Deputy Prime Minister and Foreign Minister Chairs 16th Meeting of Ministerial Council for Economy

On Monday, June 3, Deputy Prime Minister and Foreign Minister Mr. Fuad Hussein, chaired the 16th meeting of the Ministerial Council for Economy 2024. The Meeting was attended by Deputy Prime Minister and Minister of Planning, the Ministers of Agriculture, Industry, the Governor of the Central Bank of Iraq, and Prime Minister’s advisors for economic and legal affairs, Ministery of Oil Underseretary. The Council discussed the topics on its agenda and took appropriate decisions in this regard. 
In addition to, the Council discussed the minutes of the Committee on implementing import policies and executive procedures recommendations, in order to support imports and protect the national product.
Additionally, the Council approved the Ministry of Commerce’s request to amend companies’ capital and the ratio of liabilities, in this regard the Council decided that the ratio of liabilities to the group of the company’s capital and other owners’ rights should not exceed 700% of its capital instead of 300%, except for joint-stock companies, in which case the ratio should not exceed 200%. Of its capital.
The Council reviewed a detailed report for the Iraqi Minister of Trade participation in the meetings of 113th session of the Arab Economic and Social Council, which was held at the headquarters of the General Secretariat of the Arab League, and reviewed the decisions related to the agreements of the Arab Common Market for electricity, Arab air carrier equipment, Arab navigation, the initiative to establish the Arab Housing and Development Bank, agricultural development and food security. The Council demanded to obliges the competent authorities and ministries to respond to the Ministry of Commerce and submit their observations on the decisions proposals.
The Council also reviewed the initial draft of the five-year national development plan for the years (2024-2028), discussing the details of the plan at length, and decided to approve it and submit it to the Council of Ministers, taking into account the comments made by the Council members.