Baghdad launches 700bn-loan to finance KRI employees' salaries

Shafaq News / The Federal Ministry of Finance announced on Sunday that it has initiated a loan worth 700 billion Iraqi dinars to finance the salaries of employees in the Kurdistan Region.

In today's statement, the ministry clarified that "it issued on Friday, December 8, 2023, documents granting the regional government a loan worth 700 billion Iraqi dinars to cover the salaries of the region's employees, secured by a deposit provided by the Federal Ministry of Finance.

"This loan will be settled from the region's dues after their commitment to the provisions of the budget law," it added.

According to the statement, "This action aligns with the ministry's commitment to implementing its procedures in accordance with the Federal General Budget Law No. 13 of 2023, including ensuring the financial rights of its beneficiaries and affirming the government's dedication to meeting the requirements of employees in the Kurdistan Region. Additionally, it represents the implementation of financial reforms aimed at bolstering economic growth."