.KTFA-Vietnam News

Samson: S&P raises Việt Nam long-term sovereign credit rating to BB+; outlook Stable

27th May, 2022

S&P Global Ratings on Thursday upgraded its long-term sovereign credit rating on Việt Nam to BB+ from BB.

The move comes on the back of the country's strong economic recovery prospects following the progressive lift of domestic and cross-border mobility restrictions, outstanding improvement in vaccination rates, and flexible shift in COVID-containment policy.

The ratings outlook is stable.

Against the backdrop of challenging global developments and deep scarring effects of the pandemic leading to more than 30 downgrades by credit rating agencies in the year to date, Việt Nam is one of the only two sovereigns in the Asia-Pacific region to have been upgraded this year – the other being Taiwan (China).

.KTFA:

Jerry1971: The best news of the day hopefully the FSL gets read and voted soon to trigger off the new exchange rate of the IRAQI dinar many are of the belief that it's the substitute to the budget of 2022 IMO.

Samson: Parliamentary agreement to complete the draft food security law

27th May, 2022

Member of Parliamentary Finance Nazim Al-Shibli revealed, on Friday, May 27, 2022, that most members of Parliament agreed to start the second reading of the draft food security law next Sunday.

Al-Shibli said that the Finance Committee will collect the parliament's proposals on the law in preparation for its second reading, and then it will be presented for the third reading and vote.

.KTFA:

Samson: The Iraqi parliament passes a law banning dealing with Israel, and Al-Sadr calls for street celebrations

26th May, 2022

The Iraqi parliament approved today, Thursday, a proposal for a law criminalizing "normalization with the Zionist entity" with the unanimous consent of the attendees.

Earlier in the day, Parliament Speaker Muhammad al-Halbousi opened the parliament session after the quorum was completed, with the attendance of 275 deputies.

Shafak News Agency correspondent said that as soon as the session convened, parliament began voting on the articles of the proposed law.

.KTFA:

Samson: The Central Bank : The implementation of the terms of the White Paper revived the Iraqi economy

26th May, 2022

Today, Thursday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, confirmed the recovery of the Iraqi economy as a result of the application of the white paper.

In a televised interview followed by the National News Center, on the sidelines of his participation in the Conference on Sustaining Economic Growth held by the Iraqi-British Business Council in London, he said: “We held individual meetings around the round table and gave a speech on the economic situation in Iraq, which is recovering as a result of the implementation of the white paper and the policies Financial and political, and the rise in global oil prices.”

And he continued, "There are old historical relations with the Bank of England, and there is a joint date to talk according to an official agenda." LINK

KTFA:

Samson: Russia announces the start of paying its foreign debt in rubles instead of dollars

25th May, 2022

Russia announced on Wednesday that it will start paying its foreign debt in rubles, after the United States suspended an exemption allowing Moscow to make payments in dollars

"While the refusal to extend this license makes it impossible to continue servicing the government's external debt in US dollars, the payments will be made in Russian currency, with the possibility of later converting it to the base currency," the Russian Finance Ministry said in a statement

The statement indicated that "the Ministry of Finance, as a responsible borrower, confirms its will to continue paying all its financial obligations

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MilitiaMan: We can see there is a seriousness with this emergency food law. The fact that the GOI and the FInance Committess are in talks now, is very important with respect to timing. They have talked about the entirety of the new draft.

The law contains a very large financial mechanism (cheese) imo.. So large they were not given it out, until now..

The vote is slated for tomorrow. I'll bet there will be many paying close attention to the on goings now even more so than ever. The street (vulnerable) is in expectation of their constitutional entitlements that are apart of the law..

Looks like show time is in close proximity.. imo ~ MM

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Clare: Efforts for a “legal justification” granting Al-Kazemi’s government the authority to send the budget to Parliament

2022-05-23

Parliamentary sources revealed, on Sunday, that there are efforts to find a legal justification to give the caretaker prime minister an official authorization to send the draft federal budget law for the year 2022, for the purpose of passing it by the House of Representatives.

Experts in Iraqi law confirm that authorizing the caretaker Prime Minister, Mustafa Al-Kazemi, to send the draft budget, requires an absolute majority vote of the members of the Iraqi Council of Representatives, i.e. (half of the total number + one) to enable the latter to perform this procedure exclusively.

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MilitiaMan: The next Parliament sessions this next week look to be packed with importance. The likely hood that the Kurds are not on board with Sadr, is imo minimal.

The Oil and Gas Law is on the table. The Kurds suggesting they have made ground sounds very hopeful as they call it a priority. The Emergency Food and Security Law is slated for a second reading come Wednesday and in that week following for a vote.

With having an agreement politically to remove the blockage and that the financial side of things are completed, as noted by the recent Mission Accomplished between the CBI and the World Bank

The good report from the IMF, the Global Taxation agreements with 137 countries per the UST, the Iraq border automation for payments and settlements at the ports, borders customs, etc., the AYSCUDA system and the BUNA platforms all ready to go for cross border clearing of currency, thus, we can combine all that with an new exchange rate and the citizens will get what they are waiting for, the HCL.

Their share of the wealth and rightfully so they should!! imo

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MilitiaMan: We will be watching closely from here on out. (See articles below) They have pressure on all fronts now from the looks of it politically.

As for the finance side of things the CBI, IMF and World Bank have had good reports and finished missions. I see this all coming to a head now.. They all know that if they don't act they will not survive.

Might have make some concessions that Sadr will agree too.. I can think of one concession he won't be agreeing to though.. A side from that follow the money.. Leaks suggests there is about 12 billion to watch.. IMO.. ~ MM

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MilitiaMan: Establishing the border crossing with an automated system with e-governance is key to getting the private sector on a level playing field.

The General Authority for Taxes is in line for completion of the needed automation as well. They have been working on this for some time and are in the advance stages now, imo.

Likely to be a key factor now in the implementation of a new exchange rate to come from the CBI.

To get to a market economy, there will need to be compliance with the IMFs Article VIII. Lets not forget that the WTO is in the wings, as well.

The longer they take the less money they make.. lol