Iraqi News Highlights Thursday Evening 8-10-23
Tlm724 Administrator Bondlady’s Corner
Oil Is Falling Amid Anticipation Of Inflation Data In America And Fears Of Demand
Thursday 10 August 2023 09:22 | Economical Number of readings: 436 Baghdad / NINA / – Oil prices fell due to fears of slowing Chinese demand and shrinking global supply
Oil prices fell today, Thursday, after recording in the previous session their highest levels in several months, as a result of high crude stocks in the United States and the emergence of weak economic data from China, which increased Concerns about global fuel demand. Brent crude fell nine cents, or 0.1 percent, to reach $87.46 a barrel. West Texas Intermediate crude fell six cents, or 0.1 percent, to $84.34.
Yesterday, Wednesday, US Energy Information Administration data showed that crude inventories rose by 5.9 million barrels last week to 445.6 million barrels, while weak economic data from China affected market sentiment.
Investors are awaiting the main inflation data in the United States, which is scheduled to be published later in the day. / End 2 https://ninanews.com/Website/News/Details?key=1069930
Prime Minister: The Government Is Continuing On More Than One Level To Improve The Reality Of The Electrical System / Expanded
Thursday 10 August 2023 11:40 | Economica lNumber of readings: 377 Baghdad / NINA /- Prime Minister Muhammad Shia’a Al-Sudani affirmed today, Thursday, that the government is continuing on more than one level to improve the reality of the electrical system. “
The two units will contribute to reducing the operating budget spending,” Al-Sudani said during his inauguration of the two installed units at the Al-Amarah gas power station.
According to a statement by his media office, Al-Sudani blessed the efforts of the staff working in the Ministry of Electricity and the executing company to complete this project, which will supply the system with a new capacity of 250 megawatts .
And the Prime Minister confirmed, during the inauguration of the two complex units, that these strategic projects will contribute to reducing the expenditure of the operational budget, especially with regard to importing gas, and they are among the ongoing projects since 2019, and come within the government’s direction to complete the stalled and lagging projects.
He pointed out: “The direction of the government and the Ministry of Electricity, during the last stage, focused on implementing combined cycle projects, and the first phase was signed to produce approximately 1140 megawatts of electrical energy, and it is hoped to sign the second phase of combined cycle projects, so that the total energy reaches To 4 thousand megawatts will be used without the need for additional fuel.
And Al-Sudani indicated that the government is continuing on more than one level to improve the reality of the electricity system, stressing that all the problems and crises that the electricity system was exposed to are outside the control of the ministry, due to the problem of importing gas, which the government addressed through decisions taken for the first time, as the issue of payment of dues was resolved. By bartering crude and black oil with neighboring Iran, which supplies Iranian gas to operate the stations.
Al-Sudani also referred to future and permanent solutions to invest in gas that is burned and not invested, through a Total contract or the fifth round or contracts that are expected to be signed soon. These projects, which will also provide energy independence and dependence on Iraqi gas. / End 2
Iraq Is Discussing Cooperation With Egypt In The Field Of Industrial Cities Projects
Thursday 10 August 2023 | Economical Number of readings: 380 Baghdad / NINA / – The Industrial Cities Authority affiliated to the Ministry of Industry and Minerals discussed ways of cooperation with the Egyptian side in the field of establishing industrial cities projects.
A statement by the Ministry of Industry stated that the Director General of the Authority, Hamid Awad Muhammad, discussed with the Egyptian Ambassador, Walid Muhammad Ismail, frameworks for joint cooperation in the field of establishing and developing industrial cities in Iraq, in the presence of the Egyptian Deputy Ambassador, the Commercial Adviser of the Egyptian Embassy in Baghdad, and a number of officials in the Authority
The meeting also, according to the statement, presented the activity of the industrial cities in Iraq and the investment opportunities available in this field, and discussed the desire of the Egyptian side to work with the ministry to establish and develop the industrial cities and establish joint cities in a way that serves the interest of the two brotherly countries. https://ninanews.com/Website/News/Details?key=1069976
The Single Treasury Account…A Step In The Right Direction.
Economy News-Baghdad How will the unified treasury account solve Iraq’s financial problems in light of the many difficulties and chronic challenges, including administrative and financial corruption, inefficient management of public money and waste in the state’s resources and its financial and economic institutions, in addition to all that, the most important challenge is the lack of a clear account for the proper management of state resources.
The application of the unified treasury account system will reduce corruption and will allow the Iraqi government to view the actual daily balance to determine government expenditures instead of distributing these expenditures to more than one account, as the central dealing with government bank account balances through the unified treasury account will enhance electronic practices in payment systems Collecting tax and customs revenues, controlling government spending, and identifying daily, weekly, monthly and annual revenues for all sectors of the state and its institutions instead of accounts specialized in each of these sectors.
The strange thing is that the government does not know the areas of spending and revenues, and the deal of the century is the best evidence and example of not knowing these revenues and they are linked to some of them. Institutions and personalities who exploited their information about these revenues with some loopholes, and tax funds were seized, amounting to $ 2.5 billion. .
In order to reduce these thefts, the government did well in the beginning by activating the unified treasury account, which requires great efforts in light of the knowledge of everyone that there are political, economic and governmental mafias that will hinder this project because it will expose them and reduce the possibility of thinking about large corruption operations similar to the theft of the century.
The unified treasury account is part of information systems solutions and is managed, monitored and followed up by the general accountant in the Iraqi Ministry of Finance and the central public treasury department.
Therefore, opening separate accounts for state institutions and managing their affairs separately contributed to corruption and theft of public money. It is noted that much of the daily revenues of taxes, customs and traffic The Department of Real Estate, Health and Education Revenues, the Capital Municipality and other institutions have their separate accounts and their realized revenues, and they take allocations from the general federal budget.
With these revenues transparently, the Iraqi government will know the size of the revenues, and with follow-up and monitoring, corruption will be reduced to large extents, because it is unacceptable to spend a budget of up to 200 trillion dinars, and we do not get revenues for the state of up to 25%.
We read thatThere are non-oil revenues of 11 trillion dinars, but the truth is that only one trillion dinars reach the state treasury, and the survival of reality in this way means the collapse of the Iraqi economy with any crisis affecting the prices of the exported oil.
In one of the seminars of the College of Administration and Economics, Al-Mustansiriya University, and in the presence of the speaker, Deputy Dr. Magda Al-Tamimi, she says, when auditing the accounts of the general federal budget, the amount of one billion Iraqi dinars, we do not count it from revenues or expenditures on the basis that this amount does not constitute or affect the total account, which is a small amount at a time.
Al-Tamimi, when visiting the Japanese parliament, a cup of tea and one piece of organization in a bag (a piece of cloth) was presented as hospitality to a delegation traveling to the Japanese parliament. It was counted as expenditures for this parliament at the time.
I remembered the accounts of the State of Iraq, one billion Iraqi dinars, a small amount that is not counted in the revenues and expenditures of the general budget, and examples The similarities are many.*
Accordingly, we find that the Sudanese engineer’s government’s step in establishing the unified treasury account is a step in the correct and beneficial direction. It is unacceptable for the state to budget within the limits of 200 trillion Iraqi dinars, and the revenues do not exceed one percent.
Therefore, the implementation of the unified treasury account within the framework of developing the work of public finance should be accompanied by efforts, monitoring and follow-up.
Sustainable, which sets the goal of efficient exploitation of public money and public financial management in a way that enhances control and follow-up, and this matter will reduce corruption and waste and achieve additional revenues that may reach 50% by reducing corruption and modifying the various administrative systems to become automated and electronic.
The application of this system will reduce fraud and fraud on state funds, and the seizure documents will not be repeated, as happened in the theft of the century, through 247 checks that were disbursed by companies between the years 2021-2022. Therefore, the application of the unified treasury account system is inevitable and a necessity to get rid of a long period of time of waste and corruption.
In order for the revenues to reach the public treasury properly, with determining the productivity of the institutions and their expenditures, and controlling the work of the public administration, this unified account will force the state institutions to transfer the revenues and disclose the expenditures clearly. The continuation of the state of administrative and financial corruption, the inefficiency of public money management, and the waste of economic resources. Emotions, the phenomenon of free riding, and the patriarchal economy do not build a state that might build a luxury for its downfall. It is in the interest of the state and society to control its annual revenues and expenditures.
What do we do when global demand for crude oil changes, what do we do when finding energy alternatives, what do we do when crude oil prices drop.
The unified treasury account is an imperative condition for completing the digital transformation of managing public finances, information and financial data. Without this account, there is no control over the daily, weekly, monthly and annual cash flows, thus starting the implementation of this project, as well as adjusting the equality of governance, financial discipline, accountability and transparency.
In addition to the foregoing, we recommend the use of state experiences with regard to the public treasury account, especially the Japanese experience, and proceeding with the application of this project with the electronic financial management project, following up the implementation of the electronic payment project, as well as automating work in the General Authority for Taxes and the General Authority for Customs, and following up on real estate fees funds, health and education revenues, the Capital Secretariat, and others. Other government agencies and agencies.
Assistant Professor Dr. Sadiq Al-Bahadli, College of Administration and Economics,
Al-Mustansiriya University Views 134 08/10/2023 – https://economy-news.net/content.php?id=35609
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