Efforts to develop financial management and investment in 2018

by **Ponee** Sun Feb 25, 2018 5:56 pm

To achieve a renaissance in Iraq's economy

The Ministry of Finance seeks to implement the modernization of public financial management systems by providing advisory services to the Independent External Auditor for the years 2017 and 2018 for public finance management, public investment management and public procurement at the federal level, at a time when the competent specialist to provide the staff for the success of this project to achieve economic renaissance Inclusive.

International Finance

According to a publication on the Ministry's website, the Ministry of Finance has received funding from the World Bank to cover the cost of the project and to allocate part of the funds for consultancy services.

"Consultancy services (services) include the recruitment of an independent external audit firm to audit the financial management and investment management of the project, which is expected to start the work of consultants during the month of July 2018. Ensure transparency between the publication on the website of the Ministry of Finance The main objective of the auditor's work is to enable the auditor to clarify the professional opinion whether the submission of the financial statements of the project for the years ended December 2017 and December 2018 in a transparent and fair in all respects, and all cash received

And year-end payments, accumulated from start-up to year-end, in accordance with IPSAS on the basis of cash accounting.
The auditor also provides internal control over financial reports related to the preparation of replenishment payments, direct payments, payments made under special commitments and recoveries such as reimbursements based on reliable expenditure statements to support related cash withdrawals.
The projects in all respects comply with the laws, regulations, guidelines and provisions of the loan agreement. Database

"The accounting system for the project, books and records, provides the basis for the preparation of the PFS." The project's financial transactions are to be recorded and maintained by the PEA and the Finance and Planning Ministries through project management teams appointed to direct, manage and coordinate project activities in accordance with the requirements The loan agreement between the Government of Iraq and the World Bank, the Project Valuation Document, the Operational Manual of the Project, and the World Bank's Directives on Expenditure and Supply Investment Directive In turn, the academic economist Dr. Essam Mohammed Hassan described this project as an important step not Management of investments and the direction of investments according to the actual need for the requirements of the current stage and the country's need for infrastructure.

He said in an interview with Sabah that this would "provide the opportunity to prepare Iraqi cadres to enter heavily in investment programs, which will absorb unemployment and provide access and gain practical experience."
He stressed that "now is the time to implement this idea and not with the government, the private sector also from companies and banks until migrating experiences return home."
He pointed out that "hundreds of thousands of jobs in Iraq will be available when the implementation of the decisions of the Kuwait Conference for Reconstruction, which calls for the start and provide the young cadres of workers and technicians, accountants, managers and operators of computers and work monitors and other disciplines that would achieve a comprehensive economic renaissance "He said.

02.25.2018

http://www.alsabaah.iq/ArticleShow.aspx?ID=153294