A Government Policy To Control The State’s Public Finances
Iraq has suffered throughout the previous years from the inability of successive governments to control spending, both operational and investment, and to control expenditures in all sections of activities approved by the state’s general budget,
until the current government – according to what specialists see – was able, through its policies, to control the state’s public finances through… Implementing automation and electronic governance programs, as well as moving towards balancing programs and performance and not just balancing items.
The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, said in an interview with “Al-Sabah”:
“Within the scope of implementing its financial policy, the federal government has diagnosed that building the federal general budget on the principle of the so-called budget items alone does not provide an adequate basis for controlling financial transactions.” And reassurance of expenses, both operational and investment, in terms of performance and correct targeting of the activity spent on efficient”.
He stated, “In this regard, the scope of financial responsibility required moving in two parallel directions to raise the efficiency of public finance and financial discipline. The
first is:
automating public finance work in revenues and expenditures,
introducing digital systems, and
relying on electronic governance through the contents that the government program came up with, and the
second:
focusing on directing… Public spending, especially investment spending in implementing public projects,
aims to balance programs and performance in a gradual and systematic manner, to
ensure efficient implementation and
evaluate the performance of expenditures without disruption, delay, or waste of public money.” He pointed out,
“This is what the current financial policy has taken by adopting disbursement programs that provide oversight and evaluation of multi-faceted activities that concern broad sectors and activities and are currently called (special programs), without implicitly abandoning the budget items that will be an integral part of the budget.” Special programs or programs as a first stage.” Saleh stressed,
“Based on the above, the country’s financial system is currently being modernized in a successive manner with two pillars (financial automation and modernization of government accounting) and in accordance with the principles of digital control and the adoption of program principles in implementing and managing public budgets in a gradual and systematic manner within the framework of the economic reform policy.” And the country’s finances.
For his part, the academic researcher in financial affairs and development, Aqeel Jabr Ali Al-Muhammadawi, said in an interview with “Al-Sabah”:
“It is not possible to implement the management and control of public financial flows with high efficiency without evaluating and analyzing the financial situation, and the sustainability of public finances on solid financial foundations and methodology and a financial mentality.”
“A new specialist with more accurate and sober financial models that transcends areas of functional and institutional dysfunction in public financial decisions and procedures, which will provide legal entities and public government institutions with additional objective information that can positively impact the quality of administrative decision-making and decision-making taken by government bodies, councils and departments.”
He added, “This indicates the necessary need to prepare a comprehensive financial methodology from experts in the accounting and financial specialization, more than economists, in order to develop
statistics,
financial indicators,
national accounts,
financial practices,
banking supervision,
financial and real estate credit,
financial insurance, and others
according to concepts, and to provide specialized and advanced financial analysis.”
And more accurate and sober, taking into account differences in the areas of building, formulating and setting standards and metrics according to standard models, as well as financial practices and applications and statistical resources from various governmental and non-governmental institutions.” https://alsabaah.iq/98944-.html
Oil Prices Are Heading Towards New Gains
Economy |05/07/2024 Follow-up – Mawazine News Oil prices were little changed in early Asian trading on Friday, but were on track for a fourth straight weekly gain and remained near their highest since late April on hopes of strong summer fuel demand and some supply concerns.
Brent crude futures, which have risen 7 percent over the past four weeks, were down 2 cents at $87.41 a barrel by 0143 GMT .
U.S. West Texas Intermediate (WTI) crude futures, which have risen 9 percent over the past four weeks, were up 9 cents at $83.97, above Wednesday’s settlement. The U.S. market was closed on Thursday for the Independence Day holiday.
Oil has been rising this week on expectations of higher summer demand in the United States, the world’s largest oil consumer.
“Market sentiment has been supported this week by signs of increased transportation and escalating geopolitical tensions in the Middle East,” analysts at ANZ Research said in a note on Friday.
The U.S. Energy Information Administration reported a massive 12.2 million barrel draw in inventories last week, compared with analysts’ expectations for a draw of 700,000 barrels.
On supplies, Reuters reported on Thursday that Russian oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiysk in July.
Meanwhile, Saudi Aramco cut the August price of its flagship Arab Light crude to Asia by $1.80 a barrel above the Oman/Dubai average, highlighting the pressure OPEC producers are facing as non-OPEC supplies grow. https://www.mawazin.net/Details.aspx?jimare=250780
Ports Announce The Completion Of The First Phase Of Networking By 100 Percent
Money and business Economy News – Baghdad
The consultant for the border crossings networking project, Ahmed Ezz El-Din, confirmed today, Friday, that the authority has made advanced progress in the electronic networking of the crossings, pointing out that the first phase of the networking has been completed.
Ezz El-Din said, “The first phase of the networking of the ports has been completed 100%, and all border ports have been connected with optical cable and the highest-spec infrastructure of network devices and servers has been established,” stressing that “all devices are currently connected to the Border Ports Operations Center at the Ports Authority.”
He added that “the network connection means that digital transformation and automation of systems will be available, and its implementation will be direct,” noting that “the border crossings management program has been implemented and a live image has been transferred from sonar devices directly to the operations center.”
He stated that “the port and the operations center were audited via live broadcast, which leads to combating corruption and reducing pressure on workers at the ports and monitoring the movement of trucks and goods from their entry to their exit.”
Slight Increase In Inflation Rate For Last May
Friday 05 July 2024 14:13 | Economic Number of readings: 227 Baghdad / NINA / The Ministry of Planning announced today, Friday, a slight increase in the inflation rate during the month of May, by (0.1%).
The official spokesman for the ministry, Abdul Zahra Al-Hindawi, said that “the General Authority for Statistics and Geographic Information Systems monitored this increase in the movement of prices in the Iraqi local markets in all governorates.”
He explained that “the recorded increase rate came in comparison with the inflation rate recorded during the month of April that preceded the month of May,” noting that “the annual inflation rate witnessed an increase of (3.4%) during the month of May compared to the same month of last year 2023.” / End 5 https://ninanews.com/Website/News/Details?key=1139808
Provoking Thoughts and Points To Ponder On Adversity:
I have always grown from my problems and challenges, from the things that don’t work out. That’s when I’ve really learned. – Carol Burnett
Those things that hurt, instruct. – Benjamin Franklin
Pain is the root of knowledge. – Simone Weil
Life can be real tough … you can either learn from your problems, or keep repeating them over and over. – Marie Osmond
Bad times have a scientific value. These are occasions a good learner would not miss. – Ralph Waldo Emerson
http://famousquotesandauthors.com/topics/adversity_quotes.html
