Baghdad: The Ministry of Finance discussed with the German Agency for International Cooperation (GIZ) on Tuesday ways to enhance the effectiveness of financial management institutions and improve overall economic performance without imposing financial obligations on the public treasury.
According to National Iraqi News Agency, the Ministry of Finance issued a press release stating that Finance Minister Taif Sami Mohammed chaired a meeting with a delegation from GIZ, along with a representative from the German Embassy in Iraq. The meeting aimed to discuss the technical and timeline plans for the second phase of a program designed to support financial reforms in Iraq.
The press release further elaborated that the meeting explored mechanisms for utilizing a £13 million German grant to build upon the achievements of the program’s first phase. Discussions focused on enhancing joint cooperation to provide specialized technical consultations. These consultations are aimed at improving macroeconomic forecasting accuracy and building institutional capacity in various departments, including budget, accounting, public debt, economic, and information technology. A significant emphasis was placed on modernizing digital cash management systems and developing internal control mechanisms to bolster the regulatory and legal framework of Iraqi financial institutions, thereby fostering an investment-friendly business environment.
The Ministry emphasized its strategic approach to increase the professional competence of its employees by adopting modern digital systems. This initiative is part of a broader effort to enhance the effectiveness of financial management institutions, implement comprehensive reform processes, and improve economic performance. The Ministry highlighted that these initiatives are supported by international cooperation and non-refundable development grants, which aim to build the country’s infrastructure without incurring financial obligations or debts. This collaboration underscores the strategic partnership with Germany in supporting Iraq’s reform process and alleviating the financial burden on the state budget.