Shafaq News/ Iraqi Finance Minister Tayf Sami engaged in discussions with International Monetary Fund (IMF) experts on Monday, exploring the feasibility and steps necessary to design and implement the Treasury Single Account (TSA) system. The consultative meeting, presided over by Sami, was conducted through visual communication channels with the IMF's METAC, according to a statement.
The meeting was attended by the Director-General of the Accounting Department, the ministerial team responsible for the project, and representatives from the Rafidain, Real Estate, Iraqi Trade Bank, Rasheed, Industrial, Agricultural, and Nahrawan Islamic banks.
During the discussions, the attendees examined the outcomes validated from the previous period and reviewed the forthcoming stages for executing the TSA project in accordance with designated timelines and allocated resources.
Furthermore, the meeting scrutinized the system's responsiveness with other subsidiary systems, including federal budget preparation, procurement, payment, fixed asset management, payroll, revenue, and cash management.
In the statement, Sami emphasized the ministry's commitment to "expanding the use of technological solutions to ensure the sustainable modernization of financial systems in accordance with the latest international standards and expertise, aligning with efforts to address challenges and streamline financing procedures in record time."
She also clarified that the implementation of the TSA would facilitate monitoring of financing flows to spending units, identifying remaining balances in department accounts, and reclaiming these funds for the state treasury while diagnosing units still outside the salary settlement system.
Highlighting the project's potential benefits, the Finance Minister noted that the TSA would provide an accurate database, contributing to accounting processes, promptly detecting errors, and rectifying them.
She also affirmed the pursuit of an agreement with the World Bank's support team to involve Iraqi personnel in comprehensive qualification programs supervised by the bank, with the aim of bolstering the expertise and skills of the workforce managing the account, and ensuring its administration is carried out with the utmost professionalism and efficiency.
