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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 Region faces a financial shortfall of 243 billion dinars to cover August salaries

    Rocky
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    Kurdistan Region faces a financial shortfall of 243 billion dinars to cover August salaries Empty Kurdistan Region faces a financial shortfall of 243 billion dinars to cover August salaries

    Post by Rocky Mon 23 Sep 2024, 5:12 am

    Kurdistan Region faces a financial shortfall of 243 billion dinars to cover August salaries


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    2024-09-23 02:06
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    Shafaq News/ An informed source reported on Monday that the Kurdistan Region needs 998 billion Iraqi dinars to cover the salaries of last August, in light of the ongoing financial crisis resulting from the delay in transferring financial shares from the federal government in Baghdad.
    The source told Shafaq News Agency, "Baghdad sent 572 billion dinars to the Kurdistan Region yesterday, Sunday, while 183 billion dinars remain due from salaries for previous months."
    He added, "There is still a shortfall of 243 billion dinars to fully secure salaries."
    According to the source, the Kurdistan Region's employee salary crisis is considered one of the most sensitive issues in the financial relationship between Erbil and Baghdad. Despite previous financial agreements aimed at regulating federal budget transfers to the region, repeated delays by the central government have created increasing financial gaps, which have greatly affected the regional government's ability to distribute salaries on time.
    This crisis includes hundreds of thousands of public sector employees in the region, who rely primarily on these salaries to cover their basic needs. 
    The irregularity of salary payments has increased pressure on the Kurdistan Regional Government, which has previously been forced to take austerity measures such as reducing or postponing salaries.
    In statements to Shafaq News Agency correspondent, a number of public sector employees in Sulaymaniyah expressed their dissatisfaction with the impact of the delay in paying salaries on their living conditions. 
    “The delay in salaries has directly affected our ability to meet our daily needs. I can no longer cover my living expenses or pay my rent on time, and the economic situation is getting worse with each passing month without getting my salary on time,” said Dilshad Omar, a teacher at a government school in Sulaymaniyah.
    Another health sector employee, who preferred not to reveal her name, spoke about the major challenges she faces: “We are forced to borrow from relatives or banks to cover basic needs. The continuous delay in disbursing salaries has made many of us live in a state of instability, as we do not know when we will be able to pay bills or buy necessities.”
    Regarding the impact of delayed salaries on market activity, Ibrahim Ahmed, a grocery store owner in Sulaymaniyah, said: “Since the beginning of the salary crisis, market activity has declined significantly. Many customers used to buy in installments or request to postpone payment until they received their salaries, but this continuous delay has made many of them unable to pay their debts or make large purchases.”
    He added, "The commercial movement has become weak, especially in times of financial crises, as people have started to buy only the essentials, and even these have seen their sales decline significantly. We, as traders, suffer just like employees, as we also depend on the strength of the market, and if people do not have money, it is natural that everyone will be affected."
    The salary crisis began years ago with the escalation of financial and political tensions between Erbil and Baghdad, as the regional government relied on financial transfers from Baghdad in addition to local revenues, especially from oil. However, these transfers were irregular, which led to the accumulation of financial dues and delayed payment of salaries, especially with the decline in oil prices and the increase in government expenditures.
    With no clear solutions in the near term, the salary crisis remains one of the major challenges facing the regional government, especially in light of the difficult economic conditions and the decline in available financial resources.
    The Ministry of Finance and Economy in the Kurdistan Region announced yesterday, Sunday, the deposit of a sum of money amounting to about 100 billion dinars in financial revenues for non-oil revenues for last May.
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