The Prime Minister's Adviser outlines benefits of the Treasury Single Account

INA-  Baghdad



The financial advisor to the Prime Minister, Madhher Muhammad Salih, outlined Friday the benefits of establishing the single treasury account, considering it the main tool for managing the government's monetary resources.

 Salih said, to the Iraqi News Agency (INA), that "the single treasury account is the main tool for unifying and managing resources or cash flows for the central government, as unfortunately Iraq still depends on government banking arrangements in a fragmented manner." 

He pointed out that "Iraq is still among the countries that have fragmented government banking arrangements  in dealing with government revenues and payments, which necessitates action today, for the government financial administration to have the launch of the project to establish the single treasury financial account, in accordance with the priorities that came in the principles of public financial management reform stipulated in the ministerial platform of the Iraqi government.  

He noted that "launching the establishment of the sing treasury account comes as a necessary condition for completing the digital system, which is called: Integrated System for Financial Information Management. 

The two projects are complementary and work together in controlling the daily cash flows of the state's public treasury and at the highest levels of governance or discipline and financial accountability. 

The Prime Minister Muhammad Shia Al-Sudani held Thursday a meeting for the Committee of the Localization of Salaries and the single Treasury Account, in the presence of the Governor of the Central Bank of Iraq, the Minister of Finance, advisors to the Prime Minister, the general managers of the Rafidain and Al-Rasheed Banks and the Iraqi Trade Bank, and the representative of the Federal Financial Supervision Bureau.  

The meeting stressed that the single treasury account system will contribute to reducing corruption, as it allows for the liquidation of accounts and the removal of duplicates from them.