Baghdad – IA
Minister of Finance, Taif Sami, confirmed the work to improve the effectiveness of planning and implementation of the general budget, reduce current expenditures, and increase non-oil revenues.
The ministry’s media and government communication stated in a statement received by the (INA), that “during her participation in the spring meetings of the International Monetary Fund and World Bank group, the Minister of Finance, Taif Sami, met with the Executive Director of the World Bank for Iraqi Affairs, Abdulaziz Al-Mawla, and after congratulating him on his new position in The Bank: The World Bank’s support for Iraq was discussed, whether financial, technical, or capacity-building support, as Al-Mawla stressed that the Bank places among its priorities support and assistance to member states, and that Iraq will benefit from its contribution to the World Bank in the form of various support programs to help advance the Iraqi economy.”
He added: “His Excellency the Minister also met with the Deputy Minister of the International Finance Corporation (IFC), Hila, and during the meeting, the ongoing efforts with the institution related to financing and developing the private sector and supporting projects that would create job opportunities were discussed.”
According to the statement, Minister Sami expressed her appreciation for the Corporation’s efforts to support various sectors in Iraq, such as energy and ports, including the Baghdad International Airport rehabilitation and expansion project, stressing that “the coming period will witness more work, especially in light of the steps that have been taken to encourage investments within Iraq”.
The statement continued, “Within the schedule of main meetings, the Minister of Finance held a high-level meeting with the new Vice President of the World Bank, Othman Al-Dawani, through which he renewed the bank’s readiness to support projects with Iraq in the financial and economic fields, especially in supporting the railway project for the development project, which is considered one of the most important.” Regional and international transportation projects. Al-Dawani also stressed the bank’s readiness to develop and enhance capabilities and skills and provide all means of technical support and advice, within the framework of strategic cooperation, in a way that responds to Iraq’s aspirations and is compatible with its national priorities.”
He stated: “The Minister and her accompanying delegation also met within the series of spring meetings with the International Investment Guarantee Agency, MIAC, affiliated with the World Bank, and the importance of supporting private sector investment projects in Iraq was discussed, especially in the field of environment and renewable energy, and supporting financing for government banks.”
In a related context, the Minister of Finance held, according to the statement, “a meeting with the Director of the Financial and Technical Affairs Department of the International Monetary Fund, during which she discussed Iraq’s needs for technical assistance to the Ministry of Finance in financial policy and public finance management, especially continued technical support for the unified treasury account program and the ongoing tax and customs reforms.” ”
Sami explained, “We are working to improve the effectiveness of planning and implementing the general budget, reduce current expenditures, and increase non-oil revenues by expanding tax bases, automating transactions, and enhancing customs efficiency,” referring to “the steps taken in the process of transitioning public financial management to the treasury account.” Unified and working on an integrated financial management system.