PM Barzani's measures to rejuvenate local economy, says expert

ERBIL (Kurdistan 24) – In a decision aimed at invigorating the local economy, the Kurdistan Region Prime Minister Masrour Barzani has revealed a series of economic measures.

These initiatives, announced following the conclusion of the Kurdistan Regional Council of Ministers meeting, are set to reinvigorate market activity and ensure the gradual recovery of the economy, according to Reber Fattah, a university professor and economic expert.

During an interview with Kurdistan 24, Fattah expressed optimism about the positive impact of the Prime Minister's decisions on the market.

He highlighted that, “these measures would create favorable conditions for economic growth, potentially reversing the current market slowdown.”

Fattah emphasized the crucial role of regular salary distributions in enhancing consumer spending and stimulating the markets.

Key Decisions for Economic Relief:

1. Prompt Salary Distributions: The Ministry of Finance and Economy has been directed to initiate the distribution of February salaries and to coordinate the preparation of salary lists for March 2024. These steps ensure the Kurdistan Regional Government's commitment to its constitutional obligations, including the timely payment of Peshmerga and security institution members' salaries.

2. Land Distribution: Residential plots will be allocated to employees and members of the Kurdistan Regional Government who have not previously received land, in efforts led by the Ministry of Municipalities and Tourism and the Office of the Prime Minister.

3. Utility Fee Reduction: Citizens will see a 20% reduction in water and electricity fees, aiming to alleviate the financial burden until the region's financial situation stabilizes.

4. Support for Earners and Craftsmen: Fees and rents for facilities under the Ministry of Municipalities and Tourism will be reduced by 20%, and customs duties on the import of live animals for slaughtering and breeding will be halved.

5. Financial Penalties Relief: Employers will be exempt from late fines on social security contributions for 90 days, provided they settle the full amount within this period. Additionally, a 20% forgiveness on traffic violation fines and a waiver of fines for delayed tax payments will be implemented.

6. Education Fee Reduction: An additional 20% discount on fees for parallel and evening education programs in higher education institutions has been introduced, complementing previously approved reductions.

These comprehensive measures, as explained by PM Barzani, are designed to support citizens and stimulate economic activity across various sectors. By addressing the immediate financial needs of its population and laying down foundations for long-term growth, the Kurdistan Regional Government aims to navigate through the current economic challenges and foster a resilient and prosperous economic environment.