Economist: We are on the verge of a quantum leap in financial transactions
The researcher in economic affairs, Hisham Al-Baydani, explained, on Friday, that Iraq is on the verge of a quantum leap in the quality of financial transactions, especially with the entry into force of electronic applications in many institutions in order to get rid of the inflation that the country suffers from.
Al-Baydani told Al-Maalouma, that “Iraq, despite its late entry into the techniques of financial sciences and its applications, the coming months will witness a wide boom in the applications of electronic financial transactions after decades of traditional monetary trading.”
He added, “What will happen from electronic transactions is only in implementation of the instructions of the Central Bank of Iraq to publish pos points, which would reduce the monetary mass in the country, which in turn is one of the causes of rampant inflation.”
And that “this step, which will start in early June, will encourage Iraqis to save the value of their money electronically and start opening bank accounts that may increase the number of active accounts currently, which are estimated at seven million bank accounts.” link
The United Nations enters the budget line and calls for expediting its approval
The representative of the Secretary-General of the United Nations in Iraq, Jeanine Plasschaert, confirmed that the urgent approval of the budget is extremely important.
“The Iraqi government is focused on consolidating the pillars of political stability, and Iraq has enormous potential, and through the government’s ambitious plans, many factors of instability can be addressed, provided they are fully implemented,” Blaskhart said, during her briefing on Iraq before the Security Council, reported by the official agency.
She added, “All eyes are on the Iraqi Council of Representatives, and agreement on an effective budget, sooner rather than later, is critical, as it provides the resources needed to turn certain goals of the government into reality – including adequate public services and organizing provincial elections.”
And she continued, “The government of Iraq has taken a frank and clear stance against the harmful effects of corruption, and reforms will not take root if they are suffocated by the weeds of nepotism and graft, and independent state institutions are of great importance.”
She pointed out that “the interactions in the relationship between Baghdad and Erbil are good. I stress the importance of proactive governance and thus institutionalizing the structure of relations. It is still necessary to go beyond the limits of circumstantial dealings.”
Regarding the political situation in the Kurdistan region, she said: “I hope that the parties will intensify their efforts now and overcome differences and work to serve the interests of all people. From one look at the history or geography of the region, it becomes clear to us the extent of the urgent need to reach sustainable solutions, and the region’s parliamentary elections have been long overdue, and that another postponement.” It will damage public confidence.”
On the water crisis in Iraq, Blaskhart confirmed, “Water is the most important climate crisis in Iraq, and the government is preparing plans for a large-scale modernization of water management systems in Iraq. The fair distribution of resources among Iraq’s neighbors is equally important, and the only feasible solution lies in taking bold local measures and cooperation.” close regional. link
Parliament Finance announces the end of voting on most budget items
Baghdad – NAS
The Parliamentary Finance Committee announced on Thursday the end of voting on most items of the general budget.
The committee said in a statement received by NAS (May 18, 2023), that “the committee held its forty-sixth meeting to complete the budget law for the fiscal years 2023-2024-2025, and ended voting on most of the items and paragraphs of the budget in preparation for submitting it to the Presidency of the House of Representatives.”
The head of the committee, Atwan Al-Atwani, stressed during the meeting that “the fate of large segments of citizens is related to the vote on the budget law,” adding that “the committee is keen to speed up its completion, to proceed appropriately to meet the aspirations of the people.”
According to the statement, the committee completed reading the budget items, which include determining the percentage of payment of late dues to the governorates according to maturity due to the increase achieved from the difference in the selling price of oil, and the disbursement of project implementation dues according to completion rates, as well as the mechanism for listing projects in accordance with the investment plan for the development of the regions, and the maturity of ideas on them.
The committee also continued to discuss and vote on articles related to the provision of municipal services to neighborhoods adjacent to the basic design based on specific procedures, as well as subsidizing electric power and installing generating stations for all regions, and projects consistent with the government’s priorities in accordance with the government program, and voting on them in a way that meets the public interest.
According to the statement, the Parliamentary Finance Committee completed voting on many items of the Federal Budget Law after maturing visions and ideas in line with the requirements for implementing the government program.
Earlier, the parliamentary finance committee announced that it had reached the final stages of resolving the general budget law.
A statement by the media department of the House of Representatives, a copy of which was received by NAS, (May 18, 2023), stated that “the Finance Committee, headed by Chairman of the Committee Atwan Al-Atwani, and its members attended a meeting that lasted late on Wednesday evening, regarding the finalization of the Federal Budget Law for the fiscal years 2023-2024-2025, in preparation for submitting it to the Presidency of the House of Representatives for inclusion in the Council’s agenda.”
During the meeting, Al-Atwani stressed that “the committee has reached the final stages of resolving the general budget law,” pointing to “the need to support strategic projects and follow development paths, provide the necessary resources to develop priority sectors, improve public services and infrastructure, and contribute to the investment of natural resources in order to achieve financial and economic stability for the state, in accordance with the implementation of the government program.”
The statement added that “the committee held extensive discussions on the mechanism for determining the need of spending units of financial allocations for the possibility of conducting transfers, ensuring exchange priorities, maximizing non-oil revenues, as well as emphasizing the involvement of the private sector, to contribute to improving production and the continuation of projects.”
The members of the Finance Committee expressed their observations on the validity of the general budget for one or three years, and the allocations for the development of the regions, as well as the audit of the legal texts received, while voting within the committee was held on a number of articles contained in the law.
Source: Dinar Recaps
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