Baghdad: The Ministerial Council for the Economy convened today to discuss the completion of budget schedules and examine the current state of both local and global oil markets. The meeting was chaired by Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and took place at the Council building. Present at the session were the Deputy Prime Minister and Minister of Planning, Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, along with the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Deputy Chairman of the National Investment Commission, and Prime Minister’s Advisors for Economic and Legal Affairs.

According to National Iraqi News Agency, the Council hosted the Minister of Interior to deliberate on the project aimed at rehabilitating vehicle registration sites and issuing driving licenses across Iraq, along with initiatives such as the smart signals project and the radar system in Baghdad. The Minister emphasized that these projects are expected to enhance citizen services, improve traffic flow, and reduce congestion. The Council endorsed the Ministry’s measures and recommended advancing them to the Council of Ministers.

Further discussions were held with the Deputy Prime Minister and Minister of Oil concerning the budget schedules. The Minister provided insights into the local and global oil market, detailing prices, anticipated production quantities, expenses for extraction and marketing, and the procurement of petroleum derivatives. Expected revenues from the oil sector were also highlighted.

The Council also engaged with the Undersecretary of the Ministry of Electricity and other ministry officials, alongside the Director General of the Iraqi Trade Bank and investment company leaders in the energy sector. The focus was on reviewing investment contracts and ensuring continuous electricity supplies, particularly with summer approaching.

Additionally, the Council hosted the head of the Central Organization for Standardization and Quality Control to discuss the Ministry of Planning’s request to delay the implementation of Iraqi specifications for vehicles and organize car import licenses until the end of the year. The head of the agency explained that the postponement would allow for the completion of necessary technical procedures, aligning with the Consumer Protection Law and the Competition and Anti-Monopoly Law. The Council approved this request, setting a deadline of December 31, 2025, for implementation.