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Kurdistan Regional Government Urges Prompt Disbursement of Financial Entitlements from Federal Government

Gulan Media April 25, 2024 News
Kurdistan Regional Government Urges Prompt Disbursement of Financial Entitlements from Federal Government

In a bid to ensure financial stability and transparency, the Kurdistan Regional Government (KRG) has called upon the federal government to expedite the release of financial entitlements, encompassing salaries and allocations.

The appeal was made during a session of the Council of Ministers, presided over by Prime Minister Masrour Barzani, where discussions revolved around strategies to meet the Kurdistan Region's financial commitments and bolster economic transparency.

Emphasizing the critical nature of timely disbursements, particularly with regard to salaries, the Council underscored the necessity for the federal government to fulfill its obligations promptly. As per federal statutes, the Kurdistan Region's portion of non-oil revenues is mandated to be swiftly transferred to the Federal Ministry of Finance.

While engagements with the federal government primarily center on banking mechanisms, the Council endorsed the "My Account" framework, to be facilitated by authorized banks under the supervision of the central bank.

In addressing oil exports, the Council signaled its readiness to resume exports through SOMO, aligning with agreements forged with the federal government and constitutional principles. The Council reiterated its call for the prompt release of financial entitlements, encompassing salaries and allocations.

Moreover, the Council deliberated on proposals aimed at streamlining loan repayment processes for citizens, spanning housing, agriculture, industry, tourism, and marriage loans. Measures were also greenlit for clearing debts owed to commercial banks and adjusting interest rates, ensuring alignment with reform laws while safeguarding public funds.

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