The Ministry of Finance (MoF; ) is the cabinet-level ministry responsible for managing the financial affairs of the Government of Iraq. It formulates financial policies, receives and manages all revenues of the state, prepares the general budget bill, oversees government expenditure, and operates a number of agencies. The two largest banks in Iraq, namely Rafidain and Rasheed, as well several other enterprises, are operated by the Ministry of Finance. It publishes a monthly report called the Open Budget Survey. The headquarters is located in Bab Al-Moatham, east of the river Tigris, Baghdad.

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

Funds

Companies

Banks

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