The Ministerial Council for Economy discusses Iraq's financial situation and facing challenges

The Ministerial Council for Economy discussed, on Monday, Iraq's financial situation and facing the challenges that the region may witness due to economic and security tensions.

The media office of the Ministerial Council for the Economy stated in a statement, which was reviewed by "Economy News", that "Deputy Prime Minister, Minister of Foreign Affairs, Chairman of the Ministerial Council for the Economy, Fuad Hussein, chaired the twenty-fourth session of the Ministerial Council for the Economy, which was held at the headquarters of the Ministry of Industry in Baghdad, in the presence of the Deputy Prime Minister, Minister of Planning, Ministers of Finance, Agriculture, Trade, Labor, Social Affairs and Industry, the Governor of the Central Bank, the Chairman of the National Investment Commission, the Undersecretary of the Ministry of Oil and the Prime Minister's Advisor for Economic Affairs." 

The statement added that "the Council hosted the Deputy Prime Minister for Energy Affairs, the Minister of Oil, the Minister of Electricity, the Director General of the Oil Marketing Company (SOMO), and the Chairman of the General Authority of Customs; to discuss the government's monetary, financial and economic policy."

It continued, "The Chairman of the Council began the session by opening the discussion to the ministers and members of the Council; to present their vision on the economic policy and the financial and monetary reality of Iraq, in addition to discussing the best ways to achieve financial stability, enhance economic growth and confront the economic challenges that the region may witness due to economic and security tensions."

The statement indicated that "the Council listened to a presentation by the Minister of Finance on oil and non-oil revenues, as well as the law and instructions for sound financial management and the regulatory and administrative procedures undertaken by the Ministry to distribute these revenues to the operational and investment expenses of ministries and agencies." 

According to the statement, the Deputy Prime Minister and Minister of Oil presented a reading of the oil market, noting that "the reports of the relevant agencies indicate an increase in demand due to increased economic growth," expecting "oil prices to stabilize in the coming months with a noticeable increase," noting at the same time that "oil prices are affected by the political and security factor in the region."

The statement concluded that "the ministers reviewed their economic vision," and the Council discussed "ways to maximize revenues in order to support the state's general budget, while rationalizing unnecessary expenditures of ministries, agencies and self-financing departments."