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


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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The single treasury account...a step that could raise Iraq's revenues by 50% and "suffocate" corrupt

    Rocky
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    The single treasury account...a step that could raise Iraq's revenues by 50% and "suffocate" corrupt Empty The single treasury account...a step that could raise Iraq's revenues by 50% and "suffocate" corrupt

    Post by Rocky Sun 05 Mar 2023, 5:06 am

    The single treasury account...a step that could raise Iraq's revenues by 50% and "suffocate" corruption
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    Baghdad  today - Baghdad
     The government of  Muhammad  Shia '  al-Sudani is heading  to address  one  of  the most important financial  challenges in Iraq, represented by the lack of a clear account for managing state resources clearly , which is known as the " unified treasury account" .                  
     And the office of the Iraqi  Prime  Minister , Muhammad Shia’a al-Sudani , announced that the application of the “ unified treasury account” system was discussed at a meeting held on Thursday, in the presence of officials responsible for monetary and fiscal policy .                      
    The unified  treasury account "is one of the practices in payment systems , tax revenue collection and spending control , through central dealing with government bank account balances .  It is part of financial management information systems solutions .  It is usually done by the central treasury or the public accountant in the Ministry of Finance." According to a study on                                         The Treasury Single Account Rapid  Assessment Administration published by the World Bank .       
    Professor of International Economic  Relations at the Iraqi University , Abd al-Rahman Najm al -Mashhadani, explains that "Iraq is still operating with the financial systems that were established since the days of the civil ruler , Paul Bremer, which allow departments and institutions to open separate accounts for them and manage their financial affairs separately . "                                    
    He added  that the lack of  a unified treasury account "constitutes an imbalance in the revenues of the general budget . For example , institutions such as customs and taxation have separate accounts in which revenues are deposited, and allocations for their expenditures remain from the treasury . "                              
    The International Monetary  Fund stressed that the “ sound financial framework” in Iraq is “a critical element in overcoming economic challenges,” as “ policy makers should carefully balance the goals of saving exceptional and unexpected oil profits , in order to enhance the ability to withstand the volatility of economic conditions . ” future oil prices , and increase                                              Social spending  is very  important,  and spending  on public  investments , while gradually reducing the level of dependence on oil .        
    The Iraqi  economic expert , Salam Sumaisem, attributed Iraq's delay in implementing this system to "the multiplicity of decision -making bodies in Iraq, and the fragmentation of powers in some years . "                     
    She stressed  that  in  some  years there  was " technical weakness in the bodies that are supposed to supervise financial management , which helped disperse budgets in a way that affects their safety , performance and transparency . "                      
     Sumaisem believes  that  the issuance of a government  order to implement the " unified treasury account will show the flows of funds in a unified and clear manner, whether in terms of revenues or expenditures . "                  
    For  his part, Al-Mashhadani  expects that if this system is implemented , " the federal government's revenues will increase by more than  50  percent , and corruption may be reduced if the various administrative systems are modified to become automated . "        
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