Iraqi government approves key measures in 40th Council of Ministers session, 4 OCT
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani led discussions in the 40th Regular Session of the Council of Ministers, addressing vital national issues and outlining priorities for the government's agenda.
During the session, the Council, following the Prime Minister's emphasis on transparent governance and media responsibility, voted to pass the bill granting access to information. The legislation, reviewed by the State Council, will now move forward for consideration in the Council of Representatives as per constitutional mandates. Valuable input from the Legal Department in the General Secretariat of the Council of Ministers and contributions from the Ministers of Health and Justice were considered.
The Council of Ministers declared Yazidi Eid Jama, falling on 6-14 October, as an official holiday throughout Iraq, recognizing the cultural and religious significance for the Yazidi community.
To bolster the agricultural sector, the Council approved an increase in the capital of the Agricultural Cooperative Bank. This increase, totaling 29,476,500,000 dinars, was sanctioned by the Committee for Determining Corporate Capital within the Ministry of Finance. This decision, complying with the Amended Public Companies Law (Law No. 22 of 1997), aims to support farmers and agricultural initiatives.
A parallel move involved the Industrial Bank, where the Council took the following steps:
• Cancel the Council of Ministers' decision (234 of 2014) regarding capital increase due to lack of necessity.
• Submit a new establishment statement for the Industrial Bank to the Ministry of Trade for legal measures regarding capital increase.
• Approve a total capital increase of 529,476,500,000 dinars, incorporating revenues from foreign labor fees for 2021, replacing the previously allocated amount.
The Ministry of Finance is tasked with the implementation of the above decision.
Financial and accounting reform were also priorities. All spending units must now 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.
A direct contract between the Iraqi Oil Marketing Company (SOMO) and two affiliated companies – the Ministry of Oil's oil tankers and the Ministry of Transportation's maritime transport company – was approved in the energy sector. 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.
Further approvals included the national framework program document for technical cooperation (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.
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