Final agreement on the seventh Paragraph of Article 14 of the budget bill has been reached: Iraqi FM

ERBIL (Kurdistan 24) – The Iraqi Deputy Prime Minister for Financial Affairs and Foreign Minister Fuad Hussein on Saturday told Kurdistan 24 that a final agreement has been reached on the seventh Paragraph of Article 14 of the budget bill. 

Vian Sabri, Chairwoman of the Kurdistan Democratic Party bloc in Iraqi Parliament, told Kurdistan 24 that the Kurdish factions in Iraqi parliament are now unanimously in favor of the seventh Paragraph of Article 14 of the budget bill.

The Iraqi parliament had previously suspended the vote on Article 14 due to disagreements between factions.

Article 14, Paragraph 1 of the budget bill states that all oil revenues from the sale of oil fields in the Kurdistan Region shall be collected in a bank account and the Prime Minister of the Kurdistan Region shall be responsible for spending the revenues. Other accounts opened for this purpose will be closed.

The second Paragraph states that the Iraqi Federal Board of Supreme Audit in coordination with the Kurdistan Regional Government's (KRG) Supreme Audit Bureau, the Iraqi Oil Ministry and the KRG Ministry of Natural Resources will audit the figures and monitor the contracts with international companies.

As stated in Paragraph three of the article, an international audit company will audit the bank account referenced in the first point.

In the fourth Paragraph, the annual and semi-annual financial statements signed by the KRG Minister of Finance and Economy and the independent auditor (i.e. an international audit company) shall be submitted and a copy sent to the Iraqi Ministry of Finance.

The fifth Paragraph states that a joint committee will be formed from both sides to conduct a comprehensive review of the past in everything related to the oil and gas sector in the Kurdistan Region.

As stated in Paragraph 6, Article 14's provisions - its first five Paragraphs - become effective upon its enforcement date.

The last Paragraph of Article 14, Paragraph 7, emphasizes that when there is a dispute between the Iraqi Federal Government and the KRG regarding rights, obligations, and mechanisms mentioned in the provisions of this law, a joint committee between the two sides will be formed to resolve outstanding issues from the date of its formation until the Iraqi Prime Minister takes appropriate decisions within 30 days.