Ministry of Finance (Iraq)


The Ministry of Finance is a central government ministry of Iraq tasked with formulating financial policies of the state, preparing the general budget bill, and overseeing as well as managing public expenditure.
The banks of Rafidain and Rasheed, as well several other enterprises, are operated by the ministry. It publishes a monthly report called the Open Budget Survey.
The headquarters is located in Bab al-Muadham, east of the river Tigris, Baghdad. The incumbent Minister of Finance since 27 October 2022 is Taif Sami Mohammed.
WWW mof.gov.iq

Overview

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.

Organizational structure

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

Agencies

Bodies

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

Funds

  • Iraqi Fund for External Development

Companies

Banks

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Challenges

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.

Ministers of Finance in the Kingdom of Iraq

Ministers of Finance in the Republic of Iraq