{Arab Monetary} issues «efficiency of tax collection»

[ChuckFinley]

You too BSL. Lot of good news, just hope we can get this across the finish line.  

[yota691]

Lagarde: to control spending in Arab countries

• Source: "AFP"
•  
• February 10, 2018 16:17

•  

 

Managing Director of the International Monetary Fund Christine Lagarde - (Reuters)

 

International Monetary Fund (IMF) Director-General Christine Lagarde urged Arab countries to cut public sector salaries and government subsidies to control spending, sustainable growth and create jobs, welcoming the "one-day" Arab Finance Forum in Dubai to "promising" reforms that Adopted by some Arab countries, but stressed that further steps must be taken to overcome major economic and social problems. 

 

Low oil prices directly affect the financial resources of Arab oil exporters, while oil importers face high debt, unemployment, conflict, terrorism and refugee flows, Lagarde said.

Almost all Arab countries have budgeted deficits in the last few years, while Arab economies grew by only 1.9 percent last year, half of the world average, according to the Arab Monetary Fund, which organized the event with the International Monetary Fund, but Arab spending is still very high Especially in oil-rich Gulf states, where government spending exceeds 55 percent of GDP, Lagarde said. 

Lagarde pointed out that many Arab governments have taken steps to contain spending, but these measures have often been temporary and non-permanent, adding that government spending reform should focus on cutting government subsidies and public sector salaries while enhancing the effectiveness of sectors such as health, education and public investment. 

[yota691]

Arab Monetary Fund seeks to enhance financial inclusion

05/7/2018 12:00 am  Abu Dhabi /   Abu Dhabi - The second meeting of partner institutions of the Regional Initiative for the Enhancement of Financial Inclusiveness in the Arab States, launched by the Arab Monetary Fund in September 2017, was held in Abu Dhabi on Tuesday, in partnership with the German Development Agency (GIZ) and the Global Alliance for Financial Inclusion (AFI) and the World Bank Group, under the umbrella of the Board of Governors of Central Banks and Arab Monetary Institutions. "The initiative aims to support the efforts of the Arab countries to improve access to finance all economic sectors and social groups in the Arab countries, thus contributing to the promotion of comprehensive economic and social development opportunities," the IMF said in a statement  . "The initiative includes providing technical advice to the Arab authorities regarding the adoption of national strategies for financial inclusion, developing the digital financial services system, enhancing financial education and education in Arab countries, improving the access of women, youth, low-income and small and medium enterprises to finance and official financial services in Arab countries. , Through the exchange of experience and experience and benefit from modern financial techniques, to support the achievement of financial inclusion. "  The meeting also discussed progress in the implementation of the programs and activities of this initiative, as well as the development of a plan of action for the period 2019-2020.

[Butifldrm]

   

Arab Monetary Fund seeks to enhance financial inclusion

   

05/7/2018 12:00 am 

Abu Dhabi /  
Abu Dhabi - The second meeting of partner institutions of the Regional Initiative for the Enhancement of Financial Inclusiveness in the Arab States, launched by the Arab Monetary Fund in September 2017, was held in Abu Dhabi on Tuesday, in partnership with the German Development Agency (GIZ) and the Global Alliance for Financial Inclusion (AFI) and the World Bank Group, under the umbrella of the Board of Governors of Central Banks and Arab Monetary Institutions. "The initiative aims to support the efforts of the Arab countries to improve access to finance all economic sectors and social groups in the Arab countries, thus contributing to the promotion of comprehensive economic and social development opportunities," the IMF said in a statement 
.
"The initiative includes providing technical advice to the Arab authorities regarding the adoption of national strategies for financial inclusion, developing the digital financial services system, enhancing financial education and education in Arab countries, improving the access of women, youth, low-income and small and medium enterprises to finance and official financial services in Arab countries. , Through the exchange of experience and experience and benefit from modern financial techniques, to support the achievement of financial inclusion. " 
The meeting also discussed progress in the implementation of the programs and activities of this initiative, as well as the development of a plan of action for the period 2019-2020.

 

http://www.alsabaah.iq/ArticleShow.aspx?ID=159549

[yota691]

Arab Central Bank Governors Holds Meeting in Abu Dhabi

Thursday, 1439/10/21 H corresponding to 2018/07/05 SPA

 

 

                                                 

Abu Dhabi, 21 Shawwal, 1439H (05 July 2018) 
The Arab Monetary Fund (AMF) held its annual meeting in Abu Dhabi at the annual meeting of the Board of Governors of Central Banks and Arab Monetary Institutions. 
The meeting was chaired by the Governor of the Central Bank of Mauritania, the President of the current session of the Council Abdul Aziz Ould Dahi, in the presence of His Excellency Mubarak Rashid Al Mansouri, Governor of the Central Bank of the UAE, HE Dr. Mohammad Mansour Zemam, Governor of the Central Bank of Yemen, Vice President of the Council, HE Dr. Tarek Amer, Governor of the Central Bank of Egypt and HE Dr. Abdulrahman bin Abdullah Al-Humaidi, Board of Directors of the Arab Monetary Fund.
The agenda of the meeting, according to the Emirates News Agency, in addition to the report of the secretariat of the Council, presented by HE Dr. Abdulrahman bin Abdullah Al-Humaidi, included a number of topics including a report on the work of the Arab Banking Supervision Committee and two reports on the work of the Regional Task Force for Enhancing Financial Inclusion and Financial Stability Task Force in the Arab Countries. To a report on the work of the Arab Committee for Credit Information and another report on the work of the Arab Committee for Payment and Settlement Systems.
The topics discussed by the Bureau under these items included a number of issues, the most important of which are "Liquidity risk management according to Basel III requirements in the Arab countries", "Identifying and managing the risks of supporting associated companies", "Supervisory and supervisory procedures for dealing with weak banks" The use of electronic payment tools to enhance financial inclusion, the digital revolution and its implications for the banking system and financial stability: the risks of financial innovation, the role of remittances in supporting financial stability, and the development of asset registration systems in the Arab countries. "Use information The credit for the purposes of supervision and control in Arab countries. "

The Permanent Bureau also adopted at the meeting the draft issues proposed for inclusion in the 2018 Arab Consolidated Address to be presented by the Arab Group at the annual meetings of the International Monetary Fund and the World Bank scheduled for October in Bali, Indonesia, while urging the international financial institutions to double the support provided. For the Arab region. 
// // ended 
16:49 ITM 
0118

 

[yota691]

Promoting the Inclusive Growth Agenda in the Arab Region

Speech by Jihad Azour, Director of IMF Middle East and Central Asia Department

Arab Economic Forum, Lebanon

July 12, 2018

Prime Minister Hariri, distinguished guests, ladies and gentlemen, I am delighted to be here with you today in my beloved city of Beirut, which I admire for its creative abilities and love for its diversity and openness.

I would like to thank the Economy and Business Group for organizing this conference, as well as for their tireless and continuous efforts in general.

The importance of inclusive growth, which we will be discussing today, lies in its ability to meet the aspirations of our people, create jobs, and enhance social justice. Today, the developments facing the Middle East and the world in general make the need for bold and sustained reforms even more urgent in order to achieve inclusive growth.

Growth in the Middle East region has been sub-par since the global financial crisis, which has resulted in fluctuating income levels and insufficient job opportunities. There are internal structural causes for weak growth in the area, as well as external challenges that adversely affect the region and its economy, including volatility in global commodity prices. In addition, conflicts in the region have had a negative impact on stability and growth in its economies.

The Arab region has the highest level of youth unemployment in the world, averaging 25 percent, and more than 27 million young people will enter the labor market in the region over the next five years.

Ladies and gentlemen, reforms in support of inclusive growth can help lead to great achievements. For example, an annual increase of 0.5 percentage point in employment can raise real GDP growth to 5.5 percent and per capita income by 3.8 percent per year. The young people of the region have tremendous potential if given the right opportunities, and they are perhaps the best illustration of why promoting inclusive growth is vital to the region’s long-term success.

If the gap between men and women with regard to participation in the labor market were narrowed, growth in the countries of the region could be doubled within a single decade and cumulative GDP could be increased by a trillion dollars. If the region transferred the equivalent of 1 percent of GDP from spending on energy subsidies to investing in infrastructure, the result would be a 2 percent increase in real GDP and the creation of half a million new jobs over the next six years. By increasing the financing available to small and medium enterprises to the median level in developing countries, more than $300 billion could be provided to increase investments in the private sector in the region.

In fact, ladies and gentlemen, many countries in the region have placed creating jobs and achieving inclusive growth at the top of their reform programs, and some of these countries have taken steps to boost the economic and financial opportunities available to young people and women, and to promote and develop the private sector.

Many countries are making efforts to use technology to expand economic and financial inclusion. FinTech projects in the region have increased seven-fold since 2009 in countries such as Egypt, Lebanon, Jordan, and the United Arab Emirates.

Jordan, for example, has created a service called eFawateerCom, which is an electronic platform that enables people to pay bills electronically by means of an ATM. This platform handles more than a million transactions per year and links its users to over 70 million Internet traders.

Among the important reforms being implemented by a number of countries in the region are measures to enhance the business environment, reduce bureaucracy, and promote small and medium enterprises.

In this context, Morocco has been able to create 85,000 jobs in the auto industry by enhancing the business climate and establishing free trade zones in Casablanca and Tangier. At present, about 45 percent of the spare parts required by the auto sector are manufactured by domestic suppliers.

The region is in desperate need of such efforts to adapt and transform, and the examples that we have cited need to be duplicated in other countries of the region, as they open new and better horizons for a future in which everyone can benefit from inclusive growth.

The International Monetary Fund believes that societies flourish when there are opportunities for everyone. It is essential that the countries of the region invest in their talented young people and strive to enhance opportunities for communication and interaction with the rest of the world.

At the beginning of the current year, the IMF held a conference in Morocco, which was organized jointly by the Government of the Kingdom of Morocco, the IMF, the Arab Fund for Economic and Social Development, and the Arab Monetary Fund. The conference was attended by over 300 people from 20 countries of the region, including government officials, representatives of the private sector and civil society, and global experts, who met to discuss how to overcome the obstacles facing the implementation of inclusive growth policies.

In the first session of the conference today, we will release a report on how to activate these programs and policies on the ground, and I am confident that we will conclude our discussions with an agenda that will help promote inclusive growth.

 

The agenda needs to focus on five priorities:

The first priority is promoting a dynamic private sector in order to achieve higher growth and create more jobs.

In this regard, it is clear that the old model, where the state plays the role of primary employer, is no longer sustainable. The private sector must play a larger role, and this requires government measures to create a climate of fair competition for private enterprises, as well as taking advantage of global trade and new technologies. Companies in the region also need to increase their investments, contribute their fair share of the tax burdens, and cooperate with the public sector to improve the infrastructure.

The second priority in this agenda to achieve inclusive growth is providing support for marginalized groups.

To this end, policies must be adopted to integrate young people, women, and rural inhabitants into the labor force by preparing them for suitable jobs. Financial inclusion, including the use of FinTech, is an important tool for enabling people, as approximately 70 percent of the adults in the region do not have bank accounts.

The third priority on the path to inclusive growth is using fiscal policy to invest in human resources and infrastructure.

Meeting this objective requires that fiscal policy be redesigned in order to allocate a larger share of public funds to improve the infrastructure in a large number of the region’s countries, and to enhance social safety nets, services, and education by increasing social spending, which today amounts to only 11 percent of GDP in the Middle East, compared to 19 percent in the developing countries of Europe. It is also essential to expand the tax base, make it more progressive, and ensure that all parties pay their fair share, while providing support to the needy.

The fourth priority is integration into the global economy.

According to our estimates, greater openness could raise growth in the region by 1 percentage point on average, which would be a huge boost.

The fifth priority of the agenda for inclusive growth is enhancing governance and combating corruption.

Corruption needs to be weeded out, as it remains a major constraint to private sector activity and public sector efficiency. We need to focus on transparency and governance, which are areas of weakness in the region.

 

Finally, ladies and gentlemen, there is no doubt that inclusive growth is a joint responsibility shared by the government, the private sector, and society as a whole. Inclusive growth requires both collective wisdom and collective action, and the participation of those directly affected by the reforms is also necessary. Why? Because this type of dialogue enhances confidence and the sense of ownership, which helps ensure the sustainability and lasting effect of these reforms.

The countries of the region hold enormous promise. We have a rich history and culture that is deeply rooted in science and commerce. We have vast resources. And above all, we have a talented generation of young men and women who are eager to work and be productive members of society.

We must therefore pay attention to their aspirations and rise to the level of their hopes and dreams.

Thank you very much.

IMF Communications Department

[yota691]

Union of Arab Banks organizes the course of preparation of the financial statements of banks with the participation of 58 trainees

 

Banks Economy News Baghdad: The Union of Arab Banks organized, Sunday, in cooperation with the Central Bank of Iraq and the Association of Iraqi Private Banks, a training course "Preparing and presenting the financial statements of banks according to international accounting and reporting standards" with the participation of 58 trainees working in banks. The director of management and training in the Association of Iraqi Private Banks, Ahmed Al Hashemi, told "Economy News" that "the cycle (preparation and presentation of financial statements of banks according to the standards of accounting and international financial reporting), will last four days at the headquarters of the Association and participate with 58 trainees of the Central Bank Iraqi and government and private banks. " He pointed out that "the course will enhance trainees knowledge skills related to the requirements of the rules of preparing and photographing the financial statements of banks and the basis of evaluation and measurement of the terms of assets and financial and non-financial obligations in financial statements banks. Hashemi added that "the course also aims to train trainees on how to implement the amendments made to the accounting standards and standards of international financial disclosure." The Association of Iraqi private banks organized during the first half of this year 11 training courses, attended by 523 trainees, from more than 60 banks. Views 10   Date Added 22/07/2018

[Butifldrm]

Union of Arab Banks concludes the cycle of preparing financial statements for banks in Baghdad

  

 Banks

Economy News _ Baghdad

The Union of Arab Banks, in cooperation with the Association of Iraqi Private Banks, concluded a session on "Preparing and Presenting the Financial Statements of Banks in accordance with International Accounting and Reporting Standards" with the participation of 58 trainees working in the Central Bank and government and private banks. 
The director of management and training in the Association of Iraqi Private Banks, Ahmed Hashemi, during the closing ceremony of the session held on the hall of the Association of Iraqi private banks and attended by "Economy News", "The session included the participants to the requirements of the rules of preparing and photographing the financial statements of banks and the basis of evaluation and measurement of assets and obligations Financial and non-financial financial statements of banks ". 
"There is a workshop to be held in cooperation with the Central Bank and will complement the training course on the criterion (9-16), which is an international standard and will be applied according to the working environment inside Iraq," he added.
Hashemi pointed out that "the course was aimed at training employees in the banking sector of Iraq on how to apply the changes that have been introduced to the accounting standards and standards of international financial disclosure."

 

 

Views 120   Date Added 25/07/2018

http://economy-news.net/content.php?id=13004

[yota691]

Union of Arab Banks Honors the International Islamic Bank

 

Director-General of the International Islamic Bank Suha Al-Kafai

Banks Economy News Baghdad The Union of Arab Banks, the International Islamic Bank honored the Excellence and Achievement Award for its role in supporting small and medium enterprises in Iraq. "This step is a supportive element for the work of the International Islamic Bank to develop the reality of its international products that it offers to customers of different companies and citizens," said Suha Al-Kafai, the bank's managing director. "This recognition comes to distinguish the bank at the local and Arab levels and the large and supportive role of small and medium enterprises." The honoring ceremony was attended by a large Arab and international banker in the Lebanese capital of Beirut, where the International Islamic Bank was identified in the special questionnaire for studies conducted on Arab banks supporting this type of project. The bank provides support to projects in Baghdad and some provinces where branches are spread with the aim of reviving youth job seekers. Views 35   Date Added 07/26/2018

[yota691]

{Arab Monetary} issues «efficiency of tax collection»

Friday 24 May 2019 32

 

Baghdad / follow-up

The Arab Monetary Fund (AMF) launched an issue on "The efficiency of tax collection in Arab countries". The publication reviews the reality of the tax systems in the Arab countries in terms of the general characteristics and the tax structure and the implications thereof on the performance of tax revenues.

According to a publication on the fund's website "Al-Sabah", the study provides an assessment of the efficiency of tax systems in terms of the ability to collect tax revenues. It also addresses the most important reform tracks that can enhance the efficiency of tax collection.

The issuance included five pillars representing the first to examine the reality of the tax systems in the Arab countries, which includes three main axes, namely (the characteristics of tax systems, the structure of tax revenues, and the performance of tax revenues).

The second pillar included the study of the concept of the efficiency of tax systems, which focuses on 4 axes namely the taxonomic efficiency of the tax system and the technical efficiency of the tax system, and measuring the technical efficiency of tax systems in applied studies.

The third pillar is the random border model, the fourth dealt with the estimation of the model and the presentation of the results, and the fifth pillar dealt with the repercussions on the financial policies in the Arab countries.

"Recent years have witnessed a significant development in the tax structures of a number of Arab countries, whether at the level of introducing new taxes or reforming legislation and tax administration," the publication said.

"The most prominent of these developments has been seen in the direction of the GCC countries to introduce indirect taxes, such as value added tax and selective taxation, which were applied in both the UAE and Saudi Arabia in early 2018 and Bahrain in early 2019. Preparations are under way to apply the rest GCC States.

"In terms of reforming the existing tax structures, some countries have moved to value added tax (Egypt in 2016), while others have embarked on reforms related to the review of legislation, leading to the simplification of tax laws, raising the efficiency of tax administration, , And development and capacity-building, for example Jordan, Tunisia, Morocco and Algeria. "

And in terms of income level 

The level of tax deductions in Arab countries is relatively low compared to levels in the Arab countries 

Countries with an average per capita income lower than some Arab countries.

Taxation levels in the economies of developed and industrialized countries are also higher 

In some Arab countries that are equal or exceed average per capita income in industrialized and developed countries. 

For example, the ratio of tax revenues to GDP is more than 20 percent in developed and industrialized countries where per capita income is high, compared with less than 5 percent in Arab countries