Eco
Within the framework of ongoing efforts by legislative and executive institutions to enhance financial and economic stability in the country, the Parliamentary Finance Committee held an extensive meeting on Monday, October 5, 2026, with a high-level World Bank delegation headed by Mr. Sandeep Mahajan, Regional Director for the Prosperity Department in the Middle East, North Africa, Afghanistan, and Pakistan. Chaired by MP Uday Awad with the presence of several committee members, the meeting focused on examining the current financial situation and reviewing mechanisms to develop the general budget and boost non-oil revenues. At the beginning of the gathering, the head of the Finance Committee officially welcomed the World Bank delegation, highlighting the necessity of creating practical strategies to export goods through multiple ports and reduce exclusive dependence on the Strait of Hormuz. He also shed light on the importance of a serious orientation toward maximizing state resources away from the energy sector, alongside earnest work to achieve genuine and comprehensive automation within the country's tax system. The meeting witnessed extensive discussions addressing the strategic transition mechanisms from traditional item-based budgets to program- and performance-based budgets, and how to audit data accurately to ensure efficient performance reliant on planning programs, in addition to organizing dealings with spending units and allocated financial appropriations. The discussions also explored the possibility of applying this transition partially and over studied timeframes by initially experimenting with it across a specific number of governorates and government institutions. For their part, the committee members appreciated the vital role played by the World Bank in providing support and consultancy to the Finance Committee and the Iraqi government in general, expressing their aspiration for the continuation of this cooperation and the facilitation of all procedures related to financial and economic affairs to serve the formulation of the state's financial policy. In the same context, the head of the World Bank delegation affirmed the existence of a clear and tangible vision by the Iraqi government to proceed with implementing desired financial reforms, emphasizing that the budget represents a crucial and highly significant tool for the government, alongside the necessity of continuous work to bolster the general financial situation and feed the budget with diversified revenues. Both sides concluded the meeting by affirming their readiness to exchange technical and professional expertise, monitor developments regarding the financial sector to support the correct trajectory, and the importance of providing necessary support to the Iraqi government through active participation in organizing and holding specialized and intensive training courses in the field of program and performance budgeting.
