"Iraq, Iran and Vietnam News" Posted by Samson 12-19-2021

KTFA:

Samson:  Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates

The economic expert and financial advisor to the government, Mazhar Muhammad Salih, confirmed today, Sunday, that the Central Bank currently possesses a comfortable cash reserve of foreign currencies, pointing out that there is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of foreign reserves.

Saleh said in a statement to the "Information" agency, that "the monetary policy of the Central Bank of Iraq has today, a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and face inflationary expectations with a high capacity due to the surplus in the current account of the balance of payments."

He added that "the Central Bank of Iraq's dollar reserves can be exploited through the power of intervention to impose stability in the exchange market through open market operations exercised by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility."

He pointed out that “there is a positive indicator of the accumulation of the foreign reserves of the Central Bank of Iraq during the year 2021 with a change in the direction of increase by more than 20% compared to the levels of the year 2020. .

And the Central Bank of Iraq revealed, earlier, the rise in the Iraqi hard currency reserves to 64 billion dollars.

International reserves, or foreign exchange reserves - deposits and bonds of foreign currencies held by central banks and monetary authorities - are important to support the currency and pay debts owed by the state.  link

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Samson:  Iraq raises its holdings of US bonds to more than 20 billion dollars in a month

19th December, 2021

The US Treasury announced, on Sunday, that Iraq’s holdings of US bonds increased by more than two billion dollars to reach 20.364 billion dollars during the month of October

The Treasury said in a table seen by “Economy News”, that “Iraq’s possession of US Treasury bonds for the month of October rose by $2.410 billion, or by 13.55%, to reach $20.364 billion, after it was $17.954 billion in the month of September

Noting that “these bonds decreased from the same month of last year 2020, when Iraq’s possession of bonds amounted to 21.6 billion dollars. She added that “Iraqi bonds, including long-term guarantees amounting to 9.028 billion dollars and short-term guarantees amounting to 11.336 billion dollars,” noting that these bonds represent 0.2% of the world’s bonds

In the Arab world, Saudi Arabia is at the forefront of the most possessing countries, with an amount of 116.4 billion dollars, followed by the UAE with 53 billion dollars, Kuwait third with 45.9 billion dollars, then Iraq fourth, Oman fifth with 5 billion dollars, then Morocco with 3.7 billion dollars

She pointed out that “the most countries in possession of US bonds are Japan, with a value of 1.320 trillion dollars, followed by China, with a rate of 1.065 trillion dollars, followed by Britain, with a rate of 579 billion dollars LINK 

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Samson: “The collapse of the Iranian currency” … And a demand for the dismissal of the Minister of Economy!

19th December, 2021

In light of the historical decline in the value of the currency, 50 Iranian deputies signed a petition calling for the dismissal of the Minister of Economy.

In addition, the collapse of the Iranian rial was not limited to the US dollar only, but also included all foreign currencies such as the euro and the pound sterling.

The Iranian rial has lost about 7% of its value since the resumption of the seventh round of negotiations between Iran and the rest of the nuclear agreement parties in Vienna on November 29, affected by the pessimistic European and American statements that followed the nuclear meetings.

In a related context, Iranian President Ibrahim Raisi, in a speech to a crowd of university students in Tehran, accused internal and external parties of being behind the process of the deterioration of the exchange rate.

 Raeisi said on the occasion of the University Student’s Day: “I have accurate information that there are those who are trying to raise the foreign exchange rate in conjunction with the nuclear negotiations with the aim of mortgaging the negotiations on the economy.”

It is noteworthy that due to the US sanctions and the decline in Iranian oil exports, the inflation rate in the country has risen significantly, while the prices of basic commodities have risen and the purchasing power of Iranians has declined.   LINK

KTFA: Vietnam News:

Samson:  World Bank, HSBC optimistic about Vietnam’s economy

19th December, 2021

Việt Nam’s economy should get back to GDP growth of 6.8 per cent next year, which will be driven by a return of strong foreign direct investment (FDI) into the market, mainly focusing on the manufacturing sector, CEO of HSBC Vietnam Tim Evans has said.

This would benefit Việt Nam’s exports, especially as free trade agreements that have been signed over the past two years start to bear fruit, according to the CEO. The continued expansion of the middle class and in particular the rising affluent sector will lead to changes in consumption as Vietnamese people start spending more and more on leisure and travel.

Infrastructure roll-out will also continue to fuel economic activities especially in the renewable/green arena given the strong ambitions made by the Vietnamese Government following the recent 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, the UK. Meanwhile, the World Bank (WB) said in the December edition of its Việt Nam Macro Monitoring that Việt Nam’s economic conditions continued to improve, with both industrial production and retail sales registering a third month of growth.

Merchandise exports hit a record high of US$31.9 billion, helping maintain a second consecutive month of trade surplus while FDI commitments recovered after a brief dip in October, according to the report.

Inflation ticked up due to fuel price hikes, recovering non-food domestic demand and rising logistics costs while credit growth remained stable, providing ample liquidity to support the economy recovery. After two months of decrease, the Consumer Price Index (CPI) increased by 0.3 per cent month-on-month in November. Compared to a year ago, the CPI rose by 2.1 per cent year-on-year, slightly higher than in October, but well below the 4 per cent target set by the State Bank of Việt Nam.

The government continued its contractionary fiscal stance as the budget balance posted another month of surplus, driven by strong revenue collection, the report noted.

The policy of “living with COVID-19” will involve continued vigilance and fast action by the authorities, both in vaccination and in social distancing, testing, and quarantining. There is also a clear need for fiscal policy support to boost private demand and help the domestic economy recover. Providing financial assistance to impacted workers and households would be an essential avenue to achieve this objective, according to the report.

Given the available fiscal space, and difficulties registered in implementing the budget in 2021, another policy option for consideration is a reduction in the value-added taxes for 2022 to support private consumption.   LINK

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Samson: Việt Nam to develop its own logistics services to Europe and America

18th December, 2021

Việt Nam has many opportunities to enhance exports to the European and American markets but logistic issues are causing bottlenecks to this potential.

Deputy Minister Ministry of Industry and Trade Đỗ Thắng Hải addressed a conference yesterday, entitled “Development of Việt Nam’s logistics industry with Europe – America region”. He said that the local logistics industry has had strong development in recent years but still faced many challenges such as service costs, bottlenecks in infrastructure, warehousing, equipment and human resources

Hải said that the World Bank’s most recent logistics performance index ranked Việt Nam 39th out of 160 countries and third in Southeast Asia. This is Việt Nam’s highest position to date.  He added: “Logistics is also one of the fastest-growing and most stable industries of Việt Nam with an average growth rate of 14-16 per cent per year, contributing to GDP from 4-5 per cent.”

He calculated the whole country has about 30,000 enterprises operating in the field of logistics, with about 5,000 professional enterprises so far. However, while Europe and America are major trade partners of Việt Nam, congestion on container transport routes, especially in transport routes, as well as a large shortage of empty containers continuing from 2020, has seriously affected the export of goods to these markets.

Roger Wu, Business Development Manager of the Port of Long Beach, California (USA) said that the pandemic created an unprecedented situation, adding the current bottlenecks were mostly in the United States. According to the analysis from 2021, congestion in ports will increase by 6 per cent while cargo shipments have been shifted to ports from air services under the Government’s blockade measures in the past.

Bùi Huy Sơn, Vietnamese Trade Counselor in the US, said that the congestion of sea routes had influenced a shift to road and air, while the increase in e-commerce activities for smaller orders has greatly affected normal export activities. Sơn said: “Congestion in the US has a direct impact on costs and makes businesses passive when accessing the market, especially seasonal products such as apparel, footwear, agricultural products, electronics, and consumer goods.” He added in the first ten months of 2021, the total export turnover of these commodities to the US reached US$24.8 billion, accounting for 32.8 per cent of the total export turnover of Việt Nam to the US. If these businesses continue to face difficulties in logistics in the long run, they will lose their direct link with the transport chain and have to depend on other businesses.

Seafood was one of Việt Nam’s main exports to Europe and America, said Nguyễn Hoài Nam, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP). Nam expressed concerns about the increased logistics costs and freight rates, causing difficulties for seafood exporters. 

Nam said though it was the peak time of the year for the export of seafood, the enterprises faced an increase in all parts of the chain such as fees, shipping time, booking for containers, number of delay days at the port and fees for docking there. Nam said before November 2020, the highest cost to transport to Europe and the US was $3,000 per container. Now it is $17,000 for the East Coast, $13,000-14,000 for the West Coast and $12,000-14,000 for European ports. It was less than $1,500 per container to the Middle East; now it is $10,000 -$11,000, said Nam.

Hans Kerstens, Deputy Head of Transport and Logistics Sub-Committee of Eurocham, said the logistics companies were trying to find solutions to avoid congestion such as having their own ships and empty containers.  “Transporting goods from Việt Nam to Europe also needs to be adjusted, not only depending on sea transport but also diversifying modes of transport, to ensure that the goods arrive at the right place and at the right time,” Hans Kerstens shared.

Around 90 per cent of exports from Việt Nam depend on foreign shipping companies. A participant of the conference suggested that Việt Nam should develop its own logistic routes, adding that a local company like Hòa Phát could produce the empty containers.

As a response, Lê Quang Trung, deputy general director of the Việt Nam Maritime Corporation (VIMC) said VIMC had deployed such a team for a shorter route from Việt Nam to India.  In the future, Trung said VIMC would develop more international routes to serve demand.

At the conference, participants also mentioned the rapid development of e-commerce, and more consumers’ habits of e-buying had developed an e-logistics system so that Vietnamese enterprises could promptly seize opportunities for export development through cross-border e-commerce.

According to the conference, the Asia-Pacific region currently dominated the global logistics market with a significant market share thanks to the increased import and export activities, and growing demand from urbanisation.

With signed free trade agreements and policies and the trend that American and European companies are shifting to Việt Nam, the local logistic industry is of great potential to become “the world’s cargo transhipment centre, not only the seaport but for all kinds of logistics.”  LINK

MilitiaMan Saturday PM: "HSBC and Wells Fargo to Clear Currency With BlockChain Technology"

KTFA:

Samson: The Board of Directors of The Arab Monetary Fund will hold its two hundred first meeting on Thursday 16, 2021

17th December, 2021

The Fund organized a number of “remote” meetings and workshops, during the fourth quarter of 2021, on regional and global economic developments, and priorities in the post-pandemic phase, to support the return of the economic, financial and banking sectors to the usual paths of growth

The Fund offered 17 “remote” training courses for official Arab cadres

Issuing 3 new issues of a series of introductory booklets to increase economic and financial awareness among Arab youth

Successful completion of the first-of-its-kind joint experiment of interconnection between the “Bunna” platform for Arab payments and the European Instant Payment Settlement System to carry out instant payment settlement business in multiple currencies

The Fund has issued a number of studies and working papers on the current developments at the regional and international levels and its repercussions on Arab economies

The eighth meeting of the Technical Committee of the Arab Statistics Initiative “Arabstat” discussed several priority topics for Arab countries, including sustainable development statistics, government finance and public debt statistics, foreign investment statistics, and the quality of statistics

The Sixth Public Finance Forum, discussed the procedures and measures for recovery in the Arab countries in the post-pandemic stage

Fiscal policy issues, prospects for economic and financial developments, and digital transformation in public finance

Today, Thursday, December 16, 2021, the two hundred first meeting of the Board of Executive Directors of the Arab Monetary Fund was held, headed by Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors.

 The meeting reviewed the developments of the fund’s activities, and the most important things it did in its various fields of work during the fourth quarter of 2021, within the framework of its five-year strategy (2020-2025)

With regard to lending activity, the Council was informed of the position of loan requests submitted by Arab member states to benefit from the Fund’s resources, as well as the Fund’s follow-up to the agreed reform programs, supported by loans to support the efforts of Arab countries in strengthening the economic, financial and monetary conditions

On the other hand, the board’s agenda included a review of the developments in the investment activity of the fund, including the activity of accepting deposits from central banks and Arab monetary institutions, the performance of investment portfolios, developments in the global financial markets, and the measures taken to implement the fund’s investment strategy

The Board was also briefed on the Fund’s initiatives to develop the Arab financial and banking sector and financial markets, which comes among its top priorities, as the Fund organized a number of consultative events on the most important developments related to the role of the financial and banking sector in supporting economic activities during the recovery phase from the Covid-19 pandemic

The esteemed council was also briefed on the fund’s activities within the framework of financial inclusion initiatives, developing bond markets in Arab countries, enhancing Arab countries’ capabilities in the field of using modern financial technologies, and other initiatives

The Board was also briefed on the Fund’s activities in the field of enhancing cooperation with regional and international financial organizations and institutions.

On October 10, 2021, the Fund organized the International Conference on “Promoting Digital Innovation and Cross-Border Payments”, in cooperation with the Digital Monetary Institute of the Official Forum of Monetary and Financial Institutions (OMFIF), to discuss the opportunities offered by digital innovations to develop financial services and capital markets, and enhance financial inclusion.

The Board was also briefed on the Fund’s participation in the sixth periodic meeting at the level of heads of regional financial arrangements institutions and the International Monetary Fund, on the current situation of the global economy, and ways to strengthen the global financial system and the global financial safety net

In the context of its role as a technical secretariat for the Board of Governors of Central Banks and Arab Monetary Institutions and its committees and work teams, the Board was briefed on the Fund’s “remotely” organization, the twenty-first meeting of the Regional Working Group to Promote Financial Inclusion in the Arab Countries, where a number of topics were discussed, most notably “Ways to develop the microfinance sector in the Arab region, and the role of the micro-insurance sector in supporting financial inclusion, by enhancing insurance awareness and diversifying and promoting products, especially for micro, small and medium enterprises, which contributes to developing activity, supporting investment and contributing to economic growth”. The Honorable Council was also informed of the Fund’s organization of the thirty-sixth meeting of the Arab Committee on Banking Supervision, and the sixth meeting of the Regional Working Group for Modern Financial Technologies in the Arab Countries

During the meeting, the Board was also briefed on the most important developments with regard to the “Buna” platform for Arab payments, which included the Fund’s completion of all requirements related to the establishment of the institution, and the joint announcement at the end of September (September) 2021 with the Italian Central Bank on the success of completing the joint experiment of consensual interdependence between Buna and the European Instant Payments Settlement System (known as TIPS ), to carry out instant payments settlement business in multiple currencies

The establishment of the Fund for the technical system and data centers, the continuation of progress in the development of applications related to the functions and services of instant payment, as well as the holding of technical workshops with banks interested in instant payments that have the initial technical readiness to launch this innovative service, to start developing its infrastructure to match the requirements of connectivity with “Bunni” instant payment system

Within the framework of its role as the secretariat of the Council of Arab Finance Ministers, the honorable Council was informed that the Fund organized a workshop on “Improving the Efficiency of Public Debt Management in Arab Countries”, at the level of public debt managers and senior technicians concerned with public debt issues in Arab countries, where the workshop dealt with the repercussions of the pandemic crisis. Corona on public debt and its trends, and the policies and methodologies used to support the sustainability of public debt after the pandemic

The Board was also informed of the Fund’s latest publications of reports, research, bulletins, books and working papers, since the previous meeting of the Board in September 2021   LINK

Clare:  THIS SUPPORTS EVERTHING MM & PETRA HAVE BEEN TEACHING US ABOUT INTERCONNECTION & DIGITIZATION ....TIE THIS INTO WHAT WS & FRANK SHARED WITH US LAST NIGHT IN THE UB2B……WOW! WHAT A GREAT SPOT WE ARE IN!! IMO THANK GOD!   

MilitiaMan: Now add that HSBC and Wells Fargo are to clear currency with blockchain technology, Monday.. The implications are astounding!!! We have been watching a digital transformation right before our eyes.

 These two banks at this time frame will start Monday, allow those us with multi currencies to clear currency trades, globally.

What a time to have that ability. There are no coincidences. Just as there has been no coincidences in the Reverse Repo Market being at historic highs..

All things come full circle. imo ~ MM

https://financialpost.com/fp-finance/cryptocurrency/hsbc-and-wells-fargo-to-settle-currency-trades-with-blockchain

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HSBC and Wells Fargo to settle currency trades with blockchain

Bypassing CLS, a nearly two-decades-old utility central banks urge market participants to use to neutralize risk of trade failures

 HSBC and Wells Fargo are cutting out a key part of the currency market’s infrastructure from some trades after the two banks agreed to settle transactions directly on blockchain technology.

From Monday, they will use blockchain technology to reconcile and pay out on deals in dollars, sterling, euro and Canadian dollars between the two banks, using HSBC’s FX Everywhere platform.

The agreement means they will bypass CLS, the nearly two-decades-old utility that central banks urge market participants to use to neutralize the risk of certain trade failure.

 The move is the latest example of blockchain technology seeping into the US $6.6-trillion-a-day foreign currency market, and resetting relationships between the big investment banks and central banks.

Earlier this month, the central banks of Switzerland and France successfully tested the first cross-border payment on the blockchain as part of a series of projects around central bank digital currencies.

He acknowledged the move would cut out CLS, the U.S .Federal Reserve-regulated entity that settles trillions of dollars worth of global currency deals and ensures both sides of a trade are paid simultaneously. The two banks also said they hoped to expand the system to other banks and emerging market currencies that CLS does not settle.

Mark Williamson, global head of FX partnerships at HSBC, said the banks were also talking to financial market infrastructure operators about their potential involvement. He declined to name the parties but said a decision was likely to come next year.

https://financialpost.com/fp-finance/cryptocurrency/hsbc-and-wells-fargo-to-settle-currency-trades-with-blockchain

MilitiaMan:  THANK YOU FG !!! ~ MM

KTFA Members "News and Views" Friday Afternoon 12-17-2021

KTFA:

Briscom:  May I ask for comments about this.  On Monday’s CC, at 51:00 in, Petra said that the ‘delay’ (Dec 13 to Dec 22) in  announcing the government was ‘strategic’.  

Petra or family, could you elaborate on why the change of date to Dec 22 is IYO, a ‘strategic’ move/decision on their part.   Thanks

Pompeypete:  Several ways of looking at this….It could be a convenient screen for our Blessing in the minds of some…how?

All the time no official Govt or group are sanctioned by the court, no group, Sadr Shia or Fatah/Maliki Shia can claim kudos from the CBI’s move…albeit that Khazemi is with his sitting CoM they can only proceed with prior Govt laws and decisions.

So the official announcement could have been moved ‘strategically’ to allow for the Blessing prior to the announcement of the Election results so that no one group gets a divisive advantage…IMO

PompeyPete: Another view/reason postulated is that Fatah/Maliki and all the other pro Iranian factions got hammered at the election, for some reason people didn’t vote for them because they don’t like being murdered and distorted etc …they lost a big slice of their seats, with it their power took a big dent….whilst that of Sadr almost doubled….

Maliki is fearful of Sadr….who will deal with them if they disarm their militias and give up their CORRUPT….soooo… when the election results are ratified they are anticipating a huge backlash …as Maliki and others pay demonstrators to erupt in the streets…..but if the announcement is made post Blessing, the citizens will be dancing in the streets and the $25/30 given to go and shout outside the Supreme Court will be far less relevant to them..IMO

Petra, MM and I talk at least once a day and I believe this is along the lines of their thinking…imo 
Hope this helps….

MilitiaMan:  Thank you for your input, well done and those thoughts are in line with mine.. ~ MM

Popeye7:  Loved your insight concerning why the Iraqi government decided to wait to give the elections results PompeyPete… Makes perfect sense considering how the residence  in Iraq would must certainly be in a celebratory mood once the rate of their currency benefits their buying power… Good stuff… Thanks again MM for your continued insight as this process continues to unfold, and the day draws near to fulfilling what has been in the planning stages for a very long time… God bless, and take care to all…

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Samson:  The Board of Directors of The Arab Monetary Fund will hold its two hundred first meeting on Thursday 16, 2021

17th December, 2021

The Fund organized a number of “remote” meetings and workshops, during the fourth quarter of 2021, on regional and global economic developments, and priorities in the post-pandemic phase, to support the return of the economic, financial and banking sectors to the usual paths of growth

The Fund offered 17 “remote” training courses for official Arab cadres

Issuing 3 new issues of a series of introductory booklets to increase economic and financial awareness among Arab youth

Successful completion of the first-of-its-kind joint experiment of interconnection between the “Bunna” platform for Arab payments

 and the European Instant Payment Settlement System to carry out instant payment settlement business in multiple currencies

The Fund has issued a number of studies and working papers on the current developments at the regional and international levels and its repercussions on Arab economies

The eighth meeting of the Technical Committee of the Arab Statistics Initiative “Arabstat” discussed several priority topics for Arab countries, including sustainable development statistics, government finance and public debt statistics, foreign investment statistics, and the quality of statistics

The Sixth Public Finance Forum, discussed the procedures and measures for recovery in the Arab countries in the post-pandemic stage

Fiscal policy issues, prospects for economic and financial developments, and digital transformation in public finance

Today, Thursday, December 16, 2021, the two hundred first meeting of the Board of Executive Directors of the Arab Monetary Fund was held, headed by Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors. The meeting reviewed the developments of the fund’s activities, and the most important things it did in its various fields of work during the fourth quarter of 2021, within the framework of its five-year strategy (2020-2025)

With regard to lending activity, the Council was informed of the position of loan requests submitted by Arab member states to benefit from the Fund’s resources, as well as the Fund’s follow-up to the agreed reform programs, supported by loans to support the efforts of Arab countries in strengthening the economic, financial and monetary conditions

On the other hand, the board’s agenda included a review of the developments in the investment activity of the fund, including the activity of accepting deposits from central banks and Arab monetary institutions, the performance of investment portfolios, developments in the global financial markets, and the measures taken to implement the fund’s investment strategy

The Board was also briefed on the Fund’s initiatives to develop the Arab financial and banking sector and financial markets, which comes among its top priorities, as the Fund organized a number of consultative events on the most important developments related to the role of the financial and banking sector in supporting economic activities during the recovery phase from the Covid-19 pandemic

The esteemed council was also briefed on the fund’s activities within the framework of financial inclusion initiatives, developing bond markets in Arab countries, enhancing Arab countries’ capabilities in the field of using modern financial technologies, and other initiatives

The Board was also briefed on the Fund’s activities in the field of enhancing cooperation with regional and international financial organizations and institutions. On October 10, 2021, the Fund organized the International Conference on “Promoting Digital Innovation and Cross-Border Payments”, in cooperation with the Digital Monetary Institute of the Official Forum of Monetary and Financial Institutions (OMFIF), to discuss the opportunities offered by digital innovations to develop financial services and capital markets, and enhance financial inclusion.

The Board was also briefed on the Fund’s participation in the sixth periodic meeting at the level of heads of regional financial arrangements institutions and the International Monetary Fund, on the current situation of the global economy, and ways to strengthen the global financial system and the global financial safety net

In the context of its role as a technical secretariat for the Board of Governors of Central Banks and Arab Monetary Institutions and its committees and work teams, the Board was briefed on the Fund’s “remotely” organization, the twenty-first meeting of the Regional Working Group to Promote Financial Inclusion in the Arab Countries, where a number of topics were discussed, most notably “Ways to develop the microfinance sector in the Arab region, and the role of the micro-insurance sector in supporting financial inclusion, by enhancing insurance awareness and diversifying and promoting products, especially for micro, small and medium enterprises, which contributes to developing activity, supporting investment and contributing to economic growth”. The Honorable Council was also informed of the Fund’s organization of the thirty-sixth meeting of the Arab Committee on Banking Supervision, and the sixth meeting of the Regional Working Group for Modern Financial Technologies in the Arab Countries

During the meeting, the Board was also briefed on the most important developments with regard to the “Buna” platform for Arab payments, which included the Fund’s completion of all requirements related to the establishment of the institution, and the joint announcement at the end of September (September) 2021 with the Italian Central Bank on the success of completing the joint experiment of consensual interdependence between Buna and the European Instant Payments Settlement System (known as TIPS ), to carry out instant payments settlement business in multiple currencies

The establishment of the Fund for the technical system and data centers, the continuation of progress in the development of applications related to the functions and services of instant payment, as well as the holding of technical workshops with banks interested in instant payments that have the initial technical readiness to launch this innovative service, to start developing its infrastructure to match the requirements of connectivity with “Bunni” instant payment system

Within the framework of its role as the secretariat of the Council of Arab Finance Ministers, the honorable Council was informed that the Fund organized a workshop on “Improving the Efficiency of Public Debt Management in Arab Countries”, at the level of public debt managers and senior technicians concerned with public debt issues in Arab countries, where the workshop dealt with the repercussions of the pandemic crisis. Corona on public debt and its trends, and the policies and methodologies used to support the sustainability of public debt after the pandemic

The Board was also informed of the Fund’s latest publications of reports, research, bulletins, books and working papers, since the previous meeting of the Board in September 2021   LINK

MilitiaMan: The most important part is the system has been tested successfully and with multiple currencies, imo that includes the Iraqi Dinar. With the amount of news coming out from the AMF and the CBI we can clearly see that the digital transformation is well under way.

Clare:  THIS SUPPORTS EVERTHING MM & PETRA HAVE BEEN TEACHING US ABOUT INTERCONNECTION & DIGITIZATION.....TIE THIS INTO WHAT WS & FRANK SHARED WITH US LAST NIGHT IN THE UB2B……WOW! WHAT A GREAT SPOT WE ARE IN!! IMO THANK GOD!

MilitiaMan:   Yes, indeed we are in a great place. ~ MM

Some Late Thursday Night News Posted By Samson 12-16-2021

KTFA:

Samson: IMF: International debt has risen to the highest level since World War II

12/16/2021 00:38:06

The International Monetary Fund announced that global debt rose to 226 trillion dollars last year, recording the largest jump in one year since World War II, warning of the risks of high interest rates.

The coronavirus pandemic has caused debt to reach 256 percent of global GDP in 2020, an increase of 28 percentage points, Vitor Jasper, director of public finances at the IMF, and other officials said in a blog.

They added that government borrowing accounted for just over half of the $28 trillion increase, but private sector debt among non-financial businesses and households also hit new highs.

They added that developed economies and China accounted for 90 percent of the increase in debt due to low interest rates, while debt rose at a slower pace in developing countries, mostly hampered by high borrowing costs and limited access to financing.

They noted that higher interest rates would reduce the impact of the increase in public spending and would exacerbate concerns about debt sustainability.

They stressed that "the risks will increase if interest rates rise faster than expected and growth falters."

LINK

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Samson:  The World Bank announces $93 billion to fund the poorest countries

16th December, 2021

The World Bank announced that the International Development Association, its arm for the poorest countries, has secured a record $93 billion in funding to help these countries deal with the consequences of the COVID-19 pandemic and boost economic growth.

The bank said in a statement that this is the largest "replenishment" ever of the resources of the International Development Association, which provides financial support to 74 countries, the majority of which are in Africa.

The International Development Association is part of the "World Bank Group" concerned with helping the world's poorest countries by providing loans and grants for programs that promote economic growth, reduce inequality and improve living conditions in these countries. This institution is financed primarily by contributions from the member countries of the Bank. Donors meet every three years to replenish their resources. 

The Foundation's 19th round of funding began in July 2020, a year earlier than it was supposed to, given the current crisis. "The generous commitment of our partners today is a critical step to support poor countries in their efforts to recover from the COVID-19 crisis," the statement quoted World Bank President David Malpass as saying.  LINK

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Samson:  The lira collapses after the Turkish Central Bank's decision to cut interest rates

12/16/2021 15:20:34

 The Turkish Central Bank decided today, Thursday, to cut the interest rate by 100 basis points, in light of this, the Turkish lira plunged to historical levels.

According to Bloomberg data, the Turkish currency was trading at 15.4668 lira to the dollar, and the currency fell to its lowest level ever.

The decline in the lira came after the Turkish Central Bank decided to cut the interest rate by 100 basis points on repurchases, "repo" for a week, to 14 percent.

The central bank follows a policy of reducing the interest rate despite the high rates of inflation in the country.   LINK

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Samson:  Iraq foreign reserves rise on currency devaluation, oil prices - cbank governor

15th December, 2021

Iraq's foreign currency reserves have risen to $64 billion from $48 billion since Iraq devalued its currency almost a year ago, Iraqi Central Bank Governor Mustafa Ghalib said on Tuesday.

Ghalib said the devaluation had helped bring the reserves up, and that Iraq's economy was much healthier than during the middle of the coronavirus pandemic, when oil prices plummeted and Baghdad was in preliminary talks with the International Monetary Fund for a possible loan.

"We were meeting sometimes twice a day with the IMF and the World Bank, but the Iraqi government's financial situation is much better now," Ghalib told Reuters in an interview at his office in Baghdad.

"Reserves might have decreased in the 30s of billions of dollars without the devaluation ... the rise in oil prices has also helped," he added.

Ghalib said he expected Iraq's 2022 budget to be based on an oil price of roughly $45 per barrel. Iraq, OPEC's second-largest producer, draws around 95 percent of its state revenue from oil sales.

Iraq currently owes its neighbour Iran around $5 billion for energy imports that are crucial for keeping the lights on, but Baghdad is abiding by U.S. sanctions that prohibit it from paying any cash to Iran, Ghalib said.

Iraq has paid some of those power debts in commodities and supplies, for example buying some $250 million worth of Russian-made Sputnik COVID-19 vaccines for Iran, as well as making wheat purchases for Tehran, he said.

Ghalib confirmed reports that Iraq has opened an account with the China-backed Asian Infrastructure Investment Bank, saying it has deposited around $100 million in the account for possible future payment for infrastructure projects.  LINK

Samson:  Al-Saadawi: The Money Laundering Process Continues, And The Smuggling Of Dollars From Iraq Takes Place On A Daily Basis

16th December, 2021

A former member of the Finance Committee, Abdul-Hadi Al-Saadawi, confirmed on Thursday that the dollar's exit from Iraq has not stopped until today.

Al-Saadawi said, in a statement to the "Information" agency, that "the money laundering process has become greater than before, and there is no fear of the law because there are some parties involved in this crime that humiliate them by all procedures."

He pointed out that "the government, the leaders of the outlets and the economic men have so far not submitted any proposal to automate the outlets, and this is evidence of two things, the first is the problem of the law and the second is the state's knowledge of this problem and not addressing it."

He pointed out that "the federal government, until this moment, has not controlled its external borders and does not have sufficient power to control the money laundering and dollar smuggling process."

According to an unofficial statistic circulated by economists on the communication sites, the volume of Iraqi funds in the world's banks amounted to 60 billion dollars, restricted to fictitious names and projects on paper only.   LINK

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Samson: Vietnam : Digitalisation key to economic recovery

16th December, 2021

Digitalisation is key to Việt Nam's economic recovery and crucial to Vietnamese firms' ability to compete and create value, said policymakers and business experts at a conference yesterday discussing how the country's economic policies can help foster creativity and innovation among the business sector. 

Deputy head of the department for enterprise development under the Ministry of Planning and Investment Bùi Thu Thủy said digitalisation was no longer an option for businesses, especially as the world is still trying to recover from the pandemic. The digitalisation of business data, management, automation, reporting and collaboration within enterprises should be given the highest priority. 

While Việt Nam enjoyed a relatively high broadband penetration rate compared against other countries in the region, digitalised transactions still remained at just over 22 per cent, lower than Indonesia (34 per cent) and Thailand (62 per cent). Online business transactions were also on the low side at just 10 per cent against Indonesia (49 per cent) and Malaysia (52 per cent). 

The most common issues experienced by Vietnamese businesses with digitalisation include a lack of financial resources, poor IT infrastructure and cyber security and a shortage of skilled workers. 

The pandemic and a number of recently implemented policies by the government have given digitalisation a speed boost. Coupled with a change in consumer behaviour to contactless transactions the country's digital economy has reported a 10 per cent growth rate since last year and US$135 billion in sales volume. She said the ministry is willing to provide support to all businesses to make the transition to digital. A number of tools have been made available at http://digital.business.gov.vn to help businesses self-evaluate and build a digitalisation strategy.

The ministry has also been building a consultant network specialised in digital transformation. So far, the network has connected with over 100,000 clients and held numerous training programmes for businesses. 

Director-general of V-startup, a support network for Vietnamese start-ups, Nguyễn Thy Nga said enterprises are at the core of the country's creativity and innovation push. Nga said creative and innovative solutions in organisation and management help businesses cut down transactional and operational costs while improving productivity and efficiency. She said creativity and innovation must come from an emphasis on business culture, one in which managers and workers must continue to adapt and change. 

Nguyễn Tuấn Lương from UNDP in Vietnam's department for creativity and innovation said the push for digitalisation offers the country an opportunity to move in the direction of greener development and to build an economic ecosystem for sustainable development. 

Dr Chử Đức Hoàng from the National Technology Innovation Fund said Vietnamese enterprises, especially SMEs, were in dire need of financial resources for research and development activities as well as of comprehensive legal and policy frameworks to encourage the implementation of science and technology in the business sector.  VIDEO

KTFA Thursday Night CC "They Have To See Them" 12-16-2021

KTFA

Thursday Night KTFA CC

Frank26: 12-16-21 THEY HAVE TO SEE THEM

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=LnvJx8lOJ58

MilitiaMan: "A Need for a New International Rate" 12-16-2021

KTFA:

MilitiaMan:  What we have (see below) is the CBI giving license to ISHTAR GATEWAY Co. and the AMF (BUNA PLATFOM), both having similar FINTECH (blockchain) systems in place to do clearing of payments, settlements, collections, etc..

They can use multiple currencies to do so, internally and externally! These things are all relatively new to the ME in multiple currencies on digitized platforms. All of this within the last couple of months.

We have not seen this type of communication at this digital transformation level ever before, imo.. They are using AYSCUDA system at the global level at the borders for similar customs payments and settlements. Thus, setting up the ascension to the WTO, imo.

MilitiaMan:  The E-Government entities behind it that are in support all are in place, as we saw that the CBI, as stating as much in recent weeks, and then the Government confirming even more so in the regional areas of Iraq within the last few days. 

 The Biometric cards for payments, etc.,  are also imo issued down to the all citizens 18 years of age or more, to date. The new cards are not only the basic systems we all are aware of. This is a new high tech card system for Iraq that may be the main conduit for interconnectivity for even the HCL payments.

They have the technology to facilitate advanced mechanisms to know thy customer. The cards will have all types of information.

There is evidence now that the citizens are being told about historical small category notes. There is no need for the new small category notes (NSCNs) while the exchange rate is at a program rate of 1460 nor at 1200.

They clearly tell us below there is negative consequences in doing so. They apparently are not going to issue more triple zeros notes to replace that old and or damaged notes, however, that is not completely clear in the translation.

At this stage, imo, they won't  do so, as there will be no need to.  There is however, a need for the new international exchange rate that will require the NSCNs.

The article about not changing the exchange rate from 1460 to 1200 nor introducing more denominations, is about the old notes, not the new noted to come. They didn't show the old small category notes for education just for fun.. They did so to show an example of the Glory Days that provided purchasing power to the citizens.

My understanding is that is an on going process.

 Today the CBI is talking about that they can or will change the exchange rate again.. They give us a clue that there is an unknown amount of additional money recovered or realized yet, that may be added to the reserves. Any amounts of additional money or assets may or will support additional value for the new exchange rate, imo.

At the present amount of $64 billion in cash only, is said to be enough to warrant an announcement of a reduction in the exchange rate change to come by the CBI. A reduction in the exchange rate means dropping the three zeros from the exchange rate. That has been the goal since 2003 real close.

Today they are effectively openly talking about it.
 
In addition to all of this there is payments paid in full to Kuwait. They have clearly met their obligations to fulfill the requirements to be lifted from Chapter VII and is now no longer under it's provisions, there is a decision to be made to that end.

Which when done, should open the door to Iraq's freedom to comply with the IMFs Article 8 status for their currency. That imo means the CBI can change the rate once the decision is made. From the sounds of it the USA may have that final say noted below.

The USA has recently sent back their antiquities prior to the Centenary this past week. There is a feel that there is a tit for tat going on. One where even that they stopped bank loans, contracts, interest rate payments, etc., on the 15th.

There was an extension to the USA debt ceiling yesterday and it is expected to be signed today by the POTUS. Many things are converging with extraordinary timing..  Lets see what they do next.. ~ MM

~~~~~~~~~~~

The Arab Monetary Fund announces the signing of a memorandum of understanding with Mastercard to support the growth of cross-border payments in the Arab region and global markets  LINK

Enrollment and digital transformation    LINK

~~~~~~~~~~~

Ishtar Gate Company and Visa launch the first multi-currency platinum prepaid card in the Middle East and Africa

It is noteworthy that Ishtar Gateway Company for Financial Systems and Services and its trademark (Blue) is an Iraqi company registered in Iraq, holding a license to conduct electronic payment business from the Central Bank of Iraq No. (14) based on the Central Bank of Iraq Law No. (56) of 2004. 

The company is licensed to implement and facilitate electronic payment business in all parts of Iraq, and its scope of work includes: issuing prepaid cards through international payment companies, owning and publishing payment points and the ATM network, as well as providing various services to banks and facilitating the process of paying and collecting bills.

~~~~~~~~~~~~~

Zwipe, Areeba pilot Biometric Payment Cards in Iraq

23rd November, 2021

Norwegian biometric authentication firm Zwipe is partnering with Areeba to pilot biometric payment cards based on Zwipe Pay ONE in Lebanon and Iraq.

According to a press release from Zwipe, these pilots reflect a strong and growing demand from issuers and processors across the region for next-generation contactless payment cards.

In these pilots, the biometric payment cards will be built on the Zwipe Pay ONE platform and delivered by Inkript, one of the leading EMV Card Manufacturers in the Middle East, which already provides cards to areeba and many issuers in the region.  LIN

--------------------------------------

Al-Kazemi’s financial advisor reveals an economic constitution

Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Saleh, stressed the importance of the white paper and its reflection on the economic reality in the country, noting that the paper is closer to an economic constitution..

 Saleh said in a statement to the official agency that he followed him NRT Arabia, today (*December* 15) that "the White Paper is a dual reform project that seeks to achieve the country's financial sustainability with the ability to be economically sustainable in an integrated manner."".

 He added, "The importance of this paper, which works in the long term, has established in the short period an ideology that was confused in the economic society."

 He explained, "The white paper requires patience, determination and will to build the country's future in stability and development, and it is closer to an economic constitution."

 Saleh added, "The paper achieved something clear last year from adopting a road map towards the broader reform path, and this is what we can expect to adopt in maintaining and consolidating Iraq's economic future without retreat."

He pointed out that "the white paper is an indicator of the progress of the economy and the consolidation of the economic life of Iraq, and it is the economic constitution on which any upcoming government curriculum will inevitably be based.".

Saleh concluded: "We evaluate the successes and failures of implementing the white paper in its first year, in order to amend the course or delete or add important procedural issues to optimize the implementation of the reform paper" link

"Economic constitutionalism can provide a set of constitutional economic commands for the social economic actions. It is a path that allows the state to intervene in the economy. Under the structure of economic constitutionalism, liberty and intervention can be balanced."

-------------------------------------------

 Kurdistan Democratic Party: The party closest to us is committed to implementing Article 140 and the Oil and Gas Law

 Barwari called on the federal government to “protect the regions and borders of the region, which is the duty of the state and not the duty of Mr. al-Sadr. the provisions of the constitution regarding Article 140, the oil and gas law, and others.  LINK

------------------------------

 The Central Bank announces the preparation of a study of the currency structure project and warns against changing the exchange rate

14/12/2021 ......... Baghdad - Mawazine News

The Central Bank of Iraq announced, today, Tuesday, that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars. The bank said, according to the official agency, that "the central bank has completed the preparation of a study of the currency structure project," noting that "the timing of the implementation of the project depends on the bank's policy and the political and economic conditions of the country."

He added, "The bank has no intention of issuing new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes." And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank stressed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market getting out of control, and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,” noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, thus exacerbating the unemployment crisis as a result of those projects stopping work.”

LINK

--------------------------

Economist: The Monetary Reserve Achieved By The Central Bank Should Be Faced With A Reduction In The Exchange Rate 

LINK

 The economic expert Wissam Al-Tamimi said, on Thursday, that the cash reserve achieved by the Central Bank exceeded 64 billion dollars, making it imperative for the government to reduce the dollar exchange rate a year after the decision to raise it by 23 percent.

  “The cash reserve achieved by the Central Bank should be faced with a decrease in the exchange rate in the local market, especially since poverty rates have risen according to the statistics of the Ministry of Planning, which needs a quick treatment to remedy what the citizen may resort to to achieve a living, especially that the total prices the purchasing power of the citizen as well as the owners of the markets has increased and decreased, and therefore, continuing with this approach will lead the country to a dangerous slide.” 

 "There are many question marks on the government, especially since there is a great financial abundance achieved from oil revenues and the high exchange rate, at a time when no final accounts have been conducted so that everyone can know the recovered or realized funds for the current year."

 LINK

Economist: What The Central Bank Has Achieved In Terms Of Monetary Reserves Requires The Government To Reduce The Exchange Rate

-------

After paying the compensation amounts, will the Security Council remove Iraq from Chapter VII?!

Dr. Jawad Al-Hindawi263 2021-12-13

   Dr.. Jawad Al-Hindawi *|| The Iraqi Ministry of Finance paid the last amount of Kuwait war compensation, which amounted to 45 million dollars. Iraq has paid, from 1996 until the first week of 2021, an amount of 52.4 billion US dollars in compensation. 

This is what Dr. Mazhar Muhammad Salih, the financial advisor to the Prime Minister, wrote in an article for him, published by the Iraqi Economists Network, on 12/11/2021, and under the title: Iraq’s End of Kuwait War Compensations...p. 1). 

Forcibly, Iraq has fulfilled all its legal, political and financial obligations imposed on it by the resolutions of the Security Council and the United Nations, following the previous regime's invasion of Kuwait. 

Iraq under duress accepted Security Council Resolution No. 687 of 1991 to form a border demarcation committee between Iraq and Kuwait, and Iraq’s permanent representative to the United Nations read a message, in which he stated: Just as we accepted Resolution 687 of 1991, despite our objection to it and our rejection of its contents, we will cooperate with you and name our representative in the demarcation committee, even if you did not take into account the aforementioned opinions and observations.

 And we do that because of the persistence of circumstances that compel us to accept.” Iraq did not make public its declaration in writing of its coerced acceptance except for Resolution No. 687 of 1991, which delineates the border between Iraq and Kuwait, due to its awareness and knowledge that the Security Council has exceeded the limits of its powers and authority stipulated in the Charter of the United Nations, and not One of his powers is to demarcate the borders between two countries, and it was possible for Iraq, after its exit from Chapter VII, to file a case before the International Court of Justice in The Hague, for the purpose of canceling the results and consequences of the border demarcation committee between Iraq and Kuwait, on the pretext of Iraq’s dissatisfaction and that its approval at that time to demarcate the border She was under duress. 

Now, after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and to end the work of all financial and banking committees and institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions. 

And that the resolution clearly states that Iraq has fulfilled all its obligations and that it is no longer under the provisions of Chapter VII. 

I refer here to what Mr. Abdul Basit Turki, Chairman of the Committee of Financial Experts in Iraq, emphasized in an interview conducted by Al-Sharq al-Awsat newspaper on 12/9/2021, that the Security Council should issue a resolution to remove Iraq from Chapter VII, and that this resolution stipulates the protection of Iraq From any other compensation claims, whether for individuals or institutions. Will America agree to remove Iraq from Chapter VII, in accordance with a resolution issued clearly by the Security Council, as stipulated in the Charter of the United Nations? 

That is, just as Iraq was placed under Chapter VII and according to an explicit and clear decision, its exit from the provisions of Chapter VII must be according to a clear and explicit decision as well. We certainly hope so, but we have doubts about the US position that wants (perhaps) for Iraq to continue free from Chapter VII sanctions, but it remains subject to some financial, monetary and political restrictions. 

Especially since Resolution No. 660 issued on 2/8/1990 condemned Iraq for its occupation of Kuwait, and also stated that Iraq constitutes a threat to world peace and security. Perhaps America will invoke the phrase “Iraq’s threat to world peace and security” and claim that the situation of Iraq still poses a threat to world peace and security to completely impede its exit from Chapter VII, and to continue exercising the role of guardianship and interference under the cover of the UN resolution. Former Ambassador / Head of the Arab-European Center for Policies and Capacity Strengthening / Brussels. On 12/13/202

http://burathanews.com/arabic/.....les/404381

Frank26 and Samson "News and Views" Wednesday PM 12-15-2021

KTFA:

Frank26:  ECONOMIC EXPLOSION BECAUSE OF THE MONETARY REFORM COMPLETION"....F26

Expectations of an unprecedented growth of the economic situation in Iraq

14th December, 2021

A specialized agency expected that Iraq will witness the highest growth in the Gulf oil-exporting countries next year, pointing out that its rates may reach 8.1%.

A report by The National stated that the international credit rating agency, Fitch, stated that the economy of Iraq, the second largest oil producer in OPEC, is expected to witness stronger growth during 2022, at a rate of more than 8.1%, which is the highest growth rate expected among the Gulf oil-exporting countries. 

He stressed that the outstanding financial budgets will further improve the economic conditions of Iraq and the GCC countries, at a time when oil prices will remain strong.   LINK

Frank26:  "THE MARSHALL PLAN WAS A SUCCESS".....F26

Despite Paying Off Debts, America Plays The Role Of Guardianship To Deprive Iraq's Wealth  

14th December, 2021

Economic expert Dia Mohsen stressed, on Tuesday, the necessity of issuing a Security Council resolution to remove Iraq from international trusteeship after paying its foreign debts to Kuwait, indicating that the resolution provides for the protection of Iraq from any other compensatory claims.

Mohsen said in a statement to the "Information" agency, that "Iraq exited from Chapter VII and moved to the Sixth for an important reason, which is to ensure that the influence of the UN Security Council remains on the country," noting that "Iraq's survival under international tutelage is to maintain American influence inside Iraq."

He pointed out that "Iraq paid the last war debts to Kuwait, which amounted to 54 million dollars, and thus Iraq is outside the control of the UN Security Council," explaining that "the Iraqi government broadcasts propaganda for the survival and influence of US forces inside Iraq."

He added that "the Iraqi government is pushing for the survival of American influence in Iraq by keeping the country under Chapter VII, which makes Iraq under the tutelage of the UN Security Council."

He pointed out that "after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and end the work of all committees and financial and banking institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions.  LINK

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

Samson:  The Kurdistan Regional Government suspends the official working hours for a whole week

15th December, 2021

The Kurdistan Regional Government is scheduled to suspend official working hours for a full week, on the occasion of the New Year holidays.

According to the official holidays calendar (calendar) approved by the regional government, it will suspend official working hours in all government institutions and departments, except for the health sector and public services, from 12-25-2021 until 1-2-2022.

The New Year's Eve in the region witnesses joyful celebrations that are not limited to residents only, but also include tourists from different regions and cities of Iraq who go to Kurdistan.  LINK

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Samson:  By more than 60%.. Iraq's holdings of US bonds decreased

15th December, 2021

The US Treasury Department reported that Iraq's possession of US bonds decreased by more than 60 percent in ten years to reach $17.954 billion during last September.

The Treasury said in a table seen by Shafak News Agency that Iraq's possession of bonds decreased during ten years by 61.34%, indicating that "Iraq bought US bonds in 2012 at an annual rate of 46.316 billion dollars, to decrease in 2013 to an average of 42.1 billion dollars." Annually, it amounted to an average of $28.2 billion in 2014.

And she added, "The bonds purchased by Iraq for the year 2015 amounted to an annual rate of 25.6 billion dollars, to become these bonds in 2016 as an annual rate of 15.3 billion dollars, to rise slightly in 2017 as an annual rate to 16.6 billion dollars."

And she continued by saying, "The annual rate of bonds purchased by Iraq for the year 2018 amounted to 27 billion dollars, and in 2019 it reached an annual rate of 34 billion dollars."

She pointed out that the annual rate of purchased bonds for the year 2020 amounted to 24.7 billion dollars, and to reach 17.954 billion dollars as an average during the nine months of the current year 2021.  LINK

Samson:  The white paper requires a stable government for two sessions to activate its reform axes

15th December, 2021

Questions arise about the possibility that Iraq will continue to implement the white paper in the next government era, while the former Minister of Electricity, Louay Al-Khatib, believes that Iraq needs a transitional economic reform phase and two stable government cycles, in which it reduces the dependence of federal budgets on oil imports by 12% 5% annually by canceling subsidies, imposing progressive taxes, controlling customs fees, and financing reconstruction and investment funds from petrodollars to increase income and end rentierism.

And the white paper is a project adopted by the government of Prime Minister Mustafa Al-Kazemi, to be a comprehensive road map whose main goal is to reform the economy, and to address the serious challenges facing it, while the specialists believe that the extension of Al-Kazemi’s term will ensure the implementation of the agenda of the paper, which represents a reform program aimed at developing the private sector and reducing dependence on the state and stimulating production in various governmental and private sectors, and this initially increases the possibility of its continuation during the coming period.

Finance Minister Ali Allawi says that during its second year, despite the challenges, the white paper achieved impressive results, namely overcoming the financial collapse and global indebtedness and achieving a cash surplus.

Adviser to the Prime Minister for Economic Affairs Mazhar Muhammad Salih believes that the paper is a dual reform project that seeks to achieve the country's financial sustainability, with the ability to economic sustainability in an integrated manner.

Regarding the most prominent results of the white paper and the possibility that it will last for a longer period, Saleh says that the past year has achieved something clear from the adoption of a road map towards the broader reform path, and this is what we can expect to adopt in maintaining and consolidating the economic future of Iraq without retreat.

Saleh points out that the white paper is an indicator of the progress of the economy and the consolidation of economic life, which is the economic constitution on which any upcoming government curriculum will inevitably be based, calling for the successes and failures of implementing this paper in its first year to be evaluated to amend the course or delete or add important procedural issues to achieve optimal implementation for this reform paper.

In one of the repercussions of the white paper, the economic expert, Dr. Salam Sumaisem, expects the dinar to remain low against the dollar, a plan developed by the Finance Ministry and confirmed through the strategy presented in the white paper.

Al-Kazemi’s government says that the reform white paper was launched to correct structural distortions in the economy, the labor market, and in financial and monetary policies, and during its second year, despite the challenges, it achieved brilliant results, which is to overcome the financial collapse and global indebtedness and achieve a cash surplus.

The observer of political affairs, Ali Hadi Judeh, believes that Iraq will not witness any financial improvement if there is no real economic reform program that includes all financial, monetary, administrative and procedural facilities, and that it includes a realistic plan to reduce the size of the public sector and establish a vital and sustainable private sector and its participation in the state-owned productive sectors, which contributes to Recycle her wheel.   LINK

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Samson:  The arrest of an Iraqi official inside a government institution in a corruption case

15th December, 2021

The Investigations Department of the Integrity Commission reported, on Wednesday, that it was able to thwart an attempt to seize a state property worth (3,000,000,000) billions of dinars in Karbala, and the arrest of an official in the governorate’s Agriculture Directorate red-handed.  

The department indicated, in a statement, that "Nass" received a copy of it, (December 15, 2021), that "the team composed in the Karbala Investigation Office, which moved to the State Real Estate Department and the Real Estate Registration Directorate in the governorate, was able to seize the origin of the book on the property belonging to Ownership of it to the Ministry of Finance and the Book of Validity of Issues, as well as the correction treatment for the real estate and the treatment for the correction of the sex of the real estate according to which the right to dispose of it was changed for the benefit of a citizen, pointing to its estimated value of (3,000,000,000) billion dinars.”  

She added that "the work team was able, in a separate operation, to apprehend the director of the desert division in the Karbala Agriculture Directorate red-handed for receiving a bribe from one of the auditors, in return for completing the transaction procedures for renting a property of an area of ​​(25) dunums, indicating that the bribery had also confessed to them. another as his partner.  

And the department continued, and in a third operation, "the team that moved to a number of government hospitals and health centers in the governorate seized (3,072) expired medicine tapes, pointing out that "these materials were supplied by the General Company for Marketing Drugs and Medical Supplies to health institutions. in the preserve."  

And it indicated that "the expiration date of the test strips installed on the boxes of the tapes refers to 7/31, 2022, while the real expiration date installed on the tapes refers to July 2021."  

She explained, "the organization of seizure records of the operations that were carried out according to
judicial seizure notes, and presented, with the accused, in the second case, to the judge of the Karbala
Investigation Court specialized in integrity issues, who decided to arrest him in accordance with the
provisions of Resolution (160 of 1983) and issue an arrest warrant against his partner."   LINK

Some "Tuesday News" Posted by Samson at KTFA 12-14-2021

KTFA:

Clare:  FRANK TOLD US - KUWAIT WAS PAID! IMO  ....  WE SURE ARE "AHEAD OF THE CURVE!"   THANKS SAMSON FOR YOUR HARD WORK! - GREAT ARTICLES TODAY & YESTERDAY TOO!

Samson:  Despite Paying Off Debts, America Plays The Role Of Guardianship To Deprive Iraq's Wealth  

14th December, 2021

Economic expert Dia Mohsen stressed, on Tuesday, the necessity of issuing a Security Council resolution to remove Iraq from international trusteeship after paying its foreign debts to Kuwait, indicating that the resolution provides for the protection of Iraq from any other compensatory claims.

Mohsen said in a statement to the "Information" agency, that "Iraq exited from Chapter VII and moved to the Sixth for an important reason, which is to ensure that the influence of the UN Security Council remains on the country," noting that "Iraq's survival under international tutelage is to maintain American influence inside Iraq."

He pointed out that "Iraq paid the last war debts to Kuwait, which amounted to 54 million dollars, and thus Iraq is outside the control of the UN Security Council," explaining that "the Iraqi government broadcasts propaganda for the survival and influence of US forces inside Iraq."

He added that "the Iraqi government is pushing for the survival of American influence in Iraq by keeping the country under Chapter VII, which makes Iraq under the tutelage of the UN Security Council."

He pointed out that "after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and end the work of all committees and financial and banking institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions.  LINK

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

Samson:  Will The Security Council Remove Iraq From Chapter VII?

14th December, 2021  books / d. Jawad Al-Hindawi

The Iraqi Ministry of Finance paid the last amount of Kuwait war compensation, which amounted to 45 million dollars.

Iraq has paid, from 1996 until the first week of 2021, an amount of 52.4 billion US dollars in compensation. This is what Dr. Mazhar Muhammad Salih, the financial advisor to the Prime Minister, wrote in an article for him, published by the Iraqi Economists Network, on 12/11/2021, and under the title: Iraq’s End of Kuwait War Compensations...p. 1).

Forcibly, Iraq has fulfilled all its legal, political and financial obligations imposed on it by the resolutions of the Security Council and the United Nations, following the previous regime's invasion of Kuwait. 

Iraq under duress accepted Security Council Resolution No. 687 of 1991 to form a border demarcation committee between Iraq and Kuwait, and the permanent representative of Iraq at the United Nations read a message, in which he stated, “Just as we accepted Resolution 687 of 1991, despite our objections to it and our rejection of its contents, we will cooperate with you.” We name our representative in the demarcation committee, even if you did not take into account the opinions and observations mentioned above. We do this because of the persistence of conditions that compel us to accept.”

Iraq did not make public its declaration in writing of its forced acceptance except for Resolution No. 687 of 1991, which delineates the border between Iraq and Kuwait, due to its awareness and knowledge that the Security Council has exceeded the limits of its powers and authority stipulated in the Charter of the United Nations, and it is not within its powers to demarcate the borders between two countries, and it was possible for Iraq, and after leaving Chapter VII, to file a case before the International Court of Justice in The Hague, for the purpose of canceling the results and consequences of the border demarcation committee between Iraq and Kuwait, on the grounds that Iraq was not satisfied and that its agreement at that time to demarcate the border was under duress.

Now, after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and to end the work of all financial and banking committees and institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions. 

And that the resolution clearly states that Iraq has fulfilled all its obligations and that it is no longer under the provisions of Chapter VII.

I refer here to what Mr. Abdul Basit Turki, Chairman of the Committee of Financial Experts in Iraq, emphasized in an interview conducted by Al-Sharq al-Awsat newspaper on 12/9/2021, that the Security Council should issue a resolution to remove Iraq from Chapter VII, and that this resolution stipulates the protection of Iraq from any other compensation claims, whether for individuals or institutions.

Will America agree to remove Iraq from Chapter VII, in accordance with a resolution issued clearly by the Security Council, as stipulated in the Charter of the United Nations? That is, just as Iraq was placed under Chapter VII and according to an explicit and clear decision, its exit from the provisions of Chapter VII must be according to a clear and explicit decision as well. 

We certainly hope so, but we have doubts about the US position that wants (perhaps) for Iraq to continue free from Chapter VII sanctions, but it remains subject to some financial, monetary and political restrictions.

Especially since Resolution No. 660 issued on 2/8/1990 condemned Iraq for its occupation of Kuwait, and also stated that Iraq constitutes a threat to world peace and security. Perhaps America invokes the phrase “Iraq’s threat to world peace and security” and the claim that the situation of Iraq still poses a threat to world peace and security to completely disrupt its exit from Chapter VII, and the continued exercise of the role of guardianship and interference under the cover of the UN resolution.  LINK

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

Samson:  An Expert Shows Shocking Numbers In The Time Of "Austerity" Regarding The Halbousi Plane Scandal

14th December, 2021

The economic expert, Nabil Al-Marsoumi, explained the details of the presidential plane of the former Speaker of Parliament, Muhammad Al-Halbousi.

Al-Marsoumi said, in a post on his Facebook page, which was followed by the "Information" agency, that "the expenses of the Iraqi parliament's presidential plane, the time period = 10 months."

He added, "The time is from November 2020 to September 2021," noting that "the number of trips = 25 trips."

He explained that "the average of presidential trips = one trip every 12 days, including: 12 trips to Dubai and Abu Dhabi, 8 trips to Amman."

He pointed out that "the total expenses = one billion and fifty-eight million dinars," noting that "the average cost of one trip = 42 million dinars."

He stressed that "this extravagance took place in the time of austerity and in the time of the white paper and the reduction of the Iraqi dinar exchange rate!!".   LINK

Samson:  Al-Muthanna Records The Largest Oil Reserves In 20 Years

14th December, 2021

The local government in Al-Muthanna revealed, on Tuesday, the size of the oil discovery in the Warka 1 well located in the common area with Dhi Qar Governorate, while noting that its reservoir is the largest in 20 years.

Governor Ahmed Manfi Judeh said in a statement seen by / the information /, that "the volume of oil discovery in the (Warka 1) well located in the geographical area shared with the province of Dhi Qar is the largest in twenty years," noting that "the quality of oil in these areas is similar to the product from South Rumaila fields in Basra Governorate.

Judeh added, "The quantities that have been discovered are the largest in twenty years," adding that "the data was based on the stages of work that reached more than 20% of the area of ​​the oil patch, and that the Warka 1 well's stock is enormous in that patch and can be used in the coming years. According to the stages of work.

He pointed out that "the delegation of the investing company held talks with the local government regarding the release of social services funds to allocate them to projects that serve the people of Muthanna, while providing job opportunities for their children."  LINK

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Samson:  America: We have provided aid and support to Iraq with more than three billion dollars

14th December, 2021

The United States Ambassador to Baghdad Matthew Tueller announced on Tuesday that his country has provided more than three billion dollars in humanitarian aid and support for infrastructure and economic projects to Iraq since 2014 until now.

In his speech on the sidelines of the Project Development Fund conference with the support of the United Nations Migration Agency, held in the capital, Baghdad, Tueller highlighted the humanitarian aid provided by the United States of America to Iraq, whether in the field of health, education or construction, after the era of ISIS, adding that Helping Iraqi entrepreneurs succeed in the economy and business has been the cornerstone of our bilateral relationship with Iraq, and we are steadfast in this commitment.

And he added, "The United States is the largest donor of humanitarian aid to Iraq to ensure the safety and well-being of displaced Iraqis."

The ambassador also noted that during the struggle against ISIS, since 2014, the United States has provided more than $3 billion in humanitarian aid to displaced Iraqis in Iraq.

According to the American diplomat, since 2015, the United States of America has implemented 850 infrastructure projects to restore basic services destroyed by ISIS, indicating that we have reconstructed more than 140 schools, 62 water treatment plants and 17 sub-electricity stations.

Tueller also added by saying: We have reconstructed clinics and hospitals, provided medicines, extended electricity transmission lines, repaired roads and bridges, and worked with homeowners to restore the water of more than a thousand homes.

He continued, saying: The United States has contributed to the recovery of the Iraqi economy from the destruction of ISIS, and the damages of the Corona pandemic, adding: We do this by investing the capabilities of Iraqis through their entrepreneurial spirit, innovations and steadfastness so that they can build their future.

The ambassador disclosed that the United States' direct contribution to supporting the Project Development Fund in Iraq amounted to $6 million.  LINK

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Samson:  The Minister of Planning announces the financing of 1,000 projects across Iraq

14th December, 2021

On Tuesday, Minister of Planning Khaled Battal announced the financing of 1,000 small and medium projects across Iraq

Battal said in a press conference held in Baghdad on the occasion of the celebration of financing 1,000 small and medium projects with grants from the Enterprise Development Fund and followed by "Al-Iqtisad News", that "financial support was provided to implement 1,000 small and medium projects in all Iraqi governorates, and on this occasion and on behalf of the Republic of Iraq we value the initiative." That was proposed by the International Organization for Migration represented in the establishment of the Enterprise Development Fund

He pointed out that "this fund will contribute to building the Iraqi economy as a means of economic recovery after Iraq has overcome difficult challenges it faced through terrorism and the Corona pandemic

He added that "the projects have a major role in advancing the economic recovery in the basic and secondary sectors and supporting the young graduates category of various disciplines, stressing that "the Ministry of Planning is ready to work in its departments and formations to provide studies and available data and provide statistics for topics in the fund in coordination with the ministries, governorates and departments concerned.  LINK

Monday Night KTFA CC "Load Em UP" 12-13-2021

KTFA

Monday Night KTFA CC

Frank26:  12-13-21…….LOAD EM UP

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

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

Reports from MilitiaMan and Petra tonight.

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=nPmQUQoNeZY

Frank26 and KTFA Members "News and Views" 12-13-2021

KTFA:

Frank26:  PSSSST ................ ANY NEGATIVE HUMANS OUT THERE ...............BEHOLD :

In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.

Don961:  The Central Bank: The cash reserve increased to 64 billion dollars

Monday 13th December 2021  Baghdad: Ahmed Abd Rabbo

  In the face of speculations and warnings posed by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated cash reserves of hard currency to 64 billion dollars, which makes it able to influence exchange rates and provide a comfortably stable economic environment.

International reserves, deposits and bonds of foreign currency held by central banks and monetary authorities, are necessary to support the currency and pay the debts owed by the country.

On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; By the middle of next year, he will raise interest rates on the dollar.

Those indicators drawn by the US data, the Iraqis read, are an increase in the material returns and interest on Iraqi funds, assets and bonds located in America, most notably the hard currency reserves in the US Federal Bank in Washington.

A senior source in the Central Bank told "Al-Sabah", "The hard currency reserves of the US Federal Bank rose to 64 billion dollars, due to the rise in the oil markets."

The source commented on the possible US decision that "it will bring great financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.

Saleh said in a statement to "Al-Sabah": that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks."   link

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Frank26:  "BANKING SECTOR ON THE RISE... SO IS YOUR CURRENCY & EXCHANGE RATE"...(CBI, UST HAS A SURPRISE FOR YOU -F26).F26

Don961:  Central Bank: Iraq has become attractive to investment

Monday 13th December 2021  Baghdad: morning

 The Governor of the Central Bank of Iraq, Mustafa Ghaleb, said that all indicators of the Iraqi banking sector are on the rise, indicating that Iraq has become an attractive arena for investment.

A statement by the Central Bank, received by {Al-Sabah}, stated that the Governor of the Central Bank of Iraq, Mustafa Ghaleb, “opened the activities of the Iraqi banking week in the Iraq Pavilion at Expo Dubai 2020, in the presence of the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, and the head of the Association of Iraqi Private Banks, Wadih Al-Handal, and a number of managers.” The two years in the Central Bank and the heads of the banks’ boards}. 

The Governor of the Central Bank said: {The launch of the activities of the Banking Week in the Iraq Pavilion contributes greatly to the openness of the Iraqi banking sector to the Arab and international world}, indicating that {the supervision of the Central Bank contributed significantly to the development of the banking sector.} 

He added, "There are many Iraqi banks that have begun to expand outside Iraq, and this is what made them obtain good ratings by the competent financial institutions," noting that "Iraq today has become an attractive arena for investments and requires an effective banking sector to keep pace with these investments."

He pointed out that {all indicators of the Iraqi banking sector are on the rise, and this is a good indicator for the outside world, of the need to open up prospects for cooperation with the Iraqi banking sector}.

On the other hand, the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, praised the central bank's policy that contributed to the development of the banking sector. 

Al-Hamidi said, "The Governor of the Central Bank of Iraq and the Chairman of the Board of Governors of the Arab Monetary Fund, Mustafa Ghaleb, are now working to ensure the openness of the Iraqi banking sector to Arab and foreign banks," noting that we "praise the measures taken by the Central Bank of Iraq."

The head of the Association of Iraqi Private Banks, Wadih Al-Handal, also confirmed that “the event of the Iraqi Banks Week in the Dubai Expo represents an important sign and a very strong beginning to revitalize banking relations with the outside world,” noting that “the banking sector today represents a major point in the development of the economy.

 Country}. 

And he indicated that {the participation of banks and electronic payment companies in the activities of the Banking Week represents a strong and clear message to the world}, explaining that {Iraq is witnessing an openness carried out by the private sector, and the state must protect it and facilitate its tasks}. 

It is noteworthy that the Iraqi Banks Week, at Expo Dubai 2020 includes many banking activities, informing the public about the banking services provided by banks, as well as holding bilateral meetings between Iraqi banks and banks operating in the United Arab Emirates.   LINK

Frank26:  "THEY'RE SIGNING WITH EVERY BANK IN THE WORLD".......F26

The Central Bank signs a memorandum of understanding with the Emirates Bank  LINK

The Central Bank of Iraq signs a memorandum of understanding with the Central Bank of the United Arab Emirates  LINK

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Frank26:  "READY... SET... GO!!!"........F26

70 Exchange Companies Resume Their Work In Nineveh

70 Exchange companies have resumed their work in the city of Mosul, after stopping for more than seven years, and this was done after the National Security Agency completed its fundamental audit.

The mayor of Mosul, Zuhair al-Araji, said in a statement reported by the newspaper "Al-Sabah" and seen by "The Information", that "the re-work of the banking companies will contribute to improving the city's economy, and facilitate the work of shop owners and businessmen, as a contribution to efforts to restore economic life to what it was before the events of the tenth of June." for the year 2014”.

Al-Araji added, "More than 70 exchange companies in the city had submitted their papers to re-license their work, and it was approved to resume their work after a security audit." He pointed out "the great importance of the province because there are two border crossings with Turkey and the Kurdistan region."    LINK

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Weston:  THIS SAYS IT ALL!!! THEY ARE GOING INTERNATIONAL!!!!!!!

Page 4 - The United Nations imposed on Iraq more than thirty years ago, and the dire consequences and bloodshed as a result of Iraq remaining under the cover of the aforementioned chapter, so that Iraq can exercise its duties with the international community in accordance with the practices of Chapter VI of the Charter of the United Nations and peaceful interaction in international relations and through a safe incubator.  International peace and stability and closing the file of conflicts forever.    

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Samson:  Iraq has the fifth highest inflation rate in the Middle East

13th December, 2021

Iraq ranked fifth with the highest inflation rates in the Arab world, according to Forbes Middle East magazine.

The magazine said in a report that "Sudan ranked first with the highest average inflation rates in the Arab countries for the year 2021, at 194.6%, compared to 163.3% during 2020, after the value of the Sudanese pound fell against the US dollar since the beginning of the year by 695%."

She added that Yemen ranked second in terms of the highest Arab inflation rates this year at 40.7% compared to 23.1% in the year of Covid-19, followed by Libya with 21.1% in 2021 from only 2.8% during the past year, and then the fourth Arab countries with an average annual inflation of 6.5% In 2021, compared to 2.4% last year.

She pointed out that "Iraq ranked fifth in the ranking of the highest inflation rates in the Arab countries, as inflation will rise to 6.4% this year 2021 from 0.6% in 2020, while inflation for 2022 will decrease to 4.5%," noting that "the rise in inflation in Iraq the recovery of domestic demand in Iraq and the devaluation of the currency resulted in inflationary pressures in the country, although the past eight years witnessed stabilization of inflation from low levels due to the decline in import prices and weak demand.

However, the statistics of the Central Bank of Iraq show that the Iraqi dinar fell 23.6% against the dollar, which was exchanged last month at a price of 1480.8 dinars, compared to 1198.4 dinars in March 2020, that is, with the outbreak of the epidemic in the region, and the inflation rate in Iraq rose by 6.8% in the month of October. Last October, according to the Ministry of Planning.

She explained that "the IMF expected Sudan, Yemen, Libya and Algeria to remain in the first four places in terms of the average annual inflation rate for 2022 at 41.8%, 31.5%, 8% and 7.7%, respectively, while Tunisia may displace Iraq from the fifth place, where inflation will reach In Tunisia, it will reach 6.4% next year, while Iraq will record 4.5%.”

Tunisia, whose average annual inflation rate will rise to 5.7% this year from 5.6% last year, is in sixth place, ahead of Egypt, which comes in seventh place, where the average inflation rate for the fiscal year 2020/2021 will reach 4.5% from 5.7% in 2019/2020. 

While inflation in Kuwait will rise to 3.2% this year from 2.1% last year, the average inflation in Saudi Arabia will decline this year to 3.2% from 3.4% last year, provided that it approaches the acceptable limits at 2.2% next year, and the Sultanate of Oman ranks tenth With inflation reaching 3% this year, it is expected to decline to 2.7% in 2022.

The average inflation rate in the rest of the Arab countries will be less than 2% this year, noting that international monetary institutions such as the Federal Reserve and the European Central Bank consider the acceptable level of inflation to be 2% or slightly less.  LINK

MilitiaMan Saturday Night "A Rate Change is Imminent" 12-11-2021

KTFA:

MilitiaMan:  The UAE is going to change their work week to being like ours in the western world.. This is apparently being implemented to close out the old and usher in the new.. Their stated Fiscal year ends 12/31/2021. imo ~ MM

Samson:  Finance decides to continue working on official holidays during the current month

12/11/2021 12:23:01

  The Ministry of Finance decided to continue working for its employees during the holidays of this month.

The ministry said in a statement, that it had decided "to continue the official working hours on Friday and Saturday during the current month in the budget department to complete the transactions of departments, ministries and governorates before the end of the fiscal year."   LINK

Samson:  In the document...Finance takes a decision regarding the budget department before the end of the current fiscal year

11th December, 2021

Today, Saturday, the Ministry of Finance decided to continue official working hours on Friday and Saturday in the Budget Department.   

According to a document, "the Ministry of Finance decided to continue the official working hours on Friday and Saturday in the budget department to complete the transactions of ministries and governorates before the end of the fiscal year." LINK

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https://www.nationmaster.com/country-info/stats/Economy/Fiscal-year

"Fiscal year: calendar year

Definition: This entry identifies the beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a non calendar fiscal year (FY)."

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Samson:  Planning determines the priority of projects in the 2022 budget

11th December, 2021

Today, Saturday, the Ministry of Planning identified the priority of projects in the 2022 budget.

The ministry's spokesman, Abdul-Zahra Al-Hindawi, told the Iraqi News Agency (INA): "The important projects that will be included in next year's budget will be prioritized for ongoing projects and registration." Execution,” noting that “the focus will be on projects that have different completion rates.” He explained that "the inclusion of new projects will not be extensive as long as the old ones are not implemented," noting that "the inclusion of new projects will only be for the utmost necessity and with the approval of the Council of Ministers."

The Ministry of Planning announced, earlier, that there are more than 6000 projects under implementation.

Ministry spokesman Abdul-Zahra Al-Hindawi told the Iraqi News Agency (INA): "There are more than 6000 projects under implementation," noting that "the ministry's priority is how to sign these projects and ensure that they do not stop in front of any financial or any other circumstance." He added that "there is a focus on service-oriented projects with high rates of implementation and projects that provide job opportunities, including health, housing, education, roads, irrigation, water and sewage projects," noting that "these projects are essential because they represent a service to the citizen while providing job opportunities."  LINK

MilitiaMan:  The money at to which these projects will be completed could not be completed if at a program rate. imo.. They will require the new exchange rate that will support the re construction effort. The new system in place at the borders will add massive revenue streams, just as the liquid natural gas that is being sold.. All of it and much more will add to the bottom line for the new real effective exchange rate (REER) to come. There is no reason to have small category notes while at a program rate. We know they have told the citizens on TV about small notes. This article is additional support a rate change is imminent.. imo. ~MM

Samson:  Allawi from Dubai: The white paper achieved impressive results, including overcoming the financial collapse

10/12/2021 23:14:01

Minister of Finance, Ali Abdul Amir Allawi, said that the white paper had achieved impressive results, including overcoming the financial collapse "in the country."

A statement by the ministry, which the agency {Euphrates News} received a copy of, stated that Allawi “was inaugurated on the occasion of the Iraqi National Day today, Friday, at the Expo 2020 in the sisterly United Arab Emirates, and the Iraqi delegation included the Minister of Trade, the Governor of the Central Bank, the head of the Investment Authority, a number of ministries’ undersecretaries and advisors to the Prime Minister.” 

In a speech on the occasion, Allawi said, "The government program and the sustainable development plan, which aimed at investing in people, modern technology and work institutions to create added values, has become the main cause of poverty and epidemics, reducing disparities in living standards, climatic changes and water pollution. Therefore, it is necessary to work seriously to sustain life in our country and ensure enjoyment of life." society in peace and prosperity by 2030 through partnership between the public and private sectors.

He added, "The white reform paper was launched to correct structural distortions in the economy, the labor market, and in financial and monetary policies, and during its second year, despite the challenges, it achieved impressive results, which is to overcome the financial collapse and global indebtedness and achieve a cash surplus that will be a base for starting towards addressing the deterioration that affected the productive economic sectors."

Allawi also stressed that "the reform paper stressed the need to rebuild all sectors and in various fields, whether leadership, administrative, humanitarian and personal. Technological skills occupied a large part of the government's concerns, such as digitization, automation of systems, and the application of the "AYSCUDA" system, which is one of the modern systems to strengthen reform measures to improve performance Financial institutions, including the collection of customs taxes at ports and border crossings.

And he stated, "Our participation in this civilized platform in Dubai for the year 2021 provides us with many opportunities to benefit from the outputs of science, technology and artificial intelligence in particular, and opens new horizons in the world of economy and education, and stimulates talent and entrepreneurship."  LINK

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Finance Minister : Iraq's participation in the Expo opens new horizons and stimulates talent  LINK

The Minister of Finance announces the adoption of new tax collection systems  LINK

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MilitiaMan:  The above was yesterday and published today, it being a shoulder to shoulder meeting and the below is from this past May, which is an agreement they signed with "AYSCUDA" to digitize and automate the borders.

The new system is about International Trade. It is also about adding value to the State and it's people and outside of just oil revenue. They had an expo out side of the country in the UAE with the CBI Governor and Ali Abdul Amir Allawi.

 The meeting tells us they helped over come the financial collapse and global indebtedness and achieved a cash surplus.

Today is the Centenary of Iraq. With that in mind we see that the USA has relinquished 17,000 artifacts including the famous Gilgamesh tablet. It must be Priceless. 

The symbolism for today is about the Logo they chose  to usher the centenary in with. The Iraqi Flag, the Palm Tree and the Ishtar Star (8 sided). For instance, the Flag of Iraq during the era of 1959-1963 had one on center. In addition to that, the currency of Iraq has been noted to use that same like symbols both today and in the past.
 
We know there has been on going public education on the historic IQD notes that were lacking the three zeros. Why educate the citizens, while at a program rate of 1,460?

Because the project to delete the three zeros from the exchange rate has been in play since 2003 and is now being completed. They are coming full circle.

They'll need the new small category notes again that will effectively be repeated once again.

The plan may not have always been about the saving of the global system or maybe it has been all along? I don't know, but, fiat systems come to an end at some point. Maybe now or very soon is the time they have set for them to remove the zeroes to openly go international on a global scale.

This newer system is (imo) AYSCUDA is ushering in will bring a digital transformation that will level the playing field not just in Iraq but globally, as noted both above and below. Hundreds of countries are involved.

To make the statement that: ("The white reform paper was launched to correct structural distortions in the economy, the labor market, and in financial and monetary policies, and during its second year, despite the challenges, it achieved impressive results, which is to overcome the financial collapse and global indebtedness and achieve a cash surplus that will be a base for starting towards addressing the deterioration that affected the productive economic sectors."), is to include not just Iraq having a financial collapse, they take it to a global level.

I have not ever heard that Iraq was ever indebted to the world. In fact, it appears they have paid their debt in compensation of about $58 billion to Kuwait. They are however in the quote, suggesting or stating that Iraq having had impressive results over the preceding two years has achieved their goals to save the world (global) financially, imo.

Be sure for that to happen the new exchange rate is not going to come out of a sanctioned program rate currency, not a chance. imo..

Yesterday was Victory Day to commemorate all those that died from past wars, etc. Today the Centenary, apparently will be a fresh start and a reminder of the past but more important to tell us where they are going over the next 100 years.. Lets see the game-changer show us the real value of the IQD in the International Markets, has to be time imo.. lol ~ MM

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"The Star of Ishtar or Star of Inanna is a symbol of the ancient Sumerian goddess Inanna and her East Semitic counterpart Ishtar. The owl, was one of Ishtar's primary symbols. Ishtar is mostly associated with the planet Venus, which is also known as the morning star" ~ Wik

27 May 2021

 The ASYCUDA system is expected to be a game-changer in customs processing in Iraq and improve ease of doing business in the country.

UNCTAD and Iraq signed an agreement on 27 May to help the country modernize and automate its customs procedures.

Acting UNCTAD head Isabelle Durant and Iraq’s finance minister Ali Abdul Ameer Allawi inked the deal to implement a project that will promote trade and development in Iraq.

“The agreement that we are signing today signals the beginning of one of the most ambitious projects in the region,” Ms. Durant said.

She said the project would place Iraq among the most advanced countries in the region in modernizing and automizing customs and improving its international business ratings.

ASYCUDA to reform customs clearance

The project will involve the implementation of UNCTAD’s Automated System for Customs Data (ASYCUDA) to reform and automate the customs clearance process.

The latest version, ASYCUDAWorld, uses and takes advantage of the latest open and web-based technology.

The project will also build a single window for international trade to facilitate compliance with import and export requirements.

This would lessen the cost and streamline the process at border control, reducing barriers to international trade.

Based on the ASYCUDA experience in other countries, Ms. Durant said, it is likely that customs revenues in Iraq will increase and that the release time at the border will be halved through the project.

“More customs revenue will mean more means for spending and investment, and hence more support for the people of Iraq,” she said.

Committed to international standards

Minister Allawi said the Iraqi government is committed to ensuring its processes and procedures are automated in line with the best international standards.

“We selected ASYCUDA after a rigorous selection process,” Mr. Allawi said, “because the system has been implemented in nearly 100 countries and shown excellent results in all aspects of customs management and procedures.”

He said the system would dramatically improve the operations of the Iraqi customs authority and help reduce or eliminate many of the problems confronting the country’s international trade.

“Of course, the opportunities for corruption, extortion and malfeasance will also be radically reduced,” Mr. Allawi said.

He said increased revenues due to automation of customs operations would enable Iraq to plug gaps in finances for development. “Currently Iraq is losing a huge amount in uncollected customs revenue,” he said.

The system would generate timely, accurate and valuable data and information to support government planning, said director-general of the Iraqi customs authority, Sadiq Howeidi Abbas.

Improving ease of doing business

The customs project is also expected to improve ease of doing business in Iraq.

It will speed up customs clearance through the computerization and simplification of procedures, minimizing administrative costs to the business community and the Iraqi economy.

UNCTAD’s technology and logistics director, Shamika N. Sirimanne, said the project would be important for the economic development of Iraq.

“It will boost the efficiency of government services for trade and advance national digitalization strategies through introducing e-declarations and e-payments,” she said.

The project would bolster the implementation of economic reforms in Iraq and the government’s efforts to revive the country’s economy, make it more competitive and less dependent on oil revenues.

Ms. Sirimanne said Iraq would also benefit from the transfer of technology and skills as part of the project’s capacity-building activities.

https://unctad.org/news/unctad-and-iraq-sign-deal-modernize-customs-procedures