Latest news with #FederalGeneralBudgetLaw
Shafaq News
23-02-2025
- Business
- Shafaq News
Iraq, KRG move closer to resuming Kurdish oil exports
Shafaq News/ On Sunday, the negotiating delegation of the Kurdistan Regional Government (KRG) announced the formation of a joint technical team with the Iraqi Ministry of Oil to inspect the readiness of the oil pipeline, paving the way for the resumption of the region's exports via Turkiye's Ceyhan Port. The delegation stated that the agreement was reached following extensive consultations between the Iraqi Ministry of Oil and the Regional Ministry of Natural Resources, confirming that exports will resume based on available quantities. On Saturday, the Ministry of Oil announced the completion of the procedures required to resume oil exports from the Region, urging KRG to transfer the produced quantities to the National Oil Marketing Company (SOMO). In response, the negotiating delegation reiterated its commitment to implementing the first amendment of the Federal General Budget Law, emphasizing that the resumption of exports hinges on reaching an agreement regarding the quantities allocated for domestic consumption in line with the Region's needs, as well as establishing a clear mechanism for disbursing payments to the production and transportation companies—matters that require the approval of both the Federal Cabinet and the Ministry of Finance. The Kurdistan Oil Industry Association, APIKUR, confirmed its readiness to resume exports once an agreement is reached that preserves the contractual conditions for the oil companies operating in the Region.
Shafaq News
05-02-2025
- Business
- Shafaq News
KRG guarantees 2025 salaries, boosts financial stability
Shafaq News/ On Wednesday, the Kurdistan Regional Government (KRG) approved key financial measures to guarantee uninterrupted salary payments for public sector employees throughout 2025. The decisions were made during a cabinet meeting, chaired by Prime Minister Masrour Barzani and attended by Deputy Prime Minister Qubad Talabani and other senior officials. At the meeting, Minister of Finance and Economy Awat Sheikh Janab presented a detailed report outlining the financial agreement between the Kurdistan Region and Iraq's Federal Finance Ministries. The Council of Ministers unanimously endorsed the proposals, removing any technical obstacles that could disrupt salary distribution. PM Barzani expressed appreciation for public employees' patience amid financial uncertainties and reaffirmed the government's commitment to ensuring salary security. He also acknowledged the role of Iraqi Prime Minister Mohammed Shia Al-Sudani, Kurdistan's President Nechirvan Barzani, and other officials in finalizing the budget agreement. Discussions also covered amendments to the Federal General Budget Law, particularly Article 12 concerning Kurdistan's oil exports. Acting Minister of Natural Resources Kamal Mohammed Saleh outlined the implications of the amendment, which will facilitate the resumption of halted oil exports. The Council emphasized continued coordination with Iraq's Ministry of Oil, the State Organization for Marketing of Oil (SOMO), and international oil companies to restore exports, a move expected to boost regional revenues and enhance financial coordination with Baghdad. To improve financial administration, the KRG advanced its digital payroll initiative, which was successfully piloted in January. Hiwa Afandi, Head of the Information Technology Department, reported that the system will enhance transparency and efficiency in salary distribution across government institutions. Additionally, the Council decided to transfer pension administration for Peshmerga forces, internal security personnel, and families of martyrs and al-Anfal victims to the General Directorate of Retirement under the Ministry of Finance and Economy. In a final decision, the KRG approved measures to optimize local revenue management, instructing the Ministry of Finance and Economy to transfer the designated portion of Federal Treasury revenues for February 2025 to the Federal Ministry of Finance's account in the coming days.
