INA - BAGHDAD

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

"Deputy PM, 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 PM, Minister of Planning, and the 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 PM's Advisor for Economic Affairs," according to a statement by the media office of the Ministerial Council for the Economy - received by the Iraqi News Agency - INA.

The statement included, "The council hosted the Deputy PM 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." 

The Council Chairman began the session by opening the discussion to the ministers and members of the Council to review their vision on the economic policy, as well as 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 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 in addition to administrative procedures carried out by the Ministry to distribute these revenues to the operational and investment expenses of ministries and agencies.