Baghdad: The Council of Ministers has given its approval for the Ministry of Electricity to fulfill its obligation to pay the dues of companies investing in the construction of power plants.

According to National Iraqi News Agency, the Council, during its session held on Tuesday, authorized the Trade Bank of Iraq to take the necessary steps to purchase the debt owed to investment companies. This measure aims to cover the amounts owed by the Ministry of Electricity to these companies.

The Council also approved the State Oil Marketing Organization’s (SOMO) commitment to pay monthly installments from the proceeds of black oil sales to the Trade Bank of Iraq. Additionally, the bank has been authorized to withdraw funds to repay the purchased debt.

In a separate decision, the Council of Ministers agreed to exempt the committees responsible for organizing the events of the Prophet’s birthday, within the Sunni Endowment Diwan, from specific instructions related to the implementation of the budget and government c
ontracts. The committees have been granted the authority to contract and provide services using the operational allocations of the Sunni Endowment budget, with this arrangement set to remain in place until September 30, 2025.