Deputy Prime Minister and Foreign Minister Fuad Hussein Chairs 21st Session of Economic Ministerial Council for 2025

On Monday, July 7, 2025, Deputy Prime Minister and Foreign Minister Mr. Fuad Hussein, chaired the 21st meeting of the Economic Ministerial Council, held at the Council’s headquarters. The meeting was attended by the Deputy Prime Minister and Minister of Planning, as well as the Ministers of Finance, Trade, Agriculture, and Labor and Social Affairs, along with the Governor of the Central Bank of Iraq, the Chairman of the Securities Commission, and the Deputy Chairman of the National Investment Commission.

The Council hosted the Directors General of the Oil Products Distribution Company, the Information Technology Department at the Central Bank, the Enforcement Department at the Ministry of Justice, a representative of the Ministry of Interior, and representatives of electronic payment companies to review and assess the current electronic payment system, collection operations, and the challenges hindering the expansion of this service.

The Council issued the following decisions:

• Reducing the issuance fee for electronic payment cards by 50%, provided that issuance fees does not exceed 5,000 IQD.

• It was also decided to reduce the electronic payment commission rate to 0.5%, while continuing to apply the currently approved upper usage limits for citizens purchasing petroleum products at fuel stations.

• Mandating the Ministry of Oil / Oil Products Distribution Company to raise the use of electronic payment methods to no less than 50% of all transactions, including those with the private sector (constructed fuel stations), within six months from the date of this decision electronic payment companies are required to implement this decision as of January 1, 2026.

In support of the brick manufacturing sector and to ensure a healthy and safe working environment for workers —particularly for factories located near residential areas—the Council recommended to the Cabinet that the price of supplying liquefied gas to brick factories be set at 250,000 IQD per ton.

The Council also approved the following:

• The Ministry of Oil’s request for an exemption to implement the standard documentation provisions for the project to rehabilitate and install gas compressors at the North Rumaila site.

• The Ministry of Electricity’s request to cancel the second withdrawal of work from the company executing the project to construct two buildings for the Amrli and Farhatiya power stations.

The Council reviewed the agricultural report prepared by the Ministry of Agriculture, which addressed the current status of water resources, dams, and plant and animal production. The report included the following recommendations:

• Prioritize agricultural investment in general, particularly in promising desert regions.

• Continue to support and protect agricultural inputs and outputs from imported products.

• Adopt water rationing policies, enhance water resource management, combat desertification, and develop modern irrigation strategies and technologies.

• Support the private agricultural sector across all areas.