KRG Council of Ministers announce Iraqi government transfers to KRG for the last year
ERBIL (Kurdistan24) – The Kurdistan Regional Government (KRG) Council of Ministers announced on Friday the details of the funds sent to the KRG by the Iraqi government for 2023, which are as follows:
Funding for the Kurdistan Region from the Iraqi government's budget and loans in 2023
Kurdistan Region's share of the federal budget for 2023, which was expected to be paid monthly to the KRG during that year, is 16 trillion 497 billion dinars ($12.5 billion).
According to its share of the federal budget, the federal government paid the KRG 400 billion dinars in January 2023 and 598 billion dinars in July 2023, for a total of 998 billion dinars ($756 million).
The federal government provided the KRG with a total of 3.7 trillion dinars ($2.8 billion) in loans in 2023. These loans were sent in five tranches.
Federal revenues in the Kurdistan Region in 2023
The KRG's oil revenues, which must be transferred to the treasury of the Iraqi Ministry of Finance, are net until exports stop on March 25, 2023. This means that after deducting the payment of production and transportation costs, as well as the entitlements of oil companies, the amount remaining is 1 trillion 693 billion dinars ($1.282 billion), as stated in Deloitte's approved report.
Border crossing revenues: 50% of the revenues of the Kurdistan Region must be transferred to the Iraqi government account, as mandated by Article 21 of the Second Federal General Budget Law No. 13 of 2023 and Article 29 of Federal Financial Management Law No. 6 of 2019. This amounts to a total of 728 billion dinars ($551,515,151).
Total
The total amount of money allocated to the KRG in 2023 includes the payment of part of the KRG's entitlements under the Federal Budget Law, debts, the KRG's share of federal non-oil revenues, and net oil revenues until oil exports stop on March 25, 2023. After deducting the cost of production and transportation, the allocated amount totals seven trillion 119 billion dinars ($5,393,181,818).
The outstanding portion of the federal government's allocation for 2023, which has not yet been disbursed to the Kurdistan Regional Government, amounts to 9,378 billion dinars ($7,104,545,454).