The World Bank funds an investment development project in Iraq

The World Bank funds an investment development project in Iraq

04-03-2018 10:16 AM

The World Bank funds an investment development project in IraqBaghdad News –

The economic community has shown interest in the modernization of public financial management systems by providing advisory services to the Independent External Auditor for 2017 and 2018, for public finance, public investment management and public procurement at the state level.

The financial expert Essam Mahaweli said in a press statement that the project, which is financed by an important part of the World Bank, is “an achievement to support the management of funds and direct investments according to the actual need to the requirements of the current phase and to the infrastructure.” He pointed out that the project «also provides an opportunity for the formation of Iraqi staff, to engage intensively in the advisory programs and in a way that enhances the ability to absorb the growing unemployment in various economic sectors».

Mahawili pointed out that «time is currently available for the implementation of the project and the need to contribute the private sector in support and implementation of programs, especially for banks and other companies involved in the project». He stressed that «the employment opportunities that will be available to many sectors in the activation of the resolutions of the Kuwait Conference of donors, need to have sufficient qualifications for the completion of its work, which will work to implement the project».

He said that the accounts of countries involved in reconstruction projects in Iraq «will be accurate to ensure their share in the operation and the start of reconstruction in the areas devastated by terrorism, and will work on these countries to offer their own construction companies and industrial, to start the stage of work and the operation of new projects, Payment of funds ».

He suggested forming a higher banking committee from private banks to contribute financially to providing liquidity to the government, adopting the method of syndicated loans, forming a committee of private banks and with the approval of the Ministry of Finance to contribute each bank with a specified percentage of money to finance projects benefiting from this bank financing. To take its role seriously in development ». He stressed the need to «participate in this committee in the financial discussions that will enter the government with foreign banks, to stabilize the mechanisms of financing and exchange of foreign banks’ expertise, can be used and used in this area». Banks in the committee also receive their profits according to the agreement with the government.

The Iraqi Ministry of Finance published a statement on its website, stating that it had received funding from the World Bank to cover the cost of the modernization of the public financial management systems in Iraq and the allocation of part of the funds for consultancy services, which include the recruitment of an independent external audit firm for financial management and investment, Consultants will start working in July. ” “The main objective of the auditor’s work is to enable him to clarify the professional opinion as to whether the presentation of the financial statements of the project for the years ended last December and the same month of this year in a transparent and fair manner in all respects and all cash received and payments for the end of the year accumulated , From start-up to end of the year, in accordance with IPSAS on the basis of cash accounting.

The World Bank has confirmed that Iraq exceeded the achievement of financial coverage compared to the Arab countries by 11 percent. The Bank said in a statement that Iraq “recently worked on the system of financial inclusion in order to continue financial and banking progress, which works the world today and reached to very advanced levels.” Iraq accounted for 11 percent of the financial system, Sudan 15.3 percent, the West Bank and Gaza 24.2 percent, Jordan 24.6 percent and Tunisia 27.3 percent, according to the bank.

Economists and economists discussed a working paper prepared by the World Bank to ensure a sound investment climate in Iraq. At the time the recommendations of the workshop suggested a plan of action to simplify visa procedures and establish a clear investor visa category, with the amendment of the law on the residence of foreigners with the importance of including provisions that accommodate the real nature of industrial projects,