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Baghdad to grant Kurdistan Region $1bn

Baghdad to grant Kurdistan Region $1bn
Baghdad will allocate $500 million to Erbil as part of a mutual agreement between the two governorates to solve their budget disputes, according to Kurdistan Region President Massoud Barzani.

“We have agreed that Baghdad will send the Kurdistan Region $1 billion in two installments and in return we will give Baghdad 150,000 barrels of oil,” said Barzani at a press conference.

Meanwhile, the agreed amount of oil will be exported from Kirkuk via Kurdistan’s oil pipeline to Turkey.

Iraq’s Kurdish Finance Minister Hoshyar Zebari noted that the Kurdistan Region’s 2015 budget would be the focus of future negotiations between both sides.