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Saleh: Iraq amend the Financial Management Act


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Expectations of the imminent new legislation for financial management of the state


 

Author: HH, ZJ 
Editor: BK, HH 1/10/2016 13:20 Number ofViews: 11 

 


 

Long-Presse / Baghdad

He favored the financial advisor to the Prime Minister Haider al-Abadi, Saturday, near the legislation of a new law on public financial management to fill the gaps and deficiencies in the current law, while stressing that the new project is characterized by governance and financial administration in Iraq to be "clear and explicit" in front of the international financial community.

He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), said that "the State Council studied the draft of the administration's bill of public finances in preparation to be sent to parliament for discussion and approval soon after you make simple adjustments relating to paragraphs 22 and 24, two special powers of the Minister of Finance," stressing that " adoption of the law serves the interests of Iraq being gives leeway to rectify the imbalance in the financial management of the state. "

Saleh added that "financial management and public debt, No. 95 of 2004, currently in force was released in the US civil administrator time, Paul Bremer, was built on the General Accounting of the 1941 Act, and suffers from many shortcomings," adding, that "the most important of these the shortcomings governance of financial operations in terms of transparency and disclosure, participation and accountability, where the international financial community discovered that financial management applications in Iraq need to restructure. "

He continued financial advisor to the Prime Minister, that "the law currently in force does not encourage the financial management of the development in Iraq," pointing out that "the World Bank and the International Monetary Fund and the United Nations recommended some time ago the need to re-examine this law nearly kept pace with the administrative and financial international standards of sound."

Salih stressed that "public finances in Iraq are not trivial, because the economic activity of the government holds 67% of the GDP," explaining that "a huge government financial operations and affect the lives of every citizen, what he needs to see and standards clear to achieve justice and financial governance required Balnho ".

And Saleh stressed that "the time has come to enact a new law for financial management, taking into account not intersects with national and international standards," noting that the "most important features of the project financial management of the new Code, financial management governance in Iraq, especially that it needs to be clear and explicit to the community international financial. "

It is noteworthy that Iraq suffers from a severe financial crisis due to the repercussions of the decline in world oil prices and the war against the (Dash), which forced him to resort to the global financial institutions to obtain soft loans, something that requires the reorganization of the economic situation and the management of financial and diversify its sources of income and stimulate the productive sectors.

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Economy News ..
 
He favored the financial advisor to the Prime Minister Haider al-Abadi, Saturday, near the legislation of a new law on public financial management to fill the gaps and deficiencies in the current law, while stressing that the new project is characterized by governance and financial administration in Iraq to be "clear and explicit" in front of the international financial community.
 
He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), and I followed the economy News that "the State Council studied the draft of the administration's bill of public finances in preparation to be sent to parliament for discussion and approval soon after you make simple adjustments relating to paragraphs 22 and 24, two special powers of the Minister of Finance," he , that "the adoption of the law serves the interests of Iraq being gives leeway to rectify the imbalance in the financial management of the state."
 
Saleh added that "financial management and public debt, No. 95 of 2004, currently in force was released in the US civil administrator time, Paul Bremer, was built on the General Accounting of the 1941 Act, and suffers from many shortcomings," adding, that "the most important of these the shortcomings governance of financial operations in terms of transparency and disclosure, participation and accountability, where the international financial community discovered that financial management applications in Iraq need to restructure. "
 
He continued financial advisor to the Prime Minister, that "the law currently in force does not encourage the financial management of the development in Iraq," pointing out that "the World Bank and the International Monetary Fund and the United Nations recommended some time ago the need to re-examine this law nearly kept pace with the administrative and financial international standards of sound."
 
Salih stressed that "public finances in Iraq are not trivial, because the economic activity of the government holds 67% of the GDP," explaining that "a huge government financial operations and affect the lives of every citizen, what he needs to see and standards clear to achieve justice and financial governance required Balnho ".
 
And Saleh stressed that "the time has come to enact a new law for financial management, taking into account not intersects with national and international standards," noting that the "most important features of the project financial management of the new Code, financial management governance in Iraq, especially that it needs to be clear and explicit to the community international financial. "
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Views 254   Added 01/10/2016 - 15:18   Last updated 01/10/2016 - 17:36   No. Content 5248
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The article states, "And Saleh stressed that "the time has come to enact a new law for financial management, taking into account not intersects with national and international standards," noting that the "most important features of the project financial management of the new Code, financial management governance in Iraq, especially that it needs to be clear and explicit to the community international financial. ""

I am wondering if the "new law for financial management" and "new Code" are needed to implement the revaluation of the IQD since the statement, "" adoption of the law serves the interests of Iraq being gives leeway to rectify the imbalance in the financial management of the state. "" appears earlier in the article.

There is probably nothing clearer "in front of the international financial community" than an IQD revaluation to "rectify imbalance in the financial management of the state"!

Maybe I just have my "IQD Revaluation" rose colored glasses on this morning.

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19 minutes ago, Synopsis said:

The article states, "And Saleh stressed that "the time has come to enact a new law for financial management, taking into account not intersects with national and international standards," noting that the "most important features of the project financial management of the new Code, financial management governance in Iraq, especially that it needs to be clear and explicit to the community international financial. ""

I am wondering if the "new law for financial management" and "new Code" are needed to implement the revaluation of the IQD since the statement, "" adoption of the law serves the interests of Iraq being gives leeway to rectify the imbalance in the financial management of the state. "" appears earlier in the article.

There is probably nothing clearer "in front of the international financial community" than an IQD revaluation to "rectify imbalance in the financial management of the state"!

Maybe I just have my "IQD Revaluation" rose colored glasses on this morning.

I'm seeing things the same way thru my " IQD Revaluation rose colored glasses " as well. Having said that, these folks have cultivated the fine art of Cryptic when it comes to saying a lot ( while saying nothing at all ), leaving you with even more questions.

I hope Saleh, [ saying the " time has come to enact " ] is referencing already passed legislation/ready to implement  the " new law for financial management " ( i.e. the Code ) so much the better; HOW ABOUT DOING IT NOW, SALEH; since you say ( as does the IMF ) Iraq has met all the demands set forth by the IMF ? 

Perhaps this is a foolish question ( seeing this is Iraq ), what's the Holdup, unless political instability and Mosul are still [the] real or imagined issues; or is it something else ?

IF, they're waiting for all the Planets to line up before they feel secure enough to go Live - good luck with that !!! :rocking-chair:

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3 minutes ago, 10 YEARS LATER said:

I'm seeing things the same way thru my " IQD Revaluation rose colored glasses " as well. Having said that, these folks have cultivated the fine art of Cryptic when it comes to saying a lot ( while saying nothing at all ), leaving you with even more questions.

I hope Saleh, [ saying the " time has come to enact " ] is referencing already passed legislation/ready to implement  the " new law for financial management " ( i.e. the Code ) so much the better; HOW ABOUT DOING IT NOW, SALEH; since you say ( as does the IMF ) Iraq has met all the demands set forth by the IMF ? 

Perhaps this is a foolish question ( seeing this is Iraq ), what's the Holdup, unless political instability and Mosul are still [the] real or imagined issues; or is it something else ?

IF, they're waiting for all the Planets to line up before they feel secure enough to go Live - good luck with that !!! :rocking-chair:

I agree, 10 Years Later!

You asked, "Perhaps this is a foolish question ( seeing this is Iraq ), what's the Holdup, unless political instability and Mosul are still [the] real or imagined issues; or is it something else ?"

No foolish question at all.  I have been wondering the same thing.  The only things I can think of are getting the foreign elements removed from Iraq so Iraq can demonstrate itself as a Sovereign and Independently Functioning State, abatement of the most undermining of the corruption (and perpetrators), functioning GOI with necessary laws enacted, and national and international communication and financial standards (with connectivity) implemented and integrated.

In my opinion, the new face of the Democratic Iraq is a quantum leap compared to the Stone Age/Prehistoric mode under the direction of the dictatorship of Saddam and is quite an undertaking!  Looks like the modernization of Iraq currently has realizable potential in the very short term and gives me hope.

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13 minutes ago, blueskyline said:

Thank You ....Expectations of the " IMMINENT " new legislation for financial management of the state.. 

Infact . My rose colored glasses are Bi-focal . If Saleh says the legislation is IMMINENT ? I will apply that to everything including the plans of the IMF, WTO..etc. Everything is Imminent .

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1 hour ago, ladyGrace'sDaddy said:

:wub: Let us hope that,"New Code", he's talking about isn't a new currency code. That would not be a good thing :wub:

...........good thing unless it activates the IQD Revaluation!!!

:o        :drool:          :eyebrows:         :twothumbs:         :tiphat:          :backflip: 

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2 hours ago, blueskyline said:

Infact . My rose colored glasses are Bi-focal . If Saleh says the legislation is IMMINENT ? I will apply that to everything including the plans of the IMF, WTO..etc. Everything is Imminent .

:bravo::backflip::woot::D

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Economy News / Continue ...
 
 
Financial Advisor to the Prime Minister Dr. favored the appearance of Mohammed Saleh, on Tuesday, near the new legislation public financial management.
 
Saleh said in a statement I followed "Economy News" that "the obligations of the issuance of this law to fill some of the gaps and shortcomings in the current law, enjoy the new law, financial Bhokmhaladarh to be clear."
 
It should be noted that the issuance of this law came Al backdrop of IMF conditions for financial reform.
 
 
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Views 1   Date Added 10/04/2016 - 13:20   Last updated 04/10/2016 - 13:20   No. Content 5276
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