MilitiaMan and KTFA Members Monday Afternoon 9-6-2021

KTFA:

Samson:  Spokesperson for the Prime Minister: The exchange rate will be fixed in the 2022 budget and there will be no change in it

6th September, 2021

The spokesman for the Council of Ministers, Hassan Nazim, confirmed, on Monday, September 6, 2021, that the dollar exchange rate will be fixed in the draft financial budget law for 2022 and there will be no change in it.

Nazim said in a press statement, which was followed by "The Obelisk", that increasing the dollar exchange rate is an idea that has been discussed for years, and the previous government did not dare to take this step because of the risks and controversies surrounding it, and Al-Kazemi's government was bold to take this decision because it is in the interest of the Iraqi economy, and in the economic vision. Reform of the Ministry of Finance, as this idea was presented within the reforms of the white paper and won acceptance and extensive discussion.

And he continued: The government always takes steps to support goods and materials whose prices have risen, and has developed solutions and taken decisions regarding them. The idea of ​​the dollar exchange rate is not retracted by this government, and I do not think any 2022 budget will change this price, since this government is the one who will set the budget for the next year.

He pointed out that the government at one period was not reassured of its ability to pay the salaries of employees, but with its policy it crossed this crisis and the increase in oil prices came as a catalyst, and even if oil prices increased, there would be major problems unless there was a wise management of the financial resources coming from export raw.

He pointed out that there is a kind of rise in the foreign reserve, and there is no abundance as a result of the accumulated deficit, and therefore any financial increase through which the government will try to fill the deficit with it, and we are not talking about existing surplus funds that we park here and there, but rather we are trying, within the white reform paper, to control the economy and make it dynamically developed. 

MilitiaMan:  A spokes person saying he thinks the exchange rate that harms the citizens is going to be fixed..? I think he his misleading when he says that. Notice he says

 "unless there was a wise management of the financial resources coming from export raw", and  "rather we are trying, within the white paper reform paper, to control the economy and make it dynamically developed.

1190 nor 1460 was able to make it dynamic. This piece is at best lousy propaganda. Then again, it says unless there is wise management of the financial resources from export raw." Well the white papers are not about a program rate.. imo.. Never were to be either.. imo..  They are about becoming a dynamic market and private sector based economy..  Be careful how things read.. imo ~ MM

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Samson:  Parliamentary Finance : 50% of the articles of the 2021 budget have not been implemented

6th September, 2021

Today, Monday, the Parliamentary Finance Committee confirmed that there are several articles in the country’s general budget for the year 2021 that have not been implemented so far, while noting that the appeals submitted by the government concern only five articles.

A member of the committee, Jamal Cougar, told the “National News Center” website, “Parliamentary finance, pending the resolution of the appeals submitted by the government to the Federal Court, with articles (8, 12, 4, 52, 50), within the 2021 budget law, including what concerns The petrodollar fund and the increase in the prices of agricultural crops.

And Cougar stated, "The resolution of the appeals by the Federal Court, during the coming days, cannot be considered a gain for the government, because the House of Representatives has developed an alternative to these articles in the event that they are challenged," stressing that "50 percent of the articles of the current year's budget have not been implemented."

The Council of Ministers had earlier authorized Prime Minister Mustafa Al-Kazemi to file an appeal with the Federal Court on some items of the federal budget for the 2021 fiscal year.     LINK

MilitiaMan:  Lets see if the appeals get resolution this week.. The appeals will need to be sorted prior to any 2022.. imo The coming days could be at anytime.. imo  ~ MM

Samson:  Millions of dollars.. Iraq and Syria are about to sign export contracts

6th September, 2021

A number of Syrian and Iraqi industrialists expected, with the conclusion of the "Made in Syria" export exhibition, specialized in the field of clothing and textiles, that export contracts with Iraqi companies will be signed soon. These contracts are expected to be worth millions of dollars, giving new impetus to the Syrian textile industry, which has suffered during the war years.

In a statement to the Syrian newspaper, Al-Watan, the Iraqi merchant, Muhammad Al-Rubaie, confirmed that the Syrian products are very popular and have a good reputation for their quality and the right price, explaining that the exhibition for them in Iraq is a window to open new horizons of joint cooperation between Syria and Iraq in the field. Commercial and industrial, and that this exhibition was one of the most important exhibitions, as many contracts were signed with Syrian industrialists worth millions of dollars.

Al-Rubaie stressed that "the Syrian product is a window for us to the neighboring countries. The Iraqi trader demanded that some difficulties and restrictions be overcome and the procedures that hinder the movement of trade between the two countries be removed, because the Syrian markets are the lifeblood of the economic movement."

In turn, the head of the Syrian Garment and Textile Exporters Association, Ragheed Al-Halabi, confirmed that the exhibition is "a step to advance the Syrian economy and rebuild the Syrian textile industry and launch it towards export markets so that Syria can regain its position strongly in the export markets as it was previously, but the most important concern for exporters is to control prices. Exchange".

Al-Halabi pointed out that this season, good contracts were signed at the exhibition, "and we noticed the industrialists' pleasure by signing contracts for export, especially since shipping has become expensive for countries such as China and other countries." Al-Halabi mentioned that the Arab markets are open to Syrian products from the widest of doors, and there is an intention and continuous work to establish a specialized exhibition of clothes "Made in Syria" in many Arab countries, and the beginning may be in Libya.

It is noteworthy that the exhibition "Made in Syria", organized by the Federation of Syrian Chambers of Industry in cooperation with the Association of Syrian Exporters, was held on the grounds of the exhibition city in Damascus with a large participation of 180 companies, and the participation of about 1,000 businessmen, traders and industrialists who specialize in the fields of clothing and products Textiles from different countries.   LINK

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Samson:  Total: $10 billion in the company's investments in contracts signed with the Iraqi government

6th September, 2021

The French company, Total Energies, said today, Monday, that the total value of its investments in the projects signed yesterday with the Iraqi government for the optimal investment projects for associated gas and the development of oil fields is 10 billion dollars.

These agreements mark the company's return through the front door to Iraq, the country in which Total was born in 1924, said Total Chairman and CEO, Patrick Boiani.

Boyani added: "Our ambition is to help Iraq build a more sustainable future, by developing the country's natural resources, obtaining electricity through more sustainable use, reducing gas flaring that generates air pollution and greenhouse gas emissions, managing water resources and developing solar energy."

For his part, Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, said that Total Energy will invest up to $10 billion in building gas and oil facilities, water injection and solar energy during the first years of the gigantic integrated gas project, in the largest investment step in the country's energy sector. The Minister of Oil added, through his official account on "Twitter", that it will spend about 27 billion dollars cumulatively during the life of the project.

Yesterday, Sunday, the signing ceremony of the umbrella agreement for optimal investment projects for associated gas and oil field development , which includes three contracts between the Iraqi Ministry of Oil and the French Total Company, and the fourth contract for the solar energy project between the Ministry of Electricity and the French Total, under the auspices of the Iraqi Prime Minister, Mustafa Al-Kazemi. .

The total value of the four projects is $27 billion, while the total return on profits during the contract period is $95 billion, calculating the price of a barrel of $50.

Total Energy in Iraq began its activities in the 1920s with the discovery of the Kirkuk field. The company currently owns a 22.5% stake in the Halfaya oil field, which will produce approximately 20,000 barrels per day in 2020. Total sells lubricants in Iraq through distributors in the local retail market, according to the company's statement.  LINK

Samson:  The coming months... The first specialized exhibition for opportunities and community support will be held at the Baghdad Fair

6th September, 2021

The General Company for Iraqi Fairs and Commercial Services at the Ministry of Commerce announced, on Monday, that it will organize the first specialized exhibition for opportunities and community support during the month of next October, under the auspices of the Minister of Trade, Dr. international.

The general director of the company, Sarmad Taha said, in a statement received / scales News / copy of it, "this exhibition aims to support various segments of society and offer investment opportunities and highlight the role of the Ministry of Commerce in the provision of services to citizens through the participation of all departments and its affiliated companies In cooperation and coordination with the private sector.

Saeed added, "This exhibition aims to attract local, Arab and foreign companies, as it is a comprehensive international exhibition, a major economic event, and an important step towards achieving economic integration, bringing major international companies and investors, and moving the wheel of the Iraqi economy.”

He explained, "The exhibition is a great opportunity for the participating companies to display their products in the Iraqi market, which is considered one of the most promising markets, in addition to opening up to Iraqi businessmen and merchants to obtain exclusive agencies from these companies."

And he indicated, "This exhibition provides the possibility of concluding direct contracts with the participating discreet companies in accordance with the controls and powers.  It also contributes to presenting new and exclusive offers and creating investment opportunities available by the ministry's companies during the duration of the exhibition," noting that "spaces will be granted to the participants (free of charge) on that the participating companies bear the fees for installing their own decoration and the rest of the other expenses.”   LINK

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Samson:  Reforming the private banking sector according to the central bank's methodology stimulates the economy

6th September, 2021 by Samir Al-Nusairi 

Several months ago, the government issued the white paper, which is the roadmap for the desired macroeconomic reform for the coming years

The white paper, on pages 56 and 57, identified the main objectives for reforming the banking sector in the medium and long term between 3-5 years, and it is in fact an accurate diagnosis of problems that have already been diagnosed.

By the Central Bank and the World Bank, and it has already developed solutions and urgent and strategic mechanisms for it, as is clear in the Central Bank’s strategy (2016-2020) and strategic banking projects for the years (2019-2023). The paper focused on the basic objectives of private banking reform, as follows

First - Pave the way for private banks to take their role as levers of the economy and end the role of government banks as an arm of bank financing

Second - Addressing defaults in banks, the forced merging of troubled banks, and restoring confidence with the public

Third - Providing the appropriate environment to encourage banks to lend to stimulate the economy. Practicing the real business and not relying entirely on the currency window, guarantee fees and other banking fees

Fourth - Completion of the application of international accounting standards (IFRS) and the development of banking work using modern banking techniques

 Therefore, the reform goals were based on detailed diagnoses of the current problems and obstacles that banks suffer from, which stand in the way of achieving the goals of reform. Since the issuance of the white paper, the Central Bank has begun to take measures to reform the banking sector since November of last year, according to its plan based on its strategy for monetary policy applications for that. The Bank issued lending initiatives to stimulate the economic cycle and activate the financing of small, medium and housing projects and to move at a confident pace to move the banking business from the banking role to the developmental role

The urgent procedures and solutions for banking reform can be identified as I see them as follows

 First – making decisions on financial policy to restore balance between government banks and private banks in terms of capital, activity, and tasks, and focus on starting the structuring of the Rafidain and Rasheed Banks, according to what was stated in agreement with the World Bank several years ago
 
Second - Through an analytical view of the reality of the Iraqi economy and the challenges facing the fiscal and monetary policies, in particular stimulating and revitalizing the economy with bank financing requires clarity of financial policies and coordination with monetary policy in stimulating the economy

Third - taking immediate measures to redistribute the banking density of private banks in proportion to the actual need of the Iraqi economy and towards stopping the granting of new licenses to establish new banks, and starting to rehabilitate troubled banks and study the economic feasibility of continuing to work or merging them according to the merger guide issued by the Central Bank in 2019

 Fourth - that the nature of the activities of banks depends on the nature of the activities of other economic sectors, and as long as the economic activity is concentrated in trade (imports), the activity of banks remains focused on external transfer, and this means that the problem of the currency window is not in the dollar supply from the central bank, but rather the reason is the demand for the dollar. Therefore, unless other sectors (industry, agriculture, tourism and others) move, we cannot expect diversification of banking activity

It is worth noting that without controlling imports, these sectors will not rise, because without support for the domestic product, the demand for the dollar cannot be reduced

Fifth – It is necessary to provide a legal environment and extend the authority of the law in order to eliminate the phenomenon of default in the repayment of loans, as the non-performing debts amounted to (5 trillion dinars), 70% of which are the debts of government banks and 30% of the debts of private banks, which constitute a large percentage of the total monetary credit granted

Sixth - Activating the implementation of the decisions of the Council of Ministers and the Economic Affairs Committee in the Council of Ministers, which were previously issued to support the banking sector, in particular private banks, to open accounts for ministries and government departments, accept certified instruments, and open documentary credits to the government in the amount of 50 million dollars without going through the Ministry of Finance and the Iraqi Trade Bank and other decisions concerning borrowing for investment projects, collecting taxes and customs fees, and settling salaries

Because on the contrary, it will obstruct the work and activities of private banks and greatly affect their liquidity, revenues and deposits, and delay the transition of banks from the role of banking to the developmental role as established in the white paper

Seventh - Considering the bad debts cases owed by customers in private banks are urgent cases and excellent debts, similar to government debts

Eighth - Working to provide conditions and take measures to help private banks obtain the internationally approved credit rating, and thus strengthen international banking relations with correspondent banks   LINK

MilitiaMan "The Timing Looks Perfect" Saturday Night 9-4-2021

Hello, World!

KTFA:

Samson:  Iraq and the United Nations sign a framework for joint cooperation in a number of fields

4th September, 2021

Tomorrow morning, Sunday, Iraq and the United Nations will sign a framework for joint cooperation between the two sides.

The spokesman for the Ministry of Planning, Abdul-Zahra Al-Hindawi, said that "the framework includes supporting the efforts of the Iraqi government, in a number of areas, including the return of the displaced, developing the private sector, empowering youth, and achieving social peace, within the framework of the five-year development plan and the government reform plan (white paper)."

He added, "The aforementioned cooperation framework will be signed on the Iraqi side by Minister of Planning Khaled Battal Al-Najm, and on behalf of the United Nations, Deputy Special Representative of the United Nations in Iraq Irina Solerano, and the signing ceremonies will take place in the Ministry of Planning building."     LINK

MilitiaMan:   The sounds of this and the timing is very interesting. Tomorrow morning the meeting is to take place and two key components within the frame work are the development of the private sector and the government reform plan within the white paper that the PM has shown us  that is within the 2021-2023 Roadmap for Iraq.

If there any other shackles holding Iraq back from getting into the private sector, it may very well be done with post tomorrows morning meeting.

 I recall the UN has had a hand in Iraq sanctions since 2003. Many were lifted. Is this meeting about the last sanction left, the devalued currency since the last war?

I am not sure but, the timing looks perfect. 

We see the security and stability has fresh hands working to make sure things have Iraq in order now. Iraq is meeting with Saudi Arabia in Riyadh from the looks of it today. Riyadh is not only known for security, it is also known for it's Ministry of Planning that includes economy.

Next week there is the Strategic Frame Work meeting with Baghdad and Washington.. The last one too.. Very very very interesting imo.

The latest item yesterday was the Ministry of Finance and the Central Bank with International Institutions were in agreement with the decision to make for a fair situation for the dollar.  ~ MM

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"The expert in economic affairs, Dr. Hussein Al-Khaqani, suggested to the Central Bank to digitally reintroduce small denominations, which would provide sums for the public, after amending the digital banking system.  Al-Khaqani said that {small cash denominations, which are smaller than 250 dinars."

"The Deputy Governor of the Central Bank of Iraq indicated that "changing the dollar exchange rate is a studied step from several sides, and the decision to amend was taken only after extensive studies by the Ministry of Finance (the Financial Authority) and between the Central Bank (the Monetary Authority) and in agreement with important international institutions for a fair situation of the dollar . "
 

"The Ministry of Planning oversees the financial policies of the Iraqi Government, responsible for socioeconomic planning and statistics management. It contains three divisions: Planning Division Statistics and Informatics Division Implementation Monitoring & Evaluation Division"

LINK

Al-Kazemi discusses with the Saudi Interior Minister security cooperation between Baghdad and Riyadh

"The ministry of economy and planning was formed in 2003 when the ministry of planning and economy department were merged.[3][4] Until 2003 the ministry of planning was in charge of development and implementation of five-year plans.[3][5] The ministry is based in Riyadh.[6]"

LINK

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Kuwaiti Prime Minister: The stability of security in Iraq contributes to the stability of the region

LINK

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The Minister of Foreign Affairs announces important details about the conclusion of the Baghdad conference meeting, most notably the support for Iraq and its full sovereignty

"Vietnam and Iraq News" Posted by Samson Friday 9-3-2021

KTFA:

Samson:  The Arab Monetary Fund (AMF) holds a virtual workshop on Buna's role as a bridge with Asian markets and the prospects of cross-border instant payment

3rd September, 2021

The workshop is hosting speakers from the World Bank, Bank for International Settlements (BIS), Cross-border Interbank Payment System (CIPS), National Payments Corporation of India (NPCI) and State Bank of Pakistan

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions

Abu Dhabi, 2 September 2021: The Arab Monetary Fund (AMF) holds today, Thursday September 2, 2021, a workshop to explore and discuss the recent trends related to the cross-border payment industry and elaborate on Buna’s (the cross-border payment system owned by the AMF) opportunity to act as a bridge with major trade partners in Asia.

During this workshop, high level guest speakers representing, Cross-border Interbank Payment System (CIPS) which is linked to the People’s Bank of China, the National Payments Corporation of India (NPCI) supervised by the Reserve Bank of India, and the State Bank of Pakistan, will elaborate on the strategic role that Buna is capable to play as a payment gateway and a bridge to link with the Asian markets, and support the growth of commercial and investment activities with trade partners in Asia.   

Additionally, industry experts from the World Bank Group and the Bank for International Settlements (BIS), will share their views and expertise in relevance to the global initiatives and major developments that the payment industry is witnessing, especially the ongoing efforts of the different stakeholders and key players in this sector to unlock the growing potentials of cross-border instant payments.  

The workshop will host more than 200 senior officials representing central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about these important topics and following on Buna’s recent plans and developments.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna continues its initiatives to support the growth of trade and diverse economic activities between the Arab region and international markets. Driven by this overarching mission, Buna will continue exploring partnerships opportunities with leading payment institutions in Asia to realize strategic interoperability and offer modern and secure solutions to support multilateral remittances, investments and trading.”

Mehdi added: “Fast and efficient routes of payments, represent a key driver to the growth and expansion of money exchange between our part of the world and the Asian continent as well as the different international markets across the globe. Hence, Buna is moving forward with its plans to launch its cross-border multi-currency instant payment service and realize another successful milestone in its contribution to the development of the payment industry in the Arab region and at global level.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.

Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements.

Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.  LINK

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Samson:  Iraq participates in the Conference of the Board of Governors of the Islamic Development Bank in Uzbekistan

3rd September, 2021

The Central Bank of Iraq, Mustafa Ghaleb Mokhif, participated in the conference of the Board of Governors of the Islamic Development Bank in Uzbekistan.

A central bank statement received by "Al-Iqtisad News" stated that "the governor of the Central Bank headed the Iraqi delegation at the conference, which discussed a number of issues related to development in Islamic countries and the challenges that faced their economies in the wake of most of them being exposed to the repercussions of the Corona pandemic."

The statement indicated that "the conference dealt with enhancing the importance of the role of the Islamic Development Bank in assisting member states in sustainable recovery from the ongoing impact of the emerging corona pandemic, efforts to combat poverty, build resilience and create job opportunities for youth, in addition to implementing national development plans for member states, and stimulating economic growth." green and mobilizing additional resources for development.

He added that "Makhif reviewed the government's plans in the short and medium terms to revive the economy and achieve the goals stated in the government program and the role of the Central Bank in creating job opportunities through its various development initiatives."  LINK

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Samson:  The Central Bank of Iraq: This is how the oil price differences will be disposed of

3rd September, 2021

The Central Bank of Iraq revealed the mechanisms that it will adopt to deal with oil price differences.

In statements to the Iraqi News Agency, "conscious", today, Friday, Ihsan Al-Yasiri, Deputy Governor of the Central Bank, confirmed that "there are proposals for the use of oil price differences for projects, governorates, and others."  But Al-Yasiri added, emphasizing that “the opinion of the government and the parliamentary and financial authority” is to use it to bridge the budget deficit, stressing that this use is “prior to expanding spending.” 

He said that "the budget surplus due to the improvement in oil prices will help reduce the fiscal deficit, and he does not believe that it will help until the end of the year to bridge the deficit because it is large."

The Deputy Governor of the Central Bank of Iraq indicated that "changing the dollar exchange rate is a studied step from several sides, and the decision to amend was taken only after extensive studies by the Ministry of Finance (the Financial Authority) and between the Central Bank (the Monetary Authority) and in agreement with important international institutions for a fair situation of the dollar

He explained that this change made there are three prices, "the (financial policy) price is 1450 and (the central bank) sells 1460 to banks, and in turn (banks) sells to the public 1470. 

He pointed out that "the exchange rate change is not due to a financial problem, and it was increased, and when the price is resolved, the price decreases, but the exchange rate is a financial tool that has nothing to do with the immediate problem

Al-Yasiri considered that "the exchange rate change was long overdue, and it was supposed to be adjusted from 2010, and we hope that the price will stabilize, take sustainability and restore economic activity in light of the current price  LINK

Vietnam:

Samson: World Bank, IFC and Australia partner to strengthen Vietnam capital market

1st September, 2021

The IFC and the World Bank, in partnership with the Australian government, are implementing a multi-year advisory programme to facilitate Việt Nam’s stock market development, the IFC announced on Tuesday.

The programme is expected to improve Việt Nam's regulatory framework, market infrastructure, capacity of regulators and new product development.

“The aim of the strategy is to build the capital market into an important medium and long-term capital conduit for the economy, unlocking the market’s potential to effectively serve economic growth and opening up reasonable and well-balanced sources of capital to the economy and enterprises,” said Vũ Chí Dũng, director general of the International Cooperation Department, State Securities Commission.

“The plan is developed to be in line with international best practices and standards, ensuring investor protection and market confidence,” he said.

“Deep, efficient, and well-regulated local capital markets create access to long-term, local-currency finance necessary for the development of a thriving private sector, the key driver of jobs and sustainable growth,” said Lâm Bảo Quang, IFC Acting Country Manager for Việt Nam, Cambodia, and Lao PDR.

“Accelerated reforms are urgent and more critical than ever to enable a broad and diversified investor base for Việt Nam’s capital market as public resources become scarce and the country will need large volumes of long-term, local currency financing to recover and continue investing in sustainable growth given the impact of COVID-19.”

A conference has jointly been held by the World Bank Group (WBG) and the State Securities Commission (SSC), discussing the Draft Securities Market Development Strategy 2021-2030 prepared by the SSC and a multi-phased roadmap proposed by the WBG for equity capital market development with a focus on improving investor accessibility.

The proposed roadmap addressed key constraints to foreign investor accessibility by including new mechanisms to ease the pre-funding requirement for securities trades, solutions to address limitation of foreign ownership of stocks, and improvements in disclosures in English.

Regulators from the Ministry of Finance, the State Bank of Việt Nam, the Ministry of Planning and Investment, the National Finance Supervisory Commission, development partners including Australia and Switzerland, and market stakeholders also discussed the regulatory implementation progress and proposed cross-work among multiple ministries and government agencies to facilitate market development.

This programme is part of the Joint Capital Market Development Program (J-CAP) - a WBG initiative working on local debt and equity capital market development in selected countries worldwide, including Việt Nam.

The J-CAP initiative was established in 2017 to help developing countries realise the benefits of strong local capital markets.

“Mature, well-regulated capital markets that meet international standards are critical for diversifying financing options and will be pivotal for Việt Nam's next development phase. More sophisticated capital markets will be a crucial source of domestic financing and also support higher levels of higher quality foreign investment,” said Mark Tattersall, deputy head of Mission of the Australia Embassy in Việt Nam.

“Following Australian Prime Minister Morrison’s announcement in January 2021 of A$2.2 million to support Việt Nam’s capital market development, Australia is pleased to announce our partnership with the World Bank Group and SCC through the J-CAP programme to support equity market development and reform.”

Support from the Australian government that enables J-CAP’s work on equity market development in Việt Nam comes alongside support from the government of Switzerland which enables closely related work on bond market development.

JCAP’s wider work elsewhere is also supported by the governments of Australia, Germany, Japan, Luxembourg, Norway, the Netherlands as well as Switzerland.

IFC - a member of the World Bank Group - is a global development institution focused on the private sector in emerging markets. In fiscal year 2021, IFC committed a record US$31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic.

The World Bank Group plays a key role in the global effort to end extreme poverty and boost shared prosperity. It consists of five institutions: the World Bank, including the International Bank for Reconstruction and Development and the International Development Association; the International Finance Corporation; the Multilateral Investment Guarantee Agency; and the International Centre for Settlement of Investment Disputes.

Working together in more than 100 countries, these institutions provide financing, advice and other solutions that enable countries to address the most urgent challenges of development.

Australia and Việt Nam’s strategic partnership extends across political, security, economic and people-to-people activities.  Australia is committed to a development agenda in Việt Nam, including to support health security, stability and economic recovery from the COVID-19 pandemic.  In 2021-22 Australia commits an estimated A$78.9 million in total overseas development assistance in Việt Nam.  LINK

Samson:  Calls for cashless payments to take-off in Viet Nam

28th August, 2021

The prolonged COVID-19 pandemic has unexpectedly created "golden" conditions for the financial industry to accelerate digital transformation and shift to cashless payments.

However, mobile payments need to be implemented soon to reduce the disparity between urban and rural areas. They can also be an effective payment channel in supporting people in remote and isolated areas.

Nguyễn Thu Hiền in Hà Nội’s Hoàng Mai District has become familiar with online shopping, payment and home delivery since the start of the pandemic. She receives her goods after being disinfected at a reception desk in her building, while having no face-to-face contact with delivery men.

Hiền told Việt Nam News that online shopping helped her save time and reduced the risk of infection compared to cash payment. In addition, online payments are convenient when paying large amounts. “In the context of COVID-19, I get a lot of promotion codes from sellers in cooperation with payment units such as charge-free payments, cashback and price reduction. This helps me save a considerable amount when shopping online,” she said.

In addition to online shopping, people can also pay for their electricity, water, telecoms and even hospital fees through banking accounts or e-wallets. Cấn Văn Lực, a banking and finance expert, said since the outbreak of COVID-19 in early 2020, the number and value of transactions through non-cash payment methods have increased sharply compared to the previous period.

In the first half of 2021, non-cash payments increased by 30-40 per cent in transactions and by 70-80 per cent in value. Despite the sharp increase, it was undeniable that cash payments were still popular in Việt Nam because consumption habits as well as payment coverage had not reached rural and remote areas, Lực said.

Citing data from FIS Global Payment, he said that in Việt Nam, cash payment methods in e-commerce still accounted for the highest rate at 28 per cent, followed by money transfers at 26 per cent, e-wallets 21 per cent and credit cards 14 per cent. Meanwhile, worldwide, payments via e-wallet accounted for the largest proportion at 44.5 per cent, followed by credit cards with 22.8 per cent. The use of cash as a popular payment method in Việt Nam was considered both a challenge and an opportunity for involved parties, he said.

According to Nguyễn Minh Tâm, deputy general director of Sacombank, there is still plenty of room for cashless payment. The number of payment accounts in Việt Nam is currently over 100 million. However, people often open a bank account just to withdraw cash via the ATM. Small business households and traders as well as customers still mainly pay in cash.

The Government in March approved pilot application for Mobile Money, which allows the use of mobile-phone credit to pay for small-value goods and services. The pilot application for mobile money services aims to contribute to the development of non-cash payments, improving the access and use of financial services, especially in rural, remote, border and island areas.

Viettel, VNPT and MobiFone are the three telecom operators that submitted applications for a pilot licence to deploy Mobile Money. However, more than five months since issuing the decision, Mobile Money has not been implemented, largely due to the prolonged impact of COVID-19.

At a forum on developing non-cash payments recently held by the International Data Group, Phạm Minh Tú, deputy director of MobiFone Digital Service Centre, said that MobiFone was still in the process of completing procedures and applying for a licence to launch the product.

Mobile Money targets unbanked customers. Based on the advantage of widespread networks in remote areas, telecom providers could fill the gaps that banks have not yet penetrated. Tú said there was still much room for the development of cashless payment in Việt Nam, but it would be rocky. Cashless transactions are currently concentrated mainly in urban areas. Meanwhile in rural areas, which account for about 60 per cent of the population, non-cash payment has not been popular, leaving room for development.

According to Tú, if Mobile Money is exploited, it would make a change and upgrade society, reducing the gap between urban and rural areas. People in rural areas could sell their products through payment tools and e-commerce. However, experts have also said the development of Mobile Money or non-cash payment methods in Việt Nam still faces many challenges. The most important thing now is to change people's consumption habits through financial education programmes as a pillar in implementing a comprehensive financial development strategy.

On the other hand, the Government also needs to complete the legal corridor for the digital economy and government, including digital finance. In addition, it is necessary to continue to upgrade the information technology system and digital infrastructure in remote areas, raise awareness and increase consumer confidence.

The Government also needs to develop an open banking system with stronger cooperation among commercial banks, Fintech and payment intermediaries.   LINK

KTFA Wednesday Night CC " A Change.....For a Change" 9-1-2021

KTFA

KTFA Wednesday Night CC

9-1-21……A CHANGE……..FOR CHANGE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingtstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=QxMww8UKgAE

Frank26: "NSCN'S Coming to a Bank Near You Soon!"

KTFA:

Frank26: "THESE NSCN'S...  COMING TO A BANK NEAR YOU SOON".....F26

 Proposal to digitally reintroduce small denominations

 Sunday 29 August 2021   Baghdad: Mustafa Al-Hashemi

 The expert in economic affairs, Dr. Hussein Al-Khaqani, suggested to the Central Bank to digitally reintroduce small denominations, which would provide sums for the public, after amending the digital banking system.

(THEY'RE TELLING YOU THE NSCN'S WILL COME AFTER... F26)  (new small currency notes)

Al-Khaqani said that {small cash denominations, which are smaller than 250 dinars,

 (DENOMINATIONS UNDER 250 ARE CALLED NSCN'S A 1, A 5, A 10, A 20, A 100... F26) 

if they are collected and accumulated annually, the citizen will get good savings from them, instead of wasting them on buying goods that are not worth their real value. 

The 250 dinars. He pointed out that "the records of government departments used to contain parts of the 250 dinars currency, but they were settled and made into the currently circulating cash denominations, as imposed by reality, transactions and the public's acceptance of them.  LINK

 (THEY WILL COEXIST!!! AND IT MUST NOT FAIL WITH THE CITIZENS!!!...F26)

Frank26: "IN THIS VIDEO ARE THE WORDS: SOLUTIONS, ECONOMIC REALITY, CENTRAL BANK POLICIES, WHITE PAPERS, WORKSHOPS, RECOMMENDATIONS IN THE FORM OF A BROCHURE, RESEARCH CENTERS, 25 INTERNATIONAL CENTERS PARTICIPATING".............F26

Al-Rafidain Forum in its third session will be launched in Baghdad, with the participation of local and international centers, to provide state and society institutions with expertise and strategic visions.
For more details watch this video: pic.twitter.com/fOu28ucyPh

— Government of Iraq - الحكومة العراقية (@IraqiGovt) August 30, 2021

****************

Frank26:  (NOT AT A SANCTIONED PROGRAM RATE!!!...F26)

Adviser to the Prime Minister: The 2022 budget will be distinguished by something important, and we do not rule out surprises   

08/29/2021 11:36:08

 The Prime Minister's Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, revealed an "important matter" in the draft financial budget bill for 2022.

Saleh told {Euphrates News}: "This budget will be characterized by greater revenues and less deficit if the spending ceilings remain less than the deficit, as the financial obligations will then be lower."
 
He added, "It is the duties of the current government as long as there is plenty of time to prepare the budget, even if the new parliament wants to make observations or make changes to it."

Saleh pointed out, "Circumstances are changing, and there may appear surprises, as it relied on an oil price of 50 dollars per barrel, according to what was announced by the Ministry of Finance."

And Finance Minister Ali Allawi announced last Thursday the completion of the preparation of the draft financial budget law for 2022, and that it will be presented within 3 weeks to the Council of Ministers. And Allawi indicated in a press statement that "the price of a barrel of oil in the 2022 budget will be $50, or 65% of the total. The state budget goes to salaries, and OPEC may add 450,000 barrels to Iraq's oil production."  And he indicated, "There are about 6.5 million citizens who receive financial dues from the state." 

He pointed out, "The state's oil resources are eroding due to the large obligations of salaries and retirement, and that the improvement in oil prices does not solve the financial distress quickly because of internal and external debts, and the state's resources in Iraq are used incorrectly."   LINK

Monday Night KTFA CC "New Small Category Notes" 8-30-2021

Monday Night KTFA CC

8-30-21…..NEW SMALL CATEGORY NOTES

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=rWGhJifQwHw

KTFA Members "News and Veiws" Sunday PM 8-29-2021

KTFA:

Don961:  Proposal to digitally reintroduce small denominations

Sunday 29 August 2021

Baghdad: Mustafa Al-Hashemi

 The expert in economic affairs, Dr. Hussein Al-Khaqani, suggested to the Central Bank to digitally reintroduce small denominations, which would provide sums for the public, after amending the digital banking system. 

Al-Khaqani said that {small cash denominations, which are smaller than 250 dinars, if they are collected and accumulated annually, the citizen will get good savings from them, instead of wasting them on buying goods that are not worth their real value. 

The 250 dinars. He pointed out that "the records of government departments used to contain parts of the 250 dinars currency, but they were settled and made into the currently circulating cash denominations, as imposed by reality, transactions and the public's acceptance of them.   LINK

Iobey777:  WOW!, WOW, WOW!!!!!  DON!!! What a FANTASTIC article!!! Praise GOD!!!

Jerry1971:  THANKS DON FANTASTIC NEWS POURING OUT FROM IRAQ ONE AFTER THE OTHER THEY ARE ADMITTING AND SHOWING ALL THE EVIDENCES OF THEIR FINANCIAL REFORM WHICH THEY HAVE ALREADY DONE IMO.

Clare:  THANKS DON!.......   WOOHOOO!!!!!!     THIS IS WHAT WALKINGSTICK & FRANK TOLD US TO EXPECT!!! Imo   GOD BLESS YOU ALL WE ARE ABOUT TO CROSS OVER.... BE WISE WITH IT... 

MilitiaMan:  - The addition of the Iraqi dinar currency in a (Buna) platform for Arab payment.~

`The third strategic objective: Promote digital transformation in the central bank and the banking sector~

~- Developing a road map for adopting central banks' digital currencies~

https://cbi.iq/static/uploads/up/file-162607942971064.pdf

This article is and along with link to the report for 2021-2023 Strategic Plan actually to be expected now.  Having education to help in the acceptance of smaller denominations is very important for the reintroduction of currency with real value. They'll need to adjust the rate for smaller categories to be understood and accepted. Fairly simple.

The Strategic Plan shows us they are already to go. Just as the new SDRs were distributed this last week by the IMF globally. Yesterday's Summit being a success will no doubt be very influential in the outcome we expect, as they will too. A new rate to warrant smaller denominations is and will be the deciding factor for the new currency success.

I'll bet it will be a very big success. At this stage this article suggests to me, timing is now near for the REER (Real Effective Exchange Rate) to be exposed. imo ~ MM

************

Samson:  Adviser to the Prime Minister: The 2022 budget will be distinguished by something important, and we do not rule out surprises

08/29/2021 11:36:08

 The Prime Minister's Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, revealed an "important matter" in the draft financial budget bill for 2022.

Saleh told {Euphrates News}: "This budget will be characterized by greater revenues and less deficit if the spending ceilings remain less than the deficit, as the financial obligations will then be lower."

He added, "It is the duties of the current government as long as there is plenty of time to prepare the budget, even if the new parliament wants to make observations or make changes to it."

Saleh pointed out, "Circumstances are changing, and there may appear surprises, as it relied on an oil price of 50 dollars per barrel, according to what was announced by the Ministry of Finance."

 And Finance Minister Ali Allawi announced last Thursday the completion of the preparation of the draft financial budget law for 2022, and that it will be presented within 3 weeks to the Council of Ministers. And Allawi indicated in a press statement that "the price of a barrel of oil in the 2022 budget will be $50, or 65% of the total. The state budget goes to salaries, and OPEC may add 450,000 barrels to Iraq's oil production."  And he indicated, "There are about 6.5 million citizens who receive financial dues from the state." 

He pointed out, "The state's oil resources are eroding due to the large obligations of salaries and retirement, and that the improvement in oil prices does not solve the financial distress quickly because of internal and external debts, and the state's resources in Iraq are used incorrectly."  LINK

*************

Samson:  Mr. Ammar al-Hakim: The success of the Baghdad conference proved Iraq's ability to host various international events

08/28/2021 22:19:10

 The head of the National State Forces Alliance, Mr. Ammar Al-Hakim, confirmed that the success of the Baghdad Conference for Cooperation and the Company proved Iraq's ability to host various international events.

  Ammar al-Hakim said in a tweet on {Twitter} that: "After the great success achieved by the Baghdad Conference on Partnership and Cooperation at various levels, based on global media interest, passing through the good technical and logistical organization, and arriving at the message he sent to the world about Iraq's ability to embrace Various international events and its potential to be a meeting point for parties, brothers and friends, and to put on its dialogue table all the thorny files to solve.” 

The head of the National State Forces Alliance gave: "His thanks to the President of the Republic, Barham Salih, Prime Minister Mustafa Al-Kazemi, the Iraqi Ministry of Foreign Affairs, the Iraqi guests of kings, presidents, princes, ministers and all representatives of brotherly and friendly countries participating in the conference and the Iraqi people for their hospitality and welcome to their guests.

Thanks are due to all efforts The media that resulted in the success of this important historical event.

LINK

Samson:  IMF: Iraq's share of special drawing rights amounted to more than two billion dollars

28th August, 2021

The International Monetary Fund announced on Saturday that Iraq's share of the IMF's Special Drawing Rights amounted to more than $2 billion.

The International Monetary Fund announced that Special Drawing Rights (SDRs) were effective for all 190 members, equivalent to about $650 billion, on August 23, 2021. 

The fund said in a report seen by Shafak News Agency; "Iraq's share of the IMF's Special Drawing Rights amounts to 1.594,700,000 billion units, equivalent to two billion and 264 million and 742 thousand dollars out of its financial share in the fund of 0.35%," noting that "these financial allocations to Iraq came in accordance with its current shares in the Fund." 

The fund indicated that "this allocation will benefit all members to address the long-term global need for reserves, build confidence, enhance the resilience and stability of the global economy, and will especially help the most vulnerable countries struggling to deal with the impact of the COVID-19 crisis."

The International Monetary Fund may, under its founding agreement, distribute allocations from the Special Drawing Rights to member countries in proportion to their membership quotas, and this distribution allows each member country to obtain an international reserve asset without cost or conditions.  LINK

KTFA Members "News and Views" Saturday PM 8-28-2021

KTFA:

Samson:  Macron arrives in Baghdad and Al-Kazemi receives him 

08/28/2021 00:39:00

 French President Emmanuel Macron arrived in the capital, Baghdad, from Algeria.

He was received at Baghdad International Airport by Prime Minister Mustafa Al-Kadhimi.

Macron's visit comes to participate in the Baghdad Conference on Cooperation and Partnership, which will be held on Saturday.   LINK

Clare:  JUST TO CLARIFY WHAT FRANK SHARED LAST NIGHT: FRANK WAS ONLY POINTING OUT THAT IRAQ MAY SET A TIME LIMIT ON THE TIME TO EXCHANGE THE 3 ZERO NOTES AS THE RATE FLOATS AND GETS TO THE DESIRED RATE THE CBI IS LOOKING FOR WHICH THE CBI WILL CONTROL……

FRANK WAS USING AN EXAMPLE TO TEACH US THIS CONCEPT- HOWEVER THE CBI WILL MAKE IT PUBLIC KNOWLEDGE AT THE RIGHT TIME ON THE CBI WEBSITE.  imo  

8-27-21……LET MY EXCHANGE RATE GO !  https://www.youtube.com/watch?v=5S7YFKVMiV0

************

Samson:  IMF: Iraq's share of special drawing rights amounted to more than two billion dollars

28th August, 2021

The International Monetary Fund announced on Saturday that Iraq's share of the IMF's Special Drawing Rights amounted to more than $2 billion.

The International Monetary Fund announced that Special Drawing Rights (SDRs) were effective for all 190 members, equivalent to about $650 billion, on August 23, 2021. 

The fund said in a report seen by Shafak News Agency; "Iraq's share of the IMF's Special Drawing Rights amounts to 1.594,700,000 billion units, equivalent to two billion and 264 million and 742 thousand dollars out of its financial share in the fund of 0.35%," noting that "these financial allocations to Iraq came in accordance with its current shares in the Fund." 

The fund indicated that "this allocation will benefit all members to address the long-term global need for reserves, build confidence, enhance the resilience and stability of the global economy, and will especially help the most vulnerable countries struggling to deal with the impact of the COVID-19 crisis."

The International Monetary Fund may, under its founding agreement, distribute allocations from the Special Drawing Rights to member countries in proportion to their membership quotas, and this distribution allows each member country to obtain an international reserve asset without cost or conditions.  LINK

************

Samson: Mr. Ammar al-Hakim: The Baghdad Summit is an important step towards restoring Iraq's leading role

08/28/2021 08:27:46

 The head of the National State Forces Alliance, Ammar Al-Hakim, welcomed today, Saturday, the participants in the Baghdad Conference for Cooperation and Partnership, indicating that it is an important step towards restoring Iraq's leading role.

In a statement, Al-Furat News received a copy of it, Mr. Al-Hakim said: "We welcome the brothers and friends participating in the Baghdad Conference of Love and Peace for Cooperation and Partnership."

Mr. Al-Hakim added: "This summit represents an important step towards restoring Iraq's leading role in the region and the world. It is also a favorable opportunity to crystallize a new vision of relations, openness and cooperation on the one hand, and affirm respect for Iraqi sovereignty and cooperation to resolve disputes in the region on the other."

He concluded: "We hope that its outputs will result in common visions and unified decisions that contribute to the political, security, economic and development stability of the countries of the region."

LINK

Jerry1979:  WOW WHAT A GREAT ACHIEVEMENT FOR IRAQ TO BE HOLDING THIS CONF TODAY

WITH ALL THE MAJOR ARAB AND G7 COUNTRIES INCLUDED IN IT THEY SURELY HAVE COME A LONG WAY AND FINALLY ANNOUNCING THEMSELVES ON THE INTL STAGE

FULL MARKS TO PM KAZEMI FOR MAKING IRAQ WHAT IT IS IN PRESENT TIMES

SURELY WE ARE (FINGERS CROSSED) THAT HE CAN QUICKLY ALSO KICKSTART AND ANNOUNCE THE NEW IQD RATE TO THE WORLD TO FURTHER BEGIN THEIR ECONOMIC REFORMS IMO

THANKS SAMSON AS USUAL.           

Samson:  Lebanon describes the Baghdad summit as "the event that restored Arab solidarity"

08/28/2021 13:24:23

 Lebanon announced today, Saturday, its position on the Baghdad summit, describing it as "the event that restored the spirit of Arab solidarity."

Prime Minister-designate Najib Mikati said in a tweet on his Twitter account: "The Lebanese are looking forward with a lot of confidence that Lebanon will receive the attention of leaders and friends who will meet in brotherly Iraq, whose people have endured challenges and were able, with the wisdom of their government, to restore its distinguished role on the Arab and international levels."

He added: "We also congratulate the Iraqi leadership for the success in preparing for the summit - the event that restored the spirit of Arab solidarity."   LINK

************

Samson:  Kuwaiti security source reveals the details of the border bombing with Iraq

08/28/2021 00:51:20

 A Kuwaiti security source revealed the details of the missile bombing on the border between Kuwait and Iraq.

The source said, "The situation is stable and safe in Abdali, as well as at the border crossing with Iraq." The source explained that "the firing of missiles did not target Kuwaiti territory, and explosions were heard 20 kilometers away from the Iraqi-Kuwaiti port towards the Greshan port."

And he indicated, "The sounds of the explosions were heard in Abdali, but they were on the Iraqi side." And local media reported on Friday-Saturday night that three missiles were fired at a border crossing with Kuwait. She pointed out that explosions were heard within the Safwan district of Basra governorate, where this port is located.

A security source confirmed that the vicinity of the US military base at the Greshan border crossing with Kuwait was targeted by two missiles. The source added that a third missile crossed the US military base at the Greshan port towards Kuwaiti territory.   LINK

************

Samson:  Turkish Foreign Minister: If Iraq is not stable, the region cannot be stable

08/28/2021 14:31:14

The Turkish Foreign Minister, Mevlüt Çavuşoğlu, stated, on Saturday, that the region would not be stable if Iraq was not stable.

Oglu said, in his speech during the launch of the Baghdad Conference for Cooperation and Partnership, which was followed by {Euphrates News}: "I am happy to be at the Baghdad conference, and we will continue to provide support to Iraq to achieve stability."

He added, "Prime Minister Mustafa Al-Kazemi has taken steps to achieve the demonstrators' demands, and we support his approach to embracing all groups."

He stressed that "the white paper is an important step to achieve economic reform, and that without security, economic development cannot be achieved." And he continued, "We will not accept the presence of the 'Pakaka' in Iraq, and that the PKK threatens the stability of Iraq, and we will continue to support the strengthening of institutions in Iraq."  LINK

************

Al-Sahaf reveals a joint agreement for the delegations participating in the Baghdad conference

08/28/2021 16:51:43

 Foreign Ministry spokesman, Ahmed Al-Sahaf, revealed that all delegations participating in the Baghdad conference agreed to avoid differences.

  Al-Sahaf said in a press statement, "The Baghdad conference today is an opportunity to achieve partnership and cooperation on the basis of interests."

He added: "The Baghdad conference will witness in-depth dialogues between the participating countries," declaring: "An agreement between all the delegations participating in the Baghdad conference on the need to avoid differences."

On Saturday afternoon, the Baghdad Summit and Partnership Conference began, with the attendance of 9 countries.

All the participating delegations arrived in Baghdad, which were represented by the following countries: (France, Iran, Saudi Arabia, Turkey, UAE, Qatar, Egypt, Jordan, Kuwait).  LINK

Frank26 Friday Night CC "Let My Exchange Rate Go!!" 8-27-2021

KTFA:

Frank26 Friday Night update

8-27-21……LET MY EXCHANGE RATE GO !

Intel starts about minute 30:00

THE FOLLOWING VIDEO IS IN FRANK'S OPINION..........BUT !!!!!! WE ARE NOT GOING TO SHARE THIS INFO TONIGHT AS AN OPINION ANYMORE........IT'S IN PRINT NOW !!!

MilitiaMan and Petra give an update first on tomorrows Baghdad Summit with 40 countries attending , white papers, the CBI Report, Buna the IMF SDR’s, digital currencies and much more.…….

Petra: All boats rise with the tide….and the tide is rolling in. I believe tomorrow they are opening Iraq up to the world.

MilitiaMan: We are in the “sweet spot” The Baghdad Summit is starting in just a few hours.

Frank26: Tonight we are going to show you all about 4 different articles where they tell the Iraqi citizens they have lifted the value of the Iraqi dinar exchange rate. And the Iraqi dinar is already floating.

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=5S7YFKVMiV0

Frank26 "How Else Can They Tell You They Raised The Value!!!" 8-27-2021

KTFA:

Frank26:   "HOW ELSE CAN THEY TELL YOU THEY RAISED THE VALUE!!!".........F26

The Minister of Finance announces the completion of the preparation of the 2022 budget and comments on the exchange rate change

26th August, 2021

The Ministry of Finance, Ali Abdul-Amir Allawi, announced, on Thursday, the completion of the preparation of the 2022 budget, revealing the date of its presentation in the Council of Ministers.

Allawi said, "Iraq's financial policy during a year and a half went through five exceptional circumstances, (RV/RECALCULATIONS...F26)  and we entered the beginning of the government's work without any financial safety valve." (WITHOUT AN RI...F26)

He added, "The Iraqi economy has changed since 2019, the obligations of the previous government, and the Corona crisis led to the collapse of oil prices and increased unemployment. We worked as a government policy to control expenditures that were reflected in state revenues, and that the process of changing the exchange rate was not easy."

He continued, "The dollar exchange rate should have been changed years ago, which reflected something beneficial to reform the economic system. (MONETARY REFORM FIRST ECONOMIC REFORM 2ND...F26) 

Our fiscal and monetary policy is reformist and must continue." He pointed out, "Our fiscal policy aims at balancing oil and maximizing other resources, and we have started correct reform work, (BECAUSE OF THE RI...F26)  starting with banks and customs, and we have come out safely from the difficult economic situation."

The Minister of Finance said, "The preparation of the 2022 budget has been completed, (EDDIE KNOWS...F26) and it will be presented within 3 weeks to the Council of Ministers." He pointed out, "The exchange rate reflects many issues (YA THINK? ...F26) and its rise is beneficial to some economic sectors," stressing that "the Kurdistan region has not implemented its obligations regarding the payment of oil prices."

The Minister of Finance stressed that "the improvement in oil prices does not solve the financial distress quickly due to internal and external debts." LINK

*************

A SECOND VERSION:

The Minister of Finance reveals important details about the 2022 budget, salaries and money smuggled due to corruption

08/26/2021 15:15:41

 Minister of Finance, Ali Allawi, revealed, on Thursday, important details about the 2022 budget, salaries and money smuggled due to corruption.

And the Minister of Finance stated in a press statement, that “the completion of the preparation of the draft financial budget law for 2022, will be presented within 3 weeks to the Council of Ministers, and that the exchange rate reflects many issues and its rise is beneficial for some economic sectors,” noting that “the process of changing the exchange rate was not easy, and our policy is stability in the exchange rate and we will defend it, and the dollar exchange had to be changed years ago, which is the opposite of something useful for reforming the economic system.”

He added, "The exchange rate reflects many issues and its rise is beneficial for some economic sectors. When we changed the exchange rate, we wanted to create a competitive atmosphere in Iraq," noting that "the price of a barrel of oil in the 2022 budget will be $50, or 65% of the state budget goes to salaries and perhaps OPEC will add 450,000 barrels to Iraq's oil production." 

He continued, "Taxes are important in stimulating production and investment, and they are very few in Iraq, that is, they are not equivalent to 1% of the national income," while noting that "the state's oil resources are eroding due to the large obligations of salaries and retirement, and that the improvement in oil prices does not solve the distress." “The tax law will reconsider the issue of tax in Iraq and draw up a new policy and new law. Reconsidering the financial structure of the state is one of the most important challenges ahead.” 

He added, "The sums of the smuggled former regime and property do not exceed several palaces or houses, and the property of the former regime is not equal to 5% of the other assets that were taken from Iraq. About 200 billion dollars were smuggled out of Iraq due to corruption operations. It is not easy to recover these funds and we have started dialogue with countries The neighborhood that received our money, about 20 billion dollars, evaporated from the Iraqi money smuggled into the banks of the countries." 

The minister concluded by saying that "the debts of the Paris Club have become few after Iraq paid a lot of them, and the foreign debt is about 50 billion dollars," noting that "there are about 6.5 million citizens who receive financial dues from the state."   LINK

Frank26:   "FAMILY, THE FOLLOWING ARTICLES IS THE CBI COMMUNICATING WITH IRAQI CITIZENS ABOUT MONETARY REFORM".........F26

Circulars Blog

26th August, 2021
2016 / 2017 / 2018 / 2019 / 2020

https://cbi.iq/news/view/1804

#######

The Bank announces the holding of Microsoft Sql Server course for the period 26-2021/9/30

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled " Microsoft Sql Server" for all authorized banks and all approved electronic payment companies for the period from 26-30/ 9 /2021, as detailed below

 - Target group: All employees whose work is related to the above course topic or whomever you deem appropriate

- Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the evening
 

3- The method of holding the course: - Remote electronic training via the ZOOM electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Course language: Arabic with some specialized terms in English
 

6- How to register: - The name of the triple candidate, his job position, his e-mail and a phone number that contains WhatsApp

 Note that the subscription fees are (200,000) dinars (two hundred thousand dinars) for one participant, we are authorized to deduct them from your account (in Iraqi dinars) opened with this bank, and in the absence of an account, payment is made in cash. We kindly ask you to send your nominations to the e-mail of the Center for Banking Studies (bsc@cbi.iq),  with the nomination letters sent by the official mail, well before the start of the course

https://cbi.iq/news/view/1805

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The Bank announces the establishment of a course of measurement and analysis of risks in Islamic banks for the period from 26-2021/9/30

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled (Measurement and Analysis of Risks in Islamic Banks) for all government and private banks for the period from 9/30/26-2021, as detailed below

1- Target group: All employees whose work is related to the topic of the above course
 

2- Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the afternoon
 

3- The method of holding the course: - Remote electronic training via the ZOOM 0 . electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Language of the course: Arabic language
 

6- How to register:- The name of the triple candidate, his job position, his email and a phone number that contains WhatsApp

 Note that the subscription fees are (200,000) dinars (two hundred thousand dinars) for one participant, we are authorized to deduct it from your account (in dinars) opened with this bank, and in the absence of an account, the payment is made in cash. We kindly ask you to send your nominations to the e-mail of the Center for Banking Studies (bsc@cbi.iq),with the nomination letters
sent by official mail and before the start of the course
 
https://cbi.iq/news/view/1806

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 The Bank announces the establishment of a course of analysis and assessment of money management risks for the period from 19-2021/9/23

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled "Analysis and evaluation of money management risks" for all governmental and private banks for the period from 19-2021/9/23, and its details are shown below

1- Target group: All employees whose work is related to the topic of the course above or whomever you deem appropriate
 

2- Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the afternoon
 

3- The method of holding the program: - E-training via the ZOOM electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Program language: Arabic
 

6- Registration method: - The name of the triple candidate, his job position, his email and a phone number that contains WhatsApp

 Note that the subscription fees (200,000) thousand (two hundred thousand dinars) for each participant, we are authorized to deduct it from your account (in dinars) opened with this bank, and in the absence of an account, the payment is made in cash. We kindly ask you to send your nominations to the e-mail to the Center for Banking Studies ( bsc@cbi.iq ), with the nomination letters sent by official mail later and before the start of the program

https://cbi.iq/news/view/1807

######

 The Bank announces the establishment of a cycle of techniques and best practices in drafting, auditing and analyzing contracts for the period 9/23/19-2021

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled “Techniques and Best Practices in Drafting, Auditing and Analysis of Contracts” for all governmental and private banks for the period from 9/23/19-2021, as detailed below

1- Target group: All employees whose work is related to the above course topic or whomever you deem appropriate
 

2- Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the evening
 

3- The method of holding the course: - Remote electronic training via the ZOOM electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Language of the course: Arabic

- How to register:- The name of the triple candidate, his job position, his email and a phone number that contains WhatsApp

 Note that the subscription fees (200,000) dinars (two hundred thousand dinars per participant, the validity is Takuillena deducted from your account (Iraqi Dinar) Open when this bank and in the absence of account payment is made in cash. We ask you send your nominations to e - mail to the Center for Banking Studies (BSC @ cbi.iq)  with sending the nomination books by official mail, well before the start of the course

https://cbi.iq/news/view/1808

Frank26 and KTFA Members "A Float and the Baghdad Summit" 8-27-2021

KTFA:

Frank26: "A FLOAT INTERNATIONALLY AUTOMATICALLY RAISES A CURRENCY'S VALUE".......F26

 Don961:  The Iraqi Finance Minister supports the floating of the currency

26th August, 2021

Finance Minister Ali Abdul Amir Allawi confirmed on Thursday that he supports floating the currency in a flexible manner.

Allawi said in response to a question by Shafaq News Agency, "The Iraqi currency is floating, but the central bank intervenes from time to time until it places it within a certain bar, (RV/RECALCULATIONS...F26) for example, plus minus 5 percent."

He added, "Personally, for me, the best kind of floatation is flexibility in pricing so that the price is not sacred as it was before when it entered people's minds without change, and thus economic problems accumulate and explode."

The Minister of Finance continued by saying, "There must be some kind of flexibility; it is not the flexibility with which you lose control, but the flexibility that stabilizes the price and setting a range of 2 to 3 percent for both parties." (ARTICLE 8 REQUIREMNENT ACCOMPLISHED...IN A 2ND SET OF BOOKS...F26)

Allawi pointed out that "the central bank's policy is to maintain this price and put the gap between the official price and the market at an acceptable level," noting that "it has also proven that the stability of the exchange rate is important, except in the case of economic indicators that push you towards change."

Floating the currency is fully or partially liberalizing the exchange rate (LET MY EXCHANGE RATE GO!!!...F26)  so that the government or the central bank does not interfere in determining it directly,  but rather it is automatically released in the currency market through the supply and demand mechanism that allows determining the exchange rate of the national currency against foreign currencies.   LINK

Frabk26:  "KTFA FAMILY....... KAZEMI WILL SHOW THE WORLD AT THIS BAGHDAD SUMMIT THAT IRAQ IS NOW A LEADER IN THE ARAB STATES!!!".........F26

Don961:  Foreign Relations talks about the preparations for the Baghdad Summit: It will strengthen Iraq's position in the region and the world

23rd August, 2021

The Parliamentary Foreign Relations Committee revealed, on Monday, August 23, 2021, the government's latest preparations for a conference of Iraq's neighbors and other Arab and foreign countries, at the end of this month.

Committee member Furat Al-Tamimi said, in an interview with the media, which was followed by "The Obelisk" that most of the invitations reached the leaders of the countries that will participate in the conference, and that the Ministry of Foreign Affairs and the Office of the Prime Minister are in constant contact with the security ministries, other ministries and the parties concerned with receiving the leaders and preparing the venue for the summit, as the Preparations are going as planned, adding that the success of the summit depends on the level of representation that the participating countries will contribute to the conference.

Al-Tamimi added that this conference and previous conferences contributed to strengthening Iraq's position in the region and the countries of the world, stressing that Iraq is an important country for many countries of the world due to its strategic location in the Middle East, which represents a meeting point for the conflicting countries in the region.

Iraq is preparing to host the first conference of regional neighbors at the end of August, with the aim of discussing the political and security challenges facing the countries of the region.

This conference will be the first of its kind at this level after the Arab Summit hosted by Iraq in 2012 and the tripartite summit between Iraq, Egypt and Jordan hosted by Iraq at the end of last June, which was called the New Orient Summit, a term that Al-Kazemi gave.  LINK

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Samson:   Source: Surprise in the level of attendance of the countries participating in the Baghdad Conference

08/26/2021 16:25:15

 A source in the Prime Minister's Office revealed a "surprise" in the level of attendance of the countries participating in the Baghdad Conference for Cooperation and Partnership.

A source told Middle East News that "the Emirati Crown Prince, Mohammed bin Zayed, will head his country's delegation at this conference, which is the first visit by an Emirati official of this level to Iraq." He added, "The Emir of the State, Tamim bin Hamad Al Thani, will also attend from Qatar, as head of the Qatari delegation, and this is also his first visit to Baghdad." Regarding Turkey, the sources revealed that the head of its delegation will be Foreign Minister Mevlut Cavusoglu.

It also appears that Iran will attend at the level of Foreign Minister Hossein Amir Abdollahian, who took office on Thursday. As for Saudi Arabia, it has not yet decided its level of attendance, but there is no doubt that Saudi Foreign Minister Prince Faisal bin Farhan will participate in the conference, with the possibility of a high level of attendance of the Saudi delegation.

Yesterday, the French presidency announced that Emmanuel Macron will participate in the Baghdad conference because he wants to “show his support for the pivotal role of Iraq, to ​​combat terrorism, to develop the country and to help ease tensions.”

The rest of the permanent members of the Security Council (the United States, Russia, China and Britain) will participate at the level of their ambassadors in Baghdad. but on Wednesday night , spokesman for the Baghdad conference for cooperation and partnership Nizar Algirallh, Wednesday, all security, health and logistics procedures for the completion of the Baghdad summit conference scheduled to take place announced on Saturday.   LINK

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Samson: Expanding diplomatic relations and calming the region.. Arab hopes in the Baghdad conference

26th August, 2021

Today, Thursday, Arab journalists praised the Baghdad Conference for Cooperation and Partnership, to be held next Saturday, while expressing their hope to expand diplomatic relations and calm the region.

The head of the Qatari newspaper, Al-Sharq, Ahmed Ibrahim, told the Iraqi News Agency (INA): “Baghdad has become important in the region and has good relations with all regional countries,” noting that “Iraq was able to form good links with the countries of Iran, Saudi Arabia and Egypt, and these relations pushed the countries to attend the summit.

He added that "the presence of countries for the summit, in addition to choosing the timing of its convening, gave it a high value, especially since all countries want to calm the region." He added that "opening the door for discussion and dialogue made the summit of great importance," explaining that "everyone is waiting for its results and what it will lead to in the end."

For her part, Director of Egyptian TV, Naila Farouk Helmy, said that "the summit is a very important event that could cast a shadow over many areas, including social and economic ones, in addition to dialogue between the countries present at this conference." And she indicated, "It is important to bring the views closer and deliver media messages that contribute to ending the existing differences," noting that "Iraq is a race in the moves that are taking place at the Arab level, especially since everyone is moving towards calm in the region."

 And the spokesman for the Baghdad Conference, Nizar Al-Khairallah, confirmed, yesterday, Wednesday, that Prime Minister Mustafa Al-Kazemi has formed a preparatory committee to complete all procedures related to the Baghdad summit.

The capital, Baghdad, is scheduled to host a conference next Saturday, in which nine countries will participate, including Turkey, Iran, Saudi Arabia, Kuwait, Jordan, Egypt, Qatar, the United Arab Emirates and France, while joint operations announced the completion of the security cordons for securing the conference.  LINK

Samson:  Al-Khair Allah: Through the Baghdad conference, Iraq is looking for economic and investment partnerships

26th August, 2021

Today, Thursday, the Preparatory Committee for the Baghdad Conference for Cooperation and Partnership revealed the most important issues that the conference will discuss, while deciding the position regarding expectations by discussing regional issues.

The head of the committee, spokesman for the Baghdad Conference for Cooperation and Partnership, Nizar Al-Khairallah, told the official agency and received it (Al-Oula News) during a dialogue table with a number of media institutions, that "the countries participating in the conference have good experiences in the field of economy, investment and industry, and Iraq turned as a result of low oil prices and the approval of The white paper for economic reform towards creating a plurality of sources of income in the Iraqi budget and the trend towards agriculture and industry, and this opens up great opportunities.

He added, "Iraq constitutes the largest investment opportunity in the region, and the participation of the countries of the region in the conference will have a key role in supporting economic partnerships in Iraq, and this is what the conference will discuss based on its title, which is the Baghdad Conference for Cooperation and Partnership, and the conference also comes in support of the political and constitutional process in Iraq." 

In response to a question by the official agency, which was seen by (Al-Oula News), whether the conference will discuss contentious issues in the region or make reconciliations among some countries, Al-Khairallah clarified that “the conference is not about discussing the region’s crises or any regional files, and it will avoid contentious issues and the leaders are the ones who will determine the direction of The conference, which will search for participants and partnerships that can serve the interests of the Iraqi people and solve economic problems.”

He pointed out that "the timing of the conference before the legislative elections in Iraq will reflect positively on the situation in the country, and it is not possible to estimate the results that will come out before the conference is held."   LInk

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Samson:  With the participation of local and international companies.. The launch of the activities of the 14th Sulaymaniyah International Exhibition

26th August, 2021

The General Company for Iraqi Fairs and Commercial Services at the Ministry of Commerce announced, on Thursday, the launch of the opening activities of the Sulaymaniyah International Fair DBX with the participation of (13) local, Arab and foreign countries for the period from 25 to 30 August and on the land of the Sulaymaniyah International Fair, which is organized by the company Iraq progress. 

The Director General of the General Company for Iraqi Fairs and Commercial Services, Sarmad Taha Saeed, confirmed in a statement that Mawazine News received a copy of it, that the exhibition, which started its activities on Wednesday, was attended by more than (160) diversified companies specialized in food, detergents, electrical and electronic appliances and light industries. Various specializations from (Iraq, Egypt, Iran, Turkey, Syria, Jordan, China, Germany, France, Italy, Ukraine, Azerbaijan and India).  He added that the exhibition witnessed the display of a variety of agricultural, industrial and commercial products, which include types of carpets, various decorations, fabrics, types of detergents, foodstuffs, types of canned goods, incense, perfumes, clothes, furniture, furniture, antiques, handicrafts, copper, ornaments, accessories and some types of kitchen utensils.

He pointed out that the establishment of such exhibitions is a great opportunity for international companies participating in order to display their productions in the markets of the Kurdistan region, which is considered one of the most promising markets, in addition to the openness of Iraqi businessmen and traders to obtain exclusive agencies from these international companies, pointing out that the exhibition is an important step. In order to contribute to increasing and encouraging the volume of trade exchange and experiences and activating relations between Iraqi merchants and their counterparts in various countries of the world.

According to the statement, the opening of the exhibition was attended by the Deputy Minister of Industry and Trade in the Kurdistan Region, the Governor of Sulaymaniyah Haval Abu Bakr, the Director General of the Region’s Electricity Sheikh Walir, the Investment Authority’s assistant, the President of the Chamber of Commerce and Industry in the Sulaymaniyah Governorate, the President of the Iraqi Contractors Union and the Union of Exporters and Importers in the Kurdistan Region, as well as commercial personalities And economic, some businessmen and a large gathering of citizens. 

The statement concluded, that the exhibition company in the Sulaymaniyah governorate took upon itself a commitment to the exhibition organizing company to take all precautionary and health measures and to provide the necessary materials and supplies from fogging and sterilization devices to prevent the spread of the Corona virus during the duration of the exhibition and according to the directives of the Crisis Cell and the Ministry of Health and Environment.   LINK