Ministerial Council for Economy Reviews Financial Budget and Oil Market Dynamics
On Monday, March 10, 2025, the Ministerial Council for Economy convened to discuss the finalization of financial budget schedules alongside an analysis of the local and international oil market.
The session, led by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, marked the eighth meeting of the Ministerial Council. It included participation from key figures such as the Deputy Prime Minister and Minister of Planning, Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Vice-President of the National Investment Authority, and Economic and Legal Advisors to the Prime Minister.
Discussion on Government Projects
The council invited the Minister of the Interior to elaborate on initiatives aimed at rehabilitating government vehicle registration facilities and facilitating the issuance of market licenses across Iraq. Other topics included the smart signals project and the deployment of a radar system throughout Baghdad.
Insights into the Oil Sector
In a key agenda item, the Deputy Prime Minister and Minister of Oil presented insights regarding the local and international oil market. This included discussions on price trends, projected production volumes, and the financial requirements necessary for managing extraction operations, as well as the sale and purchase of oil derivatives. Anticipated revenues from the oil sector were also reviewed in detail.
Energy Sector Investment Review
The council further engaged with the Undersecretary of the Ministry of Electricity, officials from the ministry, and the general manager of the Iraqi Bank for Trade, alongside representatives from energy sector investment companies. The focus was on assessing current investment contracts and identifying strategies to ensure a stable electric energy supply, particularly as the summer season approaches.
Standardization and Quality Control Measures
Finally, the council hosted the head of the Central Agency for Standardization and Quality Control to discuss a request from the Ministry of Planning. This request aimed to delay the implementation of the Iraqi vehicle standard and manage the importation processes until the end of the year. This allows time for the agency to finalize the necessary technical requirements without conflicting with consumer protection laws and competition legislation. The council approved the Ministry’s request for a postponement until December 31 of this year.
The Ministerial Council’s discussions underline the critical intersection of fiscal responsibility and sectoral management as Iraq navigates its economic landscape in the coming year.