The parliamentary finance committee hosted a delegation from the World Bank today, Monday, headed by Sandeep Mahajan, the regional director for the Prosperity Sector in the Middle East, North Africa, Afghanistan, and Pakistan, to discuss the financial situation, as well as mechanisms for transitioning from a line-item budget to a performance-based budget.
The committee stated in a statement received by the "News Video Agency" that at the outset of the meeting, the committee chair welcomed the World Bank delegation, pointing out the importance of finding opportunities to export goods through more than one outlet and not relying solely on the Strait of Hormuz, as well as the need to enhance non-oil revenues and work towards achieving true automation in the tax system.
The finance committee praised the role of the World Bank in supporting the committee and the Iraqi government in general, expressing hope for the continuation of this support and facilitation of procedures related to financial and economic matters, which would contribute to shaping the country's fiscal policy.
For his part, the head of the World Bank delegation affirmed that there is a clear vision from the Iraqi government regarding the implementation of financial reforms, noting that the budget is an extremely important tool for the government, alongside the necessity of improving the overall financial situation and enriching the budget with revenues, while highlighting the Bank's role in providing support and expertise, as well as the importance of establishing institutions capable of developing advanced financial systems.
The committee discussed with the World Bank delegation the mechanisms for transitioning from a line-item budget to a performance-based budget, and the process of data auditing to ensure better performance by relying on programs and results, as well as dealing with spending units and financial allocations.
There was also a discussion on the possibility of applying a gradual transition of the budget in stages, through experimenting in a number of provinces and institutions, emphasizing the need to increase non-oil revenues to enrich the budget and achieve positive outcomes.
Both sides confirmed their readiness to exchange expertise and monitor developments in the financial sector, supporting the move towards the right path, alongside the importance of providing necessary support to the Iraqi government and participating in specialized training courses in program and performance budgeting.