EU to provide financial assistance to Kurdistan Region

ERBIL, Kurdistan Region (Kurdistan24) – The European Union (EU) reiterated its support for the Kurdistan Regional Government (KRG) to deal with the current economic and financial crisis.

EU’s Foreign Affairs Council held a meeting on May 23 to discuss the EU regional strategy for Iraq and Syria.

In a statement released following the meeting, the council outlined its commitment to “achieving lasting peace, stability, [and] security in Syria, Iraq and the wider region, ending the suffering of the people of Syria and Iraq,” including the Kurdistan Region.

“Given the financial and budgetary difficulties facing Iraq, the EU will explore further means to help the Iraqi Federal Government and the [KRG] to recover economic and financial health, in close coordination with the IMF and WB,” the statement added.

The EU’s assistance to both the Iraqi government and the KRG will be “through support to the reform of public finance and macroeconomic management systems.”

Meanwhile, the EU called upon the KRG and the Iraqi government “to set aside their differences, ensure the transparent and equitable distribution of oil and gas resources, and to step up their efforts to fight corruption.”

Delavar Ajgeiy, head of the KRG Mission to the EU, told Kurdistan24 that the EU’s support for the Region is a historic and important decision.

“EU will support the Kurdistan Region in three ways: support the Region as an institution, support the World Bank to give loans to the KRG and the Iraqi government, and through the International Monetary Fund,” he explained.

Ajgeiy stated that the EU will continue its support for the Peshmerga forces through its member states.

Reporting by Baxtiyar Goran
Editing by Ava Homa and Karzan Sulaivany