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Iraqi News Iraq to modernize public financial management


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Iraq to modernize public financial management

Posted by Gamal Ragay

Thursday, 11 March 2010 13:28

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Over the next two years, Iraq intends to transform and modernize its public financial management (PFM) system. Late last year, in consultation with the IMF and the World Bank, Iraq has adopted a three-year action plan that identified priority measures in the areas of budget preparation, execution and reporting; cash management; public procurement; and the accounting framework. Specifically:

- To improve budget preparation, Iraq will clearly define priorities, set ceilings in the budget circular for current and investment spending in line with a sustainable medium-term budget strategy, and develop overall sector strategies;

- To strengthen reporting and cash management, Iraq will require spending units to submit reports on all spending including investment, advances, and letters of credit no later than two months after the end of each month, and to reconcile these amounts with the cash balances at the beginning and end of the reporting period. Cash releases will be approved only after the Ministry of Finance has reviewed the report from three months before. This will reduce the idle balances in spending units

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