Economic Governance
USAID supports sustainable economic reforms in Iraq including examining and
reforming laws, regulations, and institutions and providing a framework for private
sector trade, commerce, and investment. The reforms will strengthen the
Central Bank and the Ministries of Finance, Trade, Commerce and Industry—
among others.
Highlights this week:
Financial Management Information System training at the Ministry of
Finance conducted in summer 2004; training for seven other Ministries
is expected to begin in October |
- Preparations are ongoing
for implementation
of the Financial
Management Information
System (FMIS),
an automated accounting
and budgeting system
with a centralized
database, at seven
Ministries of the Government
of Iraq. A
training and data entry
room is being constructed
at the Ministry
of Finance, and
will be used to train
staff from the seven
Ministries on the FMIS. Orientation sessions for Ministry staff on the system
have already been conducted, and full training courses will begin upon
completion of the training room in early October. Once the system is installed
at these Ministries, staff will be able to record payment and revenue
transactions, print checks, access financial information across Ministries, and
produce reports quickly and accurately.
- Forty-five public finance officials from local government institutions in Dhi
Qar Governorate participated in a workshop on audit and public finance on
September 21. The training, which was based in part on “lessons learned”
from a study-trip to Cairo for Iraqi Supreme Audit Board managers, was designed
to introduce government department managers to transparency on issues
related to the new public procurement law. The workshop was conducted
by Local Governance Program (LGP) staff in conjunction with the
local Supreme Audit Board.
Major Accomplishments to Date:
- Worked with the Ministry
of Finance to introduce the
new Iraqi dinar.
- Created more than
77,000 public works jobs
through the National Employment
Program.
- Provided technical assistance
on accounting, budgeting
and lending activities
at Iraq’s commercial banks.
- Improved statistical analysis,
monetary policymaking,
and bank supervision procedures
at Iraq’s Central Bank.
- Provided technical assistance
for CPA’s $21 million
microcredit program.
- Provided technical assistance
for the Oil for Food
transition to prepare Iraqi
ministries to assume responsibility
for OFF contracts.
- Evaluated and updated
commercial laws on private
sector and foreign investment.
- Assisted in developing the
reconstruction levy in collaboration
with the CPA and
the UK Customs Service;
this levy imposes a five
percent tariff on imports to
Iraq.
- Developed a governmentwide
IT strategy to support
the automation of planning,
budgeting and reporting
processes across ministries.
- Provided technical assistance
as well as information
on contracting opportunities
for Iraqi businesses through
business centers.
- Provided technical support
for the re-opening of the
Iraq Stock Exchange after it
was closed down for more
than 15 months; 3.6 billion
Iraqi dinars ($2.4 million
USD) in shares were traded
in the first day.
More Information:
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