Baghdad:The World Bank has affirmed that the Iraqi government holds a clear vision for implementing financial reforms, with the budget being a critical tool for the government.

According to Iraqi News Agency, the Parliamentary Finance Committee, chaired by MP Due Awad, hosted a World Bank delegation led by Sandeep Mahajan, Regional Director for Prosperity in the Middle East, North Africa, Afghanistan, and Pakistan. The meeting focused on reviewing Iraq’s financial situation and discussing a shift from a line-item budget to a program-and-performance-based budget.

At the meeting’s outset, the Committee Chairman welcomed the World Bank delegation and emphasized the importance of diversifying export outlets beyond the Strait of Hormuz, increasing non-oil revenues, and automating the tax system. The Finance Committee acknowledged the World Bank’s supportive role and expressed hope for continued assistance in simplifying financial procedures and shaping Iraq’s fiscal policy.

The World Bank delegation reaffirmed Iraq’s clear plan for fiscal reforms, underscoring the budget’s importance and the need to enhance fiscal conditions and revenue. They emphasized the World Bank’s support and expertise in building institutions capable of establishing advanced financial systems.

Both parties expressed their readiness to exchange expertise and monitor financial developments. They stressed the importance of supporting the Iraqi government and collaborating on specialized training for program- and performance-based budgeting.