Iraq pays USD430m finance to Kurdistan

10 Jun 2015

(MENAFN) Iraq announced paying a USD430 million as budget funding to Kurdistan, softening thus the turbulent economic relations between the two countries, according to the country’s Finance Minister, Arab Times reported.

Both countries have been on an accusation roll against one another, claiming that a violation of exportation between the two sides has occurred. The deal was made due to decreased expenditure and to lessen the by-products of any future oil deal.

Under the deal, the Kurds committed to export 550,000 barrels per day (bpd) of oil in return for the reinstatement of budget payments to the region, which Baghdad slashed in early 2014.

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