Finance Minister: KRG delegation in Baghdad to discuss budget issues
As part of the agreement between Erbil and Baghdad, the Iraqi federal government intends to send more money to the Kurdistan Region, according to the KRG's finance minister.
ERBIL, Kurdistan Region (Kurdistan 24) – The Kurdistan Regional Government’s (KRG) Minister of Finance on Wednesday revealed that a Kurdish delegation was in Baghdad to discuss the budget issues with the Iraqi government and reach an agreement on Kurdistan’s oil sales.
In an interview with a group of journalists, including a Kurdistan 24 correspondent, the KRG’s Minister of Finance, Rebaz Hamlan, said a delegation from the KRG had visited Baghdad to discuss the budget issues and Kurdistan’s share of the national budget.
The Kurdish minister said the dialogue with Baghdad over outstanding issues would be based on the interests of the people of Kurdistan, adding that both sides could reach a final deal on the Region’s oil sales shortly.
“As part of the agreement between Erbil and Baghdad, the Iraqi federal government intends to send more money to the Kurdistan Region,” Hamlan added.
The KRG’s current oil exports are between 300,000 to 320,000 barrels per day, Hamlan noted, stating that Kurdistan sells its crude oil at 10 USD lower than the Brent benchmark price.
“Low oil prices, the war against the Islamic State, and the influx of displaced persons and refugees in the Kurdistan Region have limited the KRG’s revenues,” Hamlan explained.
He added that the Kurdistan Region often faces technical issues when selling oil to international buyers which causes disruptions in the KRG’s revenues and eventually delays the distribution of salaries in the Region.
Editing by Karzan Sulaivany