Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL

Enter your email address:

What is the implementation of the Financial Information Management System in Iraq? DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

What is the implementation of the Financial Information Management System in Iraq?

Go down

What is the implementation of the Financial Information Management System in Iraq? Empty What is the implementation of the Financial Information Management System in Iraq?

Post by claud39 on Tue Jun 04, 2019 1:19 pm

What is the implementation of the Financial Information Management System in Iraq?

Monday 28 May 2019

What is the implementation of the Financial Information Management System in Iraq? 5cecfcbb2e60c

Despite the importance of the public budget in Iraq, the failure of financial management and introduced the methods adopted in the preparation, planning, implementation and control of the budget items contributed significantly to the poor allocation of financial resources and the slow implementation of investment projects as well as financial and administrative corruption resulting from the traditional management of public funds in the country.
In this context, the new government program (2018-2022) under the fourth axis (strengthening the economy) introduced a project to develop and reform the financial administration in Iraq by revising the philosophy of the general budget and transforming it from numerical sequence to figures corresponding to developmental goals with outputs and economic, social and political returns. And work on this within the budget of 2020 to be a balance of projects and performance and strive to provide accounts of profits and losses and final accounts starting in 2019.
To implement this, the new program committed the federal government, specifically the Ministry of Finance, to start the adoption of the Government Financial Management Information System to be fully implemented during the first three years of the current government.

Why has the government adopted GFMIS?

The implementation of the GFMIS in Iraq represents a fundamental shift in the methods used to implement financial and accounting operations in government ministries and departments by moving from traditional methods such as using manual records or non-interrelated financial information systems, replacing them with a unified, International public sector accounting and best practices and is also aimed at improving the efficiency of planning and management of government financial resources; in support of government administrative and financial reform processes.
GFMIS also helps increase the speed of electronic communication between the Ministry of Finance and other ministries, providing accurate and timely information, improving the control of financial accounts and not exceeding budget allocations. The size of expenditures and public revenues for all units and facilitate the application of the program budget and performance.

GFMIS system and government institutions

GFMIS works in ministries and government departments responsible for expenditure and revenue collection by sharing the information produced during the implementation of its financial procedures with the Ministry of Finance and the Public Budget Department directly, to track the expenditure and revenue at all stages and to improve the planning and monitoring process during the preparation and implementation of the general budget Which is reflected positively on the outputs of these entities, such as improving performance and increasing the accuracy of financial information, and timely provision, and affects the efficiency of financial operations and their responsiveness and flexibility and support the decision-making process and ensure the quality of the services Government finances.
The new system also provides a secure and integrated information security environment for financial management processes in a way that enables a rapid transfer of information between ministries and government departments and provides an integrated environment in which the information is available in a timely and accurate manner to all concerned parties of different geographical locations and jobs. And the effectiveness of the financial procedures carried out during the various stages of the preparation and implementation of the State Budget Law.

General Benefits of GFMIS:

The GFMIS application provides many advantages including:
1. Provide accurate and timely information and improve controls on financial accounts.
2. Providing financial management and budget implementation information to the executive and legislative authorities concerned with decision-making.
3. Achieve financial sustainability by managing cash flow more efficiently and effectively.
4. Implementation of the budget in accordance with its allocations, certainly to be within the limits of spending and determinants of availability of cash.
5. Achieving transparency and consistency with international practices in the preparation of budget and follow-up implementation.
6. Link all government institutions to support the decision-making process based on good prior knowledge.
7. Shorten the time and effort in preparing the final accounts.
8. The new system automates all budget preparation procedures, budget execution and financial reporting.
9. Commitment to the preparation and issuance of financial reports and their accuracy at all levels of government.
Finally, it should be noted that the obligation of the government program of the Ministry of Finance to implement the GFMIS will be a difficult challenge for the government of Adel Abdul-Mahdi to fulfill if it is serious in the process of economic reform and the allocation of resources and the fight against corruption, especially as the promotion of transparency and the application of international financial and accounting rules electronically To follow up and check a long step towards the implementation of the rest of the paragraphs of the government program successfully and smoothly.

* Researcher at Al-Furat Center for Development and Strategic Studies / 2004-Ⓒ2019 

VIP NewsHound
VIP NewsHound

Posts : 15542
Join date : 2018-11-04

Back to top Go down

Back to top

Permissions in this forum:
You cannot reply to topics in this forum