The Iraqi Trade Bank deposits 200 billion dinars in Kurdistan’s account to finance salaries

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[size=52]The Iraqi Trade Bank deposits 200 billion dinars in Kurdistan’s account to finance salaries[/size]

[size=45]The Trade Bank of Iraq, TBI, deposited an amount of 200 billion dinars in the account of the Kurdistan Regional Bank to finance the salaries of employees and workers in the public sector in the region.[/size]
[size=45]The Ministry of Finance and Economy in the region said in a brief statement that, today, Thursday, another 200 billion dinars were deposited in the account of the Kurdistan Regional Bank by the Iraqi Trade Bank.[/size]
[size=45]The Council of Ministers had decided, in a session held on Sunday, September 17, to amend its previous decision No. (23500) of 2023 to be as follows:[/size]
[size=45]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 September.[/size]
[size=45]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.[/size]
[size=45]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.[/size]
[size=45]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of Finance places a bank deposit with the aforementioned banks equal to the loan amounts of each of them, which is withdrawn after implementing the aforementioned paragraphs (2, 3).[/size]
[size=45]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.[/size]
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