Iraqi Ministry of Finance

The Iraqi Ministry of Finance is responsible for drafting the country's fiscal budget and overseeing its implementation, imposing and collecting taxes and coordinating the payment of pensions and salaries of government employees. It is also responsible for reporting the country's official expenditure data.

The federal budget, which is passed as a law by the Iraqi parliament, is drafted by the Ministry of Finance in consultation with other ministries, governorates and the regional government. The investment budget is drafted with the assistance of the Ministry of Planning.

From the 2003 occupation onwards, revenues from export sales of Iraqi petroleum products were deposited into the Development Fund for Iraq (DFI), an account held by the Central Bank of Iraq (CBI) at the New York Federal Reserve Bank. The DFI is managed by the Iraqi Ministry of Finance and administered by the CBI. Expenditures from the DFI are carried out via checks issued by the CBI upon instruction from the Iraqi Ministry of Finance on the basis of the budget.

On 21 December 2010, Rafi al-Isawi became Finance Minister and remained in that position as of late 2012.

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