Economist Urges Iraq to Rethink Budgeting Methods
On Saturday, economist Salah Nouri called on Iraq’s Ministry of Finance and the executive branch to reconsider how operational spending is determined, pointing out that many countries now use program and performance budgeting as a more accurate and effective approach.
In an interview with dinaropinions.com, Nouri explained that a committee was formed years ago under the chairmanship of the General Secretariat of the Council of Ministers, with Finance and Planning as key members. The committee studied successful budgeting models in Asian and Arab countries and made significant progress in developing a program and performance budget for Iraq.
However, Nouri noted that the committee’s recommendations have not yet been implemented.
Investment Budget Needs Review
He also emphasized that Iraq’s investment budget needs to be reconsidered. Preparation and approval should be based on economic and technical feasibility studies, while also considering environmental impacts—an approach already adopted by many developed and Arab countries.
Sovereign Wealth Funds for Stability
Finally, Nouri stressed the importance of establishing and improving sovereign wealth funds. These funds can help stabilize Iraq’s finances and ensure that resources are managed effectively for the long term.
