Latest news with #FinancialManagementLaw
Shafaq News
4 days ago
- Business
- Shafaq News
Kurdistan rejects Baghdad oil deal over law violation
Shafaq News – Erbil The Kurdistan Region is ready to comply with all financial management laws under the Iraqi constitution, but rejects the proposed agreement with the Iraqi government, a senior Kurdish official said on Saturday. Rebaz Hamlan, Financial Adviser to the Kurdish Prime Minister, told Shafaq News that despite multiple meetings and memorandums of understanding between the two finance ministries, 'the Iraqi government often fails to honor the terms of agreements.' Hamlan pointed that the Regional Government (KRG) is willing to hand over oil if Baghdad agrees to receive and store it, allocating 50,000 barrels per day for the Region's local needs and about 130,000 barrels for the federal government. 'Baghdad has refused this arrangement and ignored the fact that oil fields have come under rocket and drone attacks.' He accused Baghdad of seeking to breach the Financial Management Law by demanding all of Kurdistan's local revenues plus 50% of other funds. Despite this, he said, the KRG has decided to transfer all tax and border customs revenues to Baghdad, while keeping certain service fees under the control of Kurdish ministries to cover internal expenses and daily needs. Hamlan added that Baghdad has so far declined to sign the agreement. The KRG has referred its memorandum of understanding with the Iraqi Finance Ministry to the Federal Board of Supreme Audit, with a decision expected in the Council of Ministers on Sunday.
Shafaq News
29-03-2025
- Business
- Shafaq News
Source: Iraq's 2025 budget nears submission with large deficit
Shafaq News/ The final budget tables are set to be submitted to the Iraqi parliament in the coming days, an official source revealed to Shafaq News on Saturday. According to the source, budget tables have been completed and are expected to be sent to parliament after Eid al-Fitr holiday (on March 31), or by mid-April for legal review, in line with government spending and current needs. 'The total budget would be approximately $200 billion, with a large deficit caused by a sharp decline in strategic reserves of gold and foreign currency, as well as a lack of liquidity due to the numerous projects requiring substantial spending,' the source pointed out. The operational budget, he added, will be reduced, and the pace of government service projects will slow down. As a result, there may be an expedited budget process, as the Independent High Electoral Commission has requested its financial allocations by mid-April to prepare for the October elections. On March 16, Hussain Mouanes, a member of Iraq's Parliamentary Finance Committee, criticized the delay in receiving confirmation on whether the Ministry of Finance has submitted the 2025 budget tables to the Council of Ministers, calling it 'a violation of the Financial Management Law.'
Shafaq News
16-03-2025
- Business
- Shafaq News
Iraq's 2025 budget tables: No official confirmation on submission to Cabinet
Shafaq News/ Iraq's Parliamentary Finance Committee has yet to receive confirmation on whether the Ministry of Finance has submitted the 2025 budget tables to the Council of Ministers, committee member Hussain Mouanes said on Sunday. Speaking with Shafaq News Agency, Mouanes criticized the delay, calling it 'a violation of the Financial Management Law and an obstruction of parliament's oversight role.' He emphasized the need for the government to follow legal and constitutional procedures, noting that lawmakers have not been formally notified of a submission date. The Ministry of Finance was originally expected to submit the budget tables in October 2024 to allow for timely approval before the new fiscal year. However, the process has been delayed, raising concerns over financial planning and execution. The Financial and Economic Advisor to the Prime Minister, Mudher Mohammad Saleh, had earlier revealed to our agency that a governmental-parliamentary understanding exists regarding Iraq's 2025 budget. In June 2023, the Iraqi Parliament approved the draft General Budget Law for the fiscal years 2023, 2024, and 2025. However, the 2025 budget has yet to be approved due to disagreements between the federal government and the Kurdistan Regional Government over Regional oil and other unresolved issues. To address this, the Parliament voted in February to amend Article 12 of the law, which pertains to the costs of extracting oil from the Region.
