Parliamentary Finance discusses budget development and non-oil revenues with World Bank

The Parliamentary Finance Committee discussed, during a meeting held on Monday 5/10/2026 headed by MP Odai Awad and in the presence of its members, with a World Bank delegation headed by Sandeep Mahajan, Regional Director for Prosperity for the Middle East, North Africa, Afghanistan, and Pakistan, the general financial situation in the country and ways to develop the budget. The meeting addressed mechanisms for transitioning from traditional item-based budgeting to program and performance-based budgeting, amidst a presidential welcome to the visiting delegation and an emphasis on the importance of diversifying goods export outlets and reducing reliance on the Strait of Hormuz, in addition to efforts to maximize non-oil revenues and achieve comprehensive automation of the tax system. The parliamentary committee praised the World Bank's continuous support for both the legislative and executive authorities, looking forward to further cooperation and the facilitation of financial and economic transactions to guide the country's financial policy optimally. For their part, the World Bank representatives pointed out the existence of a clear government strategy to proceed with economic reforms, considering the budget a fundamental pillar for improving the financial situation and feeding it with the required revenues, along with their readiness to provide expertise and build institutions capable of managing advanced financial systems. The discussions touched upon details of data auditing to ensure spending efficiency through specified programs, and discussed the application of a gradual transition of the budget by trialing it as a first phase in a number of institutions and provinces. Both sides concluded the meeting by emphasizing the continuation of coordination and the exchange of expertise to support the financial sector's path, while committing to providing technical support to the Iraqi government and organizing specialized training programs in the field of program and performance budgeting.