Parliamentary Finance: budget amendment covers Kurdistan Region's oil extraction
Shafaq News/ The Parliamentary Finance Committee in Iraq revealed the details of a proposed amendment to Article 12 of the Federal Budget Law.
Committee member Mahasen Hamdoun told Shafaq News “the amendment includes a $16 per barrel cost for extracting oil from the Kurdistan Region, which will be deducted from the region's oil sales”.
She explained that the remaining amount from the oil sales will go to the Iraqi treasury, and the government will then allocate funds to pay salaries for the region's employees.
Several lawmakers have objected to this and called for the inclusion of a provision in the budget that would allocate financial resources to other provinces.
It was noted that the financial allocation for regional development in the 2024 budget is 1 trillion dinars, but only 200 billion dinars have been disbursed so far, leading to confusion in provinces due to the lack of sufficient funding.
Earlier today, the Finance Committee announced it had voted on the proposal to amend Article 12 concerning the export of oil from the Kurdistan Region and production and transportation costs in the Federal Budget Law.
On Sunday, a senior Kurdish delegation, led by Finance Minister Awat Sheikh Janab, arrived in Baghdad to negotiate solutions to the ongoing salaries crisis in the Kurdistan region.
The delegation is set to meet with Iraq's Federal Finance Minister Taif Sami to discuss mechanisms for resolving delays in salary payments, a source in the Kurdish Ministry of Finance and Economy confirmed.
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