The ministry of finance Iraq in the post Saddam era is responsible for designing the economic development of the country. The country is passing through a transitional phase. In these situations the ministry has major responsibilities to make use of all the available resources so that the economy can once again become steady.
The primary factor which affects the economic development of the country is the fiscal budget. The ministry of finance Iraq is responsible for drafting the budget and looking after the implementation of the same in the country.
The finance ministry of Iraq has authority to impose and collect taxes in the country. It is also responsible for collecting the custom duties. At the same time, the ministry of finance and banking of Iraq has the responsibility of paying almost 1.8 million pensioners and nearly 1.4 million government employees.
The economy of Iraq is dependent on the production of oil. Prior to 1980, the economic condition of Iraq was very sound. But once the Iran war broke out, the scenario started changing rapidly.
The country fought several other wars in the recent past and because of that the economic stability of the country was lost totally. At the same time, the infrastructure of the country was also lest aside and this affected the economy very much.
But in the present times, the ministry of finance Iraq under Bayan Jabr, is trying its best to re-construct the infrastructure of the country. it is very important because through this the oil production can be raised and at the same time the economy of the country can also move towards the development. The finance ministry is also trying to bring the foreign investment in the country and to stimulate the country.
The increasing inflation is also a major issue and for proper development of the country, the Central Bank of Iraq has taken certain measures. The Finance ministry is also playing a role in the process. Once the inflation is under control, the country can become relieved to some extent.
On the other hand, Iraq has received assistance from UNO, IMF and the whole international community so that the economy of the country can become steady once again. The ministry of finance Iraq is executing plans and policies and using the international financial to full extent in the development of the country.
Last Updated on : 1st August 2013