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Efforts to develop financial management and investment in 2018

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Efforts to develop financial management and investment in 2018

24/2/2018 12:00 a.m.

To bring about a revival in Iraq's economy


The Ministry of Finance is endeavouring to implement the project to modernize the public financial management systems through the provision of advisory services to the independent External Auditor for the years 2017 and 2018 for public financial management and management of public investment and public procurement at the federal level, at a time when a specialist has been invited to provide staffing For the success of this project to achieve a comprehensive economic renaissance.

International Finance

According to a publication on the ministry's website, the Ministry of Finance has received funding from the World Bank to cover the cost of the project and to allocate part of the funds to consultancy services.

"Advisory services (services) include the hiring of an independent external audit firm to audit financial management and investment management from the project in which consultants are expected to start work during the month July 2018," he said.

Ensure transparency

Between the publication on the Ministry of Finance website, the main objective of the auditor's work is to enable the auditor to clarify the professional opinion of whether the presentation of the arithmetical statements of the project for the years ended December 2017 and December 2018 in a transparent and fair manner in all respects, and all cash Received and end-of-year payments accumulated from the start-up to the end of the year, in accordance with the international Public Sector Accounting standards on a cash accounting basis.

It also allows the auditor to internal control of financial reports related to the preparation of replenishment payments, direct payments and payments under special obligations and refunds, such as refunds, the basis of expenditure statements can be relied upon to support cash withdrawals with The link.

Projects in all respects shall be in compliance with the laws, regulations, guidelines and provisions governed by the loan agreement.


The publication provides the Project accounting system, books and records, the basis for the preparation of general financial statements PFS.

Financial transactions of the project are to be recorded and maintained by the project executing agency and the Ministries of Finance and planning through teams project management designated to guide, manage and coordinate project activities in accordance with the requirements of the loan agreement between the Government of Iraq and the World Bank, and document Project evaluation, project Operational manual and World Bank expenditure and supply directives.

Investment orientation

The Economist, Dr. Essam Mohammed Hassan, described the project as an important step in managing money and directing investments in accordance with the actual need for the current phase and the country's need for the infrastructure.

"This would give the opportunity to prepare Iraqi cadres because the... heavily involved in investment programmes, which would absorb unemployment, provide income and gain practical experience."

"Now is the time to implement this idea and to contribute to the Government also the private sector from companies and banks so that the immigrant experience returns home," he said.

He noted that "hundreds of thousands of jobs in Iraq will be available when the decisions of the Kuwait Reconstruction Conference are being implemented, which calls for the start of providing and creating young employees of workers, technicians, accountants, managers, computer operators, labour monitors and other disciplines that would bring about a renaissance "Inclusive economic".

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