of its employees at the beginning of next year 2024.
Wafa Muhammad Karim told {Al-Furat News} agency, “The recent decision of the Council of Ministers to send an amount of 700 billion dinars in loans to the region is considered a temporary solution until the end of this year, and it is not a permanent agreement, so we will wait for a new agreement at the beginning of the year 2024, and reaching another mechanism.”
He added, "The region needs to send its share of the budget, not as loans to finance salaries."
The Council of Ministers decided at its meeting last Sunday, with the aim of providing financial liquidity to the Kurdistan Regional Government of Iraq, and 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):
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of Finance places a bank deposit with the aforementioned banks equal to the loan amounts of each of them, which is withdrawn after implementing the aforementioned paragraphs (2, 3).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.
Raghad Dahham
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{Politics: Al-Furat News} A member of the Kurdistan Democratic Party revealed the intention of the federal government and the Kurdistan Regional Government to conclude an agreement regarding the region’s budget and the salaries of its employees at the beginning of next year 2024.
Wafa Muhammad Karim told {Al-Furat News} agency, “The recent decision of the Council of Ministers to send an amount of 700 billion dinars in loans to the region is considered a temporary solution until the end of this year, and it is not a permanent agreement, so we will wait for a new agreement at the beginning of the year 2024, and reaching another mechanism.”
He added, "The region needs to send its share of the budget, not as loans to finance salaries."
The Council of Ministers decided at its meeting last Sunday, with the aim of providing financial liquidity to the Kurdistan Regional Government of Iraq, and 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):
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.
Raghad Dahham
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