Latest news with #MinistryofFinanceandEconomy
The Star
23-05-2025
- Business
- The Star
Brunei launches 12th national development plan; US$3.1 set aside for new projects in key sectors
BANDAR SERI BEGAWAN (Xinhua): Brunei has launched the 12th national development plan on Wednesday, the Ministry of Finance and Economy has announced. The five-year plan, from 2024-2029, allocates 4 billion Brunei dollars (US$3.10 billion) across 305 development projects in the country, focusing on key sectors such as education, health, industrial development, housing, infrastructure, digitalization and green technology. The ministry said the 12th national development plan is a five-year investment plan with strategic commitment aligned with Brunei's long-term vision, supported by six key development thrusts. These include enhancing education infrastructure and system, preparing future-ready talent, supporting a sustainable environment, strengthening national resilience and citizens' well-being, boosting non-oil and gas sectors, and improving public sector efficiency. According to Hajah May Faezah Ahmad, permanent secretary at the Ministry of Finance and Economy, since the national development plan was first introduced back in 1953, about 300 public schools, 30,000 houses under the national housing scheme, 14 hospitals and health centers, and nearly 4,000 kilometres of road had been built. She said the construction of industrial sites in the country had also contributed to over 50 percent of the country's gross domestic product in the non-oil and gas sector in 2024, compared to 5.8 percent in 1974. - Xinhua
Shafaq News
26-03-2025
- Business
- Shafaq News
Kurdistan employees to receive March salaries starting Friday
Shafaq News/ On Wednesday, the Kurdistan Region's Ministry of Finance and Economy received the March salaries for government employees from the federal government. The federal Finance Ministry transferred 954,880,467,779 IQD ($725,690 million) to the Kurdistan Regional Government (KRG), with salary payments set to be deposited into employees' bank accounts starting Friday, March 27, 2025, the Kurdish ministry stated. For employees receiving cash payments, the funds will reportedly be transferred to banks as soon as possible.
Zawya
11-02-2025
- Business
- Zawya
Omani-Brunei explore ways to boost bilateral trade relations
Muscat: The Omani-Brunei Joint Committee held its fourth meeting in Muscat on Monday to discuss means of enhancing cooperation between the two countries in the economic, investment and cultural fields. The Omani side was chaired by Dr. Saleh Said Massan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, while the Brunei side was chaired by Dr. Hajah May Fa'ezah binti Haji Ahmad Ariffin, Permanent Secretary (Economy) at the Ministry of Finance and Economy, Brunei Darussalam. The meeting reviewed the trade and investment relations between the two countries and means of promoting them in sectors of common interest. These include the exchange of expertise in best practices in writing and developing curricula, mechanisms for drafting school books, and career guidance programmes in both countries, in addition to enhancing cooperation in student guidance programs, health awareness initiatives, studying labour market trends and future needs. The meeting also discussed the topic of organising regular dialogue sessions featuring prominent writers and thinkers from both countries, encouraging mutual participation in cultural, sports and youth festivals, events and exhibitions, as well as organising training camps for sports teams in tourist cities in both countries. During the meeting, the two sides agreed to enhance the exchange of scholarships for undergraduate and postgraduate studies, support the exchange of students and academics between higher education institutions in the Sultanate of Oman and Brunei Darussalam, facilitate the exchange of information on the procedures for submitting applications for recognition of Omani higher education institutions with the authorities concerned in Brunei, enhance cooperation in teaching Arabic to non-native speakers, organise direct bilateral programmes between Omani higher education institutions and their counterparts in Brunei, and benefiting from Brunei Vision 2035 in the areas of lifelong learning and private education. The Omani side expressed its interest in benefiting from Brunei Darussalam's experience in improving its ranking in the human development index, encouraging investment in tourism projects and products between the two countries, enhancing cooperation in exchanging expertise and experiences related to training and qualifying workers in tourism site management and local community empowerment initiatives, identifying best practices in sustainable tourism development and promotion, and supporting the establishment of unique and high-quality tourism projects and products that serve the common interests of the two countries. © Muscat Media Group Provided by SyndiGate Media Inc. (
Shafaq News
10-02-2025
- Business
- Shafaq News
Iraq, KRI agree to implement Unified Pension Law No. 9
Shafaq News/ Iraq and the Kurdistan Region have reached an agreement to implement the Unified Pension Law No. (9) for 2014 concerning employee entitlements, the Kurdish Ministry of Finance and Economy announced on Monday.
Shafaq News
05-02-2025
- Business
- Shafaq News
KRG guarantees 2025 salaries, boosts financial stability
Shafaq News/ On Wednesday, the Kurdistan Regional Government (KRG) approved key financial measures to guarantee uninterrupted salary payments for public sector employees throughout 2025. The decisions were made during a cabinet meeting, chaired by Prime Minister Masrour Barzani and attended by Deputy Prime Minister Qubad Talabani and other senior officials. At the meeting, Minister of Finance and Economy Awat Sheikh Janab presented a detailed report outlining the financial agreement between the Kurdistan Region and Iraq's Federal Finance Ministries. The Council of Ministers unanimously endorsed the proposals, removing any technical obstacles that could disrupt salary distribution. PM Barzani expressed appreciation for public employees' patience amid financial uncertainties and reaffirmed the government's commitment to ensuring salary security. He also acknowledged the role of Iraqi Prime Minister Mohammed Shia Al-Sudani, Kurdistan's President Nechirvan Barzani, and other officials in finalizing the budget agreement. Discussions also covered amendments to the Federal General Budget Law, particularly Article 12 concerning Kurdistan's oil exports. Acting Minister of Natural Resources Kamal Mohammed Saleh outlined the implications of the amendment, which will facilitate the resumption of halted oil exports. The Council emphasized continued coordination with Iraq's Ministry of Oil, the State Organization for Marketing of Oil (SOMO), and international oil companies to restore exports, a move expected to boost regional revenues and enhance financial coordination with Baghdad. To improve financial administration, the KRG advanced its digital payroll initiative, which was successfully piloted in January. Hiwa Afandi, Head of the Information Technology Department, reported that the system will enhance transparency and efficiency in salary distribution across government institutions. Additionally, the Council decided to transfer pension administration for Peshmerga forces, internal security personnel, and families of martyrs and al-Anfal victims to the General Directorate of Retirement under the Ministry of Finance and Economy. In a final decision, the KRG approved measures to optimize local revenue management, instructing the Ministry of Finance and Economy to transfer the designated portion of Federal Treasury revenues for February 2025 to the Federal Ministry of Finance's account in the coming days.
