Kurdistan Region aims to inaugurate new economic development phase

The Kurdistan Region is working to diversify its economy sources. (Photo: archive)
The Kurdistan Region is working to diversify its economy sources. (Photo: archive)

ERBIL (Kurdistan 24) – After several tough years, the Kurdistan Region is headed for an economic recovery as it enters a new phase of development, Minister of Finance and Economy Awat Janab said Tuesday.

Janab met with two senior US economic officials from Baghdad and Erbil, according to a statement from the ministry. 

The Kurdistan Regional Government is taking steps to implement its ambitious program of work, focused on diversifying revenue and moving away from reliance on oil, as well as creating an environment that attracts both local and foreign investment.

Janab on Tuesday received the US Treasury Attache in Iraq, Khalid Lum, and Lisa Podolny, head of the Economic Section at the US Consulate General in Erbil.

The KRG finance ministry said on its official Facebook page that the two sides discussed the latest developments in the budget agreement between the autonomous Kurdistan Region and federal government of Iraq. 

Janab reiterated the Kurdistan Region’s readiness to implement the agreement, and said, “Kurdistan is heading towards a good stage of economic development.”

Erbil has informed its counterparts in Baghdad of the KRG’s full commitment to implementing the 2021 budget law, said Samir Hawrami, spokesperson for KRG Deputy Prime Minister Qubad Talabani.

"We told the Iraqi side that we will implement the commitment stipulated in the budget law," Hawrami said.

According to the budget deal agreed earlier this year, the Kurdistan Region will hand over a portion of its oil to Iraq’s state oil company, SOMO, in exchange for a cash transfer from Baghdad of its portion of the federal budget. 

Hawrami added that the KRG delegation recently met Iraqi oil minister Ihsan Abdul Jabbar, "and there are no major problems left. We are waiting for the federal government to implement its obligations."