Financial Governance (Legislative Framework and Challenges): A Study in Light of Iraqi Legislation

Abstract

This study addresses the topic of financial governance in terms of its concept, importance, and the legislative framework that regulates it in Iraq, in addition to the challenges that hinder its effective implementation. Financial governance emerges as a central mechanism for ensuring transparency, integrity, and accountability in the management of public funds, combating corruption, and achieving economic stability,It also represents one of the main pillars of administrative and economic reform in Iraq. There are clear gaps in the legislative and executive framework for financial governance, which necessitates the adoption of a set of reform measures, whether at the level of institutional capacity building, updating laws, or developing oversight and accountability tools, The challenges facing financial governance are not limited to the legal aspect alone, but extend to a lack of transparency, limited accountability, functional overlap, and inadequate use of technology, in addition to a weak governance culture in some institutions. Therefore, financial governance is a fundamental pillar upon which any administrative and financial system seeking to achieve efficiency and transparency depends. In light of the structural, legislative, and institutional challenges facing Iraq, there is a pressing need to develop effective methods and mechanisms to promote and ensure the systematic and sustainable application of financial governance, thereby shaping the state’s financial policy and achieving the main objectives of financial governance,Given the existing challenges, building an effective system of financial governance requires clear political and legislative will, as well as institutional cooperation to enhance transparency and accountability across all sectors of the state.