MilitiaMan Tuesday Afternoon "They Have to Move Fast Now" 6-16-2020

KTFA:

DELTA: JUST IN FROM IRAQI TV …..surprise regarding the currency sale auction that the bank valued Iraqi Central.

DELTA:  I GOT IT FAMILY THERE IT IS........

Parliamentary finance is drafting proposals to save Iraq economically and financially

June 15, 2020  

Baghdad / Iraq News Network - Member of the Parliamentary Finance Committee, Jamal Kujer, confirmed on Monday that his committee presented a financial plan that includes ways to address the economic crisis, which the country is going through to the new government, while pointing out that a new plan is being prepared and will be presented to the government as well. 

"The Presidency of the Finance Committee held a meeting with the Ministers of Planning and Finance, during which the most important ways to overcome the financial crisis in which the country was passing were discussed," Cougar said in a press interview.

 He added, "The plan presented by the Finance to the government of former Prime Minister Adel Abdul-Mahdi was resubmitted to the new government," noting that "the Parliamentary Finance is in the process of formulating a number of points and solutions to be submitted to the government as well."And, “The government’s going to tackle the crisis without returning to the financial committee is dangerous and massive, given that it is governments that have caused corruption and waste of money, and then government reforms have enacted laws and need to amend, repeal, or new legislation, because the government is obliged to return to the legislature To complete her mission.

” The country is beset by a financial crisis, against the backdrop of low oil prices, the invasion of the Corona virus, and the consequent decisions that exacerbated the crisis, from preventing travel, stopping flights, and closing some border points. 

The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Mustafa Al-Kazemi, Monday (8 June 2020), revealed government measures to tackle the financial crisis, including the preparation of a new salary scale to be presented within three to four months, while he revealed a surprise regarding the currency sale auction that the bank valued Iraqi Central.

http://aliraqnews.com/

MilitiaMan:  They just told us the other day that a POSITIVE SHOCK was coming to the citizens and foreigners (us). That was in respect to the their currency, imo..

Raising the value of the currency will benefit the locals and us outside investors. 

Now they are telling the citizens that a surprise is coming to their value of the Central Bank, i.e., their currency is to have new value. Their currency auction window is where it will be reflected.

The surprise is a rate change to come.. A surprise is a good thing. A Positive Shock is a good thing..

Don't worry about the new salary scale... It will be adjusted accordingly to most likely fit and be inline to reflect their new purchasing power.. imo ~

So on the surprise, it means to me we are home  and host in very short order.

They have citizens ready by the millions to take to the streets if they don't get their reforms.

The new PM told us he was in a hurry to get reforms done because of that.

Well, they last night started telling them on TV that surprise was coming then they published it in writing.. That will not go on deaf ears..

They will have to move fast now.. ~

WOW!! Is some one at the door.?? lol I heard a bell ring.. lol ~ MM

LornaCCB:  does that mean 3 or 4 months for the exchange rate change? i don't understand these translations...

MilitiaMan:  Not in my view.. As noted in post (above) . "Don't worry about the new salary scale... It will be adjusted accordingly to most likely fit and be inline to reflect their new purchasing power.. imo" ~ MM

Popeye7:  All is looking good, and coming to a conclusion very quickly IMO..

Delta and KTFA Members "News and Views" Tuesday 6-16-2020

KTFA:

DELTA: JUST IN FROM IRAQI TV …..surprise regarding the currency sale auction that the bank valued Iraqi Central.

Pete2001:  what does the above mean though?

Joel1960:  I am a bit like PETE, I do not understand what you mean when you say that "the bank valued Iraqi Central."  I am wondering what you meant by that comment.  If you could shed some light on this that would be greatly appreciated.

DELTA:  I GOT IT FAMILY THERE IT IS........

Parliamentary finance is drafting proposals to save Iraq economically and financially

June 15, 2020  

Baghdad / Iraq News Network - Member of the Parliamentary Finance Committee, Jamal Kujer, confirmed on Monday that his committee presented a financial plan that includes ways to address the economic crisis, which the country is going through to the new government, while pointing out that a new plan is being prepared and will be presented to the government as well. 

"The Presidency of the Finance Committee held a meeting with the Ministers of Planning and Finance, during which the most important ways to overcome the financial crisis in which the country was passing were discussed," Cougar said in a press interview.

 He added, "The plan presented by the Finance to the government of former Prime Minister Adel Abdul-Mahdi was resubmitted to the new government," noting that "the Parliamentary Finance is in the process of formulating a number of points and solutions to be submitted to the government as well."And, “The government’s going to tackle the crisis without returning to the financial committee is dangerous and massive, given that it is governments that have caused corruption and waste of money, and then government reforms have enacted laws and need to amend, repeal, or new legislation, because the government is obliged to return to the legislature To complete her mission.

” The country is beset by a financial crisis, against the backdrop of low oil prices, the invasion of the Corona virus, and the consequent decisions that exacerbated the crisis, from preventing travel, stopping flights, and closing some border points. 

The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Mustafa Al-Kazemi, Monday (8 June 2020), revealed government measures to tackle the financial crisis, including the preparation of a new salary scale to be presented within three to four months, while he revealed a surprise regarding the currency sale auction that the bank valued Iraqi Central.

http://aliraqnews.com/

Samson: Researcher: 300 billion dollars were lost on 6 thousand fake projects in Iraq since 2003

16th June, 2020
Analyst and researcher on Iraqi affairs, Amir Al-Saadi, revealed that 300 billion dollars have been wasted on 6 thousand fake projects in Iraq since 2003.

Al-Saadi told Al-Ikhbaria that "the import activity for this year is estimated at 60 billion dollars. Its beneficiaries are politicians or regional countries that are trying to impede the presence of local production or economic development in Iraq."

He added that "300 billion dollars were wasted on 6 thousand idle or fake projects in Iraq since 2003".

LINK

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Don961:  Reading in the paragraphs of the joint Iraqi-American dialogue

2020.06.14 - 14:16  In the name of Al-Awadi

The governments of Iraq and the states issued a joint statement on the launch of the strategic dialogue between the two parties on June 6, 2014, although the first session was videoconferencing (online) and in a record time, but the joint statement contained many important implications that can be pointed out as follows:  

1- The idea of ​​a joint statement and on behalf of the governments of the two countries indicating common consensus and harmony between the two countries.

2 - The statement considered that the original is the strategic framework agreement, and the current dialogue is based on it, and this means that there is no change in the framework agreement, and there is no room for a new, different agreement.

3- The statement affirmed the parties ’commitment to three things: the strategic framework agreement, diplomatic notes, and correspondence with the United Nations.The framework agreement is well known. As for the diplomatic notes, the agreements signed by the Iraqi Minister of Foreign Affairs 2014 representing the government of Iraq, and the American ambassador representing the United States government, after ISIS entered Iraq, in which Iraq formally requested the support of the American forces and agreed to two conditions:  

 The first: It is the immunity of the American forces, and the second: It is to give a year to each party who wants to cancel the memo later. As for the correspondence, they are two documents, the first by Foreign Minister Hoshyar Zebari in the sixth month of 2014, and the other from the Iraqi Foreign Minister Ibrahim Jaafari on September 2014, requesting The international community supports militarily to help Iraq, and it contains an official announcement of Iraq’s request to support the United States militarily, according to the previous memoranda signed between officials of the two countries.  

On this basis, according to the joint statement, the strategic framework agreement / diplomatic notes / correspondence with the United Nations are all legal, binding on both parties, and are still in force and in force until new agreements are concluded at the end of the current dialogue, which means that the presence of US and international forces is still at the request of The government of Iraq is officially up to the next new agreement.

4- In the following text: ((The United States of America reaffirmed its respect for the sovereignty of Iraq, the territorial integrity of Iraq, and the relevant decisions of the Iraqi legislative and executive authorities)).

A clear commitment from the American administration that it respects the Iraqi parliament’s (non-binding) decision constitutionally to the government to leave US forces from Iraq, or to schedule their withdrawal to the lowest possible number according to arrangements to come, knowing that the first Iraqi memo that requested the support of the United States militarily on 6/22/2014 required The American administration has stated that if any party requests to cancel the memo, the second party should be given a year to make the arrangements.

5- Confirmation of sending American economic advisors to help the Iraqi government overcome the current crisis, noting that the text referred to Iraqi economic reforms in the sense that the US administration is waiting for the government to implement a clear reform program with the support of its advisers, which is part of the pillars of the dialogue and its results, and also the text indicated that One of the advisers' tasks is to help Iraq obtain international financial and economic support, as well as to assist in economic reform plans that can persuade international institutions to provide aid, loans, or otherwise.

6- The text confirms Iraq’s commitment to open energy investments to American companies, but it is conditioned by the availability of a good working environment.  

7 - The text related to political aspects, in which America committed to support the Al-Kazemi government, politically and securely, and the elections were mentioned twice in the text, which confirms the continuation of this path.  

8- In the security partnership clause, America clearly committed to reducing the number of American forces in Iraq, and America originally began reducing its forces in agreement with Al-Abadi in 2018, but it stopped and even increased its forces due to the confusing equation that formed the October 2018 government and the behavior of some people at home And abroad, who contributed to wasting a year and a half of Iraq’s life with an unviable formula designed as a personal mood governed by external factors that have nothing to do with Iraq.

9 - America committed not to establish fixed bases in Iraq, as stated in the Strategic Framework Agreement in the first place, but this does not prevent, according to the text, from having a temporary presence, and this is what most active political blocs accept.

10- The text also indicates that security cooperation is determined exclusively by the security agreements between the two governments, meaning that no other Iraqi institution has entered into these security agreements, nor parliament, judiciary, blocs, or parties, and that the Iraqi government is committed to this original as all previous governments were bound by.

11- In exchange for America’s obligations in the dialogue paper, the Iraqi government affirmed its commitment to protect international forces, including the American, in all places where it is on Iraqi soil. America’s commitment to withdraw most forces and not to establish permanent bases corresponds to an Iraqi commitment to full protection, and any defect from any party may Delays the implementation of these obligations.

12- The text also indicated that the presence of international forces, including the US - a place and a number - will be agreed upon later within the phases of the dialogue.

13. On the cultural level, the two governments discussed plans to return the important political archive to the Government of Iraq, and efforts to develop the capacities of Iraqi universities. The two parties also discussed plans to return artifacts, the Baath party archive to Iraq, return the political archive and the Baath archive to their sovereign or material value, yes returning the artifacts or cooperation with universities is a very important issue.  

14- What remains is that the international presence is greater than being American, and therefore there is a need for negotiations also regarding the presence of the rest of the international forces, and there are also advisers to other regional or international countries, and the presence of these also needs to be studied and decided about them.

15- The general text of the joint statement is preliminary, and did not refer to the date of the second dialogue session, but it will need timings, schedules and dates for implementation, perhaps the delegations will enter to define it in the future, and since there is a year requirement for each party, it can be said that the dialogue and negotiations have a full year up to 6/11 2021 to make final decisions in this regard.

16 - Some expect that the new negotiations will start after the US elections in November and the knowledge of the new American administration, but some suggest that the original negotiations will be after the upcoming early Iraqi elections, and this is what the reference pointed out in its sermon on the topic of foreign presence and desired by political blocs a lot.    LINK

GodLover:  I just really thought the above paragraph (#5) was very interesting & quite telling imo. As per many articles coming from the talks in this meeting, economic advisors were present, to aid/advise Iraq in economic reform imo. It's also exciting to see in print that the US is actually waiting/expecting Iraq to comply imo. So of course the ball is in Iraq's court...& God willing they will act soon imo.

Per my previous post, I still see Kurdistan & Baghdad needing to be resolved prior to the 2020 budget imo. As well, something Frank had mentioned in a previous cc.....something WS as well stated needed to happen prior to the MR, is the census imo. Articles here lately have spoken about the census being done electronic, which once started, should be a pretty quick & easy task imo. 

As I had stated in my previous post as well....per articles, it sounds like the 2020 budget is still planned to be sent to parliament by end of this month imo. I still go back to articles months back that promised the citizens that the economic reforms will be included in the 2020 budget imo.

Dan:  Hey Iraq...Put your big boy pants on...Get er done son

Don961:  Foreign: Kuwait has expressed its economic support to Iraq

Political| 07:46 - 15/06/2020  Baghdad - Mawazine News, The

Ministry of Foreign Affairs confirmed, on Monday, that Kuwait has shown great support in terms of economic and coordination.

"The visit of the Kuwaiti Foreign Minister, Ahmed Nasser Al-Sabah, came with the aim of strengthening the relationship between the two countries, exchanging views and proposing ways and capabilities available to get out of the economic crisis in light of the Corona pandemic and low oil prices in a way that is in the interest of both countries," said ministry spokesman Ahmed al-Sahaf, according to the official agency. .

He added, "Kuwait expressed its great support at the economic level and the level of coordination for the work of the Iraqi-Kuwaiti committee to be held soon, which would follow up on all the files and outstanding affairs between the two sides."

Al-Sahaf pointed out that "Foreign Minister Fouad Hussein discussed with his Kuwaiti counterpart the necessary support between Iraq and Kuwait at the level of the Gulf Cooperation Council and the energy linking file, as well as Iraq’s presence in international forums and related to strengthening the role of Iraq and maintaining it as a source of strength in the region." End / 29 / h   LINK

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Don961:  Iraq calls on Kuwait to activate the outcomes of the donors' conference

Monday 15 June 2020   Baghdad / Al-Sabah

The Presidents of the Republic Barham Salih, the Council of Ministers Mustafa Al-Kazemi and the House of Representatives Muhammad Al-Halbousi stressed separately during the reception of the Kuwaiti Foreign Minister Ahmed Nasser Al-Muhammad Al-Sabah the necessity of activating the outcomes of the International Donors Conference in Kuwait for the reconstruction of Iraq, while the Kuwaiti Minister, who He is visiting Iraq, his country's keenness to extend bridges of cooperation and its full support for the stability of Iraq and the preservation of its sovereignty. 

President Saleh said, according to a presidential statement received by "Al-Sabah": "Iraq is keen to establish strong relations with Kuwait based on the fraternal ties and historical ties that link the two brotherly peoples," noting that "the advanced stages that the two countries have made in cooperation and joint action call for optimism" ". 

Saleh stressed "the importance of economic openness between the two countries and activating the outcomes of the International Donors Conference in Kuwait for the reconstruction of Iraq."   LINK

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Don961:  Member: Parliamentary Finance A plan will be presented to the government to address the economic crisis

Economie 06/15 2020 15:55 172 Editor: Zs   
Baghdad today - private

Member of Parliamentary Finance Committee, Jamal Cougar, Monday (15 June 2020), revealed the numbers of a new plan by the committee to present it to the government in order to address the current financial crisis.

Cougar said in an interview singled out (Baghdad today), "Parliamentary finance is working on preparing a new plan to address the current financial crisis that the country is going through focusing on five main axes."

He added that "the first axis is the restructuring of the country's general federal budget bill for the year 2020 to send it to the House of Representatives and determine the deficiencies in it, and review it in a serious way to determine the doors of corruption in it and waste of public money and necessary and unnecessary paragraphs." 

And that "identifying the resources of the other country and diagnosing the defects in it regarding the non-return of those funds to the state treasury, while the third paragraph focuses on a serious review of the contracts from which the licensing rounds and armament contracts were concluded."

He explained that "the fourth axis is to identify the doors that need to be austerity, downsizing or internal borrowing," noting that "the fifth paragraph, which is the most important, focuses on dealing with the files of aliens and double-salaries and uncovering the files of corruption in the joints of state institutions."

Before that, member of the Parliamentary Finance Committee, Ahmed Mazhar Al-Jubouri, said on Monday (15 June 2020) that securing the salaries of employees requires a high price per barrel to $ 60 or more.

Al-Jubouri said in an interview with (Baghdad Today), that "the budget of last year 2019, approved the price of a barrel of oil 56 dollars per barrel, but adding more than 200 thousand employees through appointments will increase the volume of salaries, which makes the ceiling price of a barrel of oil rise to more than 60 Dollars to secure salaries from oil sales. "

Al-Jubouri added, "The Corona crisis and the fluctuation of prices gave a signal of attention and warning to the Iraqi state, in terms of the necessity of providing alternatives to oil and relying on many resources that characterize the country through which salaries and expenses can be secured, without any crises, as is happening now."

However, he added, "But we must have an efficient and national advisory body to find solutions and support decisions and measures that contribute to building the economy of Iraq to be far from any future crises."  LINK

Don961:  Trillions of dinars stored in homes instead of banks

Sunday 14 June 2020  Baghdad / Bashir Khazaal 

 Most of the merchants, businessmen, industrialists and owners of various projects, do not prefer to deposit their money in banks, and instead store them in homes, because they are more secure than the volatility of administrative decisions 

Or some guardianship measures imposed on some banks that violate the laws and its harm is reflected on depositors to recover their money, which led to a decrease in the amount of money that is traded in the labor market due to the lack of sufficient cash liquidity that enables the state to conduct its business easily and smoothly, regardless of the low prices.

Oil and the repercussions of dependence on the rentier economy.

Guarantees

The absence of legal guarantees in private and governmental banks to save depositors ’money and retrieve them without administrative complications, and the lack of a good percentage of material profits, which led to the depositors’ symptoms of securing their money in banks and preferring their homes to them or depositing them in external banks.

protection                               

Amer Hussain Al-Sarai, a legal expert in commercial companies ’affairs, stated that all merchants and investors are looking for legal guarantees for their money, which amount to millions of dollars, indicating that there is no point in any guarantee of private funds deposited in private and government banks unless it is supported by an official law approved by the Iraqi judiciary in The separation between governmental or private financial institutions and those affected or beneficiaries, and therefore large funds go to external banks or are employed in foreign investments, and this matter led to the Iraqi banks losing huge amounts of money from trading in their coffers or in the labor market. 

The Serail added: The Iraqi government and private banks need administrative and technical modernization operations, expanding their external dealings according to international regulations, and getting rid of all the old primitive methods. The most important thing is to find a modern banking law that gives immunity to the funds of depositors of different categories and segments, and entices depositors with a good interest rate, and this matter will bring Very huge sums of money for Iraqi bank treasures that can move the job market and provide permanent financial liquidity.

Customers

Nasser Kazem Al-Shammari, a construction and contracting businessman, spoke about his experience with banks inside Iraq and others abroad, saying:Over a period of more than 20 years ago, I dealt with private and governmental banks inside Iraq and in other countries and found a vast and significant difference in the mechanism of work and methods of dealing with customers, in Iraqi banks there is no legal guarantee that protects the merchant's and investor's money from any abuse or disruption due to some problems that Sub-banks, whether private or governmental, are exposed to them, and their problems are reflected on the customer,

and he may not be able to dispose of his money for months until the bank’s problem is solved with legal authorities or central banks, and this matter will not work with traders and businessmen who need permanent cash liquidity to conduct business, pay wages and import Or buying raw materials from home and abroad, and such administrative transactions by Iraqi banks have made most of the local merchants and investors save their money either in homes or in external banks that have strict laws in keeping depositors ’money and with a good interest rate.

Interest rate

Al-Shammari added: Most government banks do not deal in current account deposits in dollars, which forces the trader to the dollar is converted into dinars in order to deposit its money in the subsidiary banks of the Rashid and Rafidain Banks, and despite depositing large amounts in the current account, no financial interest rate is given even if that money remains in the bank for months or years, but there is only a simple interest the savings fund that is deposited It contains amounts that are mostly for people with limited income, and they are not entitled to dispose of them until one year after the date of their deposit in the bank.

Project

 Financial advisor Walid Idi Abdel Nabi wrote in a study titled (Banking Deposit Insurance Companies and their role in protecting the banking system and deposits): For the urgent need to establish a company that takes on the task of guaranteeing deposits throughout the Iraqi banking system, the Central Bank of Iraq has prepared a draft system for establishing a deposit guarantee company for various purposes

Most notably the protection of the banking system, preserving the rights of depositors, and increasing banking awareness by increasing the interaction of the public and companies with the banking system and approved by the Iraqi Council of Ministers and subject to the provisions of this system all Iraqi banks. 

He added: The primary role of the bank deposit guarantee systems is the confidence of the depositors in the banking system and its ability to protect their deposits, and it is the solid foundation in the presence of a strong and advanced banking system and is able to keep pace with the continuous changes in the banking industry to be able to achieve its economic and social goals effectively and efficiently.

Financial system

For its part, the central bank stressed that deposit guarantee companies were found to support efforts in achieving the stability of the financial and banking system, and he explained in a study published on his website that the functions or tasks of deposit guarantee institutions are summarized in three axes represented by solving the problems of financial failure to which banks are exposed, which provides confidence in Founders and depositors, 

Achieving the stability of the financial and banking system, working to protect the rights of depositors, and continued, given the urgent need to establish a deposit guarantee company that takes on the task of ensuring deposits in all of the Iraqi banking system, the central bank prepared a draft system to establish a deposit guarantee company for various purposes, most notably: protecting the banking system, and maintaining The rights of depositors, and increase banking awareness by increasing the public and corporate dealings with the banking system.

 On January 31, 2018, the Central Bank announced the signing of the Memorandum of Association for the Bank Deposit Guarantee Company with the founding body that included foreign and private banks.

A statement by the bank stated at the time that this company is expected to have a major role in protecting the banking sector, especially the public’s deposits (individuals and companies), which enhances confidence in the banking sector inside Iraq and among bank correspondents outside Iraq, which contributes to attracting more deposits and reusing them in credit And investment is a service to the Iraqi economy.

Non-guarantee solutions

 The establishment of the Iraqi Deposit Guarantee Company as a mixed joint stock company, approved by the Registration Department of companies affiliated with the Ministry of Trade in accordance with the provisions of Article 19 of the Companies Law No. 21 of 1997 amended, represents an important step according to a specialist in banking affairs who emphasized that the deposit guarantee represents the most important step on the path to activating financial activity And that this company is working to reinstate confidence between the banking system and the public holding more than 80 percent of the currency is chunky at home instead of the job market, which lacks the funding to move the economy.
LINK

KTFA Members "News and Views" Monday PM 6-15-2020

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Samson:  US wants to encourage American investment in Iraq: State Department spokesperson https://t.co/LVLnvyJ0jl — U.S. Consulate General Erbil (@USConGenErbil) June 14, 2020

PompeyPete:  No one touching it without an International currency !

Don961:  Foreign: Kuwait has expressed its economic support to Iraq

Political| 07:46 - 15/06/2020  Baghdad - Mawazine News, The

Ministry of Foreign Affairs confirmed, on Monday, that Kuwait has shown great support in terms of economic and coordination.

"The visit of the Kuwaiti Foreign Minister, Ahmed Nasser Al-Sabah, came with the aim of strengthening the relationship between the two countries, exchanging views and proposing ways and capabilities available to get out of the economic crisis in light of the Corona pandemic and low oil prices in a way that is in the interest of both countries," said ministry spokesman Ahmed al-Sahaf, according to the official agency. .

He added, "Kuwait expressed its great support at the economic level and the level of coordination for the work of the Iraqi-Kuwaiti committee to be held soon, which would follow up on all the files and outstanding affairs between the two sides."

Al-Sahaf pointed out that "Foreign Minister Fouad Hussein discussed with his Kuwaiti counterpart the necessary support between Iraq and Kuwait at the level of the Gulf Cooperation Council and the energy linking file, as well as Iraq’s presence in international forums and related to strengthening the role of Iraq and maintaining it as a source of strength in the region." End / 29 / h LINK

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Samson:  Deputy for Al-Fateh: It is not possible to complete the current year without approving a budget

09:07 - 15/06/2020
The deputy from the Al-Fateh Alliance Fadel Jaber said that the current year cannot be completed without approving any budget, pointing out that Parliament will pursue the matter in order to vote on a budget even for the remaining months.

Jaber said to "The Information", that "the financial crisis that ravaged the world and Iraq in particular can be overcome, especially with the recovery of the money that the region has in relation to border ports and oil imports."

He added that "the current year cannot go without any budget approved for it, as a vote must be voted on for the remaining months in order to prepare for the budget for the next year," noting that "Parliament will intervene in the matter in order to know the financial situation of the country and approve a budget for the remaining months”.

And that "a lot of budget financing chapters are available at the present time to overcome the current crisis away from deducting the salaries of employees and retirees, using the revenues of ports, airports, agriculture, industry, taxes and tourism."   LINK

Don961:  The arrest of a gang that sells and promotes counterfeit currencies in Baghdad

Editing Date: 6/14/2020 20:49 Ayna News -

Baghdad, the intelligence agency detachments arrested, on Sunday, a gang working with selling and promoting counterfeit currency in the capital, Baghdad.

"The intelligence agency detachments in the Ministry of the Interior, in cooperation with a detachment of the Federal Police, arrested three suspects in Baghdad who were working to sell and promote counterfeit currency," the agency's media said in a statement.

He added that "they were arrested with the crime, and they possessed 190 false class 100 US dollars, a Berta type pistol, and a wheel set used for transportation. The counterfeit currency was seized with a fundamental arrest record and the defendants were referred to the competent authorities."  LINK

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Samson:  Do we need a translation between the old paper transactions system for Iraqi banks and the new system based on electronic banking systems ?

15th June, 2020

I often had this question, there and amid the chaos of daily work, I always kept repeating this question with myself, do we need this translation

Everyone has become aware of the importance of electronic systems for banks, which are called banking systems (Core Banking System). Perhaps the Central Bank of Iraq is the first sponsor and supporter to direct banks towards the acquisition of banking systems of all kinds and urge banks to apply them and make them a condition of evaluation conditions for Iraqi banks because of their importance Significant in developing the banking sector in Iraq and moving to electronic systems instead of paper-based systems based on records, books and folders

But, through his vision, there is a large group that still prefers paperwork over electronic systems, and there has always been an argument that does not resolve between supporters of the paper system, records, and books, and between supporters of electronic banking systems, and I, among them, worked in the banking system department of one of the large and ancient Iraqi banks, and in my opinion, This controversy will remain present in all other Iraqi banks in particular

Here it was necessary to find a solution that satisfies both parties, so whatever we try to explain to the supporters of the paper transaction system and the electronic banking system and the way it works, we clashed with them with two important things

The first: the vast majority of them, especially the elderly of them, are not good at using a computer or computer

The second: their lack of acceptance of the electronic system and the new way of handling automatic operations within the banking system, and here we would like to note that we have all the respect and appreciation of these cadres as the basis from which we draw scientific and practical experience and that is translated into the electronic banking system

And now we have to translate between the old paper-based transactions system, which has become inconsistent with the volume of business and its development around the world and the new electronic system, for example that the registration document number translates to = the transaction number in the banking system or what is called (Transaction Number) and that the authorization of the accounting registration document is from During the signature of the person previously authorized on the document, it is now translated to = Transaction Approval in the Banking System (Transaction Approval)
And isolated treasurers in another corner away from other employees translate into = so-called PAL (Teller) is the same employee who executes the process on the banking system and receives and delivers money directly with the customer or customer

With this development in electronic banking systems, the method of control and auditing of paper transactions in the past has also become ineffective with the electronic banking system, where the audit process must be electronically and using the same system and its reports

Ultimately, with the Central Bank continuing to develop and support electronic banking systems and pushing private and government banks to develop their systems as well, I expect that in the next five years we will be able to conduct banking operations via mobile devices and from home without the need for routine reviews and long waits in circles and banks

Ibrahim Mohamed, Amin Mohamed  -  Director of Risk Management, Kurdistan International Islamic Bank   LINK

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Samson:  Parliamentary endowments reveal a trend to limit official holidays

15th June 2020
The head of the Endowments and Religious Affairs Committee in the House of Representatives Hussein Al-Yasari revealed a trend in the committee to reduce official holidays in the law related to this and increase working hours in state departments.

Al-Yasari said in a press statement today that the committee had previously discussed with Speaker of Parliament Muhammad Al-Halbousi the activation of the law on religious and national official holidays and reading it for the first and second time and then legislating it, but the conditions of the ban prevented that. He added, "The committee fully believes that the holidays in Iraq, whether official or others, exceeded what exists in the countries of the world, as well as the conditions of the curfew that prevented many countries, including Iraq, from continuing to work in the districts, which contributed to the delay in completing the transactions of citizens that are related to their lives." Daily, which makes us in constant discussions with specialized agencies to reduce them."

The leftist asserted that "the committee seeks to establish important events that have contact with citizens as the day of the declaration of victory over ISIS, or the national day for Iraq on the third of October, and on July 14 to announce the republican system in Iraq as holidays, and to add religious holidays, which are the first and tenth of the month Muharram, the Prophet’s birthday, the days of Eid al-Fitr and the blessed Sacrifice, and add a proposal to announce a public holiday on December 25 to mark the anniversary of the birth of Christ.

The Chairman of the Endowments and Religious Affairs Committee indicated that "there is a proposal to entrust a limited number of these holidays to the governors after the approval of the Council of Ministers, and that the name of the law (the Law of Official Holidays and Memorabilia), such as celebrating the teacher's day or the popular uprising in which there will be no official holiday.

LINK

Frank26, MilitiaMan and more Sunday Evening 6-14-2020

KTFA:

Samson:  “We will implement a package of reforms in the financial and banking sectors, and will restructure state-owned banks” says Deputy PM and Minister of Finance @AliH_Allawi as he lays out the broad outlines of the new @IraqiGovt reform programme: pic.twitter.com/9TDATsocHn — Government of Iraq -(@IraqiGovt) June 14, 2020

Ryan1216:  Hurry Iraq lets go!

Don961:  Al-Shami provides a set of economic solutions that enhance production and services

Saturday 13 June 2020

Baghdad / Hussein Thagab 

 A set of immediate solutions to address the economic problems that move the country to safety, bypassing the number of challenges that have occurred in the productive and service sectors during the past period, provided by an expert in the economic affairs, which contributes to the transition to the path of real economic development. 

The head of the advisory board of the Baghdad Chamber of Commerce Salah Abd al-Mahdi al-Shami said: "The first step in which we must stand is to choose the management of the national economy from honest national experiences, especially the private sector that has successful experiences and possesses field expertise and financial solvency." 

Integrity and experience

"We suggest that there be a careful and accurate choice for a group of Iraqi businessmen who enjoy competence, integrity and experience with good reputation and have proven merit and success in their own business inside Iraq and from various sectors, as the reality requires a direct meeting between the group and officials in the Iraqi state and on top of them The Prime Minister and Chairman of the Council of Advisors to develop an integrated coordination work program aimed at activating the role of the private sector to participate in making and amending its own decisions and obtaining the required support to bring about change and positive shock to investors even foreigners with a correction movement in the previous economic platform and this is what is required in the beginning and regain the previously lost confidence".

Cash block

And between "the importance of establishing a large joint stock company (holding) by Iraqi businessmen and others and seeking the expertise required from various nationalities and focusing on purposeful and intelligent media focused on attracting the huge monetary mass that exists with citizens, which is estimated at a minimum of 45 billion dollars to convert the saved hard money into investment money Mobile serving the country to contribute to the existing public and private sector projects (hospitals, major industrial plants, agricultural fields, dairy plants, oil industry, etc.) in exchange for the shareholding company obtaining shares in those institutions in agreement with the state or according to the developer system with details to be developed later.

private sector

He pointed out that "the management of these projects will be joint between the private and public sector, if possible, and preferably at the very least, choosing the CEO of the relevant institutions from the private sector and according to the required jurisdiction, and it is possible to create projects for the major joint-stock company if the opportunities and conditions are appropriate for that." "Putting forward the idea of ​​the citizens' contribution to the big company indirectly by deducting part of their salaries for a certain period.

 In return, these amounts are in the form of debts on the state that can be dealt with later by increasing the proposed shares in the mentioned institutions or in the form of buying certain lands or Other emerging matters that help reduce the state’s need for the cash needed to pay salaries, and this is what is required.

Bank accounts

He pointed out, "The possibility of using the frozen bank accounts of the state represented in its various institutions (the pension fund, the trust fund ... etc) for the purpose of obtaining the public benefit through the large joint-stock company or putting forward the idea of ​​cooperation between the public and private sector in accordance with a vision that includes the management of the private sector for business With careful monitoring of the funds by the state, all the company's accounts, payments and contracts are monitored by a competent government committee or any trusted regulatory body. "

He pointed out that "the success of this plan requires focusing on the workers of successful honest and purposeful media with the presence of a legal committee that works to establish true Islamic controls that correspond to the fatwa of the rational authority and that are among the most attractive factors and persuasion to the public and increase awareness and national responsibility for them, because they have become decision-makers And king in state institutions. " LINK

MilitiaMan:  They are literally telling us they are going to a market economy. They have been hammering it home for months now.. But, now they are not only talking about it they are doing it.

They have immediate solutions to facilitate the cohesion of the public and private sectors! The are going to use the private sector professionals that have proven tract records of success, reliability and integrity.

They are to choose a CEO and management personnel from the private sector to gain the confidence of the citizens to the get the Chunky money =  $45 billion into the market place to grow the market economy. This is exactly what they have been working on for many years. Now they have to act and are acting accordingly.

They are even telling us they have intentions to bring about change through t a positive shock to investors. Let that sink in. Negative shocks are what they have been going through. Positive shocks are to the good.

It is my belief they are telling us that a correction from the previous economic platform is required and that the correction will regain the lost confidence. If we use the Stock Market as a platform for economics, we know that negative shocks relate to pricing of share going down and confidence is lost.

When times are good then prices go up. They even mention not only will local investors gain, so will foreigners..

By raising the value of their stock exchange by increasing their exchange rate will be a positive shock. One where we all should agree is to be a good thing.. !!!

It looks as though the confidence in the beginning is needed to then launch a joint stock holding company with various trusted nationalities to help get the chunky money into the private sector to steam the monetary engine to re build the country.. Which is the goal for all of Iraq, not just a few!

It is all Iraqis responsibility to help make their country a better place to be and live in. The have the all the resources needed natural and human.. The citizens can contribute to the holding company out of salaries for future benefits and profits as they re build and grow.. I suggest they do! It can or will be a large venture for them that can be very profitable and with a national sense of pride and honor in being apart of it. 

The video above is short and sweet by Ali Allawi. It is the cutting of red tape to allow for this venture to take place. There is an urgency to bring in the new. There are many articles referencing the “new”. New PM, new reforms, new holding company, new small category notes, new e-commerce, new e-government, etc.. imo.. 

The information to date is extremely powerful, as it shows they are doing now what they have been trying to do for many years, as noted by the letter fron Nasserry to the new PM, just this time they are listening to the road map alternatives, and are seriously on the path to go live with the new social market economy.. imo Wow.. lol ~ MM

ALLAWI TWITTER: Ali Allawi @AliH_Allawi · 13m “We will implement a package of reforms in the financial and banking sectors, and will restructure state-owned banks” says Deputy Prime Minister and Minister of Finance Ali Allawi as he lays out the broad outlines of the new @IraqiGovt reform programme:

Don961:  Al-Halbousi affirms the readiness of the legislature to overcome all obstacles in preparation for the implementation of joint decisions between Iraq and Kuwait

Localities 06/1420 2020 17:27 222 Editor: ht   
Baghdad today - Baghdad
On Sunday (14 June 2020), Speaker of the House of Representatives, Mohamed Al-Halbousi, confirmed that the legislature is ready to remove all obstacles in preparation for the implementation of joint decisions between Iraq and Kuwait.
The media office of the Speaker of Parliament said in a statement received (Baghdad today), "Al-Halbousi received the Kuwaiti Foreign Minister, Sheikh Ahmed Nasser Al-Muhammad Al-Ahmad Al-Sabah, in the presence of the Foreign Minister Fouad Hussein, and affirmed Iraq’s keenness to strengthen and continue cooperation and rapprochement with the State of Kuwait, and in all fields in a way that serves The interest of the two brotherly peoples. "

The statement added that "the Kuwaiti foreign minister congratulated on the occasion of completing the formation of the Iraqi government, wishing it success in facing the challenges."
He pointed out that "the meeting during which a number of files and challenges of common concern between the two brotherly countries and countries of the region were discussed, including the Corona pandemic challenges, the economic crisis in light of the deterioration of oil prices, security cooperation to eliminate extremist thought, as well as a discussion on activating the outcomes of the International Donors Conference to restore Reconstruction of Iraq, promotion of mutual trade between the two countries, cooperation in the field of energy and electrical interconnection.

The Kuwaiti Minister of Foreign Affairs pointed out that "there are clear paths between the two countries and a road map discussed with the Iraqi Ministry of Foreign Affairs to activate the work and decisions of the joint committee between the two countries."
The Speaker of Parliament confirmed, according to the statement, that "the legislature is ready to overcome all obstacles, in order to resume this cooperation and in high coordination with the Kuwaiti legislative authority represented by the esteemed National Assembly."
Ahmed Nasser Al-Ahmad Al-Sabah reiterated his country's keenness to establish strong relations with Iraq and support it in all fields, in order to achieve stability.   link  

MilitiaMan:  Look at the language we are seeing today in articles. The Donor Conference was recently mentioned by the World Bank in the video from the 11th. Spoke about the money from the Donor Conference may be on the table in the tune of over $30 Billion.

 I am sure that Iraq is keen on getting that fired up now with the New PM and his New Deputy PM who is the FM on the ground running!!! 

They are discussing restoring what was on hold. That too was mentioned by the World Bank. There were reasons they put the money on hold. One imo being they were not ready to raise the rate just yet.

Post 137 (above) suggests in my opinion they just told us they will have a positive shock in the beginning. Well, that shock will have the Kuwaitis and the Saudis imo happy campers , as will we (as we are foreign investors too.) and will be willing to bring in the Donor monies.. So imo we are about to get SHOCKED and AWED very soon by the looks of it.. imo ~ MM..

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Frank26:  6-14-20...... A SET OF IMMEDIATE SOLUTIONS

THE INFORMATION PRESENTED TONIGHT IS SOLELY IN FRANK'S OPINION

https://www.youtube.com/watch?v=-GIyF9LlNKQ

KTFA Members "Sunday News" 6-14-2020

KTFA:

Clare:  PLEASE, TAKE NOTE- SCHEDULE CHANGE......

FROM FRANK: FAMILY ............... WE WILL DO MONDAY CC ON SUNDAY NIGHT (6/14)...........

WILL DO AN INTRO TO THE CC AT 6PM EST.

I WILL BE RECORDING THE ENTIRE CALL ON YOUTUBE SUNDAY EVENING.

I HAVE TO TRAVEL FOR TWO DAYS TO MEET SOME DOCTORS .................. I WILL TELL THE THREE (Delta, MilitiaMan and Walkingstick) AND PREPARE THEM WITH MORE ..............FOR YOU ..........

TY.......FRANK26 

Samson”  Parliamentary integrity reveals a plan to return contraband money

14th June, 2020

The Parliamentary Integrity Committee announced, on Sunday, its plan to return the smuggled money and stop the general waste.

According to the official agency, member of the committee, Yusuf al-Kalabi, said, "The committee prepared an integrated plan to return the smuggled money and stop wasting public money, according to constitutional and legal mechanisms, provided that the issue is complementary between the legislative and executive branches."

He added, "The best solution to get out of the crisis is to recover the stolen money, especially since there is public, institutional and judicial support for recovering it."   LINK

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Samson:  Parliamentary Finance: The border crossings are in chaos

17:13 - 6/14/2020

On Sunday, a member of the Parliamentary Finance Committee, Faisal Al-Issawi, considered that the border crossings are witnessing "great chaos" and the theft of funds from unknown parties.

Al-Issawi told “Information”, “The commander-in-chief of the armed forces, Mustafa Al-Kazemi, must send a security force from the anti-terror agency to control security as quickly as possible at the border outlets,” noting that “the arrival of that force does not mean their interference in financial and administrative issues there.”

He added, "The ports are currently experiencing chaos from unofficial bodies and need security controls to recover the money that went to unknown destinations."

Member of Parliamentary Finance Committee MP Jamal Kuju affirmed last Wednesday that Iraq loses 10 billion dollars annually due to corruption in its border outlets.   LINK

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Samson:  Kuwaiti Foreign Minister arrives in Baghdad

06/14/2020 09:05:57

 Kuwaiti Foreign Minister Ahmed Nasser Al-Muhammad Al-Sabah arrived in the capital, Baghdad, on Sunday morning on an official visit.

Sources indicate that the Iraqi compensation file for Kuwait and the postponement of its payment will be at the top of the Kuwaiti official's talks due to the economic and financial crisis that Iraq is going through due to the low oil prices and the Corona pandemic.

The visit of Al-Sabah is the first for a senior Gulf official after the formation of the government of Mustafa Al-Kazemi.  LINK

Samson:  Kuwaiti Foreign Minister presents Al-Kazemi "3 levels" to tackle the economic crisis

06/14/2020 13:41:53

 Today, the Kuwaiti Prime Minister, Mustafa Al-Kazemi, received the Kuwaiti Minister of Foreign Affairs, Ahmed Nasser Al-Muhammad Al-Ahmad Al-Sabah, bringing with him a written message from the Emir of the State of Kuwait.

A statement of the Prime Minister's Office and {Euphrates News} agency said, “Kuwaiti Foreign Minister conveyed the greetings of the Emir of the State of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, and his blessing to the Prime Minister on the occasion of completing the government formation. 

The Kuwaiti foreign minister stressed, according to the statement, that "the relationship between Iraq and Kuwait is rooted in history, and that the Emir of the State of Kuwait is interested in developing bilateral relations between the two countries, whether in the past or the present, and the need to spare future generations the problems of the past and the present."

The statement pointed out that "during the meeting, water security challenges and the file of terrorism were discussed as a common challenge among the countries of the region, as well as a discussion of the economic crisis and the deterioration of global oil prices."

Al-Sabah indicated that "tackling the economic crisis takes place through three levels, which are the movement at the international level and with international institutions and allies involved in the field of development and investment cooperation, as well as the movement at the regional level through cooperation with the Gulf Cooperation Council, where it can be invested through electrical connectivity and other areas".

For his part, Prime Minister Mustafa Al-Kazemi, the Emir of the State of Kuwait, thanked the Kuwaiti attitudes towards Iraq, and stressed that there is continuous communication with Kuwaiti officials.   Al-Kazimi stressed the importance of strengthening security and economic cooperation between the two countries in a manner that serves the stability and prosperity of the region, and the revitalization of trade cooperation and what works to overcome the economic effects of the Corona pandemic. He pointed out that the two countries have a historic opportunity to develop bilateral relations between them, and address the border file in the way that freedom from past fears is carried out, according to the principle of good faith, explaining that relations between Iraq and Kuwait have historical roots that are based on family, tribal and social ties.

Al-Kazemi indicated the importance of activating the joint committee between the two countries, overcoming bureaucratic obstacles facing them, and activating the decisions of the Kuwait Conference and its follow-up committees. Prime Minister stressed that his government will continue to cooperate on the issue of Kuwaiti prisoners of war in the Gulf War in 1991, and the rest of the re - Amiri Archive in Alarac.  LINK

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Samson:  Al-Kazemi: Iraq faces great challenges, and the government has several plans to overcome it

14/06/2020 14:59:14

 Today, the Prime Minister, Mustafa Al-Kazemi, visited the headquarters of the National Security Agency, and held a meeting with the agency’s chief, his deputy, and the general managers therein.

A statement issued by his office, which was received by the Al Furat News Agency, said that during the meeting, Al-Kazemi praised the efforts of the employees of the National Security Agency, their role in combating terrorism and making sacrifices, and in fortifying the country's internal security.

Al-Kazemi said, "Iraq faces great challenges, especially economic ones, which are reflected in one way and another on the security reality, stressing that the government has several plans to overcome these crises and face challenges."

He stressed the importance of achieving economic security at this stage, and the government's ability to protect and secure the economic interests of the country, for the safety of citizens and the security of the country.

The Prime Minister of the need to protect and preserve the dignity of the citizen, and be dealt with everyone in accordance with the principles of human rights, stressing at the same time not to allow one or any party attacked devices.   LINK

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Samson:  Trump is considering launching a new trillion-dollar relief package

06/14/2020 12:55:51

The White House’s commercial advisor, Peter Navarro, said that US President Donald Trump is studying a new relief package for at least $ 2 trillion.

Navarro pointed to the stimulus package in his interview with Fox, saying that "the president is very interested in something at least two trillion dollars."

Navarro expressed the aspirations of the White House to see a significant reduction in payroll taxes, and focus on bringing industry jobs back into the United States, within any relief law enacted in Congress, according to the Politico Magazine.

Trump's current position is likely to be at odds with congressional leaders, including members of his Republican Party. The Senate Majority Leader, Senator Mitch McConnell, has assured the US president that he prefers a one-trillion-dollar less aid package, while House Speaker Nancy Pelosi seeks a three-trillion-dollar package.

It is noteworthy that Trump signed at the beginning of last March, a law that includes three relief projects approved by the Congress in the amount of three trillion dollars in federal funds to alleviate the economic crisis caused by the Corona pandemic.  LINK

MilitiaMan and KTFA Members "The Reforms Must Be Accelerated" 6-13-2020

KTFA:

Samson:  Foreign Minister: The Kuwaiti Foreign Minister will visit Baghdad tomorrow

13th June, 2020

The Ministry of Foreign Affairs announced that the Minister of Foreign Affairs of the State of Kuwait, Ahmed Nasser Al-Mohammad Al-Sabah, will arrive in the capital Baghdad on Sunday for an official visit.

The Kuwaiti minister is scheduled to meet the prime ministers, the republic and the parliament in addition to his counterpart Fouad Hussein.   LINK

MilitiaMan  It sure looks like they are signalling inclusiveness and with an urgency!!!  The Kurdistan high ranking Delegation is coming  to town and may be arriving in conjunction with the Kuwait Foreign Minister.

Lets think about that a moment. Pompeo is the USAs counter part to the Kuwait's Foreign Minister, if I am not mistaken. The USA having had SFA meetings that were well received by all, may not be over just yet. There may be another one or so in the coming days too. I sense signings may be at hand to some very important items!!! 

The IMF has had recent meetings with the" Crisis" Emergency Cell on currency reforms and the modalities or treatment if you will, to cure the current crisis.  There will be follow up meetings too. Kinda like a doctor to a patient.

Take this alternative we have before us (raise the rate, secondary markets, SDR, Bonds, border fees, taxes and tariffs, reduction in refinery costs, etc.) and let it all take a few days / weeks to start working in conjunction and we will set another appointment for to review your progress, as in WORLD BANK management agreement.. .. lol imo.

Samson:  Next week .. A high-ranking Kurdish delegation headed by Talabani visits Baghdad

11th June 2020

The office of the Deputy President of the Kurdistan Regional Government, Qubad Talabani, announced today, Thursday, that a high-level Kurdish delegation will head to the capital, Baghdad, next week

"The delegation will be headed by Talabani and will go to Baghdad next week, in order to resume dialogues with the federal government on the outstanding problems between the two sides," said spokesman for the office, Samir Hawrami, according to Kurdish media

He added, "The negotiating delegation held several rounds of dialogue with the previous government, and will go to Baghdad to complete the dialogues with the new government," stressing "there is a good intention to agree on both sides

It is noteworthy that the Kurdish delegation visited the capital Baghdad several times, and the agreement was agreed in principle between the region and the center on several files, 

Al-Salhi: All political forces insist on the success of Al-Kazemi's mission, and the steps for reform must be accelerated  LINK

MilitiaMan:  All inclusive.. Is this the historic HCL / 140 agreed on in principle set for a finality? The Kurdistan Regional Council is talking about internal Reconciliation and also speaks of the region, as well. That my friends looks like to me that the next 24-48 hours are going to be about signing off on some already agreed on files. Having the power players this week is very compelling support that they mean business.

The reforms must be accelerated. The rate at which they bring it forth is what I am looking for, as are the demonstrators.. They know all too well what the alternatives are and one is the most important. RATE. or Purchase Power..... imo.. It all looks so very promising now this is coming to a conclusion. imo ~ MM

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Samson:  An arrest warrant was issued for 11 members, including two officers who participated in the suppression of demonstrators in Dhi Qar

13th June, 2020
The chief of the Dhi Qar police chief, Brigadier Hazem Muhammad Razzaq, directed the arrest of 11 associates, including two officers, who participated in the crackdown on demonstrators in Nasiriyah.

According to a document obtained by / Mawazine News / a copy of it: "It was decided to agree to implement the arrest warrant against the associates whose names were included in the document, and affiliated with the Swat Company in accordance with Article 406, to take what is necessary, and send them to the judicial authority concerned with investigating the events of Dhi Qar, accompanied by commanders. And with great guard and a fold of warrants of arrest warrant, inform us of hope."  

LINK

MilitiaMan:  Decisions to ARREST those that were responsible for the crack down on protestors.. I have no question, as to the acceleration of the PMs reforms are not part and parcel of this.. Very well timed.. imo ~ MM

Samson:  Despite the pandemic and the lack of imports .. Customs strengthens the state treasury by more than 6 billion dinars

13th June, 2020
The General Authority of Customs announced, on Saturday, its total revenues achieved during the past three days, which amounted to more than (6) billion and a half billion dinars, despite the closure of most border ports due to the Corona pandemic.

The authority stated in a statement that Mawazine News received a copy of it, "In light of the difficult economic and health conditions that our dear country is passing through, its cadres working in all districts and customs centers continue to contribute effectively to help us to their people and their country, united with all challenges and work obstacles to advance their work and achieve The highest revenue is boosted by the state’s treasury billions of dinars per day.

She added, "It contributed to facilitating the entry of thousands of shipments of medicines, medical supplies and foodstuffs around the clock, day and night, and through direct efforts and follow-up by the higher management in the authority in order to facilitate the smooth flow of consignments into the country for basic and food materials, especially human medicines, to reach the consumer in light of the current crisis."

And she stressed, "her keen desire to achieve more revenues to support the state treasury and contribute to stand in the face of the financial hardship that the country is going through."   LINK

MilitiaMan:  Here we go.. The customs are already showing promise. Right on time. imo.. ~ MM

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Don961:  A squadron of US F-35 fighters arrives in the Middle East

2020.06.12 - 23:28   NAS - Draft  

The United States has sent a squadron of F-35 fighters to the Middle East to conduct reconnaissance and support ongoing combat operations in the US Army's Central Command area .  

"The 421 Squadron F-35 fighters left the Hill Air Force Base in Utah, heading to the Al-Dhafra Air Force Base in the United Arab Emirates to support the mission of the Central Command of the US Air Force in the region," the American Fox News network quoted officials of the Air Force as saying. .  

Air Force officials described the deployment as the latest in an F-35 squadron to join combat operations, and said it was the third time that this type of aircraft had been called up in less than 12 months in the Middle East.  

"Fox News" says that with the decline in combat operations against ISIS in the region and the Taliban in Afghanistan, it appears that the mission of "F-35" aircraft will be limited to training, deterrence and escorting ships.  

"However, as counterinsurgency efforts have diminished and there are no potential threats to US forces in the region, F-35s could act as a deterrent against Tehran," she added.  

It continues, "and if necessary, the destruction of Iranian ballistic missile launch sites, the strengthening of American air superiority and the destruction of nuclear weapons development facilities."  

The F-35 is distinguished by its ability to hide from radar screens and carry smart weapons, and is the most advanced in the US Air Force and the world.  

This type of aircraft, which belongs to the fifth generation of fighters, also contains the best sensors among global fighters, and has the ability to monitor the enemy and jam the radars from long distances.  

The plane's sensor systems include 360-degree coverage of the battlefield and an electronic survey that allows striking ground targets without risk with great approach to them.    LINK  

MilitiaMan:  Looks like the power play on security in the ME is arriving.. Wow.. ~ MM

KTFA Members "News and Views" Saturday PM 6-13-2020

KTFA:

Samson:  End of 2020 ... Baghdad and Washington sign a strategic treaty

13th June, 2020
A security and strategic expert, Hisham Al Hashemi, expected on Saturday that Baghdad and Washington will sign a strategic treaty at the end of this year.

Al-Hashemi said: "We expect to sign an Iraqi-American strategic treaty paper, according to the dialogue that will take place in July based on the terms of the agreement concluded in 2008."

Hashemi added, "The Iraqi negotiator was able to extract from the Americans the approval of the parliamentary decision that was issued in January this year regarding the withdrawal of foreign forces from Iraq."

He stressed, "Iraq in its previous dialogues could not impose a specialized sentence and delete another except in the 2020 dialogue."   LINK

Samson:  America is looking to move the relationship with Iraq to a new stage and level that is not related to the number of troops

13th June, 2020

US State Department spokeswoman Morgan Ortigas confirmed that the strategic dialogue between the United States and Iraq is the first step towards the United States continuing to seek stability in Iraq.

She explained, according to "Sky News Arabia" that "the United States pledges to achieve a sustainable defeat for ISIS, but is looking to move the relationship to a new stage and level that is not only related to the number of forces."

Ortigas stated that "ISIS is not the only challenge in Iraq, but also Iran's evil activities." She stressed that "Washington's maximum pressure campaign against Iran is not only for nuclear weapons but for its behavior in the region." And she demanded, "We want the neighbors of Iraq and all the governments in the region to deal with Iraq as a responsible neighbor without interfering in its affairs and supporting the new prime minister and his team."

On Thursday, the US and Iraqi governments announced in a joint statement after the launch of their "strategic dialogue" that the United States "will continue to reduce" its military presence in Iraq "in the coming months."   LINK

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Samson:  Hours after the end of the "negotiations" .. America talks about an "open stay" in Iraq

10:20 - 13/06/2020

On Saturday, the US State Department praised the strategic dialogue between Baghdad and Washington, stressing its survival at the military, security, political, and commercial levels in Iraq and the start of expanding relations.

The ministry's spokesperson, Morgan Ortagius, said in an interview followed by "The Information", that her country "wants all parties and components to have representatives in the Iraqi government, adding that the United States will remain as the largest humanitarian aid provider to Iraq."

She added, “The strategic dialogue between America and Iraq was positive, and we will remain in Iraq until the elimination of ISIS ," without specifying a period for withdrawal.

"We are satisfied, and there is no doubt that the strategic dialogue between the United States of America and Iraq is just a first step, and this step is very positive, and we see it as a way to deepen bilateral relations with Iraq."    LINK

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Pattycakes77:  Iraq is playing games at this point. They need to bring Vietnam to the front line  

Bambi:  I believe our Appointed President Donald Trump is rolling out this MR in Iraq just as planned. NO GAMES! The timing is part of the Plan. The confusion is part of the Plan in this end game we are watching unfold right before our eyes.

GodLover:  The ISX has yet to update another closure per their site imo. I am really hoping I will be wrong on them resuming trading next week at the pr imo. I would be really encouraged if they are closed for another week or two, since I am convinced other things need accomplished prior to a rate change imo. 

As I had stated previous....the Kurds are still an issue. They are to meet next week (per articles) & can hopefully finally get things officially resolved for good imo. I also believe the 2020 budget cannot be sent without this being resolved imo.

Also the mentioned "reform papers" per articles that are required to accompany the 2020 budget, I find that very interesting imo. We also know that they are "planning" on sending the 2020 budget by the end of this month per articles imo.

Samson:  Parliament sets internal borrowing at 40 trillion dinars, and external at 5 billion

13th June, 2020
The House of Representatives intends to vote on a resolution setting internal borrowing at 40 trillion dinars and externa at 5 billion dollars.

Committee member Ahmed Al-Saffar said, "Any deductions from the employees' salaries must be by law that is voted upon in the parliament." He added that "the financial committee met with the ministers of finance and planning, the governor of the central bank, the undersecretaries of the two ministries and advisors in order to find solutions to the financial crisis and to discuss the internal and external borrowing law of the government."

He revealed, "The close to voting on a draft resolution within the House of Representatives that includes limiting external borrowing to (5 billion dollars) and internal (40 trillion dinars) from local banks and the central bank."

He pointed out that "there is a condition that obliges the government, after voting on the draft resolution in the House of Representatives, which is to submit after 60 days a reform paper that works towards a fundamental change in the budget items and non-oil revenues."   LINK

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Samson:  World Bank's Neman: 'Critical Time' as Iraq

13th June, 2020

After months of anti-government protests and political uncertainty, Iraq is now grappling with its worst fiscal crisis in decades.

The country's economy and state budget are heavily reliant on oil income, and have been hit hard by the sharp decline in global oil prices.

The World Bank has projected Iraq's GDP to contract by 9.7 percent, with the fiscal deficit expected to reach almost 30 percent of GDP.  Iraq's newly appointed government, led by Mustafa al-Kadhimi, is now faced with a challenging task of implementing long-overdue structural reforms, such as reducing public sector employment while also keeping popular unrest at bay.

But what are the root causes of the current economic crisis and what needs to be done to tackle it? And how can the new government overcome entrenched political interests that oppose reform while also winning over a public that has lost all trust in the political establishment?

Ramzi Neman, the World Bank's special representative to Iraq, talks to Al Jazeera : 

25 MIN LONG VIDEO IN ENGLISH   LINK

HoosierGirl:  Well well well, as he states (about the 19 min mark) The Kuwait Conference (the one that was such a big deal and resulted in 30 billion in potential contracts) "what happened after that unfortunately was not followed up properly".  In other words - Iraq didn't follow thru on their MONETARY REFORM - REINSTATEMENT!!!  I haven't listened to it all word for word, but skimmed thru it and this did catch my attention! 

MilitiaMan:  Well as we can see that this is about concerns, but, keep in mind they are being met, imo.. They have been working on alternatives and now is the time to implement those that will support the country into a new market economy. An all new Iraq from the foundation up.. imo ~ MM

MilitiaMan:  I watched it and we are seeing his view unfold in respect to going to a market economy.. The money may vry well be still available. A bit vague yet was promising. Good video. Those that have had a rough go of the study may find peace in knowing that the WB was aware of the ebb and flow for varying reasons to as why reforms were not fully finished, yet. ! They driver of the bus has his foot on the accelerator!!! Just look what the PM has said!! ~ MM

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Samson:  The central bank will pump 30 million dollars into the market, enough for a week in Lebanon

13th June, 2020

The Syndicate of Money Changers in Lebanon announced that the central bank will pump 30 million dollars into the market, which could be enough for a week, in implementation of the agreement reached with the government to curb the high price of the dollar.

The Syndicate of Money Changers, according to what our correspondent in Beirut reported, that the cashiers will sell the dollars that the Central Bank provides to importers, provided that the presentation of official papers is shown, noting that the $ 30 million is sufficient for one week. The union announced in a statement today, the price of the US dollar exchange rate against the Lebanese pound for Saturday and Sunday, buying at a price of 3890 a minimum, and selling at a price of 3940 a maximum.

The protests erupted yesterday, for the second day in a row, in several Lebanese cities after the collapse of the lira, which lost about 70% of its value since last October, when Lebanon sank into a financial crisis that exacerbated the living conditions. The lira appeared to hold on Friday after the government announced that the central bank would pump dollars into the market.

However, as the night fell, the demonstrators threw fireworks and stones at the security forces in central Beirut and the city of Tripoli in the north, and the police responded by firing tear gas and rubber bullets to repel them, in the second night of unrest. 

The unrest comes as Beirut talks with the International Monetary Fund about a reform program in which it hopes to get billions of dollars in funding from the fund to get its economy back on track.

The financial crisis in Lebanon, which was aggravated by decades of corruption and waste, caused food prices and unemployment to rise, and imposed capital restrictions that prevented the Lebanese from obtaining their savings in foreign currencies.   LINK

Samson:  The lira is setting fire to the Lebanese street ... The disastrous economic conditions are causing anger

14th June, 2020

The situation in Lebanon has increased in complexity day after day, and the economic and financial crisis has gone from bad to worse, with the exchange rate of the dollar against the Lebanese pound crossing the threshold of 6,500 in the black market during the past two days, with a decrease in the purchasing value of the Lebanese due to the crazy rise in consumer prices, which led to a tumultuous night witnessed The country was marked by clashes and riots between demonstrators, riot police and the Lebanese army as part of ongoing protests to condemn the collapse of the lira and the deterioration of the living situation in the country despite the decision of the Hassan Diab government to pump the dollar to curb the decline in the local currency exchange rate and stop the economic collapse.

The collapse of the lira

After the lira collapsed and lost about 70% of its value since last October, when the country plunged into a financial crisis that exacerbated the living conditions, citizens were forced to demonstrate and protest in protest at the conditions the country is going through after the collapse of the lira, the protest and the protest that amounted to cutting off the roads that the army opened to open it Which led to clashes between the two parties in front of the headquarters of the Central Bank in the capital, Beirut.

Although the lira held on Friday after the government announced that the central bank would pump the dollar into the market on Monday, but the demonstrators returned at nightfall, and they threw security forces with fireworks and stones in central Beirut and the city of Tripoli in the north, and the police responded by firing tear gas and rubber bullets to repel them. .

IMF talks

Beirut is in talks with the International Monetary Fund on a reform program in which it hopes to obtain billions of dollars in financing and return its economy to the right path, after the crisis caused food prices and unemployment to rise and impose capital restrictions that prevented the Lebanese from obtaining their savings in foreign currencies.

And the exchange rate touched the threshold of five thousand pounds against the dollar, while local media reported at night that the price exceeded six thousand, despite the exchange union setting the daily exchange rate by about four thousand, while the official price remains fixed at 1507 pounds.

The Cabinet asked the security services to "strictly crack down on all violations and refer them immediately to the appropriate judicial references", coinciding with the announcement by the General Security of the arrest of five people who carry out money exchange operations on the black market.

Huge losses

Economic sources reported that several companies and institutions stopped delivering goods for fear of the Lebanese pound recording additional collapse, which reflects a loss in the companies ’capital, and international reports and research had estimated that about a million Lebanese would be without jobs and salaries in the second half of this year.  LINK

"Vietnam News" Posted by Samson Friday 6-12-2020

KTFA:

Samson:  Vietnam : Central bank plans to pilot fintech regulatory sandbox

6th June, 2020

The State Bank of Việt Nam is planning to pilot a regulatory sandbox which would allow fintech companies to participate in providing some banking services starting from 2021.

The seven sectors fintech would participate in within the sandbox were payment, credit, peer-to-peer lending, customer identification support, open application programming interface (open API), tech-based solutions and other banking support services, according to the draft decree which the central bank made public for comment this week.

The central bank said that there was a lack of a legal framework to regulate the operation of fintech companies in Việt Nam, which created risks such as financial exclusion, security and data breach, money laundering and financing of terrorism, high intermediary fee and lack of transparency.

Meanwhile, fintech is developing rapidly in Việt Nam.

The central bank said that the past three years saw a rapid increase in the number of fintech start-ups, from 40 in 2016 to more than 150 currently. Of them, 34 operate in payment, 40 in P2P lending while others provided banking support services without directly collecting fees on end-users. More than 80 per cent of fintech companies in Việt Nam had operation related to banks.

The fintech sector also attracted significant attention of tech giants in Việt Nam like FPT, Viettel and VNPT through the foundation of fintech solution companies, investment funds and incubators to support fintech start-ups.

The central bank cited United Overseas Bank’s Fintech in Asean – From Start-up to Scale up Report 2019 that Việt Nam saw an investment inflow worth US$400 million into fintech last year, accounting for 36 per cent of the total investment poured in fintech in ASEAN and ranking second in ASEAN, only after Singapore. The rapid scale-up and operation expansion of fintech companies could have negative impacts on the stability of the financial and banking system, the central bank stressed.

The participation of Uber and Grab in the transportation market of Việt Nam was an apparent lesson for the financial and banking sector about how to respond to the rapid development of technology, the central bank said.

It was necessary for Việt Nam to have a legal framework for the operation of fintech companies amid Industry 4.0 and the country’s rapid international integration, the central bank said, adding that if the management agency was not active in monitoring the development of fintech from the early stage, their out-of-control development might pose threats to financial and banking stabilities.

The central bank’s task was to promote innovations in the banking sector, at the same time, ensure the financial safety and stability and promote economic growth. The central bank said that a regulatory sandbox would be suitable in the early stage before the issuance of the official legal framework. The decree was expected to be submitted to the Government for approval this month.

The central bank planned to allow banks and fintech companies to apply for the participation in the sandbox from 2021 and the sandbox would be piloted in one or two years, depending on each field.

LINK

Samson:  Vietnam : Digital economy hoped to make up 20% of Việt Nam's GDP by 2025

9th June, 2020
A customer services centre which provides information and guidelines for customers to use online services of the electricity sector

Prime Minister Nguyễn Xuân Phúc has given the green light to a new digital programme to increase economic growth over the next five years.   The plan is to develop a digital government, economy, and society and create digital technology businesses capable of extending their reach to the world. It is hoped this will account for 20 per cent of the country’s GDP by 2025 and at least 10 per cent of each sector.

Việt Nam also expects to be among the top 50 countries in the ICT Development Index and the Global Competitiveness Index, and one of the 35 leading countries in the Global Innovation Index (GII).

Eighty per cent of online public services at Level 4 – the highest level where every procedures from submitting information to payment will be fully available on the internet – will be provided via different devices, including mobile devices, while 90 per cent of dossiers submitted at the ministerial and provincial levels, 80 per cent of those at the district level, and 60 per cent of those at the communal level will be handled online by 2025.

All national databases that create the foundation for e-government development, including those on population, land, business registration, finance, and insurance, will be completed, connected, and shared nationwide. It is hoped this will help secure one of the top 70 positions in the E-Government Development Index (EGDI) over the next five years.

All Level 4 online public services will be available via multiple devices by 2030, which is also the deadline for all dossiers at the ministerial and provincial levels, 90 per cent of those at the district level, and 70 per cent of those at the communal level to be resolved online. The country is also looking to secure a place among the top 35 in the EGDI rankings over the next decade.

In the national programme, Việt Nam also plans to universalise broadband internet and 5G services, have over 80 per cent of its population using e-payment accounts, and become one of the top 30 countries in the Global Cybersecurity Index.   LINK

Samson:  PM welcomes energy giant Exxon Mobil’s investment in Việt Nam

12th June, 2020

Việt Nam welcomed the world’s energy giant Exxon Mobile’s plans of investing in Việt Nam, Prime Minister Nguyễn Xuân Phúc told president of Exxon Mobil LNG Market Development Inc Irtiza Sayyed during a phone conversation on Thursday.

He said Việt Nam was among countries that were able to contain the COVID-19 pandemic early and was striving to seize the opportunity for development. During the process, the country had great demand for power, so the Vietnamese Government welcomed Exxon Mobil’s investment in a complex of ports, LNG storage facilities and LNG-fuelled power plants using advanced technology in the northern port city of Hải Phòng.

Exxon Mobil was exploring the possibility of investing in new projects to develop LNG-to-power plants in Việt Nam, including a 4,000MW LNG-to-power plant in Hải Phòng which could start generating power between 2025 and 2030 and a 3,000MW gas-fired power complex in the Mekong Delta province of Long An.

The PM said the former project would help boost the development of not only Hải Phòng but also the entire northern key economic zone. Regarding the latter, Exxon Mobil would ensure stable LNG supply for the power complex imported from the US and other countries. The import of LNG from the US would contribute to a more harmonious trade balance between Việt Nam and the US, Phúc said.

Sayyed praised Việt Nam for containing the COVID-19 pandemic with effective measures, which he said would create a safe and reliable environment for international investment and trade in the country.

LINK

KTFA Members "News and Views" Thursday PM 6-11-2020

KTFA:

Happiness:  Hello everyone, maybe I missed it, but, what happened to the HCL ??? I thought Frank said they were bringing it to Bagdad today. Any word on that??

Zeeman:  i was also wonder about the  hcl and 140 i quess they  are using a  fedex camel to deliver the papers. btw how bad does iraq really need the funding since they are coming up with all kind of ideas but the right one IMO

Power4445:  I was wondering the same thing. Seems they are thinking about trying everything else but reinstating. Reducing salaries, talking to the world bank about borrowing, devaluing the dinar, etc. I hope it’s all a smokescreen.  IMO

Zeeman:  Their could be the possibilty they do not want this  since the politicans would lose a ton of money due to all the stealing that goes on as well as it is not in the best interests of iran….all of this is in my own opinion

Samson:  Next week .. A high-ranking Kurdish delegation headed by Talabani visits Baghdad

11th June 2020

The office of the Deputy President of the Kurdistan Regional Government, Qubad Talabani, announced today, Thursday, that a high-level Kurdish delegation will head to the capital, Baghdad, next week

"The delegation will be headed by Talabani and will go to Baghdad next week, in order to resume dialogues with the federal government on the outstanding problems between the two sides," said spokesman for the office, Samir Hawrami, according to Kurdish media

He added, "The negotiating delegation held several rounds of dialogue with the previous government, and will go to Baghdad to complete the dialogues with the new government," stressing "there is a good intention to agree on both sides

It is noteworthy that the Kurdish delegation visited the capital Baghdad several times, and the agreement was agreed in principle between the region and the center on several files, including the delivery of the region's oil, oil imports and salaries of Kurdistan employees   LINK

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Clare:  PLEASE, TAKE NOTE- SCHEDULE CHANGE

FROM FRANK:FAMILY ............... WE WILL DO MONDAY CC ON
SUNDAY NIGHT (6/14) ............

I HAVE TO TRAVEL FOR TWO DAYS TO MEET SOME DOCTORS .................. I WILL TELL THE THREE AND PREPARE THEM WITH MORE ..............FOR YOU ..........  TY.......FRANK26 

PattyCakes77:  This question is for anyone. My husband wants to know what day of the week the Kuwaiti dinar went. Thanks

DinarDiva1:  Patty cakes- Sunday March 24,1991

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Samson:  Loaded with different materials ... Transport announces the reception of 11 ships within three days 

Today, Thursday, the Ministry of Transport announced the reception of 11 ships loaded with food, construction, electrical and agricultural materials within three days

The ministry stated in a statement, "Within the activity of the Iraqi ports, the docks of Umm Qasr Al Shamali and Al Janoubi ports receive (11) ships as part of the navigation operations and sea owners in coordination with the port administration within three days

The statement added, "The ships are loaded with loads of various types of food, construction, electrical, agricultural, and other materials  LINK

Salcorta:  Seems like the new rate would bring much needed value to Iraq!~

MilitiaMan:  It seems you will be right. They didn't just send 11 ships from around the world with the knowledge that Taxes and Tariffs are adjusting by 07/01/2020 with out some sort of disclosure, assurances, insurance, exchange rate, etc.. The leaks (news) in the Hull of Iraq are showing there is change coming.. The new foundation is about to be set in stone for the people to see.. The NEW IRAQ is about to be Born.. NSCNs will be that foundation.. imo.. ~ MM 

Don961:  Watch a government consultant explain the package of reforms in the new and Kazemii decision, shocked by the higher salaries ... Are we past the stage of danger?

2020-06-10  Yassin Iraq: Baghdad

The Adviser to the Prime Minister, Hisham Dawood, said that the Council of Ministers voted on the project of Finance Minister Ali Allawi for economic and financial reform in Iraq, indicating that this project was officially turned into a decision.

Dawood mentioned that Iraq is going through a financial crisis and oil prices are unstable and even at its current price is not sufficient to pay salaries and therefore there is no option but economic and financial reform.

He added, the deduction will include the salaries of high-ranking employees, which is not a large deduction, but the maximum thing is 10 percent.

He continued, We inherited a very flaccid state and among the employees and retirees, who number approximately 6 million people, and these are waiting for a monthly salary from the state and our income is only oil and we do not have national production at the level.

And the decision also included a package of reforms to facilitate the work of the local market, reduce pressure on the local market, encourage investment and attract capitals from abroad.

(VIDEO LINK - ADVISER - APPROX. 25 MINUTES)

Al-Kazemi is shocked by the salaries

The Prime Minister, Mustafa Al-Kazemi, said that the current stage is not a period of austerity, but rather a challenging stage, stressing that there are pensions amounting to 18 million dinars, and this is unreasonable.

Al-Kazefi said in a speech opening the cabinet session yesterday: “A reasonable person looks forward to retirement in the state, and his retirement is 8, 12, and 18 million dinars.” He asked: “What law accepts this?”

And he added: "We must be fair, and we have a sense of people, and feel their pain, we should not forget ourselves."

Al-Kazemi added: "Today we are not in a period of austerity, but rather a phase of greater challenge than austerity, and we have no choice."

He continued: "There will be no harm to the families of the martyrs. People did not understand the paper, and interpreted it in their own way. ”, Referring to the reform paper presented, and the government still did not approve it.

(VIDEO LINK - KHADIMI - 2+ MINUTES)

Ali Allawi worried about the crisis

The Minister of Finance, Ali Abdul Amir Allawi, revealed the day before yesterday, Monday, the size of the deficit in the revenues of this year, compared to the sums the state needs to secure salaries, while it revealed several ways, he said that the government will resort to to solve the financial crisis.

Allawi said during a press conference, held in Baghdad, after the end of the special cabinet session, that "the accumulations of wrong policies since 2003 to this day have led to real problems in the economic infrastructure of Iraq," noting that previous governments did not face the economic side with the required seriousness ”

He added that "we are now working to confront these accumulations and solve them through the cooperation of all to cross this economic crisis and enter a new economic space."

And that "the economic crisis occurred because of the decline in oil revenues very low, and even after the relative rise, the government will import 3 trillion dinars during one month."

Allawi pointed out that "the expenses of the state during each month amount to 7 trillion dinars, and that the deficit that occurs during each month is 5 trillion and we are working to find a way to provide it."

He expected, Minister of Finance, that "oil prices rise in the next stage, but this rise cannot cover the deficit in the budget."

He pointed out that "Iraq suffers from three basic problems, the most prominent of which is the financial crisis that occurs and how to deal with it without affecting the middle classes of income and the poor." Processed. ”

(VIDEO LINK - ADVISER 3+ MINUTES)   LINK

MilitiaMan:  This was yesterdays news which collaborates the Clip above. Those ships heading into port are for to bring foreign capital, etc. They'll have to be taxed accordingly.. The NEW ECONOMIC SPACE will require it.  The SFAs are underway about economics. The DECISIONS made require adjustments by 07/01/2020.. Not on but by.

The ISX has been delayed for that they too await the reforms to be announced, and the decisions made are being rolled out now publicly. imo Will they delay again the ISX? Don't know. We do know that the SFA meeting is again for tomorrow (a Friday, holy day.), nothing Saturday or Sunday. But the ISX is scheduled for that day.. Then SFA again for Monday... Interesting that they have Monday scheduled? imo A Signing and Photo- op? We shall see..

Note: They do say PROCESSED... As in DONE!!! ~ imo ~ ..~ MM (smile)

Popeye7:  Man, it is looking as though there is an end date to this... This weekend could prove to be very enlightening IMO...

Samson:  A few hours before its launch ... a quick reading of an upcoming dialogue between Iraq and America

11th June, 2020

After months of missile attacks and the coldest relations between the two countries, Iraq and the United States on Thursday return to the table of talks with the allies' tendency to dialogue, but with a limited margin of maneuver

The opportunity appears favorable today with the arrival of former Iraqi intelligence chief Mustafa Al-Kazemi, who is known for his good relations with the Americans and their Arab allies, to head the government, as well as the retreat of the pro-Iranian factions until this moment but the dialogue, which will begin Thursday at 13:00 GMT, via closed-circuit video because of the Covid -19 epidemic, is only the beginning of a long process without any fundamental change in perspective, according to experts and officials

The Kurdistan Region will also participate in this dialogue through Fawzi Hariri, head of the region's Presidency Office. Senior officials of the two countries will together define the main topics that will then be entrusted to committees for long-term discussions

-  "Right people, at the right time" -

Robert Ford says of the Middle East Institute that he "will not be redefined between US - Iraqi entire overnight relations but, the former US diplomat, who participated himself in adding "strategic dialogue" last year between the two parties in 2008, "the first time there right people in the right place at the right time

In 2008, the United States had set conditions for its departure after the invasion of Iraq. Since then, US forces have returned, but with much less, in the context of the Washington-led coalition against the Islamic State. After more than two and a half years of "victory" over the Islamic State, and in addition to the issues of economy or cultural exchange, thousands of American soldiers in Iraq will be the main topic again

After about 30 missile attacks against American interests, and Washington's assassination of Iranian General Qassem Soleimani and Deputy Chairman of the Iraqi Popular Mobilization Organization, Abu Mahdi al-Muhandis, anti-American sentiment increased again

Shiite lawmakers in the Iraqi parliament voted to end the presence of foreign forces in the country, and Washington threatened to strike dozens of sites belonging to the armed factions but Al-Kazimi's mandate to form a fundamentally unbalanced government. The man took the reins of a country in the midst of an economic crisis and demanded justice for the 550 protesters killed in the crackdown on an unprecedented protest movement

His predecessor, Adel Abdul-Mahdi, did not succeed in obtaining an invitation to visit Washington during more than a year in power, but Al-Kazemi, who assumed his duties for several months, received an invitation to the White House this year, according to two government officials confirmed to AFP

- International Alliance subject to the American decision -

One official asserts that "there was a problem of trust with the old government, now things have changed

In this climate, all issues will be discussed Thursday, and above all, the issue of American soldiers

A senior official questioned the US alliance "will we be able to fly planes, unmanned surveillance? Is what the Iraqis still want our information?", Especially with the survival of the coalition forces in three Iraqi bases now, compared to 12 previously

According to an Iraqi official told AFP, "We have no details yet about the number of soldiers, but the US proposal mentions + reduce the number of troops + nevertheless, a significant reduction appears to be highly unlikely, as the jihadist threat remains, as you see other coalition countries that are not a party to the US-Iraqi dialogue

One of the diplomats told France Press that "non-Americans in the coalition will remain in Iraq only if the Americans remain.  If Iran's allies are not invited to dialogue, they are closely watched

Ahmed al-Asadi, a spokesman for the parliamentary faction bloc, asserts that the Americans have been given six months to leave the country

- the economy " problem number 1" -

Once again, two missiles fell on Monday and Wednesday evening, one near Baghdad International Airport, where American soldiers are stationed, and another in the Green Zone, where the US embassy is located, in what appeared to be a reminder but the tone today is less aggressive. The Hezbollah Brigades, the most pro-Iranian faction, has announced that it will not issue a position until after Thursday's meeting

 This retreat (of the factions ) gives Al-Kazimi and the Americans more room to maneuver," Ford says but the economy remains the number one issue for Iraq, which has been struck by a collapse in oil prices and may soon be able to pay the salaries of eight million government and retired employees

In the long term, "strategic dialogue" can secure US contracts in the area of ​​construction and energy and push for aid from the Gulf or the World Bank but Ford asserts that "Washington cannot give money, but it can only offer not to apply its sanctions" that may deprive Iraq of its Iranian energy supplier, and that " does not solve the first problem of Al-Kazemi  LINK

KTFA Members "News and Views" Wednesday PM 6-10-2020

KTFA:

Frometad:  Are the talks between Iraq and the American delegation happening tomorrow?  

KBC123:  As I understand it the US Delegation will show up tomorrow and the "joint ventures" between Iraq and the US will start to be made public tomorrow and in the days following....

Suzie:  We've had a lot of information and "hopium" in the last 30 days right up til' now and if all these countries are anxious to go to the prom "with the prettiest girl", isn't it about time she put's on her make up??  Just sayin'... and Pompeo told em' get this done by the 15th and the US will help them including financially.  It seems to me if they RV they'd be helping us!  All of this is just MY OPINION.

Iggy:  and we will be helping them get their 000's back. and i am starting to believe they will be getting them back for something other than oil...imo

Samson:  Al-Kazemi reveals the first elements of the upcoming dialogue with Washington

10th June, 2020

Prime Minister Mustafa al-Kazimi revealed, on Wednesday, the first elements of the upcoming dialogue between Iraq and the United States of America, while he confirmed and stated the media office of the Prime Minister in a statement received / Mawazine News / a copy of it, that "Al-Kazimi held a meeting with a number of Representatives of the tribes and dignitaries of the governorate of Nineveh, on the sidelines of his visit to the city of Mosul, on the occasion of the sixth anniversary of its occupation by ISIS terrorist gangs.

Al-Kazimi emphasized that "Mosul, Al-Hadba represents civilization and human history and heritage, and it was subjected to the terror of ISIS gangs, and it was liberated after the blood of all Iraqis mixed in a heroic epic that is proud of." He stressed, "The importance of coexistence and diversity in the province of Nineveh, and considered it an advantage and an element of strength for it," stressing that "Nineveh will rise and flourish with the solidarity of its children from all sects and ethnicities." 

He pointed out, "The challenges facing the government in the current stage, as it mobilizes all its efforts to face the Corona pandemic, in light of a financial crisis caused by the collapse of world oil prices," noting that "the government inherited a heavy legacy and received an empty budget, as a result of poor planning and total dependence. On oil, and he stressed that there are opportunities for success to build a citizenship state."

He revealed, "The forthcoming dialogue with the United States of America will be the first component of the dialogue, which is sovereignty and the interests of the country." He indicated, "The citizen is the legitimate ruler, and should not be disturbed by all his demands, but rather strive to achieve them," promising representatives of the tribes and dignitaries of the governorate of Nineveh, "to hold a session of the Council of Ministers in the city of Mosul, devoted to discussing their conditions and taking decisions on them."    LINK

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Don961:  Trump's advisor: Iraq has asked the World Bank for financial assistance and Washington will help it in that

Policy 09/20/2020 22:26 2354    Baghdad today - Baghdad

Gabriel Somma, a member of the advisory office, revealed to President Donald Trump, today, Tuesday, that Iraq submitted a request to the World Bank for financial assistance, while noting that Washington will work to achieve this.

Soma said in his speech to the program  (Shortest Roads) , which is presented by Dr. Nabil Jassem on the Sharqiya channel , that "Iraq asked the World Bank for financial assistance and the United States is a major contributor to the World Bank and will help it in that, because the reputation of Iraq in financial terms is very good."

He added, "Washington wants to know what the Iraqi government wants from it. Will it decide to leave the American forces or keep them with a formula of understanding and specific roles?"
He pointed out that "Iranian influence in Iraq threatens the security of Iraq, and the threat of ISIS still exists with 10,000 ISIS elements, and there is a threat to Iraq by militias that receive money, weapons and orders from Iran.

"And he stated, "At the present time, I do not think that there is a trend towards the exit of American forces from Iraq, because of the danger of ISIS in the region."   linjk  

MilitiaMan:  Let’s not forget the timing of this as today and tomorrow there is SFA on the table, and subsequent meetings thereafter. The above suggests that by the USA being a major contributor of the World Bank the USA has significant clout if you will to help Iraq with financial assistance.

Let’s remember the agreement the CBI has with the World Bank that was noted on the CBIs  website a few weeks ago during the time when the CBI was up and down on the internet. The article was only up for a very short period of time on one day. I have not seen is again since.. The article reflected an agreement between the World Bank and the CBI. The agreement was for the World Bank to have a managerial relationship with regard to the CBIs assets.

Money is an asset, bonds are assets, gold and precious metals are assets, in ground commodities are all assets, etc.. They’ll need management and the expertise that comes from the World Bank. Managing assets under the guise of USA protection from terrorists is a fairly big stick to yield.

Having upwards of 10,000 ISIS elements IS SERIOUS!! It requires help and the USA can help with that and from the looks of all the countries that showed up, it appears safe to say the new PM has had negotiations and now the dialogue in respect to the problem solving begins. 

The countries wouldn’t be showing up if there were not an agreement(s) that was/were satisfactory to them all prior to showing up, in that the USA was not going any were soon to give pause for them to pour in with that many elements running around..

They suggest that Iraq has a good reputation regarding finance? Well the CBI has had awards and Alak has been tapped to go to the AMF as head honcho!! Lol They have maintained inflation to a large degree quite well. So by that, we could agree..

To that point about finance the tools used to support the IQD / USD exchange rate to be maintained within 2% real close for long periods of time shows that with the tools that have been used and the help of the World Bank to manage Iraq’s assets now and into the future shows that the foundation is finished and the final asset will be placed for all to see! A new bright and shiny IQD!!

Exiting times we are in watching the birth of a new currency to Global Markets be born.. let’s make sure there are plenty of cigars to pass around right? Lol imo ~ MM 

Pattycakes77:  I thought i share this. I buy dinar from a service here in Vancouver and when i went to buy dinar yesterday i was told that they were given special instruction to stop selling the iraqi dinar. I asked why and he couldn't tell me, he just smiled. I hope this is in line with what we are leading into. Hoping this weekend we see fireworks.  

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Don961:  Watch a government consultant explain the package of reforms in the new and Kazemii decision, shocked by the higher salaries ... Are we past the stage of danger?

2020-06-10  Yassin Iraq: Baghdad

The Adviser to the Prime Minister, Hisham Dawood, said that the Council of Ministers voted on the project of Finance Minister Ali Allawi for economic and financial reform in Iraq, indicating that this project was officially turned into a decision.

Dawood mentioned that Iraq is going through a financial crisis and oil prices are unstable and even at its current price is not sufficient to pay salaries and therefore there is no option but economic and financial reform.

He added, the deduction will include the salaries of high-ranking employees, which is not a large deduction, but the maximum thing is 10 percent.

He continued, We inherited a very flaccid state and among the employees and retirees, who number approximately 6 million people, and these are waiting for a monthly salary from the state and our income is only oil and we do not have national production at the level.

And the decision also included a package of reforms to facilitate the work of the local market, reduce pressure on the local market, encourage investment and attract capitals from abroad.

(VIDEO LINK - ADVISER - APPROX. 25 MINUTES)

Al-Kazemi is shocked by the salaries

The Prime Minister, Mustafa Al-Kazemi, said that the current stage is not a period of austerity, but rather a challenging stage, stressing that there are pensions amounting to 18 million dinars, and this is unreasonable.

Al-Kazefi said in a speech opening the cabinet session yesterday: “A reasonable person looks forward to retirement in the state, and his retirement is 8, 12, and 18 million dinars.” He asked: “What law accepts this?”

And he added: "We must be fair, and we have a sense of people, and feel their pain, we should not forget ourselves."

Al-Kazemi added: "Today we are not in a period of austerity, but rather a phase of greater challenge than austerity, and we have no choice."

He continued: "There will be no harm to the families of the martyrs. People did not understand the paper, and interpreted it in their own way. ”, Referring to the reform paper presented, and the government still did not approve it.

(VIDEO LINK - KHADIMI - 2+ MINUTES)

Ali Allawi worried about the crisis

The Minister of Finance, Ali Abdul Amir Allawi, revealed the day before yesterday, Monday, the size of the deficit in the revenues of this year, compared to the sums the state needs to secure salaries, while it revealed several ways, he said that the government will resort to to solve the financial crisis.

Allawi said during a press conference, held in Baghdad, after the end of the special cabinet session, that "the accumulations of wrong policies since 2003 to this day have led to real problems in the economic infrastructure of Iraq," noting that previous governments did not face the economic side with the required seriousness ”

He added that "we are now working to confront these accumulations and solve them through the cooperation of all to cross this economic crisis and enter a new economic space."

And that "the economic crisis occurred because of the decline in oil revenues very low, and even after the relative rise, the government will import 3 trillion dinars during one month."

Allawi pointed out that "the expenses of the state during each month amount to 7 trillion dinars, and that the deficit that occurs during each month is 5 trillion and we are working to find a way to provide it."

He expected, Minister of Finance, that "oil prices rise in the next stage, but this rise cannot cover the deficit in the budget."

He pointed out that "Iraq suffers from three basic problems, the most prominent of which is the financial crisis that occurs and how to deal with it without affecting the middle classes of income and the poor." Processed. ”

(VIDEO LINK - ADVISER 3+ MINUTES)   LINK

GodLover:  Beautiful, profound article imo. Official decision made per article……… they see the dire situation & hopefully they will implement asap imo

Don961:  A second earthquake hits the Iranian south is stronger than the first that shook Fares Province

2020.06.09 - 20:54  Baghdad - people   

An earthquake measuring 5.1 on the Richter scale hit Tuesday evening in the Perm region of the city of Laristan in Fars Province, southern Iran.  

"This accident occurred 26 km from the city of Perm, 26 km from the city of Khonj and 40 km from the city of loaded in the southern province of Fars, and at a depth of 11 km from the surface of the earth," Fars news agency quoted the Seismological Center of the Iranian Geophysics Foundation as saying. .  

In a related context, Assistant Governor of Fares Jalil Hosni confirmed that "so far there have been no reports of any loss of life as a result of this accident, and that financial damage is currently being evaluated."  

A second earthquake measuring 5.7 on the Richter scale hit Fars, southern Iran, on Tuesday evening.  

The earthquake struck the Perm district of the Larstan District in southern Fars Province at 21:48 minutes today, Tuesday.  

"The epicenter of this earthquake was at a depth of 10 kilometers from the surface of the earth," said the Seismological Institute of Tehran University.  LINK

Recent "Vietnam News" in June Posted 6-10-2020

KTFA:

Samson:  US is Vietnam’s biggest export market in Jan-May

1st June 2020

The US was Việt Nam’s leading export market in the first five months of the year, despite a slight decrease in total export turnover.

Việt Nam's total export and import turnover in the first five months was US$196.84 billion, a 2.8 per cent drop year-on-year, according to the General Department of Statistics.

Total export turnover was $99.36 billion, a yearly drop of 1.7 per cent, while imports reached $97.48 billion, down 4 per cent year-on-year.  

COVID-19 has affected Việt Nam’s main trading partners, hampering exports and imports, according to the department.

However, the US was Việt Nam’s largest export market in the period with export turnover of $24.6 billion, an 8.2 per cent increase compared to last year.

Last year, the US had one of the highest export growth rates compared to Việt Nam's other export markets, with a 29.1 per cent increase in export growth compared to 2018, accounting for 23.2 per cent of Việt Nam’s total exports.

Meanwhile, import turnover of fruits and vegetable from the US in the first four months was over $102.1 million, a 44 per cent increase from 2019, even though overall produce imports dropped by 42 per cent.

Vietnamese exports reached $16.3 billion in China, $8.1 billion in Japan, and $7.7 billion in South Korea.

In the five-month period, 17 product groups reached over $1 billion worth of export valuer each, including phones and components, electronics, garment and textiles, machinery, footwear, and vehicles.

Those with declining turnover were telephones and components (9 per cent), textiles (15 per cent), footwear (5 per cent), fruit and vegetables (10 per cent), rubber (30 per cent), and pepper (18 per cent).  LINK

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Samson:  More Vietnamese consumers set to use cashless payments: Visa country chief

2nd June 2020
Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos

Cashless payments in Việt Nam is now strongly development. Đặng Tuyết Dung, Visa Country Manager for Việt Nam and Laos,speaks about the trend and the benefits cashless payments bring to merchants and consumers.

What is the status of non-cashpayments in Việt Nam now?

Digital payments in Việt Nam, while relatively new, is gaining strong attraction in the market as a number of different statistics show.

Firstly, according to our advanced global processing network, VisaNet, the value of transactions done using Visa cards in Việt Nam increased by 39 per cent in 2019, while the number of transactions grew by 54 per cent. Overall, people are using their Visa cards more often, and they’re using them to spend more, all of which are fundamentally positive trends.

Recently, we commissioned the Visa Consumer Payment Attitudes study, which surveyed a broad demographic mix of consumers across the country on their perspectives and expectations of a variety of different payment methods.

One of the standout statistics from the study was that 74 per cent of consumers expect to increase their use of non-cash payment methods in the next 12 months. We also did this survey in several other Southeast Asian markets, and Việt Nam actually had the highest affirmative response to this question. Again, this demonstrates a very real sense of positivity and interest around digital payments in this market.

Contactless is one of the next ‘big things’ in digital payments. How are consumers taking to this new technology?

Contactless payments is a new technology that allows you to simply tap your Visa card, or your smartphone or smart device, on a terminal to pay, rather than swipe or insert a card. It is based on secure chip technology; contactless cards have a tiny antenna which can be read by POS terminals when they are within 4cm. During this process, the card never needs to leave your hand, and it is extremely fast: POS terminals can typically read a contactless card or device in less than half a second. Consumers in Việt Nam are starting to embrace contactless payments as a fast, secure and more convenient way to pay.

The study found that 37 per cent of respondents were using contactless payment cards while, interestingly, even more are using mobile contactless payments: 42 per cent. The vast majority of those already using contactless payment methods have found that they are becoming a regular payment method in their lives, with 85 per cent using them at least once a week.

What benefits are there for merchants to accept digital payments?

I think, first and foremost, by accepting digital payments merchants are opening up their businesses to potential customers from all around the world. Put it this way: I think we can all relate to being in a situation where you just happen to walk past a store and something catches your eye that you really like but don’t have any cash in your wallet. If the shop has the ability to accept digital payments, then that’s one sale they may not have otherwise made.

This is particularly important for businesses who get a lot of traffic from tourists. These customers often don’t want to be carrying large sums of foreign currency around, and yet they are also often the ones who want to make ‘impulse’ purchases.

Outside of being able to encourage more business, digital payments reduce the amount of labour required from employees, both in terms of the amount of time spent handling cash during a transaction and banking. These activities can be labor intensive, and ultimately draw employees away from undertaking more productive activities on the job.

The fact of the matter is that cashless transactions benefit both businesses and customers, and that these benefits go both ways. So when customers have a better experience, the merchant benefits from increased transactions and shopper loyalty, and when merchants are operating more efficiently and effectively, they can better serve customers. It is really a win-win proposition.

What do you think needs to be done to encourage more Vietnamese consumers to go cashless?

Firstly I’d like to say that we at Visa support the Vietnamese Government’s goal of transitioning to a more cashless economy and we are working closely with a number of stakeholders in order to make this objective a reality. But what we are also seeing is strong public support for the measure: in our Visa Consumer Payment Attitudes study, 79 percent of Vietnamese respondents indicated that they support the government’s desire to ‘go cashless’, the highest rate in the region.

Firstly, I think educating consumers and merchants on the benefits of digital payments is key to greater adoption. Secondly, we need to provide consumers with more opportunities to use digital payments, and this also dovetails with my first point because we need to work closely with merchants in particular to help them understand the enormous benefits digital payments bring to their businesses.

When we surveyed Vietnamese consumers, we found that of those that were carrying less cash, the most commonly stated reason for doing so was that they found more places offering digital payment options. If we can continue this trend of merchants accepting digital payments, then more shoppers are likely to make the switch from cash to cardor smartphone payments. We are also working at the moment to encourage not just non-cash payments but also contactless payments. We will run promotions to encourage consumers to try new ways of paying, which ultimately will help to change payment behaviours.

How do you see the payments eco-system in Việt Nam evolving in the short to medium term?

We are seeing incredible opportunities with more consumers engaging in e-commerce and using mobile payments. I believe one of the big changes we are going to see is that there will soon be a generation of consumers in Việt Nam for whom using digital payments is second nature. They will also be accustomed to paying with their smartphone and smartwatch. Vietnamese consumers are fast adopters of new technologies, and with the digital economy increasingly becoming a part of people’s day-to-day lives, digital payments too will be a part of everyday life.  LINK

Samson:  Can Việt Nam take advantage of new foreign investment strategies?

2nd June, 2020
Over the past few decades, many companies worldwide have come to China, seeking a place to set up production bases and do business as they were lured by the country’s low labour costs and enormous domestic consumer market, allowing the country to become a global manufacturing hub.

However, since around 2010, there has been a noticeable shift in foreign direct investment flow, which is called the 'China plus one' strategy.  

The phrase 'China plus one' refers to a strategy in which companies try to diversify risks of concentrating their manufacturing operations in China by opening factories in at least one country. 

The strategy has been around for many years as China has entered a phase of restructuring its economic growth model towards focusing more strongly on domestic demand, rather than boosting growth by exports and trade, and the country has gradually lost its comparative advantages from other Asian countries due to rising production costs, especially labour costs. 

At the end of 2018, the strategy was reactivated as investors sought to reduce risks caused by political tensions between China and the US, which originated from the tit-for-tat trade dispute. The risk of disruption of global supply chains has become more apparent. Technological advances, particularly digital technology, have also forced investors to change value chain strategies. Việt Nam has been recognised as one of the potential candidates for new production facilities. 

Since the coronavirus pandemic hit and has claimed nearly 400,000 lives and disrupted global production and distribution systems, investors can see more clearly than ever the consequences of a value chain strategy depending too much on one market.  Under these circumstances, COVID-19 has been deemed a catalyst for investors to take not only the 'China plus one' but also 'investment withdrawing in China' strategy into more significant consideration and the trend of shifting manufacturing bases to Việt Nam has recently picked up pace.

Why Việt Nam?

Việt Nam has long been an attractive destination of investment for foreign investors. Not only located in a dynamic region, but the country also has good conditions in terms of logistics for trade, especially its proximity to China. 

In the 'China plus One Strategy in Vietnam' report released by Dezan Shira & Associates in 2018, experts said: “By situating manufacturing cost centres close to traditional hubs in mainland China, investors can reduce costs with limited interruption or delays to currently existing supply chains.” Besides, Việt Nam is said to have a state of manufacturing similar to that found in China 10 or 15 years ago when low production costs and labour-intensive manufacturing acted as a magnet for foreign investment. 

In terms of labour costs, Vietnamese workers’ wages are only half that of Thailand and Malaysia, meanwhile, the quality of human resources has been improved with more tech-savvy workers.  In terms of land rent, although industrial park land rent in Việt Nam rose sharply in 2019, the average price was just US$103.5 per square metre, the second-lowest in the region, only higher than that of Myanmar, according to a report of VNDirect Securities Corporation. 

VNDirect also pointed out that Việt Nam reduced corporate income tax from 22 per cent to 20 per cent in 2016 for all domestic and foreign companies to increase production attraction. Common tax incentives for firms in industrial zones include tax exemptions for two to four years, tax breaks for three to 15 years, and import tax exemptions.

Though the results brought by the economic reform process have not been as great as hoped, Việt Nam has still seen a lot of improvements in its business and investment environment. Moreover, while maintaining political stability, Việt Nam has integrated more deeply and widely into the global economy by joining a series of free trade agreements, including the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). 

The European-Việt Nam Free Trade Agreement (EVFTA) is also expected to be approved by the 14th National Assembly in its ongoing ninth meeting. Under the agreement, tax imposed on exports from Việt Nam to EU will be eliminated as soon as EVFTA takes effect or shortly thereafter (maximum seven years). Thanks to the EVFTA, Việt Nam’s revenue from exports to the EU is forecast to surge by 44 per cent by 2030. 

Last but not least, that Việt Nam has been hailed as one of the countries most successful in controlling the COVID-19 outbreak at low cost, as well as its assistance and provision of medical equipment and face masks to other countries in their fight against the pandemic have helped raise investors’ confidence. This is a good opportunity for Việt Nam to attract investment and recover the economy, creating momentum for long-term and sustainable development.

Challenges ahead and solutions

To prepare for a new investment wave, in September last year, the Politbureau adopted its first-ever resolution on orientations to perfect institutions and policies for and improve the quality and efficiency of foreign investment until 2030. 

Under the resolution, the country will aim to attract foreign investment in a selective manner, focusing on quality, efficiency, technology and environmental protection. Priority will be given to foreign direct investment (FDI) projects that use advanced technology and modern management with high added value, bringing spillover effects to Vietnamese enterprises, especially small and medium-sized enterprises; and the projects must be able to connect to the global production and supply chain.

Despite the advantages mentioned above, Việt Nam is not without its share of challenges. 

Firstly, many localities in Việt Nam are under pressure of reaching high growth rates, so they have a large demand for capital. Therefore, local authorities are likely to rush licensing projects without carrying out a full assessment of their investment quality and social, economical and environmental impacts. 

Secondly, Việt Nam needs to create a healthy, fair competitive environment and have policies suitable with international commitments to spur the growth of Vietnamese enterprises and supporting industries in particular.

Thirdly, Việt Nam should not compete with other countries to court more foreign capital by only offering investment incentives, as this can distort resource allocation and will not have a meaningful impact in the long run. The country will be more attractive to foreign investors if it can correct its weaknesses and shortcomings, such as improving the capacity of capital absorbency, perfecting logistics infrastructure, upgrading workers’ skills and ability, and reforming institutions.

While some changes can't happen overnight, institutional improvement and reforms must be carried out drastically and quickly.

While presiding over a meeting on FDI late May, Prime Minister Nguyễn Xuân Phúc agreed to establish a special task force, led by Planning and Investment Minister Nguyễn Chí Dũng, that will help the country prepare for a new wave of FDI inflows in the post-COVID-19 period. The main objective of the task force is to fix investment bottlenecks, approach potential investors looking for new destinations and support those that are having difficulties in Việt Nam.

According to the PM, given that FDI is a critical part of the economy, it is essential for Việt Nam to take advantage of a shift in global investment capital flow. By combining the strength of both the local and foreign investment sectors, Việt Nam will be able to create a development leapfrog.   LINK

Samson:  Talking shop: UK businesses see ‘new investment opportunities in Việt Nam despite pandemic’: envoy

4th June 2020

The COVID-19 pandemic has had a strong impact on the global economy, including Việt Nam. The country has however been a safe destination for foreign investors thanks to its successful efforts to control the outbreak. Việt Nam News’ Thu Ngân speaks to the British consul general in HCM City, Ian Gibbons, about UK enterprises in this country and how he sees investment trends in the near future.

How have British businesses been doing in Việt Nam in recent times? How are they coping with the impacts of the COVID-19 pandemic?

Many British companies are attracted to Việt Nam due to the country’s steady economic growth and ongoing efforts to integrate fully into the global free trade system.

British firms operate across a range of sectors here, including education, financial services, energy, infrastructure, and healthcare, and there are new opportunities in the country’s evolving tech sector.

But of course COVID-19 has been hugely disruptive for firms’ operations, here and across the globe. Travel restrictions were imposed early by the Vietnamese Government, impacting mobility and recruitment. International schools are struggling to recruit teachers from overseas ahead of the new academic year. Companies in the aviation sector have faced significant disruption with revenues dropping by 70-80 per cent.

 Many expect that they can only resume normal operations in the third quarter at the earliest. Across the board, companies are experiencing delays in payment and administrative procedures, and challenges in securing licensing for new projects.

However, Việt Nam has been successful in limiting infections through proactively testing, tracing and treating those infected, and life is now returning to normality here, ahead of other countries in the region. Social distancing has been a central part of Việt Nam’s strategy, and British companies will need to adapt to new ways of working, including more remote working for staff and shifting to virtual meetings with external stakeholders. Companies can benefit from the Vietnamese Government’s guidance on precautions for businesses, including advice on how to ensure the health and safety of employees, as operations resume.

Many foresee a new wave of foreign investment in Việt Nam after the pandemic since it is a safe and attractive destination. How do you see it?

We continue to see interest from the British business community in new investment opportunities in Việt Nam, despite the ongoing global pandemic. Education is a key area of opportunity, and a number of British educational institutions are seeking potential partners for new strategic co-operation in Việt Nam.

Healthcare is another promising area for UK investment. The current global pandemic has necessitated collaboration and innovation across the healthcare sector. In Việt Nam, we’ve seen Prudential launch a mobile app enabling people to monitor their own health and the British Medical Journal establish online COVID-19 resources for medical training of doctors around the world.

Việt Nam has worked with UK partners on disease control for many years. For instance, the Oxford University Clinical Research Unit conducts world leading research on epidemiology in HCM City and Hà Nội. UK pharmaceutical companies are an important part of the Vietnamese healthcare system.

Tech is an area of opportunity too. Within the startup realm, Việt Nam’s fintech groups are gaining traction, and the sector received considerable foreign investment last year, ranking second in Southeast Asia. At times like this, the world needs innovative companies more than ever, with the tech sector in particular having a key role to play in the global recovery from COVID-19. The UK government recently announced a £1.25 billion (US$1.46 billion) support package to enable British tech start-ups to access the capital they need to continue developing and innovating through the crisis, creating the services and products of the future.

What should Việt Nam do to enable companies to recover as soon as possible and what should it do to attract investors?

In the past year Việt Nam has revised regulatory frameworks in order to attract more foreign direct investment. There is still more that can be done on regulatory and administrative reform to make Việt Nam a more attractive destination for UK investment. The UK Government is supporting the development of a Government Resolution on simplification and streamlining of administrative procedures relating to business activities in 2021 – 2025. If successfully implemented, this could be a significant reduction of administrative burden on businesses, boosting the country’s economic growth and productivity.

Despite facing complicated decisions on how to balance public health benefits and economic costs, Việt Nam’s Government has been successful in managing the impacts of COVID-19, and in supporting the economy’s resilience.

Looking at the regional perspective, at the Special ASEAN Summit on COVID-19, ASEAN reaffirmed its commitment to a collective COVID-19 response and to strengthening the resilience of supply chains in the region. This pandemic has shown that no country is self-sufficient and that international collaboration is vital to tackle the economic impacts of the crisis.

The UK will continue to deepen its commitment to global trade and we believe that maintaining openness, flow of investment and functioning supply chains are crucial to economic recovery. The removal of trade barriers will be key in attracting the investment needed to stimulate economies.

There is optimism about Việt Nam’s economic recovery with an expected GDP growth rate of 7 per cent in 2021 and we have confidence in Việt Nam’s capability to realise this expectation.   LINK

Suzie:  I would think the Dong would be ready to revalue also, maybe same time as the Dinar and weren't all currencies supposed to be on the "same Page" value wise around the first part of April?  Just hopin' n' supposin'  IN MY OPINION!

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Vietnam Dong News 06/09/20

Pimpy’s Investment Chat:  Jun 9, 2020

https://youtu.be/jlTAPCbHCDg?t=3