Erbil reaches an agreement with Baghdad regarding oil imports and its share in the budget

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Erbil reaches an agreement with Baghdad regarding oil imports and its share in the budget

An agreement formula has been reached between Erbil and Baghdad to regulate the export of oil and the region’s receipt of its dues in exchange for imports. Economists consider this agreement as the only solution to the current crisis.

Amidst ongoing disputes between Baghdad and Erbil, it seems like the two sides are close to reaching an agreement that could potentially resolve the crisis.

Economists suggest that the government should prioritize the implementation of this agreement to ensure fairness and equal treatment for both parties. This will also help distribute resources without any bias.

Last March 25th, the export of oil from Kurdistan region through the Turkish port of Ceyhan was halted in response to a decision made by the International Arbitral Tribunal in Paris. If the territorial government abides by the terms of the new agreement, the Federal Ministry of Finance will provide financing for the region as per the 2023 budget law.