Iraqi President Approves Budget Law Amendment Regarding Kurdistan Oil Exports
In a significant development for Iraq’s fiscal policies, President Abd al-Latif Rashid has sanctioned the first amendment to the Iraqi Federal Budget Law No. 13 of 2023. This amendment concerns the export of oil from the Kurdistan Region through SOMO (State Oil Marketing Organization).
Amang Rahim, Secretary of the Kurdistan Regional Council of Ministers, stated, "The President of the Republic approved the first amendment to the Iraqi Federal Budget Law No. 13 of 2023." This legislative adjustment is crucial as it formalizes the protocol for oil revenue distribution from the Kurdistan Region to the federal public treasury, in alignment with updated production and transportation costs.
Furthermore, Rahim emphasized that "the law will be in effect only after its publication in the official newspaper, Iraqi Facts," marking the final procedural step needed before implementation can commence.
The amendment is poised to enhance the fiscal framework governing oil exports, potentially improving the financial landscape for both the Kurdistan Region and the federal government. The adjustment underscores ongoing negotiations and collaborations aimed at consolidating Iraq’s oil revenues for national economic stability.
This move illustrates the government’s commitment to addressing the complexities of regional oil management while aiming to harmonize the financial processes within the country’s broader economic strategy.
