Self-financing needs to be effective and transparent management

8/24/2016 0:00

BAGHDAD - Hussein Tgb
Said an economic expert said self - financing one of the most important topics to reduce government expenditures in light of the adoption service institutions and many companies on the federal budget for the state to cover its requirements, with the possibility of activating a lot of production lines in public companies to do import and maintain the capital cycle within the country and achieved so great an economic feasibility.

A specialist in economic affairs Louay Qais Abdullah in an interview with «morning»: the number of vehicles that can the advancement of companies self - financing and transfer of losing companies to a winning check of great benefit to the country through the provision of opportunities work and supplement markets quality products and provide the funds needed to develop the facilities.

He pointed out that the most important mechanisms are introducing supreme body or a higher committee in the prime minister to oversee the application of self - financing system and give it powers the crisis, with the availability of real will of actors and transparent to the application in some institutions of government.

He noted the adoption of self - financing requires the availability or training capable of accounting expertise on the application of this system with high accuracy and work sessions and workshops to keep up with developments in this area, and as a first step should be to increase incentives for districts that apply this system to motivate employees and increase system profitability.

Abdullah pointed to the importance that the State to impose self - financing system on the institutions that have the revenue was not bad and can experience success the first stage , for example , (universities and electricity and the health sector) and as we have said in the form of phases in certain sections of those ministries to see obstacles and resolve and strengthen the experience.

As this approach requires the adoption of borrowing system the lending by the Ministry of Finance to help them overcome the first stage until reaching sufficiency and rely on their services or product revenue.