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Baghdad’s Finance Committee Engages U.S. Delegation on Kurdistan Oil Contracts and 2025 Budget Challenges

Economy Updates – Baghdad

On Wednesday, the Finance Committee of the House of Representatives engaged in discussions with an American delegation concerning the contracts of foreign oil companies operating in the Kurdistan region of Iraq.

The office of the Committee Chairman stated that Atwan Al-Atwani, head of the Finance Committee, welcomed a delegation from the American embassy led by economic advisor Julie Jones and Chris Torres, the advisor on the Iraqi parliament file.

The dialogue focused on amending Article 12 of the Federal Public Budget Law, which pertains to oil production and export, alongside addressing the financial challenges facing the nation and preparing for the 2025 budget schedules.

Furthermore, the meeting highlighted the contracts of foreign oil companies in the region and examined details related to oil production and export. This conversation was part of efforts to amend the General Budget Law, as recently voted on by the House of Representatives, marking a step towards resolving the oil disputes between Baghdad and Erbil in accordance with the Iraqi constitution.

Al-Atwani emphasized the importance of the Kurdistan region honoring its financial obligations to the central government in exchange for its entitlements, including salaries and project financing, to bring an end to financial disputes. He reiterated the committee’s commitment to resolving all discrepancies and curbing oil smuggling, which adversely affects the country’s financial stability.

The statement also noted that the meeting included discussions on the timeline for approving the budget for 2025, emphasizing the initiation of projects according to set schedules and the importance of increasing non-oil revenues while reducing expenditure on non-essential projects. The focus is also on investing in service and educational initiatives and bolstering the private sector.

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