Baghdad’s December oil export and revenue-sharing agreement with Erbil, formalized in Iraq’s 2015 budget law, has reached a “good stage,” allowing the federal government and the semi-autonomous Kurdistan Regional Government (KRG) to sit down and find a solution to all pending matters, Iraqi Oil Minister ‘Adil ‘Abd al-Mahdi said this week.

The budget law, which has determined a number of fiscal variables, will focus on austerity and rationalization of expenditure in the wake of the plunge in oil prices. The speaker of the Iraqi budget Salim al-Jiburi has hailed the speed at which the budget was passed – one month – unseen since 2003. (CONTINUED - 1044 WORDS)