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Masrour Barzani: Approval of the budget paves the way for recovery from the era of difficult economic challenges

Today, Wednesday, March 31, 2021, the President of the Kurdistan Regional Government, Masrour Barzani issued a statement after the Federal Parliament approved the draft federal budget bill for the fiscal year 2021.

Barzani said, “With the support of the majority of Kurdish parliamentary blocs, the Federal Parliament approved today the Budget Law, and we hope that this will pave the way for a recovery from the era of difficult economic challenges in Iraq and the Kurdistan Region.”

He added, “Here, I can only express my sincere thanks to the negotiating team in the Kurdistan Regional Government for persevering in their hard work for many months. I also thank the Kurdish blocs in the Federal Parliament for their strenuous efforts. This law was a compromise and was necessary for Iraq and the Kurdistan Region.” We did not achieve everything we sought, but this law is in accordance with the main principles of the constitution that we have not withdrawn from, as the rights and duties of both sides have been recognized, and we encourage the progress that has been made, and we are pleased with what has been achieved. ”

He said, “And as I hope to see every article of the budget law applied and that the federal dues are finally back to the Kurdistan Regional Government, the full application of the law would do justice to both governments regarding financial dues disputes since 2004, as the budget law will strengthen a new mechanism between the two oversight offices Federal and regional finance, and these steps, in turn, will enhance confidence and cooperation, two of the essential principles that most of our work is focused on achieving.

The Prime Minister of the Kurdistan Regional Government said, “I spoke today with Prime Minister Mustafa Al-Kazemi and thanked him for his support. She also stressed the need to fulfill these obligations and send financial dues as soon as possible, and also reminded him that these countries, and the Iraqi people, can achieve the best through Working with and through Kurdistan, I also spoke with Deputy Prime Minister Kak Qubad Talabani, and I commended him and the negotiating team for their hard work. ”

He said, “Today, the budget law has restored a glimmer of hope regarding the relationship with the federal government, and although the law cannot decide on the long list of problems or end the injustice of the past, I hope that it will contribute to achieving more confidence among the citizens of the Kurdistan Region.”

On Wednesday, the Iraqi parliament voted on the federal budget law for the fiscal year 2021, with a deficit of more than 28 trillion dinars, and a tug of war that lasted for months.

The general budget revenues amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion.

The price of a barrel of oil was calculated in the budget at $ 45 instead of the Iraqi dinar, and the government’s proposed price for the dollar was fixed at 1450 dinars per dollar, according to a member of the Finance Committee, Muhammad al-Shabaki told Shafaq News.

Parliament also voted for the Kurdistan Region’s share of 12.67 from the size of the general budget, about 10 trillion dinars.

Passing the 2020 budget was stalled due to disagreements and a financial crisis, at a time when Iraq voted on the general budget for 2019, which amounted to 106 trillion dinars, while expenditures were estimated at 133 trillion dinars, with a deficit of 27.5 trillion dinars.