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Kurdistan To Hand Over Oil Revenue To Iraq In Exchange For Funds

The Kurdistan Regional Government (KRG) will comply with the recent Iraqi federal fiscal deficit bill under which the semi-autonomous region in Iraq is set to hand over an "unspecified amount of oil" to the federal government in exchange for Baghdad allocating funds for Kurdistan's civil servant salaries.

"The KRG will start implementing the duties they have as per the law, and will notify the responsible offices to do their part," KRG's Finance Minister, Awat Sheikh Janab, wrote in a letter to the Iraqi Ministry of Finance obtained by Rudaw English.

Last month, the Iraqi parliament approved a bill to take on more loans in order to pay for public workers' salaries as government revenues have significantly declined with the collapse in oil prices and the OPEC+ production cuts, which Iraq is making, and failing to comply.

Members of Parliament from the Kurdistan region walked out of the parliamentary session in November to protest against the deficit bill's terms. The new law says that in order for Kurdistan to receive its share of the new funds, it should hand over oil revenues from an unspecified amount of oil to the federal government of Iraq.

"The KRG agrees to all the points made in the fiscal deficit bill, and from now it is up to the federal government and Kurdish representatives in Baghdad to do their job," KRG's finance minister said at a news conference on Tuesday, as carried by Rudaw.

In October, the KRG said it was committed to the OPEC+ production cuts.

"KRG has no objection to the continuation of production reduction in accordance with the fair rate that has been agreed, provided that the federal government is fully committed to covering the dues and expenses of KRG loses as a result of reduced production levels," KRG spokesperson Jotiar Adil said at the time.

By Tsvetana Paraskova for Oilprice.com

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