Tuesday, April 2, 2024
Parliamentary Finance: Government Banks Did Not Comply with Sudanese Directives, 2 APRIL
Parliamentary Finance: Government Banks Did Not Comply with Sudanese Directives
Shafaq News / Member of the Parliamentary Finance Committee, Moen Al-Kazmi, confirmed on Monday that government banks do not comply with the Sudanese directives on the loan interest rate.
“A lot of the advances and loan money in banks is privately owned, and it does not necessarily have to be bank money, so there is no interest consideration and reduction,” Kadhimi told Shafak News.
He added that “the simple employee, if he wants to take an advance of 10 million dinars from banks, he will pay 14 million with the interest rate.”
Al-Kazmi explained that “the parliamentary finance committee will host during the coming period the governor of the Central Bank and bank managers to discuss the mechnism of granting loans and advances to employees and citizens,” noting that “the banks do not comply with the directive of the Prime Minister on that the interest rate is decreasing and not fixed.”
On March 26, a source familiar with the matter told Shafaq News that most government banks still adopt a fixed interest method on advances and loans despite the directives of Prime Minister Mohammed Al-Sudani to recalculate bank interest.
The Sudanese had directed government banks by adopting dwindling interest on loans and advances.
"WHAT A NOVEL IDEA" BY MNT GOAT, 2 APRIL
MNT GOAT
AL-SUDANI: OUR GOAL IS TO SERVE OUR PEOPLE
The Prime Minister during the second session of the Supreme Authority for Coordination between the Governorates: This is the first meeting after the local elections were held.
Prime Minister: The elections were one of the important milestones that represent an achievement for the political process
Prime Minister: Local governments must work as one team
Prime Minister: Local governments must make efforts to enhance citizen confidence
Prime Minister: Local governments are an integral part of the executive authority
Prime Minister: The evaluation of officials must be subject to a professional and scientific program
Prime Minister: Our goal is to serve our people
(Gee whiz…what a novel idea…lol.. lol.. lol…)
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/Why Lift Partial Government Support?, 2 APRIL
Why Lift Partial Government Support?
Economical 04/01/2024 Yasser Al-Metwally
Why lift partial government support? Is it linked to public finance reform?
The recent government decision to raise gasoline prices sparked widespread controversy and analyzes went in various ways.
Let us discuss the matter from the economic point of view of the decision, and based on our first reading of it, it became clear that
it was consistent with the vision and requirements of the International Monetary Fund, which stipulates that in order to achieve reforms, increasing government support by adopting tax policies that help diversify sources to enhance annual budgets.
From this standpoint, on which all capitalist and socialist theories are based, the process of capital turnover
aims to redistribute income fairly among segments of society.
This requires
imposing tax policies and
enhancing and
diversifying state revenues,
but these procedures are applied in countries that enjoy high stability.
Therefore, the timing of this decision may be considered inappropriate for the complex circumstances that the country is going through, especially market instability and structural distortions in the image of the Iraqi economy.
This is accompanied by a weakness in the economic culture that makes any decision regarding support face dissatisfaction.
Perhaps the reason for this weakness in the economic culture is due to the lack of transparency in the directions of tax revenues and their spending.
It is known that the capital cycle is based on the adoption of tax revenues, as I mentioned above, and
it goes in two important areas, the first of which is the
redistribution of income among citizens according to their standards of living, and the second is that one of the
government’s duties is to provide services in exchange for the amount of taxes it receives from taxpayers.
This is how economic theory works in all countries of the world.
The lack of transparency means the lack of clarity about the
size of tax revenue in the budget and the
ways of distributing it among services, as well as its
support for vulnerable segments.
This absence resulted in a weakness in the economic culture and its depth among the citizen,
which makes him not accept any decision related to increasing taxes or removing government support because
he is not aware of the directions of spending this money, which should go towards providing the best services to him.
The instability of the exchange rate along with the stability of wages and salaries leads to an impact on purchasing power.. How?
This is because the Iraqi market is accustomed to exploiting rumours.
Any decision is exploited by some merchants, thereby raising prices, and
the effect of this is to create dissatisfaction,
which is sometimes exploited by some at a time when the government has begun to find preliminary solutions, gain the satisfaction of the citizen, and talk about truly tangible achievements.
Therefore, we see the necessity of postponing the implementation of this decision until another time when
market stability and prices are achieved and the
standard of living improves and until the
citizen witnesses the results of the government’s efforts in implementing broad government service projects on the ground, which is nothing more than a point of view.
Then we, the economic media community, can convince the citizen that these projects require that he contribute to their perpetuation through his compliance with correct and sound economic decisions.
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