On Monday, Fuad Hussein, Deputy Prime Minister and Foreign Minister of Iraq, chaired the Economic Ministerial Council at its headquarters, with several ministers and government officials in attendance. The meeting focused on various important issues, including updates on the Grand Faw Port project, digital payment systems, and the country’s parallel economy.
Discussions began with the progress of the Grand Faw Port project, with a focus on improving the structural integrity of the submerged tunnel. The council decided to exempt certain engineering materials from import licensing requirements and requested input from the Ministry of Environment regarding the potential environmental impact of chemicals used in civil engineering.
The session also featured the Director General of Information Technology and Payments at the Central Bank of Iraq, who briefed the council on the status of electronic payment systems in both the public and private sectors. The council underscored the need to expand digital payment mechanisms to cover all financial transactions, aligning with a Cabinet decision on the matter.
Further, the council reviewed a proposed strategy to address Iraq’s parallel economy, exploring its structure, causes, and economic impact. The council recommended that the Cabinet adopt the strategy to integrate the parallel economy into the formal sector.
In addition, the Minister of Agriculture provided an update on the health and environmental status of livestock in Iraq, including a report on the ongoing foot-and-mouth disease outbreak. The situation was largely under control in affected areas such as Fudhailiyah and Nahrawan.
The meeting demonstrated Iraq’s ongoing commitment to infrastructure development, digital transformation, and economic integration.
