Iraqi Council of Ministers Takes Significant Decisions Impacting Diverse Sectors, 4 OCT

Iraqi Council of Ministers Takes Significant Decisions Impacting Diverse Sectors, 4 OCT

On Wednesday, the Iraqi Council of Ministers, led by Prime Minister Mohammed Shia Al Sudani, took several impactful decisions across various sectors in its 40th Regular Session. The council addressed several critical national issues and outlined the government’s priorities.

Transparency and Media Responsibility

In the session, the council voted to pass a bill granting access to information following the Prime Minister’s emphasis on transparent governance and media responsibility. This legislation, previously reviewed by the State Council, will now proceed for consideration in the Council of Representatives, adhering to constitutional mandates.

Recognizing Yazidi Cultural Significance

Among the decisions made, the Council of Ministers declared Yazidi Eid (Jama) as an official holiday in Iraq, to be observed from 6th to 14th October annually. This decision recognizes the cultural and religious significance of the Yazidi community.

Boosting the Agricultural and Industrial Sectors

The council approved an increase in the capital of the Agricultural Cooperative Bank by 29,476,500,000 dinars, as sanctioned by the Committee for Determining Corporate Capital within the Ministry of Finance. This decision aims to support farmers and agricultural initiatives. Similarly, steps were taken for the Industrial Bank with the submission of a new establishment statement for the bank to the Ministry of Trade for legal measures regarding capital increase. An increase of 529,476,500,000 dinars was approved.

Reforms in Financial and Accounting Practices

The Council of Ministers also prioritized financial and accounting reform. All spending units are now required to submit funding requests within the operational investment budget directly to the Ministry of Finance’s Accounting Department. The respective ministers or governors are accountable for fulfilling legal obligations outlined in the Federal Financial Management Law No. 6 of 2019 and other relevant legislation.

Changes in Oil Export and Budget Allocations

The Iraqi Oil Marketing Company (SOMO) received approval for a direct contract with two affiliated companies, the Ministry of Oil’s oil tankers, and the Ministry of Transportation’s maritime transport company. This contract allocates 70% of exported oil products for transport via the oil tanker company and the remaining 30% through the maritime transport company. Additionally, the Council decided on various financial allocations, including transferring funds from the Border Ports Authority budget to support the network customs clearance connection program and compensating fish breeders by allocating funds from the Ministry of Finance to the Ministry of Agriculture.

Other Significant Decisions

The council also approved the national framework program document for technical cooperation for the period 2024-2029 and the exemption of contract 22 IRAQ MOD POLY 2022 for the supply of CH-5 drones and their fuel from audit and review procedures. Furthermore, a joint-stock company has been established to support investment in accordance with Cabinet Resolution 245 of 2019.