Turkey Agrees Loan for KRG

By John Lee.

Turkey has agreed to provide a $500-million [600 billion Iraqi dinar] loan to the Kurdistan Regional Government (KRG) to help pay the wages of state officials.

According to a report from Daily Sabah, the loan will be repaid by either being set off from Turkey's crude oil debts or being repaid directly by the KRG.

KRG Minister of Finance and Economy Rebaz Muhammed Hamlan (pictured) said that the loan had reached Erbil, but added that it is not suffient to cover the wages of public workers and state officials; the government will have to export more crude oil to obtain the cash it needs.

(Source: Daily Sabah)