KRG delegation arrives in Baghdad to discuss 2024 budget

KRG delegation arrives in Baghdad to discuss 2024 budget

Shafaq News/ On Tuesday, a delegation from the Kurdistan Regional Government arrived in Baghdad to discuss the 2024 budget.

The Kurdistan Ministry of Finance stated, "The Kurdistan Regional Government delegation arrived in Baghdad this evening, headed by Awat Janab Noori, Minister of Finance and Economy."

The statement clarified that "the visit aims to discuss amendments to the budget law tables and resolve issues and obstacles that arise during the amendment of the law regarding the Kurdistan Region's share."

Earlier today, PM Al-Sudani's media office stated that the Prime Minister directed an extraordinary council session to be held next Sunday, May 19, to discuss the federal budget for 2024.

The current budget marks Iraq's largest in history, estimated at approximately $153 billion annually, with the Kurdistan Region anticipated to receive around 12.6% of the total.

Notably, the budget carries a substantial financial deficit of roughly $48 billion annually, the nation's highest recorded deficit, prompting concerns regarding potential repercussions amid oil price fluctuations.

The budget mandates a fixed price of $70 per barrel of oil and an exchange rate of 1300 dinars per US dollar for three years.

Iraq's oil export target is set at 3.5 million bpd, including 400,000 bpd from the Kurdistan Region. However, Kurdistan's exports have been suspended since March 2023 through the Ceyhan port in Turkiye after a compensation order by the International Chamber of Commerce related to "unauthorized" oil exports by the KRG between 2014 and 2018 without Baghdad's supervision.

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