Fuad Hussein's warnings regarding oil prices due to rising tensions in Middle East
“The session was devoted to discuss the financial and economic status in Iraq in the light of the internal and external challenges, especially, regional conflicts and their effects on the Iraqi economy," The Council stated.
ERBIL, Kurdistan Region (Kurdistan 24) – Iraqi Deputy Prime Minister, Minister of Foreign Affairs and Chairman of the Ministerial Council for Economy, Fuad Hussein stressed that any security tensions will have major impact on the fluctuation of oil prices and the instability of the local and global markets.
Hussein chaired the (33) session of the Ministerial Council for the Economy, on Monday, which was attended by the Deputy Prime Minister, Ministers of Planning, Finance, Agriculture and Industry, Secretary-General at the Council of Ministers, Governor of the Central Bank of Iraq, Chairman of the Securities Commission, and advisors to the Prime Minister for economic and legal affairs.
The council also hosted the Undersecretary of the Ministry of Planning for Technical Affairs, a statement issued by the Council stating “the session was devoted to discuss the financial and economic status in Iraq in the light of the internal and external challenges, especially regional conflicts and their effects on the Iraqi economy,"
It was further conferred on the reviewing by the undersecretary of the Ministry of Planning on the state of the investment projects in Iraq, whether completed or under construction, and the financial obligations associated with them.
According to the statement it was a hearing session for the Council to paperwork presented by the ministers, which included the main challenges facing the Iraqi economy in its financial and economic aspects.
It further included and discussed the rates of the state's general revenues from oil and non-oil sources, and the rates of spending and financial obligations incurred by the government.
Pointing out that the political and security conditions facing the region, directly, affect the Iraqi economy, and any security tensions impact the fluctuation of oil prices as well as the instability of local and global markets too.
The Council revealed an agreement to take and apply the necessary measures, also to make the important economic decisions contributing to the stability of the Iraqi market after completing the discussions and exchanging opinions and working papers submitted by the Council members.