By Ahmed Tabaqchali, for the Atlantic Council. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
Iraq's Static Budget Process
The Iraqi government plans to respond to the financial crises in the wake of the COVID-19 pandemic by addressing the root causes of Iraq's vulnerability to external shocks.
The government has laid out a plan, known as the White Paper, which aims to fix the fault lines of the economy and by extension, the political system that fostered them. A key aspect is to enable the Ministry of Finance to deal with the complexities of managing the budget in the current crises.
A new Atlantic Council Iraq Initiative report, "Gone with the Muhasasa: Iraq's static budget process, and the loss of financial control," authored by Ahmed Tabaqchali, chief investment officer at AFC Iraq Fund, outlines the inefficiencies inherent in Iraq's current budget process and recommendations for a revamped, dynamic, and transparent budget mechanism.
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