By John Lee.
A meeting has been held in Baghdad to prepare for the World Bank-funded project to modernize Iraq’s public financial management systems.
The meeting was attended by the Director General of the Administrative and Financial Department, Mr. Hassan Al-Magouter, and a team from Irish-based consultancy AARC, which signed a contract in December to provide “advisory services regarding the preparation of functional and technical requirements and IFMIS [integrated financial management information systems] bid documents.“
During the meeting, the foundations of implementing the digitization of financial management were discussed, including the implementation of the first phase of the integrated financial management system, and the introduction of new ways of working to be implemented through new tools and practices, in addition to integrating and simplifying public financial management processes, as well as promoting strategic planning and optimal use of financial resources.
The system is a means of linking all public government agencies and contains all the functions of public financial management from the financial and accounting operations that take place in all stages of preparing and implementing the budget, starting from the strategic planning stage and ending with the accounting stage and submitting final accounts.
(Source: Ministry of Finance)