The Government of Iraq is to receive funding from the European Union and the World Bank aimed at strengthening its financial institutions.
The grant agreement targets mechanisms of fiscal accountability and oversight at Federal and sub-national levels.
Head of the World Bank’s Iraq Office, Ramzi Afif Neman said that now, more than ever, the importance of a strong public financial management system was critical for Iraq.
“The World Bank is committed to helping equip the Government of Iraq with mechanisms of fiscal accountability that are essential for sustainable reform, creation of a positive economic impact, and the restoration of public trust in the country’s financial institutions,” Mr Neman said.
The European Union’s Ambassador to Iraq, Martin Huth (pictured) said the efficient management of public finances and the delivery of services were critical in the achievement of public policy objectives, as well as for restoring the trust and social contract between Iraqi citizens and the country’s institutions.
The project is to support economic governance reforms at the Federal level and in the Kurdistan region through technical assistance to a number of fiscal Agencies, under the guidance of the Federal Ministry of Finance and the Prime Minister’s office.
The project is in line with the economic reform White Paper recently published by the Government of Iraq which supports the overall World Bank Group’s development objectives and portfolio in the country.
The project is also in line with the EU’s sustainable development goals.
Baghdad 25 January 2021
