EU Help KRG Handle its Financial Crisis
Kurdistan Regional Government (KRG) Representative to the EU stated that the EU members will explore further means to help KRG and the Iraqi government to overcome the financial difficulties faced by the country.
Dilawar Azhgayi, the KRG Representative to the EU, told BasNews that EU will be discussing the approach of the financial assistance to KRG in its next meeting to help the region recover from the financial and budgetary impasses.
EU will help KRG in coordination with the International Monetary Fund (IMF), an organization which works to foster global monetary cooperation, as well as the World Bank, which indicates that EU supports lending loans to KRG.
KRG is suffering from financial crisis due to the slide in oil price and sheltering nearly two million IDPs and refugees. Moreover, the Iraqi government has failed to send KRG's budget share since January, 2013.
Along with the severe financial crisis, Kurdistan Region is currently in a costly war against the Islamic State (ISIS) in northern Iraq, and it has constantly been demanding the international community to wage the Peshmerga forces in their war as they are fighting on behalf of the world.