Iraq’s Finance Ministry said on Tuesday that it had completed the final accounts and trial balances for the fiscal years 2023, 2024 and 2025, as part of efforts to improve the accuracy of government financial data and strengthen accounting procedures.
In a statement carried by the Iraqi News Agency, the ministry said its accounting department, through the Unified Accounts Division, had finished entering the final accounts for the three years and had also completed the trial balances for June in line with approved accounting procedures.
Steps to improve financial accuracy
The ministry said the process was intended to improve the integrity and accuracy of financial data and ensure the reliability of accounting outputs within the public sector.
It added that the work was carried out under approved accounting standards as part of a broader push to strengthen transparency and financial discipline in government institutions.
2022 state final account completed
The statement said the division also completed Iraq’s state final account for the 2022 fiscal year, preparing it for submission to the Federal Board of Supreme Audit for review.
The ministry said this was part of its commitment to completing the annual accounting cycle and raising the efficiency of government financial procedures.
Changes at Trade Bank of Iraq
In a separate financial development, Ali Abdul Redha Al-Alwan, the new head of the Trade Bank of Iraq (TBI), said the bank would continue improving performance, supporting the business sector and simplifying procedures for customers.
In his first address to staff after taking office, Al-Alwan said the institution would work to strengthen its capabilities to meet current requirements and support the business environment.
Teamwork and staff rights
Al-Alwan said he was committed to working as one team, protecting employees’ rights and fostering a better workplace that serves both the institution and its staff.
Prime Minister Ali Faleh al-Zaydi had earlier appointed Al-Alwan as head of the Trade Bank of Iraq on Tuesday, while also assigning Bilal al-Hamdani as executive director of the Iraq Development Fund.
Broader reform framework
Media adviser to the Trade Bank of Iraq, Aqil al-Shuwaili, said the recent leadership changes in financial and development institutions were part of the government’s effort to improve financial management and support administrative and economic reform.
He said the appointments were intended to raise institutional performance and speed up implementation of development programmes and plans.
Conclusion:
The Finance Ministry’s announcement on the final accounts and trial balances, together with the leadership changes at the Trade Bank of Iraq and the Iraq Development Fund, reflects a government push to strengthen financial discipline and support institutional and economic reform.
