By John Lee.
Iraq's Ministry of Finance has signed a contract with the Irish-based consultancy AARC Ltd to provide "advisory services regarding the preparation of functional and technical requirements and IFMIS [integrated financial management information systems] bid documents."
According to a statement from the Ministry, the project has an implementation period of 17 months, and is part of the Public Financial Management Systems Modernization Project, which is included in the investment budget for 2021 funded by the World Bank.
It adds that under this contract, the functional and technical requirements for the stages of preparing and implementing the budget and reporting forms will be reviewed in accordance with international standards and the preparation of international competitive bid documents for the tender for the implementation of the (IFMIS) project.
Iraq's White Paper identified that Iraq lacks the Integrated Financial Information Management System (IFMIS), which connects all government spending units electronically, and automates the basic budget execution functions.
(Source: Ministry of Finance)