The Prime Minister of the Kurdistan Regional Government (KRG), Nechirvan Barzani recently announced there have been no significant changes in the economy despite the price of oil increasing, he stated, “the increase in oil prices has not affected our revenue much because we have a lot of debt to ensure payments in the Kurdistan Region.”
The KRG announced February 3rd that government salaries would be reduced in order to pay at least some of the debts owed to employees until the the economy in the region improves.
However, the U.S. has stepped in and agreed to pay the salaries for the Pashmerga after a memorandum was signed between the two countries on July 12.
The Memorandum was signed by Acting Assistant Secretary of Defense for International Security Affairs Elissa Slotkin and interim Peshmerga Minister Karim Sinjari.
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