First batch of one billion dollars delivered from Baghdad to Erbil on Monday

(IraqiNews.com) The President of Kurdistan, Massoud Barzani confirmed that Baghdad will send $ 500 million to Erbil as part of the agreement settled upon between the two sides last week.

Barzani said, “We have agreed with Baghdad that it will send one billion dollars in two batches; we will give 150,000 barrels of oil to Baghdad in return,” adding that both sides agreed on the amount of oil to be exported from Kirkuk via Kurdistan pipeline to Turkey.

Najiba Najib, member of the Finance Committee in the Parliament said that, the money will arrive in Erbil through the Iraqi Central Bank on Monday.

The Ministry of Finance announced on November 19, 2014, $500 million are to be transported to the Kurdistan region, noting that this step comes after the regional government implemented the item related to delivering 150,000 barrels.