The Ministerial Council for the Economy in Iraq decided, on Monday, to support the independence of the Central Bank in formulating monetary policy.
A statement by the Council, seen by Al-Khaleej, stated that “Fouad Hussein, Iraqi Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Ministerial Council for the Economy, chaired the 17th session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Industry, Labor and Social Affairs and the Secretary-General of the Council.” Ministers, the Governor of the Central Bank of Iraq, the Prime Minister’s advisors for economic and legal affairs, and the Chairman of the Securities Commission.”
The statement added, “The Council discussed the items on its agenda and took the necessary decisions regarding them. The Council hosted the President and Vice President of the Financial Supervision Bureau, and the Director General of the Legal Department at the Bureau, to study and evaluate partnership contracts between the public and private sectors, and to demonstrate the economic feasibility of their continuation or End it.”
The statement pointed out that “the head of the Bureau reviewed those contracts that were divided between important contracts that benefit the state budget, and contracts that lacked economic feasibility, and the council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file.”
He continued, “The Council also decided to approve the recommendations of the committee formed to study the adoption of Iraqi and Gulf specifications, or higher, when importing vehicles in order to preserve the lives and safety of citizens and users of vehicles and roads.”
He stressed that “the Council also discussed determining the contribution of foreign capital to Iraqi banks, and in line with the state’s general policy in supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the Council decided to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.”
He ended the statement by saying: “The Council hosted the Technical Undersecretary of the Ministry of Environment; To discuss supporting the Ministry’s projects related to implementing the government program and removing obstacles that hinder its implementation.”