At a press conference, Kadhimi said the total reserve currency in the country's central bank has reached $76 billion and will reach $90 billion by the end of this year.
On Monday, the Iraqi Minister of Finance, Ali Allawi, said if the KRG does not reach an agreement with the federal government the ministry will have to cut the KRG’s percent of the share of income.
The supreme court ruled in February the KRG’s oil and gas law was against the Iraqi constitution and has challenged the Region’s contracts with international oil companies.
Meanwhile the Iraqi Minister of Finance, Ali Allawi said on Monday, June 6, if the Kurdistan Regional Government (KRG) does not reach an agreement with the federal government the ministry will have to cut the KRG’s percent of the share of income.
Allawi told Iraqi News Agency (INA) the Federal Supreme Court’s decision against the KRG’s oil contracts makes the Kurdistan Region’s oil sales illegal.
He said if an agreement is not reached between Baghdad and Erbil then the Ministry will have to cut all financial support to the KRG.
Allawi also stated all oil sales have to be carried out by Iraq Iraq's State Organization for Marketing Oil (SOMO).
The KRG has repeatedly rejected the court’s verdict, calling the ruling a political decision, and has insisted its oil and gas law does not violate the 2005 constitution while stating the Iraqi Federal Supreme Court is itself unconstitutional.
Also a delegation from the Kurdistan Regional Government (KRG) visited Baghdad on Monday, June 6, for talks on the oil dispute between the federal government and the KRG.
The KRG delegation has asked the federal government to stop bringing oil-producing firms in the Kurdistan Region to court.
The delegation has also asked for Iraq's State Organization for Marketing Oil (SOMO) to amend internal procedures and for the company’s vice president in the Kurdistan Region to be KRG’s representative.
In addition, the delegation is requesting two other KRG representatives to be part of the company’s administration.
Representatives from the federal government and the KRG have also held other meetings and Baghdad has asked for a company in the Kurdistan Region to be established to run oil sales.
Reporter's code: 50101