🇮🇶💰 Iraq Moves Toward Its First-Ever Program & Performance-Based Budget! 📊
🚨 Major Economic Reform Update
Iraq's Finance Minister, Faleh Sari, announced that the country is moving toward approving its first program and performance-based budget—a historic step in the modernization of Iraq's public finances.
📌 What's Changing?
According to the Ministry of Finance:
✅ Government spending will be based on programs, objectives, and measurable results rather than traditional budgeting methods.
📊 The new approach is designed to:
✔️ Improve the allocation of public resources.
✔️ Increase transparency and accountability.
✔️ Enhance the efficiency of government spending.
✔️ Support long-term economic and financial reforms.
🌍 Regional Challenges
The Finance Minister also noted that regional developments—including the closure of the Strait of Hormuz—have had a direct impact on Iraq's economy due to their effect on trade routes and oil exports.
🔧 Reform Efforts Continue
Despite these challenges, the Ministry emphasized that Iraq remains committed to its reform agenda by:
💰 Strengthening non-oil revenue sources.
📈 Modernizing financial management tools.
🏛️ Continuing structural and fiscal reforms.
🚀 Building a more diversified and resilient economy.
📢 The move toward a performance-based budget is viewed as another important milestone in Iraq's broader economic modernization strategy and its efforts to improve fiscal governance.
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FINANCE MINISTER: IRAQ IS MOVING TOWARDS APPROVING ITS FIRST PROGRAM AND PERFORMANCE BUDGET
Finance Minister Faleh Sari confirmed on Sunday that Iraq is moving towards approving its first program and performance-based budget in its history.
The ministry said in a statement received by the Information Agency that “the Finance Minister confirmed during his meeting with the British Ambassador that Iraq is moving towards approving its first program and performance-based budget in its history, according to a new methodology in managing public spending that links resource allocation to objectives, programs, and results, thus enhancing the efficiency of public funds use.”
He pointed out that “the closure of the Strait of Hormuz has had direct effects on the Iraqi economy, given the link between trade and oil flows and developments in the region,” stressing that “the ministry is proceeding to overcome the current circumstances by strengthening non-oil revenues, developing financial management tools, and continuing the reform process.”