KTFA:

Samson:  An international economic alliance warns Iraq and stresses the continuation of the white paper

11/19/2021 17:25:01

  A statement was issued by the Iraq Economic Contact Group of the Group of Seven, the European Union and the World Bank by the end of the Italian and European joint presidency of the group.

And the statement stated that {Euphrates News} received a copy of it: “By the end of the joint presidency between the European Union and Italy, the members of the Economic Contact Group for Iraq express their satisfaction with the continuation of the dialogue with the Government of Iraq, which we congratulate on the side of the Iraqi people, on the parliamentary elections that took place on 10 October 2021.

He added, "The reports of independent observers encourage members of the Economic Contact Group for Iraq, which states that the electoral process has witnessed a remarkable technical and procedural improvement compared to the previous elections in Iraq."

The Iraq Economic Liaison Group called on "all parties to resolve any election-related disputes that may arise peacefully through existing legal channels. The group hopes to quickly form a government that maintains the priority of economic reform, and addresses the structural challenges that Iraq faces." And she pointed out that "despite the current recovery in oil prices, which provides the Iraqi state and its economy with more revenues, the heavy dependence on oil exports is not sustainable in the long term, with the decline in global demand for hydrocarbons."

The coalition indicated that "economic reform, as stated in the government's white paper, is required to ensure diversified and inclusive growth, create sustainable job opportunities for the growing youth group, enable the private sector to thrive and serve the economy, and ensure macroeconomic and financial sustainability in response to external shocks." "These fundamental reforms should be implemented in conjunction with policies in the interest of human capital development, climate change mitigation and adaptation, and provision of basic services," he stressed.

The group called on the leaders of Iraq and the future government to give priority to reforms and to ensure that the reform process is implemented quickly, noting that "the Iraqi government's white paper continues to be an important tool in continuing to achieve these reform goals." The Iraq Economic Contact Group reiterated its commitment to support the Iraqi government in its reform efforts.
 
It is noteworthy that the Iraqi Economic Contact Group, launched by the Group of Seven, the European Union and the World Bank on October 22, 2020 in London, is an international coalition that supports the efforts of the Government of Iraq to advance the implementation of pivotal economic reforms.  LINK

ATFInfinity:   give priority to reforms and to ensure that the reform process is implemented quickly, noting that "the Iraqi government's white paper continues to be an important tool in continuing to achieve these reform goals."the Iraqi Economic Contact Group, launched by the Group of Seven, the European Union and the World Bank on October 22, 2020 in London,

ATPInfinity:  THE HEAT IS ON!!!!!!!!!!!!!!!!!!!!is an international coalition that supports the efforts of the Government of Iraq to advance the implementation of pivotal economic reforms. Thanks SAMSON UPDATE

Tivon:  This is very encouraging. Wouldn't be surprised as to what happens over the next several days brings us to the conclusion of this investment given the urgency being displayed here from these economic juggernauts. Imo.

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Samson:  New international praise for the Iraqi government's reforms

20th November, 2021

The Iraq Economic Contact Group, which includes the seven countries, the European Union and the World Bank, praised the economic reform steps adopted by the Iraqi government in accordance with the White Paper plan.

The group stated, according to a statement by the Ministry of Finance, that "the Iraq Economic Contact Group welcomed the success of the democratic electoral process in Iraq, and expressed his hope for the formation of a new government that would take upon itself the completion of the economic and financial reform program."

ATPInfinity:  FORM NEW GOVERNMENT = COMPLETE REFORM PROGRAMRATE/DATE BEFORE????

Samson:  Vietnam : Measures sought to promote development of smart banks

20th November, 2021

A workshop on developing smart banks in the process of industrialisation and modernisation by 2030 took place on Thursday in the framework of the third Industry 4.0 Summit and Expo.

In his opening remarks, deputy head of the Party Central Committee’s Economic Commission Nguyễn Đức Hiển said the Politburo’s Resolution No 52-NQ/TW determines the financial-banking sector as one of the priority sectors in digital transformation.

The Governor of the State Bank of Việt Nam (SBV) issued Decision No 810/QD-NHNN approving a plan for digital transformation of the banking sector by 2025, with a vision to 2030, focusing on developing a digital and smart banking system. 

According to Deputy Governor of the SBV Phạm Tiến Dũng, digital transformation of the banking industry has achieved positive results. The central bank has reviewed and issued legal regulations to meet the digital banking model, digital banking services, innovation activities, application of new technological achievements, data protection, rights and legitimate interests of customers. 

The achievements of the 4th Industrial Revolution have been widely applied to core banking services. Mobile payment has grown rapidly with 90 per cent in quantity and 150 per cent in value.

According to McKinsey's research, many Vietnamese banks have over 90 per cent of transactions on digital channels, and the country is among the regional nations seeing the highest digital adoption rate in the banking industry, creating opportunities for banks.

In addition, a digital payment and digital ecosystem has been established by connecting digital banking services with most other digital services in the economy, providing seamless experiences in all fields and utilities for users in digital services.

Dũng said the plan for digital transformation of the banking industry aims to develop digital banking models, increase utilities and improve the customer experience.

To realise the targets, the central bank will prepare resources for digital transformation and continue to improve the legal framework to facilitate the process.

The central bank will also focus on developing digital infrastructure, connecting and sharing the banking sector’s data with other sectors, developing digital banking models, applying technologies to provide products and services in a safe and convenient manner with low cost, and ensuring safety and cyber security as well as rights and legitimate interests of customers.

Delegates also debated smart bank development in the world and in the region, and the need to switch to a smart banking model, strategies and comprehensive solutions to promote the development of smart banking, and measures to ensure security and safety of information systems.  LINK

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Samson:  Vietnam : Turning the stock market into main medium and long-term capital channel

20th November, 2021

After 25 years of development, the Vietnamese stock market is playing a more important role in attracting capital, supporting the commercial banking system. Therefore the target is to turn the market into the main channel of medium and long-term capital for the economy.

At the seminar “The stock market: Releasing resources for businesses, profitable investment channels and assets" launched by Báo Đầu tư (Investment Newspaper) on November 18, Nguyễn Đức Chi, Deputy Minister of Finance, said that the ministry is working with other ministries to report to the Government and the Prime Minister on the development strategy of the country’s stock market to 2030, with an outlook to 2045. 

The fundamental factors for creating the strategy are based on the country's socio-economic development, the Party's orientations and resolutions, and the Party's guidelines and policies.

The general target is to build and develop the stock market into the main medium and long-term capital channel for the economy, Chi said. The 25 years of development show that the stock market is playing a more crucial role in attracting capital, supporting the commercial banking system.

In the past, before the establishment of the stock market, the short, medium and long-term capital channels were banks’ responsibility. Now the stock market accounts for a larger proportion in the capital channel.

The perspective of market development should refer to synchronous and unified development of the financial market, associated with innovation in the growth model and economic structure and linking with the global market and economy. 

In addition, it has to be developed on the basis of technology and requirements of digital transformation. "The stock market needs to link with the regional stock market, integrate with the international stock market, and apply the right international practices and standards to develop the Vietnamese stock market," Chi added.

The stock market will develop in depth and market quality and liquidity, with the target of reaching at least 85 per cent of GDP (adjusted) by 2025, and 110 per cent of GDP in 2030.

For bonds, it aims for 47 per cent of GDP in 2025 and 58 per cent of GDP in 2030, with a reasonable structure of stocks, corporate bonds and government bonds.

Regarding the derivatives market, the target is achieving a growth rate of 20-30 per cent/year, with the number of investors reaching 5 per cent of the population by 2025 and 8 per cent in 2030.

To organise the market effectively, the Việt Nam Stock Exchange will be established, restructuring the model of parent and subsidiary companies. The Prime Minister and the Ministry of Finance have reached a consensus on preparing for the model of the Việt Nam Stock Exchange to go online as soon as possible. 

In addition, the Việt Nam Securities Depository Center will be reorganised and changed to the Securities Depository and Clearing Corporation, synchronising securities trading and payment technology, and aiming to upgrade the market under MSCI’s and FTSE’s standards before 2025.  LINK