Iraq Economic News and Points to Ponder Monday Evening 12-4-23

Tlm724 Administrator Bondlady’s Corner

The Agricultural Bank Announces The Activation Of The Mastercard Deposit Service

Economy News – Baghdad  The Agricultural Cooperative Bank announced today, Monday, the activation of the MasterCard deposit service.

The bank’s media stated in a statement received by Al-Iqtisad News that, “Based on the directives of the Prime Minister and the Minister of Finance, it was decided to activate the service of depositing amounts into the bank’s MasterCard cards.”

According to the statement, the Director General of the Bank directed “the employees working in the electronic payment department to provide the best services to the public by activating the MasterCard services and simplifying the procedures to accomplish the requirements of the digital transformation sought by the central government and the government program.”

Views 51  12/04/2023 - https://economy-news.net/content.php?id=38133

Parliamentary Finance: No Deficit In Next Year’s Budget

Political | 09:01 - 04/12/2023  Mawazine News – Baghdad  The Parliamentary Finance Committee pointed out that this year’s budget was not fully spent, but rather the allocations for ongoing projects were released and spent. While it clarified that spending reached 117 trillion dinars, it indicated that the 2023 and 2024 budgets do not have a deficit.

Committee member, Moeen Al-Kazemi, said, “The committee had a meeting with the Budget Department in the Ministry of Finance, and what has happened so far is the release of allocations to governorates and ministries, but not in the required manner, noting that what was spent during the first six months amounted to 47 trillion dinars.”

Al-Kadhimi added, “In the second six months, the spending rate will reach more than 70 trillion, and thus we will not have a deficit in the budget, but rather there will be a “surplus,” stressing that next year will be without a deficit. Al-

Kadhimi pointed out, “After the elections are completed, Allocations will be made larger to governorates and ministries to implement projects, which will lead to the advancement of the government program presented by the Prime Minister.   https://www.mawazin.net/Details.aspx?jimare=238931

Finance Issues A Clarification Regarding The Selection Of Ernst & Young To Review Its Data

Political |  04/12/2023  Baghdad - Mawazine News  Today, Monday, the Ministry of Finance issued a clarification regarding the selection of Ernst & Young to review its data.

The ministry said in a statement, “The media and social networking sites have recently covered topics related to the reasons for the Ministry of Finance choosing the international auditing firm Ernst & Young (EY) to review its financial statements, as a first step within the efforts to correct and evaluate the financial policy, which is compatible with the adoptions of the government’s reform program.” "Iraqiya."

She added, "Ernst & Young (EY) is one of the largest and leading professional services companies in the world with more than 700 locations in 150 countries. It was founded in 1903 and has been operating in Iraq since 1923, for nearly 100 years," explaining that "Ernst & Young demonstrated a firm commitment to Iraq by reopening its office in Baghdad in 2004. The Baghdad office works fully with the global network of Ernst & Young offices around the world, and in 2008 the company opened its offices in Erbil and Basra to serve Iraq in the northern and southern regions of Iraq."

She stated that she "has worked with this company since the year 2004 to date on a number of projects, the most important of which was the project to settle Iraqi foreign debts, in addition to other projects of importance.

The company is also currently working, since 2004, with a number of ministries such as the Ministry of Oil, the Office of Financial Supervision, and the Ministry of Reconstruction and Housing, the Ministry of Planning, the Media and Communications Authority and all ministries with regard to auditing the Development Fund for Iraq, in addition to other financial institutions in Iraq, the most important of which is the Central Bank of Iraq, as the company audited the financial statements of the Central Bank of Iraq for more than 13 years, as well as the Trade Bank of Iraq for a number of years. ".

She stressed that "the company has provided our ministries and governmental and financial institutions with a large number of experts, specialists, consultants and leading methodologies in several fields and of different nationalities, who have contributed to developing the competencies of government sector employees in Iraq, and the company is still continuing in this role,"

explaining that "the company has worked since the year 2004 with Al-Rafidain and Al-Rashid Banks and the Central Bank of Iraq, regarding the project to settle Iraqi foreign debts and a number of other projects, such as supervising the implementation of the comprehensive banking system,

auditing the work of electronic payment companies, a project to analyze the gaps in all operations of Al-Rafidain and Al-Rasheed Banks, and auditing the data of Al-Rafidain and Al-Rasheed Banks for the years. 2006 and 2014 in accordance with International Accounting Standards (IFRS), which contributed to increasing the company’s knowledge and understanding of the Iraqi financial and banking sector.”

She stated that "the company worked to develop banks, which includes the optimal use of financial, human and technical resources, moving from paper work to possible work, electronic dealing with all banking activities, developing a comprehensive vision for banks in granting credit facilities and loans, and developing work mechanisms, including control and oversight tools." ".

https://www.mawazin.net/Details.aspx?jimare=238951

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Provoking Points To Ponder on Character:

Never does a man portray his own character more vividly, than in his manner of portraying another -- Richter

Character and personal force are the only investments that are worth anything -- Whitman

Characters do not change -- Opinions alter , but characters are only developed --Benjamin Disraeli

As they, who for every slight infirmity take physic to repair their health, do rather impair it; so they, who for every trifle are eager to vindicate their character, do rather weaken it -- J Mason

Our character is but the stamp on our souls of the free choices of good and evil we have made through life --John Cunningham Geikie

Truthfulness is a corner-stone in character, and if it be not firmly laid in youth, there will ever after be a weak spot in the foundation -- J Davis

Character is the result of two things: Mental attitude and the way we spend our time --Elbert Hubbard