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Iraq’s oil sector is rebounding after a catastrophic year triggered by the coronavirus pandemic, with key investment projects on the horizon, Iraq's oil minister said. But he also warned that an enduring bureaucratic culture of fear threatens
Iraq's 2021 budget was revealed by authorities on Thursday.
Khor Mor's operation suspension hits Kurdistan's energy, with Dana Gas's field being a critical source for powering nearly 80% of the region's power plants.
While external debts decrease, internal debt in Iraq surged from 38.3 trillion dinars (US$29.4 billion) in 2019 to 73.2 trillion dinars (US$56.3 billion).
The delay in implementation comes amidst ongoing financial and political tensions between Baghdad and Erbil.
Deep disagreements between the two main Kurdish ruling parties in the Iraqi Kurdistan region is the main cause of delaying a parliamentary vote on Iraq’s budget bill for 2023.
Negotiations have stalled due to conflicting demands between Turkey, the Kurdistan Regional Government (KRG) and the Iraqi federal government.
Due to safety concerns after a drone attack, a Canadian-Turkish consortium suspended operations at the Khor Mor gas field expansion in Iraqi Kurdistan.
Currencies in Lebanon, Egypt, Iraq and Syria have continued to slide against the US dollar with record-breaking lows, due to a number of factors such as continued mismanagement, corruption, and the Ukraine conflict.
Since 23 March 2023, oil exports from the Kurdistan region through the Iraq-Turkey pipeline have ceased after a ruling in favour of Baghdad by a Paris court.