Ministerial Council discusses budget schedules and the local, global oil market

INA - BAGHDAD

The Ministerial Council for the Economy discussed on Monday completing the budget schedules in addition to the reality of the local and global oil market, setting the end of this year as the final date for implementing the Iraqi specifications for vehicles and organizing the process of issuing car import licenses.

Deputy PM and Minister of Foreign Affairs Fuad Hussein chaired the eighth session of the Ministerial Council for the Economy, held in the Council building in the presence of the Deputy PM and Minister of Planning, as well as the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, in addition to the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Deputy Chairman of the National Investment Commission, and the PM's advisors for economic and legal affairs, according to the Council's statement received by the Iraqi News Agency - INA.

The Council hosted the Minister of Interior to discuss the project to rehabilitate vehicle registration sites and issue market licenses throughout Iraq, in addition to the smart signals project and the radar system in the capital, Baghdad.

The minister explained that "these projects will contribute to improving the services provided to citizens, enhancing traffic flow, and reducing congestion."

The Council supported the measures taken by the ministry in this regard and recommended submitting them to the Cabinet.

During the meeting, the Council discussed with the Deputy PM and Minister of Oil the completion of the budget schedules, where the minister provided a detailed explanation of the reality of the local and global oil market, in terms of prices and expected production quantities, expenses necessary to manage extraction and marketing operations, and purchase of petroleum derivatives, in addition to the expected revenues from the oil sector.

The council hosted the Undersecretary of the Ministry of Electricity and officials in the ministry, in addition to the Director General of the Iraqi Trade Bank and several heads of investment companies specialized in the energy sector, to review investment contracts and discuss the best ways to ensure the continuity of electricity supplies, especially with the approach of summer.

The Council hosted the head of the Central Organization for Standardization and Quality Control, to discuss the Ministry of Planning's request to postpone the implementation of the Iraqi specification for vehicles and organize the process of issuing car import licenses until the end of this year."

The head of the Central Organization for Standardization and Quality Control explained that "the postponement will enable the relevant authorities to complete the required technical procedures, in line with the Consumer Protection Law and the Competition and Anti-Monopoly Law."

The Council approved the request, setting December 31st, 2025, as the final date for implementation.