KRG seeks $5 billion lifeline

Kurdish parliamentarians rejected the KRG's move to borrow $5 billion from international banks in light of a severe budget deficit, arguing that this would impose a heavy burden on the government itself and on the economy.
Iraqi Kurdish regional President Massoud Barzani speaks during his meeting with Tribal sheikhs on the outskirts of Dohuk, March 15, 2015. REUTERS/Ari Jalal (IRAQ - Tags: POLITICS) - RTR4TGIW
Kurdistan Regional Government President Massoud Barzani speaks during his meeting with tribal sheikhs on the outskirts of Dahuk, March 15, 2015. - REUTERS/Ari Jalal
Mohammed Salih.jpg
Mohammed A. Salih
@@mohammedasalih
Read in 

ERBIL, Iraq — Burdened by a severe budget deficit and an ongoing war against the Islamic State (IS) along a frontier of over 1,000 kilometers (621 miles), Iraq's Kurdistan Regional Government (KRG) is seeking to borrow up to $5 billion from private international banks.

The move has sparked an uproar among Kurds, demonstrated by the weak support the move garnered during a parliament session to pass the loan bill. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.

Videos

See more