So the Baghdad and Erbil governments are now negotiating, very publicly, a new arrangement to settle, at least temporarily, their differences over KRG oil exports and budget.
PM Abadi made an offer, which the KRG says it accepts. But does this mean a deal is happening? It's not that simple.
Abadi's proposal was this: "I have a suggestion: Give us the oil and we will give every Kurdish employee a salary like we do for every Iraqi employee."
The KRG interpreted the proposal as: "sending the entire salaries of the Kurdistan Region’s 1.4 million employees which amount to 890 billion IQD."
PM Abadi made an offer, which the KRG says it accepts. But does this mean a deal is happening? It's not that simple.
Abadi's proposal was this: "I have a suggestion: Give us the oil and we will give every Kurdish employee a salary like we do for every Iraqi employee."
The KRG interpreted the proposal as: "sending the entire salaries of the Kurdistan Region’s 1.4 million employees which amount to 890 billion IQD."
The problem is, 890 billion IQD is about $800 million, but the 600,000 bpd the KRG would hand over to State Oil Marketing Organization (SOMO) are worth about $450 million (assuming $25/bbl).
Is Baghdad ready to cover the difference of $350 million? Most certainly not.
The way I see it, Abadi's "like we do for every Iraqi employee," was meant to include implied austerity measures that are bound to increase as Iraq's budget deficit grows bigger and bigger.
The way I see it, Abadi's "like we do for every Iraqi employee," was meant to include implied austerity measures that are bound to increase as Iraq's budget deficit grows bigger and bigger.
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