KTFA:
Clare: Al-Samarrai: The Prime Minister is taking another revolutionary measure to correct the country’s economic conditions
3/03/2023
The head of the Azm Alliance, Muthanna al-Samarrai, considered that the prime minister is taking another revolutionary measure to correct the country’s economic conditions.
Al-Samarrai said in a tweet to him, “The Prime Minister’s directive to review the sums deducted from the salaries of employees, retirees, and social protection, and to review the contracts of banks and electronic payment companies that have monopolized this process for years by opening the door to competition to serve the better is another revolutionary measure to correct the economic conditions of the country. ”
Clare: Among them is reducing borrowing costs.. A Sudanese consultant reviews the benefits of the unified treasury account
3/03/2023
On Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, outlined the benefits of establishing the unified treasury account, considering it the main tool for managing the government’s monetary resources.
“The unified treasury account is the main tool for unifying and managing resources or cash flows for the central government, as Iraq, unfortunately, still depends on government banking arrangements in a fragmented manner,” Salih told the official news agency.
He added, “The effective oversight of the financial administration cannot achieve its goals in controlling public funds unless it relies on unified and undivided government banking arrangements,” adding, “Therefore, the unified treasury account is an essential tool for unifying and managing the government’s monetary resources.”
He continued: “And then reduce the costs of borrowing, as the Iraqi government often borrowed from government banks in past years to fill the deficit in the annual budget, and the sources of that borrowing were mostly surplus government deposits in various government accounts, due to the absence of sufficient information about the financial abundance scattered in various bank accounts”.
He pointed out that “Iraq is still among the countries that have fragmented government banking arrangements in dealing with government revenues and payments, which necessitates work today, for the government financial administration to have the launch of the project to establish the unified treasury financial account and in accordance with the priorities that came in the principles of reforming public financial management.” which was stipulated in the ministerial platform of the Iraqi government.
He stressed that “the proliferation of sub-accounts of ministries, departments, and public institutions in the current form has made financial management and oversight authorities lose the ability to be accountable in following up financial actions, so pooling funds in a single or unified treasury account means pooling all government funds in one account, which would It reduces borrowing costs, expands credit, improves the government’s fiscal policy, and at the same time improves oversight and accountability within the scope of work of government spending units, and reduces corruption in financial behavior and abuse of public money.
He noted that “launching the establishment of the unified treasury account comes as a necessary condition for completing the digital system, which is called: the Integrated Financial Information Management System (IFMIS). LINK
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MarkZ:
Mark Z: Hey guys! No podcast this evening. I have a meeting and will not be back in time. If any breaking news I will have my mobile device with me. See you all tomorrow at 11:00 am EST. Thanks!
