Baghdad: The Ministerial Council for the Economy has emphasized the importance of advancing the use of electronic payment mechanisms in both public and private sector transactions.

According to National Iraqi News Agency, Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the sixth session of the Ministerial Council for the Economy. The meeting was held at the Council building with the presence of key officials, including the Deputy Prime Minister and Minister of Planning, ministers from various economic sectors, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, and other economic advisors.

The council hosted discussions with the project manager at the Grand Faw Port and the director of the submerged tunnel project to assess the progress of engineering work. They provided updates on the facilitation of importing certain engineering materials that enhance reinforced concrete properties, recommending exemptions from import licenses.

The Council also decided to seek the Ministry of Environment’s opinion regarding the environmental impact of chemicals used in civil engineering works. Additionally, the Director General of Information Technology and Payments at the Central Bank of Iraq was hosted to evaluate the ongoing experiment with electronic payments. There was a consensus on the need to expand electronic payment mechanisms to encompass all financial transactions and payments across economic activities, aligning with Cabinet decisions.

A strategy for addressing Iraq’s informal economy, presented by the Anti-Money Laundering and Terrorist Financing Council, was reviewed. The study covered the shadow economy’s concept, structure, reasons for existence, and economic impacts, proposing measures to integrate it into the formal economy. The Council recommended the Council of Ministers adopt this strategy due to its significance.

The Minister of Agriculture provided insights into the environmental and health status of livestock in Iraq, particularly the epidemiological situation of foot-and-mouth disease. The epidemic has notably receded in areas like Al-Fadhiliyah and Al-Nahrawan, with ongoing efforts by agricultural health teams to manage the disease. The Council assured that there are no human infections from consuming meat or animal products and supported the Ministry of Agriculture’s measures to control the disease, reassuring the public of its non-transmissibility to humans.