"Tidbits From TNT" Friday Morning 6-2-2023

TNT:

CcandyKisses:  One day after meeting with the Minister of Transport, the Chinese Ambassador meets the Prime Minister and discusses economic cooperation with him

Baghdad - Iraq Today:

Prime Minister Mohamed Shia Al-Sudani and Ambassador of the People's Republic of China to Iraq Cui Wei discussed aspects of cooperation between the two countries and the development path file.

The media office of Prime Minister Mohammed Shia al-Sudani said in a statement that "the latter received the Ambassador of the People's Republic of China to Iraq, Cui Wei, in the presence of the Minister of Transport, and the meeting witnessed a review of the overall relations and aspects of cooperation between the two countries, and ways to develop them at various levels and fields."

Al-Sudani stressed "Iraq's openness to all partnerships with friendly countries, and its keenness to establish sustainable development that supports security and stability efforts."

He pointed to "Iraq's promising strategic project represented by the development road, which enjoys the attention of the state with all its authorities," stressing "work is currently underway in parallel on the projects of the development road, the port of Faw and the industrial city, as well as a new residential city next to the port."

"Iraq has received offers from several countries in the region for funding and implementation," he said.

For his part, Ambassador Tsui Wei conveyed the greetings of the Chinese leadership to Sudan, and its keenness to sustain the best relations with Iraq in various fields of cooperation and partnership.

"The development road is very important for Iraq, and it will be the path of peace and prosperity in the region, and it will become a complement to the Belt and Road project," he said, expressing his desire to see the economic feasibility study of the project, and China's readiness to provide technical advice to complete this vital project

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Tishwash:  The Central Bank answers... What are the credit card controls and issuance procedures?

 On Thursday, the Central Bank of Iraq affirmed its obligation to credit card issuers to issue one for each customer, while specifying its procedures against those who use them for improper purposes.  

The media office of the Central Bank said in a statement to the official agency, followed by “NAS”, (June 1, 2023), that “every citizen who wishes to travel has the right to apply for the purchase of $ 2,000, and the steps begin with possessing a valid travel ticket with the date of travel on it and going to the dollar sales outlets (Bank Or an exchange company to register his data on the dollar sale platform (FITR) to complete his transaction).  

Regarding the issuance of Visa and MasterCard cards, he explained, "The Central Bank has issued new controls to enhance the security and safety of using prepaid credit cards, as usage ceilings for these monthly and daily cards have been set."  

He added, "The controls oblige the issuing authorities to issue one card for each customer after submitting all identification papers and affixing his name to the card, taking into account regular reviews of card transactions for people who use their cards for improper transactions."  link

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Tishwash:  Al-Sudani's advisor reveals the importance of the electronic payment experience: it reduces transaction costs by 5%

Today, Thursday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the importance of launching and generalizing the electronic payment experience in government and private institutions. Saleh said: "Electronic payment at the level of individuals and the market in general is a digital monetary phenomenon that contributes to improving the functions of money itself through the development of payment systems in the world's economies.

Rather, electronic payment has become a tool that reduces transaction costs compared to transaction costs that rely on direct cash payment. Transactions for direct cash payment relative to the gross domestic product are not less than 5% as a result of cash circulation between individuals, the market and banks, and these high costs come due to the cost of managing the same liquid cash mass between family spending units, the market, the banking system and the government.

And he stated, "This is how the advanced economies are today paving their way to an era of transparent digital cash payments with high governance, devoid of ambiguous monetary transactions and the various security risks surrounding them due to the absence of the element of transparency and certainty, as well as the availability of payment speed and accuracy of payments in electronic payment systems and their role in activating the capabilities of The banking system is an effective player in managing digital payment systems.

Saleh added, "Given the government's significant economic role in the economy, which increases the contribution of government activity to the gross domestic product to 63%, and government spending through the budget rises to approximately 50% of the GDP itself, the electronic government collection will have an important contribution to The speed of cash flow and collection within the framework of maximizing public revenues in the annual general budget, instead of stalling, stagnating and accumulating financial revenues with collection units and through separate sub-accounts for months and even years sometimes without benefiting from them themselves.

He pointed out that "electronic taxation, due to the interconnection of systems, will be more rapid in flow, collection and spending, and is characterized by high accounting transparency and achieves the principles of financial governance, especially when the so-called unified treasury account is available (which is a unified accounting center that reflects an accurate and timely picture of cash flow from collections and expenditures of public finances and in all Moment)

Thus, electronic collection will enable the financial administration to disburse and act without facing temporary deficits in financial revenues due to delays in collection and collection by traditional methods, which are still caused by collection methods in their primitive forms.

And the financial and economic advisor to the Prime Minister continued, "It can grant encouraging allowances for payments made through electronic collection in return for setting an additional wage when resorting to traditional collection, and this generates an effective differentiation between the two types of collection in the interest of the progress and development of government digital payment systems."

Saleh noted that "electronic taxation as a system will help combat an important aspect of financial corruption that is achieved through traditional collection methods that are based on cash payment for government services by individuals and the costs, burdens and problems it causes when collecting."  link

Mot:  ... Now This Finally Explains the Pain!!! ~~~~

Mot:   ssiiiiggghhhhhh - This Modern Age can beeee Tough at times!!!