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The Prime Minister's Adviser outlines the benefits of establishing the Treasury Single Account
Economy Yesterday, 12:17
Baghdad - Conscious - Nassar Al-Haj
Today, 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 basic tool for managing the government's monetary resources.
Salih said, to the Iraqi News Agency (INA), that
"the unified treasury account is the main tool for unifying and managing resources or cash flows of the central government, as
Iraq, unfortunately, still depends 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 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." And 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 control 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
"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).
Yesterday, Thursday, 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
During the meeting, the Prime Minister, Muhammad Shia'a Al-Sudani, confirmed that the unified treasury account system will contribute to reducing corruption.
While the meeting witnessed the emphasis on the importance of the government's unified 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 the liquidation of accounts and the removal of duplicates from them.
https://www.ina.iq/179639--.html
Economy Yesterday, 12:17
Baghdad - Conscious - Nassar Al-Haj
Today, 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 basic tool for managing the government's monetary resources.
Salih said, to the Iraqi News Agency (INA), that
"the unified treasury account is the main tool for unifying and managing resources or cash flows of the central government, as
Iraq, unfortunately, still depends 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 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." And 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 control 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 fiscal policy, and at the same time
improves oversight and accountability in 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).
Yesterday, Thursday, 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 employee salaries in all state departments, the
application of the electronic payment system (pos), and the
negotiation of contracting with an international consulting company, to advance the reality of lagging banks.
During the meeting, the Prime Minister, Muhammad Shia'a Al-Sudani, confirmed that the unified treasury account system will contribute to reducing corruption.
While the meeting witnessed the emphasis on the importance of the government's unified 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 the liquidation of accounts and the removal of duplicates from them.
https://www.ina.iq/179639--.html
