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.
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.
