“Al-Eqtisad News” Publishes The Full Decisions Of The Cabinet Session
Money and business Economy News – Baghdad Al-Eqtisad News publishes the full decisions of the sixth Cabinet session, which was held on Tuesday, headed by Prime Minister Mohammed Shia Al-Sudani.
The Prime Minister’s Media Office said in a statement, seen by “Al-Eqtisad News”, that “Al-Sudani chaired, today, Tuesday, the sixth regular session of the Council of Ministers, during which general issues in the country were discussed, and the most important economic and service files were reviewed, in addition to discussing the priorities for implementing the government program, and discussing the topics included on the agenda and making decisions regarding them.”
The statement added, “Within the government’s ongoing approach to complete stalled and suspended projects, the following was approved:
1. Increase the reserve amount for the component (the residential complex in Diwaniyah Governorate/Sunniyyah) and increase the total cost and supervision amount for the project.
2. Increase the reserve amount for the project (the residential complex in Nineveh Governorate/Tal Afar District).
3. Increasing the reserve amount for the Al-Hamdaniya Sewerage Contracting Company with a capacity of (14,000 m3/day) turnkey, and increasing the total cost of the project.
He explained that “in order to complete the infrastructure projects for Samarra district, the Council of Ministers approved the following:
1. Forming a committee to implement the infrastructure project for the city of Samarra, headed by the Minister of Construction and Housing, and including the Governor of Salah al-Din, the Director General of Sewerage, the Director General of Planning, the Director of the Contracts Department at the Ministry of Construction and Housing, the Mayor of Samarra District, the Directors of the District’s Service Departments, and the Preparatory Committee.
2. The Committee shall undertake the following tasks:
A. The work of the review and approval committee stipulated in the instructions for implementing government contracts (2 of 2014), and supervising the project in all its stages until its completion.
B. The powers granted by the approval of the Prime Minister in accordance with the letter of the Prime Minister’s Office, dated December 22, 2024.
C. Inviting a reputable consulting firm, preferably a foreign one, to review the designs and supervise implementation, with an independent component being included in the project.
D. Identifying the specialized companies to which invitations are directed, and preparing a referral report, in a design and implementation manner, and subject to the approval of the Prime Minister.
The statement added: “In support of the private industrial sector, Cabinet Resolution (24413 of 2024) was approved to amend, with the exception of industrial investment projects that have obtained an investment license in accordance with the Investment Law (13 of 2006) amended from its provisions, and to suffice with the texts contained in the aforementioned Investment Law, the System for the Sale and Lease of State and Public Sector Real Estate and Lands for Investment and Leasehold Purposes (6 of 2017), and Cabinet Resolution (234 of 2019), with its amendment, which stipulates that the transfer of ownership of the industrial project must have been in commercial operation for a period of no less than (3) years as a minimum; to ensure the implementation of the project and verify the seriousness of the investor.”
He pointed out that “in the process of developing work in the banking sector, it was approved to increase the capital of Rashid Bank from (2) billion dinars to (50) billion dinars, from the bank’s expansion reserve account, based on the provisions of the Public Companies Law (22 of 1997) as amended, and the Ministry of Finance is taking the necessary measures to implement the above.”
He pointed out that “the Council of Ministers approved the authorization of the Minister of Finance to sign an addendum to the contract with the legal advisor to the Ministry of Finance (Clearly Cuttlefish Foundation), based on the text of paragraph (15) of the original contract for the Foundation to work as a legal advisor, regarding the subject of sovereign guarantees, as an exception to the instructions for implementing government contracts (2 of 2014).
The statement continued, “In the food file, it was agreed to sell local wheat at a price of (410) thousand dinars per ton to private mills, from the surplus stock of the General Company for Grain Trade.
Within the framework of efforts to protect local products, the following was approved:
1. Imposing an additional customs duty of (40%) of the unit of measurement of the product (PET roll) made of polyethylene granules, used in the production of healthy water cups, containers and transparent utensils for storing food (for one-time use) imported from all countries and origins, for a period of 4 years without reduction, and monitoring the local market during the period of application of the additional customs duties.
2. The General Authority of Customs shall apply the additional customs duty on the aforementioned product, and shall notify the Department of Industrial Development and Regulation periodically of the quantity of imports of the aforementioned products, the value of the additional customs duties collected on the importer of the foreign product, the value of the importer, the exporting countries, and the importing entities.
3. The Ministry of Industry and Minerals shall take into account the following:
A. The amount of increase in imports compared to the previous three years to determine the extent of an unjustified increase.
B. A statement of the complaining company’s ability to meet market needs in a way that ensures that prices do not inflate.
C. Determine the importance of the protection required for the national economy.
4. Auditing by regulatory authorities of the effects resulting from imposing additional customs protection on the imported product.
5. This decision shall be implemented after (120) days from the date of its issuance.
He explained that “in the energy file, it was agreed to send an official invitation to the company (B1) to submit its offer and enter into negotiations with it to accelerate the implementation of the FSRU floating platform project to import liquefied gas, and to exempt the project from the instructions for implementing government contracts (2 of 2014) and the controls attached to it, and to grant the project management the authority to purchase directly, provided that the results of the negotiations are presented to the Ministerial Council for Energy to submit a specific recommendation to the Council of Ministers.”
The statement added, “The Council of Ministers approved the recommendation to the House of Representatives to approve the addition of the National Advisor for Mental Health at the Ministry of Health to the members of the Supreme National Authority for Narcotics and Psychotropic Substances, mentioned in the draft law amending the first law of Narcotics and Psychotropic Substances Law No. (50) of 2017, which was approved by virtue of Cabinet Resolution (24761 of 2024), and sent to the House of Representatives.”
He pointed out that “in order to organize and facilitate the performance of the final exams, the Council authorized the General Directorate of Evaluation and Examinations to print exam booklets for the sixth grade of middle school (exclusively), and to prepare them from outside Iraq, based on the justifications stated by the Ministry of Education, in accordance with the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014), for a period of one year only.”
He added, “In the field of regulating foreign relations, the Council of Ministers approved the following:
1. Excluding the Czech Republic from Cabinet Resolution No. (24933 of 2024), which includes the cancellation of the draft agreement to avoid double taxation and prevent evasion of taxes imposed on income and capital between the governments of Iraq and the Czech Republic.
2. Authorizing the Iraqi Ambassador to the Czech Republic to negotiate and sign a draft agreement to avoid double taxation and prevent evasion of taxes imposed on income and capital, between the governments of Iraq and the Czech Republic, based on the provisions of the Constitution.
3. The Ministry of Foreign Affairs shall prepare the necessary authorization document in the name of the Government of the Republic of Iraq for the Iraqi Ambassador to the Czech Republic, in accordance with the approved procedures, and submit it to the General Secretariat of the Council of Ministers to obtain the signature of the Prime Minister.
The statement concluded, “The Council approved the controls and conditions for admission to the Iraqi Police College submitted by the Ministry of Interior, taking into consideration the following:
1. Determining the fees for study expenses at the Police College for those covered by Cabinet Resolution No. (24594 of 2024).
2. The controls shall include a clause on reciprocity for other countries for students covered by the aforementioned Cabinet decision, taking into account what is stated in Police College Law No. (37) of 2000 (amended). https://economy-news.net/content.php?id=52699
Gold Prices Hit Record High
11/02/2025 Mawazine News – Economy Gold prices hit a record high on Tuesday after US President Donald Trump announced 25% tariffs on steel and aluminium imports.
Spot gold rose 1.1% to $2,939.80 an ounce, after hitting a record high of $2,942.70 earlier in the session.
US gold futures also rose 1.1% to $2,966 an ounce.
US President Trump announced on Monday that he would raise tariffs on steel and aluminium imports by 25%, without any exemptions or waivers. https://www.mawazin.net/Details.aspx?jimare=259514
Mansour Bank Holds Its Annual Meeting On February 26 To Discuss Final Accounts And Capital Increase
Banks Mansour Investment Bank announced that the annual general assembly meeting will be held on February 26, 2025, to discuss the final accounts for the year 2024 and approve the dividend for shareholders, in addition to voting on increasing the bank’s capital.
The meeting is scheduled to discuss the bank’s performance during the past year, review its financial results, and approve increasing the capital by 49 billion Iraqi dinars, bringing the total to 400 billion dinars, compared to 351 billion dinars currently. This step comes within the bank’s plans to strengthen its financial position and expand banking and investment services.
The capital increase, based on the decision of the Central Bank of Iraq, aims to enhance the bank’s competitiveness and achieve sustainable growth, in line with the requirements of the Iraqi banking market. The meeting will also discuss the business strategy for 2025 and future directions for developing banking products and services. https://economy-news.net/content.php?id=52689
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