ERBIL - The Iraqi Council of Representatives on Wednesday night passed the federal budget bill for the year 2021, after all the issues on the budget between Erbil and Baghdad and other political parties were resolved.
Kurdistan 24 cited its correspondent in Baghdad as reporting that the long-awaited budget bill for the current year was passed by the parliament after all its articles were approved.
The legislature also voted on 12.67% as Erbil’s share from the federal budget, based on which the Kurdistan Region is expected to receive 9.5 trillion Iraqi dinars ($6.5 billion), in return, Erbil should submit 250,000 barrels of crude oil per day to Iraq's oil marketer SOMO for export.
Meanwhile, the parliament voted to dissolve itself on 7th October so as to hold early elections in the country on October 10, 2021.
Kurdistan Region Prime Minister soon welcomed the passing of the federal budget bill and pointed out that the move is a milestone moment for the Kurdistan Regional Government (KRG).
"Today, with the support of the majority of Kurdistani political factions, the federal parliament passed the budget law. This is a milestone moment for the KRG, from which we can start to recover from an era of unparalleled economic challenges," Barzani said in a statement published by his office.
"I hope to see every article of the budget law implemented and federal payments finally restored to the KRG. Its full implementation would provide both governments with recourse against the disputes over payments since 2004. And it would also foster a new mechanism between the federal and regional auditing bodies. These steps will underpin the restored cooperation and trust, essential tenets of all we will go on to achieve."