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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
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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. 

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