‘Run tighter ship in economic missions abroad’
No US attaché could have harmed economic interests, report says
State Comptroller Yosef Shapira took the Finance Ministry, Bank of Israel and Foreign Ministry to task for deficient operations of economic representations abroad, something critical in time of crisis.
According to the annual State Comptroller’s Report issued on Monday, there was no economic attaché in Washington for more than two years from July 2015, something that could have harmed Israel’s economic interests there.
Likewise, the report had critical words to say about Israel delegation to the OECD in Paris, and advised that in the future the ambassador there not be a political appointment, but rather a professional one with a strong economic orientation. The report said the OECD delegation in Paris does not act as a “single organic unit,” with clear and unified goals, and that the coordination and cooperation between the representatives of the various ministries in the delegation is insufficient.
The report, which looked at the Finance Ministry and Bank of Israel economic representations in New York, Washington, Paris and China, concluded that there is insufficient coordination and cooperation between the Bank of Israel and the Accountant General Division in everything related to required financial activity in times of national crisis. This includes ensuring that money can be transferred in times of crisis, and coordinating how much liquid currency Israel needs in times of emergency.
The report also found that the Finance Ministry does not have a single entity with a comprehensive and clear view of the role of the Treasury’s various representatives in North America.
The report said that an effective coordination mechanism must be established between the Finance Ministry and the Bank of Israel to effectively manage the government’s “liquidity cushion,” taking into account the government’s possible financial exposure during times of war.
Following a recent reorganization at the Finance Ministry’s delegation in New York – with the comptroller saying that the reported NIS 9 million savings brought about by the move was exaggerated by more than half – the report concluded that government should examine the overall effectiveness and efficiency of the other missions in New York and elsewhere.