IRAQ

 

Cash Needed For Provinces

 

The Iraqi government will have to borrow ID9 trillion ($7.7bn) in 2014 to be able to pay oil producing governorates $5 for every barrel of oil produced or refined locally, and for every 5,300cu ft of gas produced, if the federal parliament approves this payment, rather the $1 stipulated in the draft budget, Acting Minister of Finance Safa al-Din al-Safi says.

Speaking in an interview with the Iraqi Media Network (IMN), Mr Safi adds that the...