Deputy Prime Minister and Foreign Minister Fuad Hussein Chairs Thirty Third Meeting of Ministerial Council for Economy

On Monday, November 4, 2024, Deputy Prime Minister, Foreign Minister and Chairman of the Ministerial Council for Economy Mr. Fuad Hussein chaired the 33rd meeting of the Ministerial Council for the Economy, which was held at the Council’s headquarters, with the attendance of Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture and Industry, the Secretary General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Chairman of the Securities Commission, and the Prime Minister’s Advisors for Economic and Legal Affairs. The Council also hosted the Undersecretary of the Ministry of Planning for Technical Affairs.

The session was held to address the financial and economic realities in Iraq in light of internal and external challenges, especially regional conflicts and their impact on the Iraqi economy, the Council listened to an a overview by the Undersecretary of the Ministry of Planning on the investment projects in Iraq, whether completed or under construction, and the financial obligations associated with them.

Furthermore, the Council listened to working papers submitted by the ministers, included the main challenges facing the Iraqi economy in its financial and economic aspects, as well the Council discussed the rates of the state’s general revenues from oil and non-oil sources, spending rates and financial obligations incurred by the government.

The Council members made a presentation on the work of their ministries and institutions, putting forward proposals to maximize revenues to support the general budget, which would contribute significantly to accelerate economic growth.

The Chairman of the Council indicated that the political and security conditions facing the region directly affect the Iraqi economy, and that any security tension will have major repercussions in the fluctuation of oil prices and the instability of local and global markets.

The Council agreed to take the necessary measures and important economic decisions that contribute to the stability of the Iraqi market after completing the discussions and exchanging views and working papers submitted by the Council members.