KRG's debts have risen, says Council of Ministers Secretary

Economy 11:30 AM - 2021-06-29


Addressing to MPs questions in the Kurdistan Parliament's session held on Monday night, the secretary of Kurdistan Region's Council of Ministers said that the Kurdistan Regional Government (KRG)'s debt has risen.


"The debts have changed as the government's debts have reached 31 billion and 637 million dollars," said Amanj Rahim secretary of the Council of Ministers while he was answering questions addressed by MPs regarding Kurdistan Region's revenues and expenditures.


Rahim pointed out that KRG has not received any loans, but it has received the advance money from oil companies, and another part of the debt is the salary of the government employees.


The KRG has been implementing a salary saving strategy to pay for employee salaries as it has not been able to pay in full due to the economic crisis following the ISIS war and issues with Baghdad. KRG has reached an agreement with Baghdad recently but the Kurdistan Region's financial dues have not been sent so far.


"Another reason for the rise in KRG's debts is the currency devaluation implemented by the Iraqi government since December last year, and the " Dr. Amanj Rahim explained.


According to Rahim, the employees salaries debt has reached 12 billion dollars and there is also 4 billion debt from Trade Band of Iraq (TBI).


There is also the financial dues of the government which are 8 billion and 703 million dollars which some of it is money for producing electricity and fuels, another part is the private banks' money, and another part is the oil producing companies' money which is 4 billion and 300 million dollars that has been taken from the oil companies as advance money. 


According to Rahim, this amount is until March 30 of the current year and that the real amount is even more than that. 






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