The Central Bank of Iraq is the first institution to implement a "programs and performance" budget
The Board of Directors of the Central Bank of Iraq approved the bank's budget for 2026, based on the program and performance budgeting methodology.
The bank explained in a statement: "Adopting this methodology aims to move from the traditional approach based on expenditure items to a modern approach that focuses on programs, results, and performance indicators, thereby contributing to increased spending efficiency, enhanced transparency and accountability, and supporting performance- and results-based decision-making."
He pointed out that "previous budgets were prepared according to the traditional method adopted by all state institutions," emphasizing that this approach makes the Central Bank of Iraq the first institution in the Iraqi state to implement a program and performance budget, a step that reflects its commitment to adopting the best international practices in managing its financial resources.
The bank explained that "the 2026 budget included strategic programs, institutional development programs, operational programs, in addition to oversight and regulatory programs, which were prepared according to clear programs, specific activities, and measurable performance indicators subject to periodic evaluation, thus contributing to improving the efficiency of plan implementation and achieving optimal resource utilization."
It affirmed that "adopting a program and performance budget is a pivotal step within the financial and administrative reform path pursued by the bank, enhancing the strength and sustainability of institutional performance and keeping pace with modern developments in expenditure management at the regional and international levels."
The Central Bank of Iraq expressed its readiness to provide technical support and training to Iraqi state institutions, assisting them in transitioning from the traditional method of budget preparation to modern, internationally recognized methods, thereby contributing to the development of public financial management and strengthening the principles of efficiency and good governance. link