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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Counselor Mazhar Salih: The single treasury account unites the government's cash flows

    Rocky
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    Counselor Mazhar Salih: The single treasury account unites the government's cash flows Empty Counselor Mazhar Salih: The single treasury account unites the government's cash flows

    Post by Rocky Fri 03 Mar 2023, 5:14 am

    [size=38]Counselor Mazhar Salih: The single treasury account unites the government's cash flows[/size]


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    March 3, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk: 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 .
    Saleh told Al-Masalla that the unified treasury account is the main tool for unifying and managing the resources or cash flows of the central government, as Iraq unfortunately still depends on government banking arrangements in a fragmented manner.
    He added that the effective oversight of the financial administration cannot achieve its objectives 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 from surplus government deposits in various government accounts, due to the absence of sufficient information about the financial abundance scattered in various accounts. banking.
    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 action 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 public financial management reform, which It 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 the financial management and oversight authorities lose the ability to be accountable in following up on financial actions, so pooling funds in a single or unified treasury account means pooling all government funds in one account, which would reduce It reduces borrowing costs, expands credit, improves the government's financial 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)  .
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