The Government continues to work on the World Bank's Financial Systems Modernization Program

Baghdad World

The Iraqi government and the European Union signed a € 15.6 million financing agreement to strengthen and develop Iraq's public financial management oversight and accountability institutions.

"The European Union will cooperate with the World Bank in implementing this initiative," Planning Minister Salman Jumaili said after signing the agreement in a joint press conference with EU Ambassador to Iraq Ramon Blakeau and World Bank Representative Emmanuel Covile.

He added that "these amounts will be complementary to the World Bank program, which amounted to 41.5 million euros, which was launched in 2017 as the modernization of financial management systems in Iraq."

"The reasons for this support are that the proper systems of public finance management to achieve the optimal and effective use of donor assistance depend on the operating systems for the implementation of budget development, implementation and control, and the efficiency of managing public resources and providing services is important for the completion of the policy. State public ".

He added that the signing of this agreement is the first outcome of the Kuwait conference for the reconstruction of Iraq, adding that this program is a complement to the programs that the EU has been looking at for years on governance in sound financial management. .

He explained that there is a set of previous programs for this program, which falls within the framework of the cooperation agreement with the European Union, where the Union after the Kuwait Conference to give Iraq the amount of 400 million euros over 3 years, and this is the first of these programs.

He revealed the formation of an Iraqi national team that has approached the countries that have provided or expressed their willingness in the field of granting grants, loans or investments during the Kuwait conference, and has received the answers of more than ten countries so far, and is waiting for answers from other countries that confirm these commitments formally.

For his part, Ambassador of the European Union in Iraq, Ramon Belkoa, said that this agreement is the first fruits of the Kuwait Conference and has an important relationship to the reconstruction, as well as economic and political reform, which is pledged by the European Union.

"Iraq is a rich country, but it needs better management of resources. More importantly, accountability and fighting corruption," he said. "This is important. The EU will always stand with Iraq in its challenges."

Iraq signed two grant agreements worth 60.4 million euros with the European Union in December of 2017 for the reconstruction of liberated areas of Iraq.

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