A program of assistance to strengthen financial control in Iraq by the World Bank and the European Union

Last updated: 17 September 2018 - 12:34 PM


The World Bank and the European Union on Monday signed a technical assistance program of 15.6 million euros aimed at strengthening Iraq's public finance management oversight and accountability institutions and increasing the effectiveness of public resource management and service delivery.

The initiative, to be implemented jointly by the World Bank and the European Union, is to complement the $ 41.5 million FIMP modernization program launched by the World Bank in 2017. It also targets key weaknesses in the PFM system and supports commitments and objectives Of the system that is in progress.

"Public financial management is an essential part of any development process and robust public financial management systems strengthen macro-control mechanisms, prioritization, accountability and efficiency in public resource management and service delivery, which are considered to be critical," commented Saroj Kumar Jha, Regional Director, Mashreq, World Bank.

The importance of achieving the goals of public policies, as well as restoring confidence and social contract between Iraqi citizens and state institutions.

" As aid is increasingly provided through formulas based on effective budgeting, implementation and oversight systems, a sound public financial management system is essential to ensure the appropriate and effective use of donor assistance. A more efficient public financial management system is also essential to reduce inequality in the distribution of wealth and to foster a more dynamic and prosperous economic environment that is more conducive to business development.

"As the European Union pledged at the Kuwait conference, it is committed to standing by Iraq in the process of reconstruction and economic and political reform," said EU Ambassador to Iraq Ramon Belkwa. "Our cooperation with the World Bank has been fruitful. This project is complementary to the existing efforts supporting the administration. Public Finance".

"The project we are signing today will focus on donor-government coordination, more effective resource management, stronger oversight and accountability, fighting corruption and the EU is ready to help Iraq face the challenges of reconstruction and secure a better future for Iraq," he said.

The program is based on three pillars and includes nine sub-components, each of which is linked to a specific objective of the Iraqi government's mandate.

A government institution or unit has been designated for each of these components to be the follow-up agency with the World Bank Group and the European Union. While the Iraqi authorities will implement the implementation of some components with the support of the World Bank, the World Bank and the European Union will implement other components because of the weak potential.

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


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