Deputy Prime Minister and Foreign Minister Fuad Hussein Chairs 6th Meeting of Ministerial Council for Economy for 2025

On Monday 24 February 2025, Deputy Prime Minister and Foreign Minister Mr. Fuad Hussein chaired the sixth meeting of the Ministerial Council for Economy, which was held in the Council’s headquarters, with the attendance of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, Secretary-General of the Council of Ministers, the Governor of the Central Bank, Chairman of the Securities Commission, Vice Chairman of the National Investment Commission, and the Prime Minister’s Advisors for Economic and Legal Affairs. The Council hosted the Project Officer at Al Faw Grand Port and the Director of the Immersed Tunnel Project to discuss the progress of engineering work, and to facilitate the import of some engineering materials that enhance the properties of reinforced concrete used in concrete block structures, and to exempt them from import permits. The Council decided to take the opinion of the Environment Ministry regarding some chemicals used in civil engineering works and the extent of their impact on the environment. 

Additionally, the Council hosted the Director-General of Information Technology and Payments at the Central Bank of Iraq to evaluate the experience of using electronic payment mechanisms in transactions in the public and private sectors. As well the Council affirmed the need to proceed with this important experience and expand it to include all financial transactions and payments for all economic activities, in light of the Council of Ministers‘ decision in this regard. 

The Council reviewed the strategy for the informal economy in Iraq (the shadow economy), submitted by the Anti-Money Laundering and Countering Financing of Terrorism Office, the study included several topics that addressed the concept, structure and characteristics of the shadow economy, the reasons for its existence, its indicators, and its economic impacts, in addition to proposals to address the shadow economy and integrate it into formal economy, and the challenges associated with these proposals. The Council decided to recommend to the council of ministers to adopt this strategy for its importance. 

The Minister of Agriculture provided a brief explanation of the environmental and health reality of livestock in Iraq, and reviewed the epidemiological situation of foot-and-mouth disease in the affected areas. The Minister indicated that the epidemic was largely confined to the areas of Al Fadhiliyah and Al Nahrawan, and that agricultural health teams are continuing to detect, examine and treat, while providing the necessary vaccines and treatments to control this disease. In addition he underlined that there are no human infections resulting from the use of meat or animal products. The Council supported the Ministry of Agriculture’s measures in this regard, reassuring the Iraqi public that this disease is not transmissible to humans.