"International Finance" praises Masrour Barzani's efforts in reforms in the Kurdistan Region

[yota691]

Finance holds a consultative meeting to implement two systems...and reveal their benefits

• Time: 05/12/2022 14:23:51
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• Reading: 845 times

  

{Economic: Al Furat News} The Ministry of Finance held, today, Saturday, a consultative meeting on the application of the integrated financial management systems and the unified treasury account.

And the ministry said in a statement that {Euphrates News} received a copy of it, that “Minister Ali Allawi held a consultative meeting on the requirements for designing and implementing the unified treasury account system 𝗧𝗦𝗔, in the presence of the Undersecretary Taif Sami, the Director General of the Accounting Department and the representative of the General Secretariat of the Council of Ministers, in addition to the stakeholders in the Ministry Finance, the Ministry of Planning, the Central Bank of Iraq, the Financial Supervision Bureau, and the general managers of Rafidain, Rasheed and 𝗧𝗕𝗜 banks, with the participation of the project management team for the modernization of public financial management systems and the support team at the World Bank.

During the meeting, "a presentation was made on the preparation of requirements for the design, implementation and dissemination of the integrated financial management system (𝗜𝗙𝗠𝗜𝗦) and its direct relationship to the design and implementation of the unified treasury account system (𝗧𝗦𝗔) in a way that suits the nature of the financial and accounting system in Iraq, and the investment of support provided by international organizations and the International Monetary Fund was discussed. To complete the project, emphasizing the need to build the capabilities and skills of those working on the system.

The system is "a means of linking all public government agencies and contains all functions of public financial management and financial and accounting operations that take place in all stages of budget preparation and implementation, starting from the strategic planning stage and ending with the accounting stage and submitting final accounts."

The application of the system will also provide the achievement of several goals, the most important of which are: financial discipline, reducing errors, achieving efficiency and effectiveness in the use of government resources, in addition to providing accurate and timely data and information that pertain to all government financial information that helps provide services efficiently and effectively and raise the level of financial transparency, follow-up, control and accountability. finance, as well as increasing the ability to properly plan government cash flows.

The process of initiating the implementation of the system comes within the framework of the financial and economic reform project, represented in the white paper, with the aim of shifting towards integrated financial and accounting management, which is consistent with internationally approved programs and systems.

[yota691]

GM DV..Good read..

[Laid Back]

They are working on the rehabilitation of the financial sector.
(White Paper Axis 2)

 

Integrated financial management information systems (IFMIS) are systems to support management of public sector budgetary, financial, and accounting operations and promote better public financial management (PFM) with a centralized registry of public sector revenues and expenditures. The IFMIS integrate budgetary, accounting, treasury, and public debt management processes, as well as generate corresponding reporting documents, mainly the financial statements.

The successful implementation of an IFMIS will produce timely, relevant, and reliable financial data to promote fiscal discipline, assist with resource allocation, and improve operational efficiency and fiscal transparency. IFMIS, therefore, constitute a powerful tool to enhance the PFM of countries, although they tend to be very complex and demand significant human and financial resources.

 

A treasury single account (TSA) is an essential tool for consolidating and managing governments' cash resources, thus minimizing borrowing costs. In countries with fragmented goverment banking arrangements, the establishment of a TSA should receive priority in the public financial management reform agenda.

Iraq 🇮🇶 continues moving forward on their quest to an open market economy.

 

Go Iraq 

Go white Paper reforms 

Go development 

Go growth 

Go stronger dinar.

 

 

 

 

 

 

[Fairways&Greens]

Like everything you said Laidback.

 

Modernizing their economy will close loopholes for corruption and make imbezzelent of money more easily detectable. It will force corrupt politicians to vote for their corruption openly with pork bills like a modern corrupt government should 😆. Make them accountable to the people—at least let them think their votes make a difference. Lol

 

More importantly it is preparing Iraq to go international with their monetary system. 
 

Progress. 

[horsesoldier]

This is the song that never ends cuz it goes on & on my friends cuz this is the song that never ends cuz it goes on & on my friends cuz this is the song that never ends ... 

[screwball]

great news one of the chnages required by IMF and no doubt big part of the FML

[screwball]

18 hours ago, Fairways&Greens said:

Like everything you said Laidback.

 

Modernizing their economy will close loopholes for corruption and make imbezzelent of money more easily detectable. It will force corrupt politicians to vote for their corruption openly with pork bills like a modern corrupt government should 😆. Make them accountable to the people—at least let them think their votes make a difference. Lol

 

More importantly it is preparing Iraq to go international with their monetary system. 
 

Progress. 

100% ready and preparing

[6ly410]

ERBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani discussed opportunities to implement joint projects with the private sector in the region with a delegation from the International Finance Corporation (IFC) on Monday.

During the meeting, the delegation presented a summary of the IFC's work and activities. The institution is a member of the World Bank Group.

The delegation also praised the efforts made by Prime Minister Barzani's Kurdistan Regional Government (KRG) ninth cabinet to carry out reform in various sectors.

They also discussed enhancing prospects for coordination and cooperation with the KRG, in addition to opportunities to implement joint projects with the Kurdistan Region's private sector.

[horsesoldier]

Fasten your seatbelts, it's gonna be a bumpy ride.

[6ly410]

MASROUR BARZANI, PRESIDENT OF THE KURDISTAN REGIONAL GOVERNMENT, WELCOMED A DELEGATION FROM THE INTERNATIONAL FINANCIAL FOUNDATION (IFC). AT THE MEETING, THE DELEGATION PRESENTED A SUMMARY OF THE WORK AND ACTIVITIES OF THE INSTITUTION, WHICH IS A MEMBER OF THE INTERNATIONAL BANKING GROUP.

[yota691]

"International Finance" praises Masrour Barzani's efforts in reforms in the Kurdistan Region

The two sides discussed opportunities to implement joint projects with the private sector in the Kurdistan Region 

 Kurdistan24 Erbil   16 hours

       

Masrour Barzani meets with a delegation from the International Finance Corporation

 

 

Erbil (Kurdistan 24)- The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, received today, Monday, May 16, 2022, a delegation from the International Financial Corporation (IFC).

During the meeting, the delegation presented a summary of the work and activities of the institution, as a member of the World Bank Group. The delegation also praised the efforts made by the President of the Kurdistan Regional Government to carry out reform in various sectors.

In another aspect of the meeting, they discussed enhancing prospects for coordination and cooperation with the Kurdistan Regional Government, in addition to opportunities to implement joint projects with the private sector in the Kurdistan Region.

[yota691]

The Iraqi government confirms the control of inflation rates and food prices locally

The Iraqi Prime Minister chairs a meeting devoted to discussing economic and financial conditions

 May 16, 2022 06:10 PM

Riyadh - Mubasher: Prime Minister Mustafa Al-Kazemi chaired, today, Monday, an economic meeting devoted to discussing the current financial and economic conditions in light of reports and positive indicators developed by the International Monetary Fund and the World Bank, in the presence of the Minister of Finance and advisors specialized in financial and economic aspects .

Al-Kazemi stressed, at the beginning of the meeting, according to a statement issued by the media office of the Prime Minister, that the strategy that was developed to address the financial and economic conditions succeeded in overcoming the challenges that the government received at the beginning of its formation, and that the growth of indicators mentioned by international reports is a reflection of this strategy, adding, The momentum that succeeded in upgrading the country's economic status must be maintained, and we must continue striving to achieve more.

During the meeting, it was pointed out that Iraq controlled food prices locally, despite the double rise in their prices globally, as well as the achievement of growth in the gross domestic product that exceeds what was achieved in the countries of the Middle East and North Africa .

The Prime Minister listened to a detailed presentation by the Minister of Finance; On the Iraqi economic reality, and the good international indicators in light of the escalating growth of the Iraqi economy despite the great challenges it faces, as international reports indicated a significant increase in total foreign currency reserves, in addition to achieving a good level of revenues .

The report showed that inflation rates in the internal economy were controlled, and the current account balance rose, as well as a noticeable rise in the overall financial balance .

[horsesoldier]

Well the delegates in the pics look fit & well fed...too bad the Iraqi people for the most part are unable to claim the same.

 

Probably too busy scraping their meals from the insides of trash cans to care what these vacuous Bureaucrats are yammering on about.