BREAKING NEWS

Baghdad and Iraqi Kurds agree to cooperate on economic reform

By REUTERS

JANUARY 31, 2016 17:29

BAGHDAD - A delegation from Iraq's cash-strapped Kurdistan region agreed on Sunday with the government in Baghdad to cooperate on reforms aimed at dealing with an acute economic crisis afflicting them both.

The Kurdistan Regional Government (KRG) and federal authorities in Baghdad rely heavily on oil export revenue and have been hit hard by the global slump in crude prices.

Relations between the two sides have been strained in recent years by ongoing disputes over revenue sharing, the budget and the authority to export oil.

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