Budget deficit in Iraq due to discontinuing oil export
An energy expert “Halting the oil export from the Kurdistan Region caused a long-term damage to Iraqi government budget by $14 billion USD,”
ERBIL (Kurdistan24) - The Energy expert Govand Sherwani, in a statement to the Kurdistan 24 broadcasting, revealed Iraq’s Prime Minister al-Sudani’s seriousness in getting the issues sorted and the oil export from Kurdistan Region reopen.
Sherwani believed there are other parties in the Iraqi Federal government aren’t willing to resolve the problem of restoring oil export and don’t want al-Sudani’s government succeed either.
“Halting the oil export from the Kurdistan Region caused a long-term damage to all sectors in Iraq, especially, to Iraqi government budget by $14 billion USD, as well as caused the budget deficit. If the oil had been exported, its revenues would have returned to the Ministry of Economy, and the deficiency in budget would have been treated,” Sherwani stated.
There is a start of talks happening between Iraqi Federal government and APIKUR member companies as well as the Kurdistan Region regarding any contract amendments, new terms and conditions or any new contracts.
Read More: Iraqi Ministry of Oil has announcement for Kurdistan Region and international oil companies
“In any amendments in the Budget law, the investment and oil export from the Kurdistan Region issues must be solved, for the international companies to restart their work’” Sherwani added
Read More: Iraqi Oil Ministry calls for immediate resumption of oil exports from Kurdistan Region
