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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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    Iraq conveys a “negative” image of corruption.. How does it affect the budget deficit?

    Rocky
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    Iraq - Iraq conveys a “negative” image of corruption.. How does it affect the budget deficit? Empty Iraq conveys a “negative” image of corruption.. How does it affect the budget deficit?

    Post by Rocky Thu 16 May 2024, 5:01 am

    Iraq conveys a “negative” image of corruption.. How does it affect the budget deficit?

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    Economy News - Baghdad
    Today, Thursday, the Integrity Commission announced Iraq’s participation in the Arab Forum for Anti-Corruption Bodies and Financial Investigation Units, while the head of the Commission, Haider Hanoun, indicated that corruption causes a decline in investment rates and a general budget deficit.
    Hanoun said, in his speech during the Arab Forum for Anti-Corruption Bodies and Financial Investigation Units, received by the Iraqi News Agency (INA): “The measures taken by the Integrity Commission and the Iraqi government in the field of combating corruption in the year 2023 resulted in growth in the economy, as Iraq recorded an increase in The gross domestic product and the money supply balance until the end of last year, while Iraq advanced three places according to the data on the domestic product of each country issued by the International Monetary Fund, to come in 49th place.
     
    [rtl]During the working paper he presented at the Arab Forum for Anti-Corruption Bodies and Financial Investigation Units held in the Kingdom of Saudi Arabia and tagged (Combat Corruption and Its Necessity for Achieving Economic Growth), Hanoun referred to “the final statement of the experts of the International Monetary Fund issued on the third of last March regarding the continuation of economic growth.” In Iraq, an increase in non-oil revenues, a decline in overall inflation, a decrease in food prices, the implementation of new controls to combat money laundering, and the private sector’s access to foreign currency at official rates for import and travel purposes.”[/rtl]
     
    [rtl]The head of the authority warned of “the economic effects caused by corruption at the local and international levels,” reviewing some of those effects, such as reducing investment rates due to investors fleeing from an environment in which corruption is widespread, due to them being forced to pay bribes, and causing the general budget deficit to worsen through tax evasion, or Attempting to obtain illegal tax exemptions.[/rtl]
    [rtl]He added, "Among these effects are the increased cost and operation of projects, the weak efficiency and quality of public facilities, distortion of markets and misallocation of resources by reducing the government's ability to impose oversight and inspection systems, and the government's loss of supervisory control over banks, internal trade, and financial markets."[/rtl]
     
    [rtl]He noted that “corruption leads to increased rates of poverty, poor distribution of income, and the enrichment of the few at the expense of the many, which leads to creating a state of discrimination, class, and injustice among members of society, in addition to causing inflation by increasing the cost of business, as a result of the bribes and commissions paid by companies.” “This forces the consumer to pay a higher price for the commodity than its actual cost.”[/rtl]
     
    [rtl]He pointed out “the necessary measures to combat corruption and achieve economic growth through two important measures, namely: providing the protective environment and developing the institutional environment,” noting that “providing the protective environment requires taking several measures and policies, the most important of which is: reducing monopoly in any type of Types of economic activities, facilitating government procedures, providing internal and external auditing bodies and supporting them with the powers and information that enable them to continuously follow up on the institutions’ accounts.”[/rtl]
     
    [rtl]He pointed out, “The second part of the necessary measures to combat corruption and achieve economic growth is to develop the institutional environment, through the presence of an independent judiciary, and the provision of a legislative institution that represents the people, legislating laws and holding the executive authority accountable, and relying on the principles of efficiency and integrity in employing public employees, and paying attention to improving... Salaries and wages are supported by guarantees and incentives, and the provision of an independent auditing body.”[/rtl]
     
    [rtl]The forum, in which (75) speakers from (25) countries and (12) organizations participate, as well as (600) experts from financial investigation units, anti-corruption bodies, government agencies, international organizations, and financial and academic institutions, aims to chart a clear path for cooperation between bodies. Governmental institutions in the Kingdom of Saudi Arabia, counterpart organizations, and regional and international bodies, and constitutes a strategic opportunity to unify efforts among various institutions. In order to confront the challenges of combating financial crimes, and a platform for presenting and launching practical initiatives with tangible results, while focusing on building capabilities and enhancing cooperation between the relevant authorities working to combat financial crimes, money laundering, and terrorist financing in the Middle East and North Africa region.[/rtl]




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