Parliament hosts World Bank delegation to discuss financial system automation
Shafaq News / The Iraqi Parliamentary Finance Committee hosted a World Bank delegation on Sunday to discuss loans pertaining to projects funded by the Bank within the framework of the 2023 Federal Budget Law, as well as the automation of the country's financial system.
Chaired by Member of Parliament Atwan Al-Atwani and attended by several committee members, the Finance Committee welcomed the World Bank delegation, expressing appreciation for the Bank's role in supporting the Iraqi government in financing expenditure allocations through loans required for project implementation, as well as the ongoing cooperation between both parties.
The Finance Committee deliberated on devising suitable solutions for executing projects signed with the World Bank and financing expenditure units, in addition to reassessing project implementation in Iraq and expediting their pace. They emphasized the importance of maximizing revenue by transitioning from a paper-based system to an electronic one.
The Committee listened to the World Bank delegation's remarks regarding their visit to the Ministry of Finance concerning project financing for expenditure units and loan disbursements. The delegation was also briefed on the Ministry's vision for completing agreed-upon points in accordance with the Ministry's new perspective.
The delegation acknowledged the presence of an appropriate foundation for project implementation and affirmed their full commitment to providing support and assistance for automating public financial management in Iraq to achieve progress.
Discussions between the Committee and the World Bank also touched upon the potential benefits of providing assistance in developing an integrated financial management system project (IFMS), presenting a comprehensive budget, and preparing final account reports for the budget project.
In conclusion, the Parliamentary Finance Committee expressed its aspiration for a "transition from the paper-based system to an electronic system to bring about progress in modern financial transactions and the preparation of a comprehensive project in this regard."
