Financial management to develop the economic structure

Financial management to develop the economic structure


Baghdad – Mostafa Hashemi – Farah pumice amid criticism of the ways in which Ictnz where citizens money, either in their homes or special funds, urged the experts and specialists on the need for the application of the Financial Administration Act and the public debt to improve living conditions and create jobs, what lead to the development of the economic structure of the country.

economic adviser in the Prime Minister Abdul Hussein Al-Anbuge He said that the country needs a major reform of financial management and taking into consideration the standards of corporate governance in financial management, stressing the importance of the establishment of financial institutions integrated operating in accordance with international standards, including the performance of banking and exchange money and spending and directing and transparency and disclosure.

added Anbuge in a statement the “morning”, said the Financial Management must mobilize money and directed properly to the resources needed, especially that Iraq is one of the countries chunky and not saved, noting that the process of saving move an investment in the country.

felt that citizens They have no confidence in the equipment finance and banking, both in the public sector or private, so it tends more and more people to keep their money at home or in special funds, either who keep their banks, this phenomenon is called the “compactness banking”, what leads to that check banks high liquidity without invest and create proper credit, especially as the ratio of credit to finance development in Iraq does not exceed 3 to 4 percent, while other countries exceed 90 to 100 percent.

To achieve administrative reform financial called Anbuge to be no administrative reform from the central to decentralized, which entails it financial management decentralization and realized the existence of the infrastructure of the financial management in the provinces, especially that the problem lies in directing the funds are in place.

As part of the connected, called economic expert, Dr. Majid picture to the need for the application of the Financial Administration Act and the Public Debt No. 94 of 2004, because its application would part great deal of economic development in Iraq.

between the picture in an earlier statement the “morning”, said the lack of application of the shares in the decline of production and delay the implementation of projects, stressingthe importance of its application and focus on what is in it regarding linking the budgetdevelopment plans and expedite the provision of final accounts in addition to censor projects that are approved and the application of provisions of the constitution regarding the distribution of income and resources to be done by experts and specialists in this field.

also urged the need to carry out a series of economic reforms, but he also said, “but there is a lack clear of the will to change what makes the country’s economic problems such as poverty housing and unemployment diverge more without putting an end to it, “he says.

law aims Aladarhalmalah No. 94 of 2004 to establish a comprehensive structure for direct Alsaashaldharabah and Saashalmoisna Pmaatfq and international best practices, as it regulates the procedures that govern the development, adoption and registration, management and implementation of the federal budget for Iraq and things related to it, which include General loan guarantees and internal control and accounting and auditing, and the principles of transparency, inclusiveness and harmony are essential when creating and implementing the federal budget for Iraq and things related to it.

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