Baghdad launches a loan worth 700 billion dinars to finance the salaries of the region’s employees

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Baghdad launches a loan worth 700 billion dinars to finance the salaries of the region’s employees

Today, the Ministry of Finance has launched a 700 billion dinars loan to finance the salaries of Kurdistan region employees.

The Ministry has issued a statement stating that it provided a loan of 700 billion dinars to the regional government to cover the salaries of its employees. The loan is guaranteed by a deposit provided to the Federal Ministry of Finance. It will be settled from the region’s dues, subject to their commitment to the budget law provisions, based on the approval of the area. This is pursuant to the Council of Ministers’ Resolution No. (23520) of 2023.

She stated, “This action is a result of the Ministry’s commitment to implement the procedures outlined in the Federal General Budget Law No. 13 of 2023. It aims to protect the financial rights of those who are entitled to it and confirms the government’s eagerness to meet the needs of employees in the Kurdistan region of Iraq. Additionally, it aims to implement financial reforms that will promote economic growth.”