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New budget law changes threaten Baghdad-Erbil oil deal

Last-minute additions to the budget bill could undermine a new framework for oil and financial cooperation needed to restart northern exports and support Kurdistan’s oil sector.

Iraqi Prime Minister Mohammed Shia al-Sudani (standing, center right) and KRG Prime Minister Masrour Barzani (standing, center left) oversee a ceremony in Baghdad on April 4, 2023, to sign a temporary deal for restarting northern oil exports. (Photo credit: Prime Minister's Office)

Budget loans give KRG financial lifeline

Baghdad has sent nearly $1 billion to Kurdistan since March, highlighting political cooperation that could grow into reliable financial flows with the passage of a new budget law.