USAID, July 24 – Iraq has further advanced in the Stand By Agreement.
The U.S. Agency for International Development (USAID) project advisers were major participants in the Ministry of Finance’s 2007 Budget Preparation Retreat held in May.
The new Minister of Finance, Jabr al-Zubaydi, opened the retreat and was joined at the closing ceremony by the U.S. and U.K. ambassadors.
At the event, the Minister announced the successful completion of a new 2007 budget structure (chart of accounts) compliant with the International Monetary Fund’s Government Financial Statistics (GFS) classification system, a major condition of the Iraqi Government’s Stand By Agreement with the IMF and World Bank.
Project advisers played a significant role in providing assistance to the Ministry of Finance in the creation of the new chart of accounts. Project advisers were also the primary presenters at the event, covering topics relating to the implementation and use of the IFMIS and the new chart of accounts in 2007.