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KRG publishes draft Iraq Revenue Sharing Law

THU, 21 JUN 2007 20:14 | KRG Cabinet

21 June 2007

The Kurdistan Regional Government (KRG) Spokesman today published the Arabic and English versions of the draft revenue sharing law, which was agreed last night between the KRG and Baghdad. The draft can be downloaded at the links below.

This is a result of several months of discussions and negotiations both in Baghdad and in Erbil between KRG officials and the Federal Government. Mr Nechirvan Barzani, the KRG Prime Minister who played a crucial role in the process to finalise the agreement, said “This is a milestone in the political process from which all of the people of Iraq will benefit.”

According to the agreed text of the draft law, a single fund will be established to capture all Iraq’s oil revenue as well as all other federally collected revenues. The net revenue, after deducting the expenses of the Federal Government for delivering its federal duties and funding any agreed strategic projects, will go to the Kurdistan Region and the governorates that are not organised as regions. The Kurdistan Region will get 17% of the net revenue, and the balance will be used, according to the population distribution, to meet the needs of the governorates not organised as regions. The distribution of the revenue shall be monthly and automatic, which will achieve a just and fair allocation for every part of the country whether it has oil or not, as demanded by the Federal Constitution.

Dr Ashti Hawrami, the KRG Minister for Natural Resources, who has been involved in the negotiations from the beginning, said, “This is an excellent framework for revenue sharing which will help to keep the country together since everyone will have a stake in protecting the country’s urgently needed financial resources.” He added, "This agreement paves the way for resuming negotiations on the pending matters related to the annexes of the draft oil law.”

Click here to download the draft law in English.

Click here to download the draft law in Arabic.

For further information, please contact: spokesman(at)krg.org

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