Baghdad, Iraq – The Iraqi Economic Council recently discussed the completion of budget tables and the state of both local and global oil markets. In addition, the council set a final deadline for the implementation of the Iraqi vehicle specification and the regulation of vehicle import licenses.
On Monday, the eighth meeting of the Economic Council was held, chaired by Deputy Prime Minister and Foreign Minister Fuad Hussein. The meeting took place at the council’s building with the participation of the Deputy Prime Minister for Planning, along with the Ministers of Finance, Commerce, Agriculture, Industry, and Labor and Social Affairs. Also in attendance were the Secretary-General of the Cabinet, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Deputy Chairman of the National Investment Authority, and the Prime Minister’s Economic and Legal Advisors.
The council discussed a variety of topics, including a project aimed at improving vehicle registration sites and issuing driving licenses across Iraq. The project also covers smart traffic signals and radar systems in Baghdad. Minister of Interior attended the meeting to provide more details on these projects, emphasizing how they will improve public services, enhance traffic flow, and reduce congestion.
The council fully supported the Ministry of Interior’s actions and recommended that these initiatives be forwarded to the Cabinet for approval. Additionally, the council reviewed progress with the Deputy Prime Minister and Minister of Oil on completing the national budget schedules. The minister provided an in-depth explanation of the current state of the oil market, including price trends, production expectations, operational costs, and expected revenues from the oil sector.
Furthermore, the council held discussions with the Undersecretary of the Ministry of Electricity and officials from the Iraqi Trade Bank. The focus was on reviewing investment contracts and identifying ways to ensure a continuous supply of electricity, especially as summer approaches.
In another major development, the council heard from the Chairman of the Central Organization for Standardization and Quality Control regarding a request from the Ministry of Planning. The request sought to delay the implementation of the Iraqi vehicle specification and the regulation of vehicle import licenses until the end of the year. This delay would allow the concerned authorities to finalize the necessary technical procedures in line with consumer protection laws and anti-monopoly regulations.
The council agreed to the request, setting December 31, 2025, as the final deadline for implementing these measures.
