Let's clear up the misinformation campaign by a selected few in Baghdad and on social media who are unable to defend the folly of the Iraqi government’s fiscal policies and management of this crisis. The obvious first: we want to help Baghdad maximise oil production and exports on one hand, and maximise trade on the other, especially during these extraordinary circumstances. Contrary to the reports online, the KRG has not put forward a series of demands. There's been one, consistent request: lift the trade embargo on the Kurdistan Region imposed since January 1st. Why is this important? Well, as a result of this embargo, formal trade into the region has been wiped out - zero bank transfers for imports in a moment when everything should be done to maximise trade. Informal trade has picked up significantly, forcing importers to pay up to 15% premium on dollars from the local market across Iraq, and increasing commodity prices, including food prices for all Iraqis. The KRG's local (non-oil) revenues have dropped significantly, undermining our ability to raise the prerequisite monthly payments to Baghdad for payroll payments. In a bid to end this years-long stalemate, Prime Minister @masrourbarzani wrote to Prime Minister @mohamedshia outlining a path forward over customs in the interest of national unity and the extraordinary circumstances the country faces. In it, he proposed that: 1). KRG adopts federal tariffs in all border crossings and airports. 2). KRG implements its own ASYCUDA customs management system administered by the KRG Ministry of Finance and Economy, with the data owned and hosted by the KRGwith real-time data-sharing with the federal government. Our assessment is that this can be completed by the end of this year. 3). Until then, the KRG would bring on an external auditor to VERIFY that a) all federal tariffs are accurately implemented, and b) all USD FX are tied to CLEARED imported goods. This would address Baghdad's concerns over revenue leakages and @cbiraq's need to verify dollar transfers abroad against imported goods into the country. We met with the Iraqi team on Thursday in a bid to reach a deal. They insisted that all imports into KRI must go through the federal ASYCUDA system, with all custom revenue deposited directly into federal coffers — a clear violation of the current arrangement and our constitutional rights. We reiterated then, as we did publicly today: the KRG will unity tariffs and implement ASYCUDA but needs time to do so. Until then, there really isn't any other way. Iraq has lost all routes to the market - for exports and imports. It makes sense for the country to lift this embargo, increase trade and restore formal banking trades until the customs system is implemented in all KRI borders and airports. We hope that pragmatism emerges in Baghdad. We want a deal. We want to see exports go through the pipeline to bring immediate relief and liquidity to the country as a whole. We are in this chapter together. Lift the embargo.