"Tidbits From TNT" Thursday Morning 11-19-2020
TNT:
Tishwash: Minister of Trade: Joining the World Trade Organization is the way to build a resilient Iraqi economy
The Minister of Trade, Dr. Alaa Ahmed Al-Jubouri, said: Joining the World Trade Organization is the way to build a vibrant Iraqi economy.
A statement by the ministry stated that: Al-Jubouri chaired the 34th meeting of the National Committee for Iraq's accession to the World Trade Organization to discuss the stages of Iraq's accession and the most important technical files completed during the past years, including the file of the memorandum of the foreign trade system for Iraq, the file of goods, services, intellectual property and the legislative implementation plan.
He added: The challenges facing the accession process were also discussed and led to impeding the accession process as required, in addition to discussing practical and professional solutions that would reduce the impact of these challenges.
Al-Jubouri stressed the need to clarify the importance of Iraq's accession to the organization as it allows the establishment of a balanced trading system in addition to raising the standard of living, creating job opportunities and eliminating unemployment through the development of investments, development of real income and increased production.
He considered this file to be one of the important files that contribute to comprehensive economic reforms.
During the meeting, five important items were discussed and in accordance with the requirements of the current stage and preparation for holding the third round of negotiations with the organization, which are the foreign trade policy memorandum for Iraq, the goods files, the implementation plan for Iraq, the trade in services and service sectors completed, and the intellectual property file.
It is noteworthy that Iraq was accepted as an observer member in the organization in 2004, which comes as a prelude to full accession, as this period of time allows acquaintance with the agreements that the World Trade Organization supervises their application and which form part of the multilateral trading system link
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Tishwash: Association: Major Central Bank reforms to develop the Iraqi banking sector and economy
The Iraqi Private Banks Association announced its support for the reforms undertaken by the Central Bank of Iraq directed at banks and monetary policy that will contribute to the development of the Iraqi economy and the banking sector, which will positively affect economic development.
"The Central Bank of Iraq is currently working on major and influential reforms, which will lead to the development of the banking sector and the Iraqi economy, especially in the difficult financial crisis that Iraq is currently experiencing as a result of low oil prices," the Association of Private Banks said in a statement.
The association added, "The Central Bank of Iraq is adopting a wise policy, during this stage under its new management, which is represented by increasing confidence between the banking sector and citizens, increasing monetary and pledging credit by supporting small, medium and large enterprises in addition to the successful experience that the Central Bank has undertaken in launching a special platform." Letters of guarantee. "
The association noted that "it appreciates the great steps taken by the central bank in increasing financial inclusion and supporting banks in their work to diversify banking services, in addition to international cooperation between the central bank and its counterparts from international central banks, which leads to the development of relations between Iraqi and foreign banks, and that these policies and procedures "It will lead to an increase in banking services provided by banks to what the Iraqi citizen aspires to." link
Tishwash: Iraqi Finance prepares to implement an international program ... and explains 'benefits'
On Thursday, the Ministry of Finance announced the introduction of the customs 'automation' program, confirming that the program will be implemented by Iraqi hands.
The ministry stated in a statement, which "people" received a copy of, (November 19, 2020), that the objectives of the program presented by the United Nations Conference on Trade and Development and applied to more than 90 countries in the world are:
Simplifying and improving customs procedures, speeding up work, shortening time, and dispensing with paper mail.
The program enjoys high transparency as it is from an international organization and in accordance with international standards specialized in customs procedures.
Calculating and collecting customs duties and other taxes at a rate of 100% and counting the unknown expenses related to customs operations.
Modernizing customs controls that contribute to protecting the national economy.
- Shortening the clearance time for goods in addition to contributing to combating customs and tax smuggling by relying on a selective system by determining the data path and eliminating corruption.
Draw up the economic plan for the trade exchange process according to the reliable and accurate commercial and financial data provided by the electronic system.
Providing customs ports and their management with fast and accurate information on time and extracting foreign trade statistics.
The statement emphasized that "the management of the program will be carried out by Iraqi hands after being trained on the program by international experts, which will enhance the improvement of human resources performance." link
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Tishwash: Finance begins automating the customs and tax system and submits its project to the Council of Ministers
The Ministry of Finance presented, today, Thursday, a customs automation project through a program presented by the United Nations Conference on Trade and Development.
The information office of the ministry stated in a statement that Al Furat News received a copy of it, that “the automation system will strengthen the management of the financial situation in light of the current financial crisis, and develop the necessary solutions to achieve financial reform, and improve the performance of financial institutions in a way that strengthens the restructuring of the Iraqi economy in the face of future challenges and will contribute to solving Economic problems in Iraq. ”
The statement added, “The Ministry of Finance, in cooperation with the United Nations Conference on Trade and Development UNCTAD, sought to implement the (ASYCUDA electronic customs data system) for the purpose of implementing automation and simplifying procedures in customs as part of its development and improvement of its performance that achieves rational and effective management as well as achieving financial sustainability. The economy diversified according to the principles of integrity, transparency and combating corruption, and the ministry seeks to make it one of the most important sources of support for the state treasury after oil revenues.
The statement pointed out that “the Ministry of Finance has started submitting the customs automation project to the Council of Ministers, which authorized the Minister of Finance to negotiate and contract with UNCTAD to automate the customs work, as the ASYCUDA system is one of the global customs systems and is applied in more than (90) countries in the world.”
The Ministry of Finance disclosed the objectives of the program presented by the United Nations Conference on Trade and Development, which is applied to more than 90 countries in the world, as follows:
Simplifying and improving customs procedures, speeding work completion, shortening time and dispensing with paper mail.
The program enjoys high transparency as it is from an international organization and according to international standards specialized in customs procedures.
Calculating and collecting customs duties and other taxes at a rate of 100% and counting the unknown expenses related to customs operations.
Modern customs control that contributes to protecting the national economy.
Reducing the clearance time for goods in addition to contributing to combating customs and tax smuggling by relying on the selective system by specifying the data path and eliminating corruption.
Draw up the economic plan for the trade exchange process according to the reliable and accurate commercial and financial data provided by the electronic system.
Providing customs ports and their management with fast and accurate information on time and extracting foreign trade statistics.
The program will be managed by Iraqi hands after being trained on the program by international experts, which will enhance the performance improvement of human resources. link
Harambe: IMF - Vietnam GDP growth to be among world’s highest in 2020
(11/19/20)
The International Monetary Fund has revised upward its forecast for Vietnam’s 2020 GDP growth by 0.8 percentage points to 2.4 percent.
Vietnam’s growth would be among the highest in the world, thanks to its successful containment of the Covid-19 pandemic, Era Dabla Norris, mission chief to Vietnam and division chief in the IMF’s Asia and Pacific department, said at the end of her team’s virtual mission to Vietnam from October 15 to November 13.
In October, the IMF had forecast 1.6 percent growth.
Vietnam has benefited from prudent fiscal policies, largely geared toward supporting vulnerable households and firms, Norris said.
Monetary policy easing and financial relief provided by the State Bank of Vietnam (SBV) have alleviated liquidity pressures, lowered the cost of funding and facilitated the continued flow of credit, she said.
She expected a strong economic recovery in 2021, with GDP projected to grow by 6.5 percent and inflation contained at 4 percent.
But these are subject to uncertainties from possible renewed outbreaks, a protracted global recovery, ongoing trade tensions, and corporate distress, which could translate into firm closures and bankruptcies and labor market and banking system strains, she warned.
"Given these uncertainties, being flexible about the size and composition of the policy support will be important. Fiscal policy should play a larger role in the policy mix," she said.
This year, the fiscal deficit is expected to widen due to a decline in revenues and higher cash transfers and capital spending, and so fiscal support should prioritize improvement in efficiency in the short term, she said.
But she suggested that in the medium and long terms the emphasis should be on mobilizing revenues for green infrastructure projects, strengthening social protection systems and safeguarding debt sustainability.
"Monetary policy should remain supportive in the near term. Greater two-way exchange rate flexibility within the current framework would reduce the need to build reserve buffers and facilitate the adjustment to a potentially more challenging external environment."
The IMF also believed that the SBV has struck an appropriate balance between supporting the recovery and banking system resilience.
Close monitoring of risks in the banking sector remains crucial given that capital buffers are weaker than in other regional countries and uncertainties are associated with the economic outlook, it said.
Vietnam also needs to further strengthen its banks’ capital positions and develop its capital markets to improve financial resilience and promote long-term financing, it said. Vietnam should give priority to improving access to land and financial resources, particularly for small and medium enterprises (SMEs), it said.
Establishing an expedited SME-specific insolvency regime would help unlock capital and prevent unnecessary liquidations, while reducing labor skill mismatches and increasing human capital and technology access would boost labor productivity, it added.
Last year, GDP growth was 7.02 percent, the second highest growth figure in the last decade, after the record 7.08 percent in 2018.
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Harambe: VOA: White House Mum on Meeting With Indonesian Minister
(11/18/20)
WASHINGTON - President Donald Trump met with Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan on Tuesday, a meeting that the White House did not include on the president’s public schedule and did not provide comments on.
White House advisers Ivanka Trump and Jared Kushner, along with Adam Boehler, chief executive officer of the U.S. International Development Finance Corp. (DFC), were also present, according to a readout and photographs of the meeting provided by the Indonesian government.
“On behalf of President Joko Widodo, I expressed gratitude and appreciation to President Donald Trump,” said Pandjaitan, who is often referred to as Indonesia’s “Minister of Everything” because of his extensive portfolio and political clout. “Whatever the official result of the U.S. election, friendship must be maintained. We will always be friends. I hope that this good communication with the White House can also be fostered after January 2021.”
Pandjaitan said he and Trump discussed “increased economic cooperation” between the two countries, especially after Washington extended Indonesia’s Generalized System of Preferences, a preferential trade status, earlier this month. On Wednesday, Indonesia signed a $750 million infrastructure financing memorandum of understanding with the U.S. government’s Export-Import Bank.
Vaccine production
In separate events, Pandjaitan met with Vice President Mike Pence, who, according to the Indonesian government, offered “joint cooperation in vaccine production between American and Indonesian companies,” and with national security adviser Robert O’ Brien to discuss a “strategic partnership” in defense and technology.
The White House declined to provide comment on VOA’s query about the meeting. It remains unclear what has been offered in terms of vaccine production cooperation.
Last month Pandjaitan led a delegation to Yunnan, China, to sign deals with Sinovac Biotech Ltd., Cansino and Sinopharm, Chinese pharmaceutical companies conducting late-stage vaccine trials in several countries, including Indonesia.
With the highest number of coronavirus infections and deaths in Southeast Asia, Indonesia aims to start a mass vaccination campaign by the end of 2020 using mostly Chinese vaccines. Jakarta said it would procure 18 million doses of Chinese vaccine by the end of the year.
Two American companies, Pfizer and Moderna, have recently reported that their coronavirus vaccines are more than 90% effective and have no serious side effects.
Indonesian sovereign wealth fund
Pandjaitan is in the U.S. to pitch Indonesia’s soon-to-be-established sovereign wealth fund aimed at financing infrastructure projects across the archipelago. The fund seeks to attract up to $15 billion in investments to stimulate economic growth following models adopted by other developing countries. He is also promoting the fund in meetings with the World Bank and the International Monetary Fund in Washington this week.
https://www.voanews.com/east-asia-pacific/white-house-mum-trump-meeting-indonesian-minister
Mot: I heard a man blonde joke,
the blonde man saw a manila envelope laying on his doorstep that said do not bend,
he stood there for an hour trying to figure out how to pick it up...
