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Iraq’s Kurdistan Regional Government, despite protestations that it does not plan to break with Baghdad, is acting increasingly like an independent region governed by its own laws. It is selling more Iraqi crude independently, including oil produced from former federally-controlled fields, and plans to issue bonds to make up for a severe revenue shortfall caused by insufficient funding from the federal government.
The KRG's Ministry of Natural Resources (MNR) admitted on 2 July that it had increased independent oil sales due to what it said in a statement was “the significant debt backlog" arising from the budget cuts of 2014 imposed by the federal government and the need to pay down debts accumulated in 2014 from prepayments for oil sales. The region's financial difficulties, it added, were exacerbated this year by the partial payments made to the KRG by the federal government.
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