Economic Insights – Baghdad
In a recent session, the Ministerial Council for the Economy outlined strategic recommendations for both ongoing and new investment initiatives. The council’s document underscored its discussions regarding the prevailing financial crisis and strategies to address governmental obligations. It emphasized the necessity for ministries involved in planning to scrutinize spending pressures related to investment projects, advocating that any new commitments should be backed by the support of both the Ministries of Planning and Finance, coupled with confirmed financial allocations.
The council made it clear that the inclusion of any project pertaining to public companies into the state’s public balance sheet should be avoided unless under extraordinary circumstances dictated by Council of Ministers’ decisions. In this context, the council highlighted the critical role of ministries in proposing viable solutions for the completion of ongoing projects linked to public companies. This could involve leveraging self-generated revenues or facilitating partnerships with the private sector.
Moreover, entities willing to propose new projects have been mandated to fulfill the necessary criteria for inclusion and to register their intentions with the Ministry of Planning until appropriate financing is secured for project completion.
Furthermore, the council has reiterated the importance of prioritizing the financial dues related to completed work by reallocating funds upon the approval of the 2025 budget schedules.
Lastly, the council underscored the necessity of adhering to the Integrated Development Management System (IDMS), which will serve as the primary data source for constructing and updating the base of financial obligations.
This rewritten article aligns with the expectations of a business and economics audience while preserving critical information and details from the original.
