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Mazhar Muhammad Salih: The treasury account unifies the management of financial resources
Economical 2023/03/04
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Yesterday, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, outlined the benefits of establishing the unified treasury account, while he considered it the main tool for managing the government's monetary resources.
Salih told the Iraqi News Agency (INA): "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 relies on government banking arrangements in a fragmented manner."
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 information about the financial abundance scattered in various 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 curriculum 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 on 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 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. To complete the digital system, which is called: the Integrated Financial Information Management System (IFMIS), the two projects are complementary and work together in controlling the daily cash flows of the state's public treasury and at the highest levels of governance or discipline and financial accountability.
Prime Minister Muhammad Shia al-Sudani presided over a meeting of the Nationalization Committee for salaries and the unified treasury account, in the presence of the Governor of the Central Bank of Iraq, the Minister of Finance, the Prime Minister’s advisors, the general managers of the Rafidain and Rasheed banks and the Iraqi Trade Bank, and the representative of the Federal Office of Financial Supervision.
The meeting discussed, according to the Prime Minister's Media Office, the unified treasury account, the settlement of employees' salaries in all state departments, the application of the electronic payment system (pos), and the negotiation of contracting with an international consulting firm, to advance the reality of lagging banks. The meeting stated that the unified treasury account system will contribute to reducing corruption.
While the meeting witnessed the emphasis on the importance of the unified government account, which allows access to the actual daily balance of the government to determine its expenditures, instead of distributing it to more than one account, and it also allows for the liquidation of accounts and the removal of duplicates from them.
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