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Ministry of Finance (Iraq)

The Ministry of Finance (Arabic: وزارة المالية) is the cabinet-level ministry that is responsible for managing the financial affairs of the Government of Iraq. It formulates monetary and fiscal policies, receives and manages all revenues of the state, takes part in drafting the general budget bill, oversees government expenditure, and operates a number of agencies. The two largest banks in Iraq, namely Rafidain and Rasheed, as well several other enterprises, are operated by the Ministry of Finance. It publishes a monthly report called the Open Budget Survey.[1] The headquarters is located in Bab Al-Moatham, east of the river Tigris, Baghdad.

Republic of Iraq
Ministry of Finance
وزارة المالية
Agency overview
Formed1920
TypeMinistry
JurisdictionGovernment of Iraq
HeadquartersBab Al-Moatham, Baghdad, Iraq
33°21′18″N 44°23′47″E / 33.35500°N 44.39639°E / 33.35500; 44.39639
Minister responsible
Child agency
Websitewww.mof.gov.iq

Overview

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The goal of the ministry is to lay the groundwork for nation-wide sustainable economic development by preparing as well as implementing financial policies and reform programmes, managing state assets, collaborating with the private sector and international financial institutions, and providing economic analysis in accordance with the national strategy.

Among the tasks of the ministry is managing and organizing state funds, monitoring their proper use and guaranteeing the availability of cash liquidity, managing the treasury and monitoring the soundness of its use and enhancing its sources of replenishment, regulating banking, insurance, taxation and customs, taking part in drafting legislation, providing consultation and training personnel.[2]

Organizational structure

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The ministry is composed of the following departments[3] that oversee and implement its functions:

  • Administrative Department
  • Legal Department
  • Accounting Department
  • Budget Department
  • Department of Economics
  • Department of Public Debt
  • Department of Information Technology
  • Department of State Real Estate
  • Office of Inspector General
  • Financial and Accounting Training Center

Agencies

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Bodies

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  • General Customs Authority
  • Public Pension Body
  • General Commission for Taxes
  • General Authority for Free Zones

Funds

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  • Iraqi Fund for External Development (IFED)

Companies

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  • National Insurance Company
  • National Reinsurance Company
  • Iraqi Company for Banking Services

Banks

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Challenges

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Ali Allawi, former finance minister, stated that less than $1 billion of the $7 billion in annual customs duties reached the treasury, with militias diverting most of the remaining funds.[4]

Ministers of Finance in the Kingdom of Iraq

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Ministers of Finance in republican Iraq

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References

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  1. ^ "Open Budget Survey". IT Department - Ministry of Finance.
  2. ^ "About". Ministry of Finance.
  3. ^ "Departments". Ministry of Finance.
  4. ^ "The Middle East has a militia problem". The Economist. 2024-04-25. ISSN 0013-0613. Retrieved 2024-05-09.
  5. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am an ao ap aq ar as at au av aw ax ay az ba bb bc bd be bf bg bh bi bj bk bl bm bn bo bp bq br bs bt bu Ghareeb, Edmund A. (2004). Historical dictionary of Iraq. Lanham (Md.) Oxford: Scarecrow press. ISBN 0-8108-4330-7.
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