Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Evening 3-28-24


Iraq Economic News and Points to Ponder Thursday Evening 3-28-24

Tlm724 Administrator Bondlady’s Corner

Electronic Payment Is Sustainable Growth

 Economical 03/28/2024  Muhammad Fadel Al-Khafaji  Electronic payment is one of the modern innovations that enhances economic growth in the country, as it allows individuals and companies to conduct financial transactions with ease and safety, by  supporting the growth and sustainability of the local economy while  maintaining its stability and economic standing.

 The electronic payment process contributes significantly to enhancing government resources and collecting them in a reliable, secure and transparent environment, relying on the infrastructure of payment systems and their platforms through central control managed by the Central Bank of Iraq, banks, and payment service providers, as it is an important link in a major goal that seeks to achieve Reducing the phenomenon of cash economy.

  Electronic payment reduces momentum within banks and facilitates the process of e-commerce and online shopping.  Thanks to this technology, companies can  reduce costs,  increase productivity, and  drive transactions through banking and financial channels, which enhances sustainable economic prosperity in the country.

Electronic payment contributes to improving flexibility and speed in payment processes, allowing individuals and companies to execute transactions immediately and without delay.

 Electronic payment can also be used at any time and in any place, which makes it the ideal choice for individuals, by purchasing all their needs through the electronic payment method, through electronic cards that allow you these services.

The electronic payment method enhances transparency and financial inclusion in the country, as

it reduces the rate of tax evasion and financial fraud and facilitates international money transfers.

 In this way, electronic payment makes significant progress in achieving economic development and enhancing financial stability in the country.

The Minister Of Finance Is Following Up On The Field The Progress Of The Newly Implemented ASYCUDA System

Thursday 28, March 2024 14:22 | Economical Number of readings: 170  Baghdad / NINA / Today, Thursday, the Minister of Finance, Taif Sami, conducted a field visit to the headquarters of the General Authority for Customs, during which she was briefed on the workflow mechanism during a tour she conducted within the corridors and departments of the Authority, and learned about the procedures of the customs modernization team according to the automation system (Global Asycoda).

The United Nations experts gave a brief explanation about the nature of the technical processing of materials and goods in customs centers.

Minister Sami noted some observations related to the work of the program and expressed directions regarding it and the necessity of accelerating its implementation so that it can be circulated in the rest of the customs centers. She also praised the efforts made that contributed to the implementation of the (ASYCUDA) program at the air cargo customs and the large welcome yard in the port of Umm Qasr, stressing the provision of full support and overcoming… Obstacles facing the work team responsible for automating customs procedures.

The Minister of Finance praised the efforts of the Authority’s employees and its general administration and urged them to make more efforts by developing functional capabilities and skills, especially in the field of working on the customs automation and modernization system./End 5

Ismaik: Iraqi Youth Are Qualified For The Labor Market Because They Are “Tremendous Energy”

 Time: 03/28/2024 12:39:37 Read: 910 times  {Local: Al-Furat News} The economic expert and businessman, Hassan Ismaik, stressed the need for young people in Iraq to invest in the labor market.  Ismaik told {Al-Furat News}, a copy of which:

“50% of the Iraqi population are young people, and   investing in them leads to achieving economic goals, and Iraqi youth must be relied upon to implement projects inside Iraq.”

He added, “While the current government, headed by Muhammad Shiaa Al-Sudani, is moving forward to achieve comprehensive development in the country’s various sectors,

it must employ young energies and benefit from their potential, by supporting them and developing their local communities, and making them a major partner in the government’s investment and strategic projects.”

He stressed the importance of “relying on Iraqi youth to implement investment projects inside the country,” adding that “youth have important roles in developing the economy of Iraq, as they are a great economic force that can be exploited for comprehensive development, and in all sectors, and  by motivating them to be creative in various fields, it is possible to obtain… On  creative entrepreneurial ideas, and  increasing production and income for themselves and those working in those fields, which ensures success and progress.” 

In the same context, Ismaik pointed out that Iraqi youth are known to  have a high percentage of educated people,   have scientific achievements inside and outside their country, and     are qualified to be at the helm of leadership towards development. He stated that”the Iraqi young man is  qualified for the labor market and is  able to build his country because he has the basis for that, as the Iraqi people have a tremendous energy in their nature.”إسميك-الشباب-العراقي-مؤهل-لسوق-العمل-كونه-طاقة-جبارة      

Forming A Council For “Competition And Preventing Monopoly”

 The first 03/28/2024  Baghdad: Omar Abdul Latif  The current government efforts to control the market and inflation in general have escalated recently, after the announcement of the first steps to form the Council for “Competition Affairs and Monopoly Prevention.”

 Council Advisor Dr. Ikram Abdel Aziz, in an interview with Al-Sabah, said,  “The government formed this council from the public and private sectors to reinforce this principle and carry out its work in accordance with what was stated in the Competition and Monopoly Prevention Law No. 14 of 2010.”

 Abdel Aziz added that “the Council will work to enhance the movement of production, trade and services, without giving any room for monopoly, economic concentration and marketing abuse,” noting that  “there are certain lines that must be studied and monitored to limit these practices,” indicating that  “the Council will be a supervisory and controlling body.”

To move prices and prevent commercial fraud, as the law will include many provisions that prevent oral and written monopolistic practices.”  Abdel Aziz continued,  “The issue of competition and preventing monopoly is important, and there is a need for awareness and cooperation of all relevant ministries and authorities,” noting the necessity of “joining efforts to support this trend, as this council will monitor and follow up on imported products and what can be produced locally.”  

The council’s advisor indicated that “the prospective council will cooperate with security agencies such as economic security and organized crime in order to take legal measures against violators,” noting that “the council will permanently submit its reports to the Prime Minister regarding the tasks for which it was established.”    

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Provoking Points To Ponder On Failures and Mistakes

Imagine a congress of eminent celebrities such as More, Bacon, Grotius, Pascal, Cromwell, Bossuet, Montesquieu, Jefferson, Napoleon, Pitt, etc. They would be an Encyclopedia of Errors. – Lord Acton

Flops are a part of life’s menu, and Eve never been a girl to miss out on any of the courses.- Rosalind Russell

Every man’s got to figure to get beat sometime.- Joe Louis

Who thinks it just to be judged by a single error?- Beryl Markham

Man errs as long as he struggles.- Johann von Goethe

Mistakes are part of the dues one pays for a full life.- Sophia Loren

Mistakes are the usual bridge between inexperience and wisdom.- Phyllis Therous