KRG affirms commitment to the 2021 federal Budget Law

Shafaq News / Kurdistan Regional Government (KRG) said, on Monday, it is committed to implement its financial obligations in the Iraqi 2021 Budget Law.

A statement by KRG Media and Information Department stated that the Kurdish Ministry of Finance and Economy affirmed in a letter to the federal Ministry of Finance its approval to implement all financial obligations within the framework of the Iraqi General Budget Law, indicating that the Ministry has taken practical steps to achieve its commitments.

On Kurdistan’s share of the 2021 budget, a formula has been agreed under which the Region hands over the federal government the value of exporting 250,000 barrels per day (bpd) along with half of the other financial revenues in exchange with a share of about 12.6 percent of the budget.