KRG to set up Foreign Loans Committee

Kurdistan Region Council of Ministers on Tuesday held its ordinary meeting, chaired by Prime Minister, Nechirvan Barzani and attended by Deputy Prime Minister, Qubad Talabani.

Prime Minister Barzani shed light on the latest developments in the relations between Kurdistan Regional Government, KRG, and the Iraqi Federal Government, highlighting the differences between the two sides over the implementation of Iraq’s 2015 Federal Budget Law.

The KRG has fulfilled its obligations as stipulated in the Law, while the Iraqi government has not fully honoured its obligations, which consist of the payment of Kurdistan Region’s budget.

The Iraqi Federal Government takes this stance at the moment when the financial burden on the KRG has dramatically increased, due to the ongoing war against the Islamic State terrorist organization, ISIS, and, in addition to its 1.7 million refugees and internally displaced persons, IDPs, Kurdistan Region continues receiving waves of people fleeing the zones under ISIS.

Prime Minister Barzani pointed out that the KRG continues exerting great effort to ease the Region’s financial difficulties. He reiterated that his government aims at settling the problems with Baghdad through dialog and negotiations.

However, he added, if the negotiations lead to no result, the KRG is entitled to settle its problems on the basis of law No. 5, Year 2013, which gives authority to the KRG to seek sources helping to stabilise the Region’s financial security, if Baghdad fails to do so.

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