Sunny Kur­dish econ­omy in 2015!

The Kurdish Globe - - NEWS - By Swara Kadir

Has the quag­mire be­tween Bagh­dad and Er­bil ended after Haider Al Abadi took the prime min­is­te­rial po­si­tion? What are the sub­se­quent eco­nomic changes for Kur­dis­tan?

After Prime Min­is­ter Noor Al Ma­liki stepped down from his po­si­tion, the Kur­dis­tan Re­gion and many coun­tries like Iran and the United States breathed a sigh of re­lief. Ma­liki had slowly turned re­la­tions from bad to worse. The econ­omy was worst hit, as the al­lo­cated 17% share of Kur­dis­tan from the Iraqi bud­get was never handed out eas­ily and sev­eral de­duc­tions were made be­fore it ac­tu­ally reached its des­ti­na­tion. On av­er­age around 11 to 12 bil­lion dol­lars was sent per an­num. 70% of that amount went to the pay­ment of the 1.2 mil­lion Kur­dish gov­ern­ment em­ploy­ees. That didn’t leave much money for eco­nomic growth. The fi­nal nail in the cof­fin was when Ma­liki stopped send­ing Kur­dis­tan’s bud­get share all to­gether around Fe­bru­ary 2014.

It may seem too op­ti­mistic, but even though Haider Al Abadi is from the same po­lit­i­cal party as Ma­liki, but when he as­sumed premier­ship it seemed that pros­per­ity would re­turn to Kur­dis­tan. Reach­ing an agree­ment with the Kurds over Iraqi cab­i­net po­si­tions was crit­i­cal, the ap­point­ment of Hosh­yar Al Zibari a Kurd as Min­is­ter of Fi­nance was fa­vor­able. In ad­di­tion, Adil Ab­dul Mahdi, a key sup­porter of the Kurds, was made min­is­ter of oil. Much needed bud­getary pay­ments have now re­turned to pay the out­stand­ing wages.

The big­gest break­through is set to come after the new year with the 2015 bud­get just around the cor­ner. Around 22 bil­lion dol­lars will be paid to the Kurds per an­num, in­stead of the measly 11 bil­lion dur­ing Ma­liki’s time. This is much wel­comed news after the de­press­ing events of I.S.I.S and the re­cent ex­plo­sion in Er­bil. The Kur­dish peo­ple are look­ing for­ward to some re­lief from the eco­nomic trou­bles. Al­ready there is a surge in the mar­ket and a re­turn of con­sumer con­fi­dence.

Newspapers in English

Newspapers from Iraq

© PressReader. All rights reserved.