Tuesday, 22 Oct 2019

An Agreement between the European Union and the World Bank to strengthen the supervision of financial management in Iraq

Baghdad, A technical assistance program of 15.6 million euros (18.1 million dollars) has been signed between the World Bank and the European Union to strengthen Iraq's public finance management and control institutions and increase the efficiency of public resources management and service delivery.

The initiative, which will be implemented by the World Bank and the European Union to complement the $ 41.5 million public finance management reform program launched by the World Bank in 2017, targets key weaknesses in the public financial management system in Iraq and supports the commitments and objectives of reforming the system.

"Public administration is an essential part of any development process that strengthens robust public financial management systems for macro-control mechanisms, prioritization, accountability and efficiency in managing public resources and delivering services that are critical to achieving public policy objectives," said Yara Salem, the Bank's representative in Iraq, and the social contract between Iraqi citizens and state institutions. "

For his part, Ambassador of the European Union in Iraq, Ramon Belkwa, said that "the program is based on three pillars and includes nine sub-components linked to each specific purpose of the reform goals set by the Iraqi government."

The program envisages the establishment of a donor coordination committee to discuss all decisions related to fiscal management reforms and donor support under the supervision of the Iraqi government to ensure ownership, coordination, integration and comprehensive reforms. "

Source: National Iraqi News Agency

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