Petra, MilitiaMan and Tivon "There is a Global Game Afoot" 7-19-2022

KTFA:

Samson:  Saleh and Al-Abadi discuss completing the constitutional entitlements

07/19/2022 12:22:21

The President of the Republic, Barham Salih, discussed with the Chairman of the Leadership Council in the Alliance of National State Forces, Haider Al-Abadi, the developments of the political situation in the country.

A statement from Al-Abadi's office issued today said that the two sides discussed, in the meeting held yesterday, "the overall political situation and the political movement that the country is witnessing to complete the constitutional entitlements, and to face the many challenges facing our people, who hope to provide the requirements of a decent living and services, and job opportunities, construction and reconstruction during the next stage."    LINK

MilitiaMan:  Last I checked that is code for "Citizens Entitlements".. imo.. These two know full well what the agenda is now. A good thing.. Abadi sitting with Saleh.. What else did Abadi have on his mind? I'll bet since he was with Saleh, PM Kahdimi comes to mind for a second term and the Dissolution of Parliament.

Timing is moving very fast now. Lets see if the citizens entitlements include the ministries activating / financing them selves to serve the Constitutional Entitlements... imo ~ MM

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Tivon:  Someone caught that and it is the good Ole Militia-Man.

We both know what is tied to the Citizens Entitlements. The HCL/Oil & Gas Law.

 We are in for a treat. Al-Kahdimi did request all ministries to start implementing provisions right? Well what would that entail for the Ministry of Oil who had at least 500 billion allocated to their department? Contracts & Procedures? For what specifically? The Artawi oil field and the other four projects from the French oil company?

Is this where the adjustment will take place where that 40% Total signed off on will come into play if they will recieve that at full value?

And you have some thinking this would be dragged out to September into the Saudi Arabia Summit. Ha' I beg to differ. The information is going the opposite direction. This will be a powerful week.

All the items mentioned is basically the Private Sector. How can they provide sustainable living if it is something they are striving for that the current exchange rate cannot provide if the citizens are suffering from inflation?

What other way can they escape this predicament if not for something that can provide a solution? What is the one remedy that can get the ball rolling for these ministries who are tasked with solving these issues?

There is only but one avenue which includes the CBI to ensure the activation of the paragraphs inside the EFSL offsets the economic crisis. Which would make sense as to why Eddie was told what he was told. IMO

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MilitiaMan:  Todays COM meetings may be about activation of the ministries finances/provisions. They were told to finance themselves did they not? Where would they get the money? Likely the EFSL, WPs, etc.. That is how things work with budgets... lol Love the timing my friend! The reality needs to kickin now.. imo ~ MM

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RE: Monday Night Conference Call with Frank26:  https://www.youtube.com/watch?v=_XM_lwoqyq8

Tivon:  If you guys are connecting the dots. You should not be surprised as to why Eddie said what he stated yesterday.

What did Al-Kazemi command of his cabinets on June 23rd? To address the USD rate at the earliest legislative session correct? Well what is coming up this week? I and MM has always been under the impression that the EFSL (Emergency Food Security Law) cannot work without a rate change if what Al-Kazemi wants in full force is to work in any capacity.

So what does he request of all ministries this past Sunday? To adjust contracts & wages. Along with the ration cards.

I have another source (Via My Father) who was commenting on the CBI last week who stated he was expecting a move from them as well. It's not secret Intel. It's commonsense based on what has been published over these past few weeks especially the last few days or so.

From the French oil company Total, to the EFSL provisions to the ATMs. The EFSL is not a wait & see law. It's created to tackle issues at the earliest possible time on a legal constitutional basis. Otherwise we wouldn't have seen those statements from the PM last Sunday.

Remember what Mazhar Muhammad Saleh said? That the EFSL will "Move The Wheels of The Economy".

The Parliament of Finance also said that the law will revitalize the economy. Well it has no choice since we all no they will not be passing a 2022 Budget As announced last week.

So how else will they address the citizens needs? The Euro is said to also play a factor in helping the IQD given its 1:1 status with the USD that will help against inflation which will help protect the rate of the IQD given the hard currency reserves of the USD.

So I was not surprised to hear that Eddie was told to expect an adjustment. Maybe it's internal. Then Al-Kazemi is announced to maintaining his seat then the rate is released internationally? Not sure of the sequence they intend to go with but it's not wrong to presume that everything will happen in conjunction either.

So all the resources being poured into the EFSL given the current predicament of the economy should not be lost on anyone who knows how important this is to the legacy of Al-Kazemi and his continued mission to help alleviate the conditions of his people. The urgency is obvious. IMO

"On Sunday, Prime Minister Mustafa Al-Kazemi directed all ministries to mobilize their efforts to implement the provisions of the Food Security Law. A government source told Shafaq News Agency, that the focus will be on the items related to returning their nullified contracts, appointments of graduates, holders of higher degrees and the first, in addition to fixing contracts, adjusting daily wages, supporting and improving the ration card and social care". End quote. 

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PETRA:   Well done Tivon.  I have been commenting much in Team Chat but thought I would expand on your well versed narrative. 

Yours and MM's study is par excellence as we see the domino's continue to line up for the release of the new International Iraq. 

And, i don't hesitate to say that the first domino is about to fall creating a cascaded event that will change, as Saleh said, "will impact the world!"

To this, we cannot ignore all the global events transpiring in parallel to what I believe, and IMO, is being aligned with the change of the IQD. 

Just last week a prominent newspaper indicated and shared 15 different countries that are either near bankruptcy or insolvent already.  They cannot trade with anybody as their currencies mean nothing.  The only hope they have are their reserves (if any) to use for importing goods and services.  Or, some type of debt relief by the WB and IMF to keep them afloat until they can get their inflation and currency under control with "new" liquidity coming from.....somewhere!!

Other countries involved this past week, think G7 and G20, are all working to prepare their financial systems for a move to a major digital transformation backed by assets as they move toward global financial practice solidarity.  IMO, countries such as those in the EU will be forced to return to their own currencies in order to transact globally.  Even now the Euro is on par with the USD.  Interesting timing?  I think so. 

And, with the BRICS attention and focus on creating an economic system outside the petro-dollar is clearly gaining momentum as more and more countries entertain the joining of this new group.  

So, again, IMO, clearly there is a global game afoot and the lynchpin seems to be the move by Iraq to provide a global stimulus to ignite the world economies but with strict, demonstrable efforts of a digital nature to insure long term success. 

 Remember what Frank and WS said...it cannot fail with the citizens.  Agreed!  But, I believe this new digital paradigm also carries that same flavor....it cannot fail with the "global" citizens!!!

So, Iraq.  The world needs your decision, your stimulus...and, your future legacy!!!

ALL IMO   PETRA

Samson:  After the judiciary opened an investigation into the audio leaks, Al-Maliki may face execution or life 

19th July, 2022

The Iraqi legal expert, Amir Al-Daami, revealed today, Tuesday, the penalties that could face former Prime Minister Nuri al-Maliki, if the Iraqi judiciary proves the authenticity of the leaked audio recordings.

Al-Daami told Shafaq News Agency, "The Iraqi judiciary had previously taken the audio recordings without judicial approval, and therefore issued judicial decisions with these recordings," explaining that "there are jurisprudential opinions in this matter, the first is a violation of the privacy of the individual, and the second opinion says that as long as there is an interest in general, the interest of the individual takes precedence over the public interest.

And he indicated that "the leaked audio recordings are a violation of Iraqi national security, and a serious violation, and for this the Iraqi judiciary must prove whether the audio recordings are true or incorrect, and it is not possible to verify their authenticity or not except through the judiciary."

He added, "In the event that the Iraqi judiciary proves that the audio recordings are incorrect, then the leader of the State of Law coalition, Nuri al-Maliki, can file a lawsuit to publish these audio recordings and legal measures will be taken against him, and if the audio recordings are confirmed, there are legal measures that will be taken against the owner Register".

And the legal expert added, "If the recording is proven correct according to the judicial investigation, the penalties that will face those who threatened to kill, incitement to civil war, and incitement to attack a holy city, according to the anti-terror law, and the penalty is up to death or life, considering what was stated in the recording is a threat to Iraqi national security and stirs up sectarian strife according to Anti-Terrorism Law No. 13 of 2005.   LINK

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Samson:  The judiciary begins an investigation into the audio recordings attributed to Al-Maliki

19th July, 2022
The Supreme Judicial Council announced, on Tuesday, that the Karkh Investigation Court had received a request submitted to the Public Prosecution to take legal measures regarding the audio leaks attributed to the leader of the State of Law coalition, Nuri al-Maliki.

In a statement today, the Supreme Judicial Council said that the Karkh Investigation Court "is currently conducting a fundamental investigation in accordance with the law."

On Sunday, a number of lawyers submitted a request to inform the Iraqi Public Prosecution regarding the recordings attributed to the leader of the State of Law coalition, Nuri al-Maliki, in which he attacked parties and political forces, the army, the police and a number of countries.   LINK

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MilitiaMan:  I don't imagine they took the audios for without a good reason at this stage. Saleh and Abadi talking about the Constitutional Entitlements at the same time effectively.. Seems Abadi has a different stance these days.. Interesting and likely a supportive role with support for the present political circumstances;i.e., PM Kahdimi getting second term on the back of the need to move along with EFSL, WPS, reforms, etc.   imo ~ MM

Monday Night KTFA CC with Frank26: "It's Time For........" 7-18-2022

KTFA

Monday Night KTFA CC

Frank26:  7-18-22…….IT’S TIME FOR……..

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=_XM_lwoqyq8

Tivon and KTFA Members "News and Views" Monday Afternoon 7-18-2022

KTFA:

TBJ:  In my opinion, the reason why there is a lull in the IQD Intel News, is because there is a pending formation of the government that is about to take place during the next week or two from the appearance of things from this date's Vantage Point.

I know the CBI is independent and can change that rate independently of the GOI, but there seems to be a willful coordination between the GOI and the CBI, and they are waiting for the formalities to conclude.

In this case, those 'formalities' have different courses that can be taken- the political parties can either just agree on their candidates and proceed, or there can be a dissolution of the Parliament.

 I doubt there will be any new significant news until we see a conclusive course in the days ahead, and the international PRESSURE in addition to the demands of the Iraqi citizens for a better life is all on them to get it done!

There is a lull because the observers are sitting on the edge of their seats (me included) with baited breath, because it sure does look like we are about to see what we have been waiting for at last.

Tivon:  "Prime Minister Mustafa Al-Kazemi directed all ministries to mobilize their efforts to implement the provisions of the Food Security Law". End quote.

The Blitz Play, is forming on the 80 yard line. They left the huddle with a defensive end on both sides.

The Contracts & Procedures. How will they execute the play? Dissolution or send the line backer up the middle which would be the PM and cause a turnover.

Well we now know where are don't we? Nullifying contracts and adjusting wages in light of inflation? I wonder what purpose this would serve if French company Total' signed off on an increase from 85 thousands barrels per day to 210,000 thousand that would cause a reconsideration as to how business is calculated and conducted?

Maybe this new deal wouldn't work under the current program rate if they plan on benefiting from that 40% annual revenue that Iraq will be exporting.

I mean didn't they say this agreement would cause transparency & competition in the oil sector with the four projects one of them being the Artawi oil field.

Well having a international currency competing against the likes of the Euro that is now 1:1 with the USD while supply & demand grows for the new IQD that is now back by hard currency reserves along with oil that other countries will see as a stable sovereign country with open books on the accounts in ministries will create the transparency that Total is looking for correct?

I am just pondering a point here. Because all of this can only come by way of continuing the present term of Al-Kahdimi by putting full force behind the EFSL.

 Can all of this be done prior to August ?st? Well enacting emergency powers to address critical issues that affect the citizens way of life who can barely afford rent, clothes, and food.

 I would presume the PM does not want to drag these problems into another month of inaction on his cabinet when he requested of them to address the USD price at the earliest session.

Well isn't that coming up on the 20th? Because this is the only way he can even begin to alleviate the economic hardships by bringing attention to the elephant in the room which is the exchange rate.

The PM is on the move as he knows time is running short. We have about a week and some change left in this month.

He appears to be taking this opportunity to ensure there are no more delays. Action oriented plans are being implemented. And we are about to see something powerful take place in the days leading up to the 1st. IMO

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Samson:  Al-Kazemi’s advisor clarifies a news published by the official media about the exchange rate change

18th July, 2022

The advisor to the Iraqi Prime Minister, Mustafa Al-Kazemi, issued today, Monday, a clarification regarding a news published by the official newspaper about the change in the exchange rate of the dollar against the dinar.

Haitham al-Jubouri, in a clarification received by Shafak News Agency, said that Al-Sabah newspaper published the title of an interview it conducted with us in which we talked about an economic vision that would increase non-oil revenues and attract diversified investments, which would inevitably give strength to the Iraqi dinar, given that the price of the dinar depends on the offer. demand and sustainable economic development.

He added, "I was surprised that the headline of the news differs from this content mentioned by the same person who interviewed us in the body of the news, reasoning that the headline should be attractive."

Al-Jubouri, who was the head of the Finance Committee in the previous parliamentary session, explained that "what was published about the government's intention to restore the exchange rate is contrary to the truth of what we have stated. Rather, the government is engaged in fundamental reforms in the financial and economic affairs that would create the desired development."  LINK

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Samson:  The government is discussing the dollar exchange rate and plans to convert 4 ministries to self-financing

18th July, 2022

The Prime Minister's Adviser for Economic Affairs, Haitham al-Jubouri, presented an economic vision that is summed up in converting four ministries to a self-financing system, restoring the dollar exchange rate and unifying employee salaries

Al-Jubouri said, according to the official Al-Sabah newspaper, that “there is an economic vision for the next phase, some of which have been written. From central to self-financing, and it can benefit from the revenues generated by it, through the large and discreet companies it owns or the revenues achieved through its work,” noting “the possibility of benefiting from the amounts allocated to it from the state treasury in establishing productive development projects

He added, "There is a vision in the exchange rate of the dollar, and restoring confidence and strength to the Iraqi dinar, provided that it is not a decision, as happened in the decision to raise the exchange rate, but with real economic reforms and an increase in non-oil revenues with a plan extending from one to four years, and increasing the volume of investments in the country by persuading Iraqi investors who invest their money abroad to return to Iraq through facilities provided to them and encouraging them to invest their money inside the country

 Al-Jubouri indicated that “among the vision is the automation of government procedures, electronic connectivity, the amendment of instructions for implementing government contracts, and the issue of tax exemptions, with a focus on increasing the tax base through profitable companies or personalities,” expressing “regret that there is a focus on the simple citizen in the tax issue.” While most companies evade the final accounts because they are fake

 And the Prime Minister's Adviser for Economic Affairs indicated, "the possibility of increasing customs revenues, which can achieve huge sums in the event that there is governance of the border crossings

He explained, “The necessity of activating the collection of electric energy that is prepared for citizens, shops and commercial institutions, as the ministry collects only 7 percent of the money. Without increasing the total amount for it, which will be among the interests of the next government, as it is not

possible for an employee in a ministry to take 5 times as much as another employee with the same title, degree and certificate

He stressed, "Part of these ideas can be started through effective laws such as the Financial Management Law and the Electronic Signature Law, which needs speed in the procedures of its legislation. He pointed out, "Some find it strange to implement some of this plan, but all of them are feasible and there is an integrated vision on this subject, if we know that it can be applied in short, medium and long stages   LINK

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Tivon:  We were just talking about this. They will by default increase oil revenues once they return the price of the USD. Especially the French oil deal with "Total, who had signed off on a 40% cut of that revenue with the four projects in development.

 1:1 will definitely move numbers for everyone involved in Iraq's private sector. We are entering the final phase. You can tell they have been sitting on this information and couldn't wait to share.

Taxes & Customs will definitely see a boost now that they reduce corruption in that sector down to zero. Because now everyone will be supplied a number instead of a name. That way no one's identity can be used to siphon money from citizens dead or alive .

He states some of the reforms have already been written  and is ready to be applied. I think one of them has to do with the Oil & Gas Law. Simply by the fact that it supposed to be one of the agendas for the upcoming session next week that is on the table for a vote. Or in this case enactment.

Look they even brought up E-Government. This will reduce bureaucratic red tape and allow electronic use of procedures that doesn’t involve any paperwork. And again this  will reduce corruption.

In the 1970s, Iraq was the least corrupt Arab state until Saddam’s wars of aggression against first Iran and then Kuwait brought not only military defeat, but also suffocating sanctions. The economic distortion, black market economy, and the United Nation’s own corruption made matters worse.

After the United States invaded in 2003, it made matters worse by pouring money into an economy that did not have the institutional capacity to handle it.

 Now things have changed dramatically. Iraq has a new strategy to tackle all sectors and outright stop corruption. General Customs Authority is another section of Iraq that has addressed and reduced corruption.

 We are in the home stretch Ladies & Gentlemen. This last week of this month will yield so much for us and Iraq. I can not wait to see what happens next. IMO

Samson:  Food Security Law Comes Into Force

18th July, 2022

The official “Al-Sabah” newspaper reported, on Monday, that despite the huge uproar that had been raised for a long time around him and the political debates and bickering for months, the entry into force of the “Emergency Support for Food Security and Development” law passed in silence and calmness.

A member of the Parliamentary Finance Committee, Jamal Cougar, said in a statement reported by the newspaper and seen by (the information), that “the ruling on the non-implementation of the law and not actually bringing it into force, is incorrect,” explaining that “any law is legislated, especially if there is a financial aspect, Its effect will become clear when it is fully implemented.”

Cougar added, “The law has two timings; Part of it is being implemented by the current government, and the other part is being implemented by the next government, and seven trillion and 250 billion dinars have been allocated for its implementation.”

He explained, "The first part that the current government will spend its money on will be a part of it for the development of the regions, and they need projects to be submitted by the governorates, and part of those funds are dedicated to stabilizing contracts who need to audit their transactions, and a part is dedicated to appointing 15,000 new graduates, and this needs to scrutinize and study the needs of ministries and specializations, and therefore everything that was mentioned needs work, effort and time.”

Cougar stressed that “judging this law or others to failure before it is applied is inaccurate and unfair, and the expected steps that the citizen will see will be when applying this law, so it is premature to judge it.”   LINK

Will it be a New Nail in the Coffin of the Dollar?

KTFA:

Samson:  Will it be a new nail in the coffin of the dollar? .. The story of the new system for payment via phones that will be launched by ASEAN countries

18th July, 2022

In a move that threatens the dollar's dominance of international trade, central banks in a number of Southeast Asia have decided to link private payment systems, allowing people to buy goods and services across the region via mobile phones in local currencies, in what may be the beginning of the establishment of an independent financial system. about the dollar in the region.

In a session on the sidelines of the recent G20 finance ministers and central bank governors meeting, Bank Indonesia Central Bank Governor Piri Wargio said that in November, five of the region's largest economies are set to sign an agreement to integrate their mobile payment network, and payments will be made in local currencies. Without converting via dollars, according to a report by the American Bloomberg Agency.

These countries are Indonesia, Malaysia, the Philippines, Singapore and Thailand, which are members of the ASEAN Community, which includes five other countries: Laos, Brunei, Cambodia, Myanmar and Vietnam. dollars, representing about 3.5% of the world's economy.

Payments made through the system will use local currency settlements between countries, which means that payments made in Thailand using an Indonesian app will be exchanged directly between the Indonesian rupiah and the Thai baht, bypassing the need for the US dollar as an intermediary, with their plans to expand this system to neighboring countries and pools. other regional.

China has sought with some countries in the region to find a competitor to the International Monetary Fund

And at the end of last month, China announced the establishment of a system to collect cash reserves in Chinese yuan (renminbi). The plan includes the central banks of China and Hong Kong of Beijing and three of the ASEAN countries are Indonesia, Malaysia, Singapore, in addition to Chile from South America.

The Chinese Monetary Fund could pave the way for the Chinese currency to play a key role in the Asia-Pacific region, and it is believed that in the longer term, this Chinese Monetary Fund could be a competitor or alternative to the International Monetary Fund, which is dominated by the dollar, according to the American Business Insider website. 

Each country will contribute 15 billion yuan, or about $2.2 billion, to this fund, "and when liquidity is needed, the participating central banks will not only be able to withdraw their contributions, but will also be able to obtain additional financing through a secured liquidity window" to meet market volatility, said the Chinese central bank.

China's monetary fund could attract more members to join in the future, said Ding Shuang, chief China economist at Standard Chartered Bank.

The policies of the Federal Reserve push the countries of the region to search for a financial system independent of the dollar

These moves come amid growing concern about the dominance of the US dollar, with global investors searching for safe havens, while the US begins to try to tame high inflation by raising interest rates.

In addition to political factors, and the concern of many countries of being subjected to a blockade similar to the Western blockade against Russia and Iran, China and many countries of the world are concerned about the situation of the dollar, which in recent weeks has reached its highest level in 20 years, which has led to efforts to find a financial system independent of the dollar.

The sharp appreciation of the dollar as a result of the US Federal Reserve's aggressive and unprecedented rate hike for nearly 30 years poses challenges to currencies and central banks around the world.

The whole world, even America's allies, feel that Washington is exploiting the dollar's status as a major reserve and trading currency, in a way that only serves its economic goals, as the US Federal Reserve accelerated the tightening of monetary regulations, and launched the process of shrinking the balance sheet in June, which led to fears of launching a recession wave. Inflationary in the whole world, and caused the decline of most of the world's currencies against the dollar.

Asian economies, already weakened by the COVID-19 pandemic, are taking another blow recently from this situation, which has led to the decline of many currencies. The Philippine peso fell to its lowest level in more than 16 years, while the South Korean won reached its lowest level against The US dollar for nearly 13 years. Other Southeast and South Asian economies have also experienced significant currency depreciation.

The process of connecting mobile payment systems has already begun in the region

Currently, the payment systems in Malaysia, Indonesia and Thailand are already linked, while Singapore is linked to Thailand and the five countries are seeking to add more countries to the proposed mobile payment system.

The central banks participating in this electronic payment system will then seek to connect this network with other regional groupings around the world, introducing the same structure for bank transfers, and eventually even central bank digital currencies.

"This could be a very moving step that we can build on to the rest of the world," Ravi Menon, managing director of the Singapore Monetary Authority, said at the same session on the Indonesian island of Bali. “It is a public good infrastructure that improves financial inclusion, enhances efficiency and creates new business opportunities for all citizens.”

The region is witnessing an expansion of mobile payments at the expense of banks

Mobile payment wallets have become a vital part of the Southeast Asian consumer landscape, providing financial access to millions of people excluded from the banking system.

The region has a good rate of use of mobile payment systems, compared to a lower percentage of the use of the traditional banking system, in light of the high proportion of rural population and poverty in much of the countries of the region, the use of this technology far exceeds the use of credit cards in the emerging markets in the region.

With online spending on the rise during the COVID-19 pandemic, mobile payment wallets have seen an increase in newly registered users.

The concept of digital wallets has changed, as they are rapidly becoming a front-end interaction channel, enabled by many open and semi-open payment networks. In some cases, they appear as "super apps" or financial giants and hubs for financial communication.

Despite the significant increase in the use of these tools, no Southeast Asian provider has replicated the success of Chinese giants such as Ant, the owner of Alibaba Group, which is a giant in the field of mobile payment and lending applications, an area that has seen rapid expansion in China.

In many Southeast Asian countries, merchants are using mobile apps to receive payments from customers, pay bills, and get credit or loans, especially during COVID-19. People are interacting with these innovations across the region.

In Southeast Asia, more than six out of ten people do not deal with banks, which makes mobile cash transactions a preferred method, and similar to China, the region appears to be moving from direct cash dealing, to dealing via smart phones without standing much in the stage Banks, credit cards.

The first mobile payment system to connect two countries in this region

In April 2021, the Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) launched the connection between Singapore's PayNow and Thailand's PromptPay in real time (in real time the operator's order).

This connection is the first of its kind globally, and is the culmination of several years of extensive cooperation between MAS and BOT, payment system operators in both countries, bankers' associations, and participating banks.

Under the system, customers of participating banks in Singapore and Thailand can transfer funds of up to 1,000 Singapore dollars or 25,000 Thai baht per day across the two countries, using only a mobile phone number. Without the need to fill in information fields such as the recipient's full name and bank account details, as with normal remittance solutions.

Triple Benefit

With the dollar's appreciation against most of the world's currencies, Southeast Asia, like others, is suffering from the devaluation of its currencies.

There is a need to boost intra-Asia trade, and a stronger dollar may act as a catalyst in which the already emerging global dedollarization push can accelerate. 

Meanwhile, supply chains in Asia are rapidly reconfiguring away from the West, with the US role largely weakened by sluggish domestic demand and trade protectionism, China's Global Times reports.

Also, dispensing with the dollar as a mediator in settlements between commercial transactions between the currencies of the region, leads to reducing the cost of transfers and purchases.

Therefore, the new system has three advantages, direct linkage between mobile payment systems and not using the inflated dollar in its value as an intermediary, and the provision of fees that are paid for the conversion from the buyer's currency to the dollar and then the seller's currency.

Such systems greatly reduce the dominance of the dollar over the payment and trade exchange systems in the world, especially as it comes from a region that has a close economic link with China, which seems to be moving gradually towards competing with the dollar, and all of this comes within the framework of what can be described as multilateral efforts to find a system a financial system that is independent of the dollar or even more of a financial system of this type.

One of the problems in the expected system in Southeast Asia is the possibility of significant changes in the prices of local currencies compared to the dollar, which is characterized by relative stability, but in general the currencies of these countries are closely related to each other, which means that if one of them decreases, the others may follow it, as happened in the Asian financial crisis in the 1990s. LINK

MilitiaMan Sunday Night "Lines Painted on the Road to Internationalism" 7-17-2022

KTFA:

Samson:  Al-Nusairi: Sustainable development in Iraq is achieved by strategic economic agreements with brotherly and friendly countries

17th July, 2022

Based on the final statement of the Security and Development Summit, which concluded yesterday, Saturday in Saudi Arabia, and the speech of Prime Minister Mustafa Al-Kazemi at the summit meeting, in which he emphasized Arab economic integration through the agreements signed by Iraq with Saudi Arabia, the Gulf Cooperation Council countries, Egypt and Jordan in electrical interconnection projects.

And his proposal to establish the Middle East Bank for Sustainable Development Adviser to the Association of Iraqi Private Banks, Samir Al-Nusairi, stressed the need for the new government to move towards building and securing infrastructure and investment and strategic projects that achieve sustainable development

And this is achieved through strategic agreements with Arab, regional and foreign countries and institutions sponsoring and supporting the economy, and entering Iraq into long-term agreements and contracts with countries with advanced economies. With the aim of developing the production and service sectors and the oil industry in particular

In an interview with "Economy News today", he called for the implementation of Iraq's Vision 2030 and the strategies prepared by the committees and the advisory body in the Council of Ministers in cooperation with the international organizations of the United Nations, and the comprehensive reform plan for economic reform set by the government, which needs to be put into actual application and not only on paper

Al-Nusairi urged working towards defining a clear methodology or strategy for the Iraqi economy, and policies and programs in all fields, especially in the areas of food security, development, climate change, green economy and renewable energy in line with the world’s current great and complex economic challenges, most notably the inflationary stagnation, low rates of economic growth and high prices, in particular. Especially in foodstuffs and energy products in most major countries and developing countries, including Iraq and the Arab countries, which is expected to suffer from these challenges within the coming months, and there will be a vision of the importance of having tight financial management and policies, as well as combating financial and administrative corruption, which represents a stumbling block in the path of sustainable development brought by Iraq

Al-Nusairi stressed that the current stage requires standing at the laws concerned with economic affairs and working to refine, refine and amend them, and not to maintain the application of laws that are inconsistent with the reality of the Iraqi economy, which were enacted after 2003, including the Banking Law 94 of 2004 and the Law of the Iraq Stock Exchange 74 of 2004, Investment Law 11 of 2006 and Companies Registration Law 20 of 1997 These laws regulate banking and economic work in Iraq

Al-Nusairi stressed the importance of careful study and analysis of the efforts of the Central Bank in carrying out its tasks, achieving the objectives of monetary policy, stimulating and revitalizing the economy, evaluating and classifying banks and developing them structurally, structurally and technically, and focusing on coordination with the financial policy regarding the implementation of programs of a financial system with clear goals for all relevant parties.

And benefiting from the ideas and goals presented. In the Central Bank’s strategy for the years (2021-2023) with the aim of reforming the Iraqi banking sector and clearly focusing on creating banking infrastructure and applying modern technologies in banking work with the completion of technical projects implemented by the Central Bank of Iraq

It must be emphasized that sustainable development cannot be achieved without the practice of real banking, which is the banking sector's orientation towards strengthening and activating the initiatives of the Central Bank in banking financing for small, medium and large projects   LINK

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MilitiaMan:  On the conclusion of the SA Summit - GCC meetings Al - Nusairi (bank advisor) comes out to say it is time to put reforms into application. Even has mention of the ISX.

 We know they have companies that were having issues with non disclosure and a platform was created for those to be traded on. The ones with full disclosure were to at some point interconnect with the NASDAQ. Like many things, they all have in common a need for a new exchange rate to be applied.

The activation to a private sector economy will require it just as it is likely the WTO is waiting for that as well. The WTO didn't just get started on the road, they are in the middle of it and hauling #ss..

 lol imo There is no coincidence that the above comes out today. The Bankers all know what is about to take place. I like it.. 

Add in the GCC BUNA Platform and the AYSCUDA system at the borders and we can see the lines painted on the road to internationalism bright, fresh and clean.. imo ~ MM

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Iraq is moving to prepare special documents for joining the World Trade Organization

She pointed out that "the International Trade Center is working to help Iraq to provide technical and technical support in harmonizing laws and agreements with regard to its accession to world trade, and there are important documents that are being worked on." She pointed out that "the main part of communicating with the organization in order to join is the Ministry of Commerce, which in turn presents the file, which includes all the relevant ministries in Iraq, in addition to the private sector," stressing that "striving to work on preparing special documents for accession in accordance with the agreements of the Trade Organization." 

She noted, "the importance of Iraq's accession to the organization, as it deserves to be part of the international trade, industrial and economic community, especially since its accession will be part of this international community and can organize its economic and commercial policies, including trade exchange in accordance with international laws that serve it with all concerned parties." dealing with it in the future.  LINK

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Samson:  Al-Fateh pledges to audit the agreements signed by Al-Kazemi during the Saudi summit

17th July, 2022

Today, Sunday, the representative of the Al-Fateh Alliance, Rafiq Al-Salihi, pledged to audit all the agreements signed by Prime Minister Mustafa Al-Kazemi during the recent Saudi summit.

Al-Salihi said, in an interview with (Baghdad Today), that “with the start of the parliament sessions, all agreements signed by Prime Minister Mustafa Al-Kazemi during the recent Saudi summit will be requested, so that they are audited and studied, especially since the current government is a daily caretaker government and does not it has the right to sign any major agreements."

And he indicated that "the House of Representatives, through its specialized parliamentary committees, will have a position and a word towards the agreements that Al-Kazemi signed during the Saudi summit."

He stressed that "it will be disclosed to the public after it is carefully scrutinized and studied."  LINK

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MilitiaMan:  What a load of camel dung. They are outside their constitution by about 8 months and this guy is going to audit PM Kahdimi's deals..? Maybe K ought to audit the Audio tapes on Maliki too?. For that matter maybe there should be some investigating into Rafiq Al-Salihi being a representative and all.

We know there are ample files of corruption out there. Maybe this guy has a rap sheet.. We hear the files are not going away either. Especially those where blood has been shed. 

What I want to see is the meeting tomorrow morning 11:00 am. I'll bet there is a reason they didn't describe the meeting in detail today. A lot of things have been converging lately and not just in Iraq.

The theme that was in the meetings in SA with the GCC was in line with the meetings with the finance ministers in Indonesia at the same time and days of this weekend. FOOD INSECURITY, digital assets, electricity, etc.. The meetings are concluded now..

 I expect to start to see assessments on the results of those meetings.  We know PM K told us and SA that they went well and he was appreciative of all they talked about and signed.

Now we see if they Supreme Judicial Council data supports my view that there will likely be a dissolution of parliament.

The BS about the caretaker government not being able to do things is just that. I guess when one tells oneself lies long enough, they believe it. That topic of dissolution may be apart of the reason they didn't mention the details about the meeting tomorrow morning..

Maybe there is more to it, like maybe there is something they need to talk about with the CBI if there is a dissolution? I don't know for sure, but, we don't have long to find out though.. imo ~ MM

Samson:  17th July, 2022

On Sunday, Prime Minister Mustafa Al-Kazemi directed all ministries to mobilize their efforts to implement the provisions of the Food Security Law.

 A government source told Shafaq News Agency, that the focus will be on the items related to returning their nullified contracts, appointments of graduates, holders of higher degrees and the first, in addition to fixing contracts, adjusting daily wages, supporting and improving the ration card and social care.

In light of the failure to approve the 2022 budget, the Iraqi parliament passed the “Emergency Support for Food Security and Development” law, in a move that allows the government to spend on various priority projects with the aim of achieving food security and stability in the country.
The law's expenditures were set at 25 trillion Iraqi dinars (about $17 billion). LINK

• Ministerial Declaration on the Emergency Response to Food Insecurity – WT/MIN(22)/28 –
WT/L/1139

• Ministerial Decision on World Food Programme Food Purchases Exemption from Export
Prohibitions or Restrictions – WT/MIN(22)/29 – WT/L/1140 

https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/WT/MIN22/24.pdf&Open=True

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MilitiaMan:  When there is a need to nullify contracts, fixing contracts, adjusting daily wages and supporting the ration cards. It suggests that they have a change coming, or they wouldn't need to nullify or adjust anything.

Kahdimi always seems to have things done prior to mentioning them publicly. Even the WTO today is talking about provisions that include food insecurity among other provisions.. Iraq passed and "Emergency Food Security Law" (EFSL).. Iraq if in the middle of the path to WTO, it is on the road to ascension..

BUNA? Done. AYSCUDA? Done. WTO? Likely to be done!!!

The meeting tomorrow morning with the heads of blocs has to be for a reason and they seem to not want to talk about it, yet.. Why the secrecy?

Likely to do with sensitive issues. Like the EFSL and or also the Dissolution of Parliament. The SJC didn't mention the caretaker government and dissolution of parliament for no reason.

So, the likelihood that there is big changes coming on many fronts is quite clear.. imo ~ MM

Some "Sunday News " Posted by Samson 7-17-2022

KTFA

Samson:  What is the impact of the value of the euro with the dollar on the Iraqi economy?

14th July, 2022

Economist Qusai Safwan confirmed that the value of the euro with the dollar has a positive impact on the value of the Iraqi dinar.

Safwan said that "the reason for the decline in the value of the euro is as a result of Russia's cutting off oil and gas supplies from the European Union and the disruption in growth rates in the union, which led to making the dollar a safe haven to convert the euro into dollars at this stage."

He added, "The impact of the depreciation of the euro is positive on the Iraqi economy as a result of Iraq's possession of dollar reserves, which will lead to the growth of the country's economy."

Safwan added, "It is possible that there will be a diversification of the Central Bank's reserves towards buying gold or buying international currencies such as the euro or the yen, in order to avoid any damage to the US dollar in the future."

He pointed out that "the volume of European production will be affected by the decline in Russian gas, and inflation rates will rise in Europe to compensate for the decrease in the value of the euro."

And he indicated that "the Iraqi economy will profit as a result of purchases in dollars, which will lead to an increase in government purchases with the rise in the value of the dollar."

Safwan pointed out that "it is possible that the strength of the Iraqi dinar will increase because it is linked to a fixed price with the dollar."  LINK

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Samson:  An economist warns of a catastrophe for the economies of European countries and America

17th July, 2022

Economist Grigor Saresky said, in a television interview, that the depreciation of the euro exchange rate will disastrously affect the economies of the European Union and the United States, and will bring benefit to Russia.

The Bulgarian expert added: "This low exchange rate is a disaster for the European and American economy. Of course, coordinated efforts will be made to achieve parity. Almost half of the EU importers are making a profit. But the euro exchange rate is currently not in the interest of European producers, because they pay in dollars, and export being in Euros.

He said, "The current situation in the foreign exchange market harms European producers, because they buy in dollars, and sell their products and export them in euros."

The expert believes that the current situation seems to favor Russia. He said: "This year, Bulgaria paid Putin an additional two billion dollars - the euro has become cheaper, and fuel prices are rising. We must get used to the fact that fuel has become expensive. Sanctions have led to increasing the financing of the Russian economy.

In the middle of the week, the European currency fell below the value of the US dollar for the first time since 2002.  LINK

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Samson:  With the start of the official working hours..Protesters block an "important" road in southern Iraq

17th July, 2022

A number of protesters in Dhi Qar governorate blocked an important road in the center of Nasiriyah city, the center of the governorate, on Sunday.

Shafak News Agency correspondent stated, "Angry protesters cut off Ibrahim Al-Khalil Street in the center of Nasiriyah, the center of the province, with burning tires, at the start of the official working day today."

And he indicated, "The protesters are calling on the government to improve the reality of services in the governorate and release job grades."

Dhi Qar Governorate, in southern Iraq, is witnessing almost daily demonstrations and protests calling for services and the provision of jobs. In less than two years, the demonstrators were able to overthrow a large number of officials, including governors who took over its administration.  LINK

Samson: The coordination framework expects to hold a session to elect the President of the Republic next Thursday

17th July, 2022

The Shiite coordination framework of the Shiite forces, with the exception of the Sadrist movement, confirmed on Sunday that the meeting of the Presidency of the House of Representatives with heads of political blocs will set a date for holding the presidential election session, expected to be held next Thursday.

Representative of the framework, Ibtisam Al-Hilali, told Shafaq News Agency, "The leadership of the coordination framework called in the last statement the Presidency of the House of Representatives to set a date for holding a session to elect the president of the republic, and in light of this, Parliament Speaker Muhammad Al-Halbousi called the heads of the political blocs to hold a meeting tomorrow morning, Monday."

She added that "the meeting of the Presidency of the Parliament with heads of political blocs on Monday will discuss the completion of the constitutional entitlement and an agreement to set a new date for the presidential election session this week."

Al-Hilali indicated, "If the meeting agrees to hold the session, it is expected that the presidential election session will be held next Thursday." And yesterday, Saturday, the Presidency of the House of Representatives invited the heads of political blocs to a meeting on Monday, July 18, at 11 am.

The leader of the "state forces" coalition, Ammar al-Hakim, confirmed yesterday, Saturday, that the coordinating framework, which includes Shiite political forces, is "quickly" serious about the nomination of the Prime Minister for the next federal government, reiterating his call to the Kurdish forces to agree on a candidate for the position of President of the Republic.

On Friday (July 15), the leader of the Sadrist movement, Muqtada al-Sadr, renewed his call for the dissolution of armed factions operating outside the framework of the state, while stressing the need for "tested" political figures not to take positions in the next federal government.  LINK

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Samson:  Law Leader: Al-Maliki was not nominated.. and seasonal people appear during the formation of the government and then disappear with money

17th July, 2022

A member of the State of Law coalition, Abbas Abboud, said on Saturday, July 16, 2022, that there are many names being proposed through the media to occupy the position of prime minister, but the discussion is in fact about the mechanism, stressing that Al-Maliki did not officially nominate himself, rather, he was observing the situation and was close to the negotiation process, and he has an absolute majority within the coordination framework and a popular base, and he wants to choose a qualified person.

Abboud, a politician, researcher and writer, said that there is talk of choosing one of the leaders of the second line, and there will be crucial news expected.

Abboud said in a statement to the Obelisk that the State of Law coalition shares with the leader of the Sadrist movement Muqtada al-Sadr in many of the points mentioned in the Friday sermon.

And between: We are against the foreign presence in Iraq and we are fighting corruption, noting that the State of Law coalition has clear and explicit stances against the corrupt, and voted against many laws that affect the livelihood of the Iraqi people, such as raising the dollar exchange rate.  

Abboud believes that historical leaders in the Shiite and Kurdish components have a role in the experiences of events, and they have an impact on differences, whether in terms of their exaggeration or their resolution.

Abboud went on to say that things in the Shiite house became easier after the withdrawal of the Sadrist movement from the parliament. He continued: So far, we have not heard of an agreement within the Kurdish House to choose a personality with specifications that satisfies everyone, and in this case, the national space will be resorted to, and a vote on the personality in Parliament will be made. He pointed out the difficulty of progress before the election of the President of the Republic, noting that the coordination framework prefers that the agreement be within the Kurdish House without the intervention of other parties.

Regarding the coordination position regarding the election of the president, Abboud explained that the framework did not interfere in favor of a particular candidate, and the matter is left to the Kurdish House, with reservations about some personalities, and that the coordination respects the understandings with its allies.

Maliki's nomination for prime minister

Abboud said that al-Maliki did not nominate himself officially, but was monitoring the situation and was close to the process of negotiating the selection of the prime minister, and he has an absolute majority within the coordination framework and a popular base, and he wants to choose a qualified person. He stressed that the party that has a parliamentary base and has a large number of deputies can pass the candidate it wants, pointing out that the name of Haider al-Abadi was proposed by political forces, but I do not think that he has a chance according to this mechanism.

Abbas Abboud warns that political flies, as he put it, referring to people who failed to be influential, appear seasonally before the formation of each government and disappear after its formation while they are loaded with positions and money.

And he went on: These people are crawling over the sources of action at home and abroad in order to market what they want and to sabotage the atmosphere for those who do not want personalities on the table or not on the table to occupy the position of prime minister.  LINK

Some "Vietnamese News" Posted by Samson Friday 7-15-2022

KTFA:

Samson:  Việt Nam's economy is developing rapidly: expert

14th July, 2022

According to the General Statistics Office, in the first six months of the year, Việt Nam's economy showed signs of growth, such as a strong increase in the service industry and a rising number of newly-established enterprises.

In the first six months, Việt Nam's GDP grew by 6.42 per cent on year, with GDP growth in the second quarter at 7.72 per cent on year - the highest level for the past 10 years. Meanwhile, global economic growth has been forecast to decrease after the COVID-19 pandemic and due to the conflict between Russia and Ukraine.

Dr Trần Thị Hồng Minh, director of the Central Institute for Economic Management (CIEM), Ministry of Planning and Investment, spoke to Vietnam News Agency about the prospects for economic recovery.

Việt Nam's economy has seen an impressive recovery in the first six months with many positive indicators. Which sector had the most impressive growth in the first half of this year?

During the six months, there were many sectors that overcame difficulties caused by COVID-19.

Việt Nam in the first half of this year achieved impressive growth of 17 per cent in exports and 15 per cent in imports compared to the same period last year. It showed that Vietnamese enterprises had a strong recovery and the Government has introduced policies relating to economic integration via new-generation free trade agreements. Those agreements have had very positive effects on economic activities in general as well as on import and export activities.

Another point is that the number of newly-established enterprises in the first six months of the year also surged by 14 per cent on year to more than 70,000. The number of businesses returning to the market also increased strongly by 55 per cent to about 40,000. According to CIEM's survey, 85 per cent of enterprises in the processing and manufacturing sector believed that there would be good trends in their production and business.

What was the role of the Government in the recovery?

The Government has had effective policies in the prevention of COVID-19, as well as policies of opening borders, opening air routes as well as economic recovery, such as Resolution 11 on economic recovery and development programme. With this programme, the businesses can get timely support from the Government in accessing capital and favourable policies to restore and develop production after many waves of the pandemic.

Which sectors still had low growth after the pandemic?

There were still sectors that suffered the impacts of the pandemic in general and also other difficulties of the domestic and world economies.

For example, in the tourism industry, the number of domestic tourists had high growth in the first six months of the year, especially in the last month of the first half. However, the segment of foreign tourists was still low. The number of foreign tourists in the first six months had a growth rate of 5 per cent. This was due to the pandemic, inflation and different policies in preventing COVID-19 in other countries. The number of foreign tourists is expected to increase in the second half of this year.

What risks does the Vietnamese economy face?

In the last six months of this year, besides the advantages, Việt Nam's economy still faces many risks and challenges. First, Việt Nam still has to spend a lot of time and resources to control the COVID-19 pandemic most effectively. Secondly, from now until year-end, other diseases such as monkeypox and dengue fever will still create risks to the domestic economy.

Besides that, there are still problems related to inflation. Inflation not only occurred in the first six months of this year, but from 2021, this issue attracted great concern among many governments when commodity prices increase.

Last year, according to an international economic organisation, there were goods having price increases of 60-70 per cent. In the first six months of 2022, inflation is still present, causing many negative impacts on world economies, for example, France and the US are facing the highest inflation in the past 40 years.

Việt Nam also faces risks because the pandemic has disrupted the supply chain, affecting production and business, and input materials, so the price of raw materials has increased. The conflict between Russia and Ukraine has partly led to rising inflation. Therefore, one of the Government's goals is to control inflation as much as possible to support businesses and people to overcome difficulties in this period.

Public investment is considered an important factor to promote economic development. However, in the first six months of the year, disbursed public investment capital was very low. What are the solutions for this issue?

Recently, the Government has established six working groups of local ministries and sectors to strengthen supervision and promote public investment. We believe that to gain efficiency in public investment, it is necessary to strengthen management ability for public investment projects and clarify the responsibilities of the processes in the disbursement of public investment.

In addition, Việt Nam must improve the institutional system supporting public investment, including the public investment law and related laws such as land law and mineral law. Việt Nam needs a comprehensive solution package to effectively disburse public investment in the future.

How do you forecast the ability to fulfil the economic growth target?

In the context of many fluctuations in the domestic and global economy, Việt Nam needs to restructure the economy. This issue is already present in the Resolution on economic renewal approved by the National Assembly at the end of 2021 and is currently being implemented in localities around the country.

In addition, the Ministry of Planning and Investment has directed CIEM to research a new economic growth model based on taking advantage of Industry 4.0.

In April and June, the ministry submitted two important projects to get approval from the Government: a scheme on linking regions to exploit the potentials of localities; and a circular economy development project. Those short- and medium-term solutions are expected to help Việt Nam achieve the economic growth target of 6.5 per cent in 2022.   LINK

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Samson:  Standard Chartered: Việt Nam on course for a strong recovery

13th July, 2022

Standard Chartered Bank maintains its GDP growth projection for Việt Nam at 6.7 per cent for this year and 7 per cent for 2023.

The forecast is highlighted in the Việt Nam section of the bank’s recently published global research report titled Global Focus – Economic Outlook Q3-2022: Near the tipping point.

“Việt Nam’s economic recovery has shown signs of broadening; macroeconomic indicators continued to recover in June. The recovery may accelerate markedly in second quarter of the year, particularly as tourism reopens after a two-year closure. That said, rising global oil prices may have negative consequences for the economy,” said Tim Leelahaphan, Economist for Thailand and Việt Nam, Standard Chartered Bank.

According to Standard Chartered Bank’s economists, 2022 and 2023 inflation is forecast at 4.2 per cent and 5.5 per cent respectively. Inflation remains under control for now. The fuel component of inflation has increased, while other components have been relatively low. Price pressures – particularly for food and fuel – may increase later in 2022 and in 2023. This could pose a risk to the nascent recovery in domestic consumption. Elevated inflation could also result in search-for-yield behaviour or increase financial instability risks.

Standard Chartered Bank expects the State Bank of Vietnam (SBV) to keep the policy rate on hold at 4 per cent in 2022 and policy normalisation to take place in the fourth quarter of 2023, with a 50 basis point (bps) hike to 4.5 per cent.

“The SBV is likely to stay vigilant against inflation and financial instability, particularly amid ongoing geopolitical risks, although we expect it to stay accommodative this year to support businesses. It has not signalled a change in its stance yet, and Việt Nam’s economic recovery has just started. However, we see a risk that the SBV may raise rates earlier than we expect, given rising inflation and a weaker-than-expected Vietnamese đồng – especially if the Fed maintains a relatively hawkish stance,” Tim said.

The UK-backed bank raises its USD-VND forecasts to account for pressure on the goods trade balance from elevated commodity prices, with USD-VND projected at 23,000 at end-Q3-2022 and 22,800 at end-Q4-2022. The bank expects sharp Vietnamese đồng appreciation next year, along with a likely rebound in Việt Nam’s current account surplus.

The marcro-economic study also points out three factors could adversely affect Việt Nam’s economic outlook, including new COVID-19 variants, the lifting of US tariffs on imports from China, and a global recession. Pandemic concerns persist, despite Việt Nam’s shift to a ‘living with COVID-19’ policy.

On the trade front, the White House has said it is reviewing tariffs on some US imports from China to ease inflation; this could slow the pace of investment relocation from China to Việt Nam, reducing FDI inflows to Việt Nam or even resulting in outflows.

Meanwhile, a global recession could hit exporters hard; exports of goods and services are equivalent to more than 100 per cent of Việt Nam’s GDP.    LINK

Samson:  International organisations hail Việt Nam’s economic achievements

8th July, 2022

HSBC has raised its forecast for Việt Nam’s economic growth this year to 6.9 per cent, from the previous prediction of 6.6 per cent, which is possibly the fastest pace in the region.

In the Việt Nam At A Glance report in July, HSBC Global Research noted that decreasing risks posed by the Omicron variant and eased restrictions have paved the way for Việt Nam to return to normality.

Thanks to widespread recovery, the country recorded an impressive GDP growth rate of 7.7 per cent in the second quarter compared to the same period last year. The service sector, which has suffered severe economic impacts, have bounced back strongly while manufacturing has continued growing and exports hit historic highs. However, the growth forecast for 2023 was revised down to 6.3 per cent from 6.7 per cent due to growing risks, especially in the energy sector, according to the bank.

HSBC Global Research pointed out growing impacts of soaring energy prices. Escalating goods prices have led to a trade deficit in Q2 and may worsen the current account situation, which is already pessimistic. On the other hand, though household consumption has recovered steadily, people’s budgets may suffer from high oil prices, thus decelerating the recent recovery speed.

Việt Nam’s inflation is forecast to stand at about 3.5 per cent this year, but it may surpass the ceiling of 4 per cent between Q4 of 2022 and Q2 of 2023, requiring the State Bank of Vietnam to begin normalising monetary policy.

According to the report, Việt Nam has benefited from its economy reopening, and domestic demand has returned while external drivers remain favourable. However, it is necessary to stay alert to increasing growth risks, especially those posed by surging energy prices.

Meanwhile, the Executive Board of the International Monetary Fund (IMF) has highly valued Việt Nam’s policy support to cushion the impact of COVID-19 in tandem with successful maintenance of fiscal, external, and financial stability and an impressive vaccination rollout.

In a press release following a recent consultation with Việt Nam, the IMF Executive Board said a recovery is underway and high frequency indicators point to stronger momentum going into 2022, with rising retail sales, industrial production, and firm entry. Growth is expected to reach 6 per cent in 2022 as activity normalisation continues and the programme for recovery and development is implemented. However, the recovery of the labour market is lagging as underemployment remains high. While inflation has recently picked up due to rising commodity prices and supply-chain disruptions, it remains well below the central bank’s inflation ceiling.

The Executive Board called for agile policy making, proactively adjusted to the pace of the recovery and evolution of risks. They also underscored the need for fiscal policy to take the lead and be flexibly adjusted to evolving economic conditions. They welcomed the programme for recovery and development and emphasised the importance of targeting, spending efficiency, and steadfast implementation.

The IMF executive board stressed the need for monetary policy to be nimble and vigilant of inflationary risks. They also emphasised the importance of addressing problem loans, normalising regulatory forbearance in a timely fashion, and closely monitoring real estate sector risks.

They welcomed Việt Nam's recent steps towards greater exchange rate flexibility and monetary policy modernisation and encouraged continued efforts in this direction.

 The board stressed the importance of structural reforms to improve the business environment, enhance productivity, and boost potential growth. They also praised Việt Nam’s ambitious environmental agenda and urged the translation of targets into concrete policy actions.   LINK

MilitiaMan Friday Afternoon "It's Real and Getting More Real" 7-15-2022

KTFA:

Samson:  Parliamentary Finance excludes the existence of a budget for 2022 and explains the reason

14th July, 2022

The Parliamentary Finance Committee revealed the reason for excluding the adoption of a financial budget for 2022. Committee member Jamal Cougar told {Euphrates News}: "There is no opportunity to pass the budget law, as it needs to go through a series of formations so that we can say that there is a possibility to send the budget."

He added that "the draft law needs steps to be sent and transferred between the corridors of state institutions for a period of no less than 12 weeks, and this is at least in the last two months of this year, while the government is tasked with preparing a draft budget for next year, starting from next August, and this is not possible, so we rule out approval." Budget Law for 2022.

It is noteworthy that the House of Representatives voted last June 8 on the proposed law on emergency support for food security and development.

The law aims to “achieve food security, reduce poverty, achieve financial stability in light of urgent global developments, continue to provide services to citizens and raise the standard of living for them after the budget law expires, create job opportunities, maximize Iraqis’ benefit from state resources, advance development, and resume work on stalled and lagging projects due to lack of Financing and running new projects of importance.

Prime Minister Mustafa Al-Kazemi said that the law on emergency support for food security is not a budget, but rather that we are going through an exceptional circumstance, and we, as a caretaker government, have no right to enact laws, so we resorted to the food security law, which requires us to work hard to implement it for the benefit of the Iraqis.  LINK

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MilitiaMan:  The Total deal having been putting Iraq on notice, by telling them your taking to long on the GOI , etc.. We are leaving by end of month if it is not sorted. We are taking $27 billion with us..

Now imagine that. Total leaves, who else would?  Likely all of the companies that support Total. That would be many and likely devastating  in totality..  That isn't going to happen as we witnessed the same day, as Total concluded the deal.

Then today Kahdimi gets a badge of honor for it. Keep in mind he has the necessary powers afforded to him to make things happen for the citizens. Like the EFSL..  Like the economic and energy issues he will deal with in SA with the USA, GCC, BUNA, AYSCUDA, etc., etc..

As stated above there is no need now for the 2022 budget. Rightfully so, the necessary powers granted to Kahdimi make sure of that. Evidenced by the EFSL (WPs) and the actions taken to secure the Total contracts by assuring Paris they have legal government in place today, tomorrow and throughout the next year, being likely. 

From the looks of it we can see that effectively with out announcement of it, but, Kahdimi is in place for the final play and the clean sweep is in the bag already. He knows it, the world now knows it and tomorrow the Iraqis will pray about it and likely shortly there after, they'll realize just how big the present government with those necessary powers is and in the pocket book.. imo GAME is about OVER.. ~ MM

Samson:  Al-Kazemi receives the Medal of Honor from the French President  LINK

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Clare: The Iraqi Oil Minister from Paris: We are continuing to implement the "Total" contracts

2022-07-12

Today, Tuesday, the Iraqi Minister of Oil confirmed that the implementation of the group of oil contracts concluded by the ministry with the French Total is proceeding.

It is noteworthy that the Ministry of Oil has concluded a set of contracts with Total, which is the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil.   LINK  

Full Chat with MilitiaMan and Tivon on these articles….LINK

Al-Kazemi before heading to Saudi Arabia: I hope the political parties take advantage of Al-Sadr's initiative

15th July, 2022

On Friday, Iraqi Prime Minister Mustafa Al-Kazemi called on political parties to invest in the initiative launched by the leader of the Sadrist movement, Muqtada al-Sadr, during the unified Friday prayer sermon.

This came during a press conference he held before heading to the Saudi city of Jeddah to participate in the Riyadh summit of the leaders of the Gulf states, in addition to Iraq, Egypt, Jordan and the United States of America. "I hope the political parties will take advantage of the initiative launched by Mr. Al-Sadr," Al-Kazemi said at the conference, which was monitored by Shafak News Agency.

With regard to the conference, Al-Kazemi indicated that "the Jeddah conference will discuss prospects for cooperation in energy and climate change files, and the issue of normalization will never be discussed," noting that "there are attempts to confuse Iraq's restoration of its role in the region." He stressed that "Iraq will not be today or tomorrow in any military axis or alliance, and will not be a starting point for threatening any of the neighboring countries."

Al-Kazemi pointed out that "Iraq's policy is to zero problems and achieve balance in relations and moderation in dealing," adding that "our motto is Iraq first, and we will continue with this approach to serve the Iraqi people." And he continued, "We will discuss with Biden the file of the strategic agreement in the aspects of

Health and the economy."  LINK

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Al-Kazemi justified his attendance at the Jeddah conference: He will never discuss normalization  LINK

 UST - 05/12/2022

"On global health, we welcome the establishment of a Financial Intermediary Fund (FIF) at the World Bank as a new global financing mechanism dedicated to addressing financing gaps in pandemic prevention, preparedness and response (PPR). The FIF will complement the work of existing institutions and catalyze funding from domestic, private, philanthropic, and bilateral sources. We underscore the need for the FIF to launch and become operational by September of this year. We also highly value the meaningful, ongoing collaboration between Finance and Health Ministers as well as through the G20 Joint Finance-Health Task Force. We commit to further strengthening this coordination and building a resilient global health architecture, including through accelerating progress towards achieving Universal Health Coverage (UHC)."

UST - 05/12/2022

"On infrastructure, we reaffirm the importance of promoting high-quality, transparent, and sustainable infrastructure investments to narrow the infrastructure gaps in Asia-Pacific and other regions. To ensure the quality and value of our investments, we will deliver projects based on the G20 Principles for Quality Infrastructure Investments (QII) and encourage the use of QII principles by our partners. We will continue to work bilaterally, multilaterally with G7 partners under the Partnership for Global Infrastructure and Investment, and with like-minded partners.

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MilitiaMan:   We know that the WB. UST, IMF, AMF, EU, WTO, G7, etc.. all have a stake in the reforms in Iraq. It is not secret..

The language that the globe is using is not a coincidence to be consistently they same words being used. Food Security, Health Care, Finance, climate change, energy, etc.. All of these and more are being used and at the same time around the world.

This weekend showcases some heavy hitting meeting on economic, energy, digital assets, global universal health care, infrastructure and so on. Lets not be Iraq centric. It is about Iraq, but, not all about Iraq..

The snippets above are from the US Treasury. The consistently use buzz words. They are telling the world they are doing things differently now and will continue to do so. In October 2021 they told us about Global Digital Taxation. That too is a topic in Indonesia this weekend..

Pay attention.. It is real and getting ever more real.. imo ~ MM

KTFA Members "News and Views" 7-14-2022

KTFA:

Samson:  Al-Kazemi: Iraq is stronger than it was before and stands with greater confidence on the international stage and draws its own footsteps

The Iraqi Prime Minister Mustafa Al-Kazemi confirmed on Wednesday that Iraq today is stronger than it was before and stands with greater confidence in the international stage, indicating that he is drawing his own pace, locally, regionally and internationally.

Al-Kadhimi said in an article published in the "Foreign Policy" magazine and distributed by his media office, "When US President Joe Biden arrives in the Middle East this week, he will reach a region that faces many challenges, such as terrorism, food security, and climate change. But the Middle East today a region facing these challenges with a group of leaders seeking positive change."

"I will represent a recovering Iraq that stands with greater confidence on the international stage and is stronger than it has been since President Biden's last visit in 2016, or even when we met in the Oval Office last year," he added.

Al-Kadhimi continued, "The United States has played a major role in supporting Iraq over many years, and we are grateful for the help and sacrifices that the Americans made to support us," explaining that "Iraq is drawing its own footsteps today, locally, regionally and internationally."

He pointed out that "what I hope Biden realizes after our meeting in Saudi Arabia on Friday is my personal determination, and the determination of the Iraqi people to solve Iraq's problems through Iraqi solutions."

And he indicated that "Iraq is now a multi-party and multi-ethnic constitutional democracy. Yes, we are still in the protracted process of forming a new government after the elections last fall. The formation of the government took a long time, and it really raised the frustration of many inside and outside Iraq."

Al-Kadhimi added, "I share that sentiment, but I am also proud of the state's ability to continue to serve Iraqi citizens, protect our natural resources, and play a leadership role in regional initiatives that enhance prosperity and security."

The Iraqi prime minister said, "Nearly two decades have passed since the elections, which is a great evidence of the extent to which democracy has consolidated in Iraq after more than three decades of Saddam's brutal dictatorship. This is a success story that cannot be overlooked." He pointed out that "the political difficulties that result from the elections are an example of the confused conditions that democracy sometimes produces, and confirm the need to consolidate the principles of democracy in Iraqi public life, and to ensure its sustainability in a way that is not limited to the ballot boxes."

He pointed out that "the path towards a successful democracy requires time, will and leadership, and with us standing on our two feet after the expulsion of ISIS from our land, we are able today to look towards better prospects, as our country is no longer a passive member of the international community; we are now active at the regional and international levels, including the initiative to host a multilateral summit aimed at strengthening regional cooperation and stability.

Al-Kazemi added, "Last year, Iraq hosted the Baghdad Conference for Cooperation and Partnership with the leaders of Jordan, the United Arab Emirates, France, Qatar, Kuwait, and Egypt, with the participation of ministers from Turkey, the Islamic Republic of Iran, and the Kingdom of Saudi Arabia." He explained that "the conference discussed security, economic, and environmental issues whose solutions require goodwill, sincere participation, and cooperation between countries, through these and other initiatives, we were able to play a positive role in the region," stressing that "this is evidence of my government's commitment not to spare efforts to achieve stability in our country and the region.

He continued, "While we seek to calm tensions by bringing the various parties together, we also strongly support respect for the sovereignty of each country and the necessity of non-interference in the internal affairs of other countries," explaining that "our relationship with the United States has witnessed a change for the better, and while our historical cooperation revolves around the Security and combating terrorism, the relationship is now expanding to include other equally important societal challenges, such as: economy, energy, climate change, environment, health, education, and culture.   LINK

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MilitiaMan:  There is much confidence to be had... The data is very supportive of that. To have Total conclude the contract? Wowzer, Iraq responded effectively in an immediate response. imo

The confidence you show and see as many do, is not wrong.. Thank you! imo Game is coming to an end...  ioo ~ MM

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ATPinfinity:  "It seems these days that Mustafa Al-Kazemi, the outgoing head of the (caretaker government.. lol), is preparing to receive his second transitional term by intensifying his activities at all internal and external political and service levels, following up on the implementation of various projects and inaugurating others…."

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MilitiaMan:  The play they are saying is he is our guy.. TOTAL was a key international move. $27 billion is not lost on the world markets.. imo.. The timing is a used, at a key juncture in the global financial stage.. POTUS in the ME and UST in the INDONESIAN realm... Timing.. imo ~ MM 

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Tivon:  "The Blitz Play" In gridiron football, blitzing is a tactic used by the defense to disrupt pass attempts by the offense. During a blitz, a higher than usual number of defensive players will rush the opposing quarterback, in an attempt either to tackle him or force him to hurry his pass attempt.

The EFSL (Emergency Food Security Law) was what disrupted "business as usual". It caught Maliki off guard. It has all the contracts. It had prominent financial institutions supporting it. Not to mention the surpluses from oil. And it was designed to weed out corruption as it was hard to steal funds since it acted as a complete budget with the US Treasury & World Bank involved.

Hence all the resignations that took place after it passed. Al-Sadr knew there was no chance for the any political bloc at that point who chose to oppose Al-Kazemi. Now they are forced to play a different game that benefits the defense. Which is why even the enemy Maliki himself tried to leverage the 2022 Budget by saying the citizens deserve purchasing power prior to it passing if it was to be voted on in October.

But at that point time had already run out. They had to huddle and came up with different scenarios. One try to file lawsuits against the EFSL. That failed. The other was voting Al-Kazemi out. That failed. The last was threatening Al-Kazemi to not visit Saudi Arabia & Iran. That failed. Now since they are still on the 80 yard line on fourth down had to throw a Hail Mary at the last minute by offering an electoral competition for candidacy ….but that to will fail.

Once it does  Al-Kazemi will on that same 80 yard line and only down by six. His first play with 60 left on the clock will be the French Oil Company. Who's he going to pass the ball to? The CBI ofcourse. IMO

Henig:  If the opponent blitzes, someone is left uncovered, and a good quarterback understands that player will be open--and make that defense pay dearly.

Maliki isn't a good quarterback. Al-Kazemi is.

I expect a blitz every down now that Al-Kazemi is the quarterback--and he will make them pay.   Get out your popcorn and enjoy.

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Tivon:  Maliki not a good quarterback hence the Hail Mary from 80 yards away. He wasn't even good enough to get them to the middle of the field. He's definitely a 3rd string. He never had so much pressure applied and he didn't know what to do under that heat. Which is why he no longer wants his hat in the ring. The EFSL was "The Great Disruption". And you are right. Al-Kazemi is about to turn it up to 100. We all read his speech today that implies that.

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Samson:  Parliamentary Finance excludes the existence of a budget for 2022 and explains the reason

14th July, 2022

The Parliamentary Finance Committee revealed the reason for excluding the adoption of a financial budget for 2022.

Committee member Jamal Cougar told {Euphrates News}: "There is no opportunity to pass the budget law, as it needs to go through a series of formations so that we can say that there is a possibility to send the budget."

He added that "the draft law needs steps to be sent and transferred between the corridors of state institutions for a period of no less than 12 weeks, and this is at least in the last two months of this year, while the government is tasked with preparing a draft budget for next year, starting from next August, and this is not possible, so we rule out approval." Budget Law for 2022.

It is noteworthy that the House of Representatives voted last June 8 on the proposed law on emergency support for food security and development.

The law aims to “achieve food security, reduce poverty, achieve financial stability in light of urgent global developments, continue to provide services to citizens and raise the standard of living for them after the budget law expires, create job opportunities, maximize Iraqis’ benefit from state resources, advance development, and resume work on stalled and lagging projects due to lack of Financing and running new projects of importance.

Prime Minister Mustafa Al-Kazemi said that the law on emergency support for food security is not a budget, but rather that we are going through an exceptional circumstance, and we, as a caretaker government, have no right to enact laws, so we resorted to the food security law, which requires us to work hard to implement it for the benefit of the Iraqis.

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Tivon:  People, what have I been telling you all? I stated this as a possibility before it was even published before the last article a few days ago.

They do not need the general budget for this year. The EFSL will take care of everything that matters for the citizens and the economy. And whatever funds are leftover from the EFSL can go into the 2023 Budget.

So now you can see they have no choice but to pick PM Al-Kazemi for the remainder of the year into the next. Passing a budget would not make an iota of sense. Now they are forced to play a different game. One where they are now trailing behind someone who will lead with a higher purpose away from the status quo of the old ways. IMO

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Samson:  Al-Sadr turns off his phone and cuts off communication with the leaders of the coordination framework

14th July, 2022

According to political sources, that the head of the Sadrist movement, Muqtada al-Sadr, shut down his phone and cut off all kinds of communication with the leaders of the coordination framework.

The sources said in identical conversations to "Mawazine News" that "Al-Sadr cut off all kinds of communication with the leaders of the coordination framework and closed his personal phone from which he was communicating with the political leaders."

She added, "The head of the Sadrist movement told everyone that he does not want to participate in the government formation talks or even express his opinion on them," noting that "Al-Sadr's attendance at the united prayer tomorrow in Sadr City has so far not been resolved."    LINK

Tivon:  He cut off all communication because he knows they are "Dead In The Water". Why would he continue talking to dead people? There's no future for them unless Al-Kazemi gives them one. But that would come with concessions that they are not going to submit to simply because it prioritizes the citizens over sectarian intrest. The writing is on the wall. The clean sweep continues. IMO

Some "International News" Posted by Samson 7-13-2022

KTFA:

Samson:  Topped by Arab countries.. Learn about the most expensive currencies in the world

13th July, 2022

The value of money can only be determined by comparison with the money of other countries, and in total, there are about 180 currencies in the world today. Which of them is the most expensive and most valuable?

Many people think that the dollar, the euro, or perhaps the pound sterling are the most valuable currencies, but this is not the case.

 For several years, the currencies of the Middle East countries occupy the leading positions in the list of the world's most valuable currencies.

In Kuwait the dinar, which is said to have one millionaire in every fifteen of its citizens, was able to displace the Indian rupee, which held a leading position in the Asian region.

 In 2006, it reduced Kuwait the value of its currency increased by 1% against the dollar, and because of that the exchange rate became 0.29 Kuwaiti dinars per dollar, but after only one year - in the middle of 2007 - the Kuwaiti dinar got rid of its peg to the dollar, replacing it with a basket of multiple currencies. 

Today, the Kuwaiti dinar is equal to 3.25 US dollars, to occupy the position of the most valuable currency in the world, according to the assessments of a number of research centers and international financial institutions.

In second place, comes the Bahraini dinar. It is remarkable that in the period 1966-1973, the Bahraini dinar was the national currency of the United Arab Emirates, and was later replaced by the Emirati dirham. The Bahraini dinar entered the market in 1965, replacing the Gulf rupee. In 1987, it was heavily pegged to the US dollar. Today, the price of one dinar is 2.65 dollars.

As for the third place, it was occupied by the Omani riyal, which is the official currency of the Sultanate Amman. On one side of the note there is an inscription in English, and on the other in Arabic. There are no English inscriptions on the coins. 1 Omani Rial = $2.60.

Although the Jordanian economy is one of the poorest in the Middle East. The country has few natural resources, in addition to chronic problems with unemployment, inflation and foreign debt. However, the Jordanian dinar comes in fourth place in the list of the most expensive currencies in the world. 

The Jordanian Dinar is linked to the Special Drawing Rights, which is a unit of account International Monetary Fund, which means the fact that it is pegged to the US dollar. The value of one Jordanian dinar is 1.41 US dollars.

And only in fifth place, comes the pound sterling, the official currency of Britain since 1694. In the eighteenth and nineteenth centuries, the pound sterling was the main reserve currency almost all over the world, but it lost its place as the most important currency after the end of World War II, when the American currency began to dominate the world market. Today, one pound sterling is equal to $1.20.

As for the euro, it comes in eighth place after Cayman Islands dollar, which is worth 1.2 US dollars, and after the Swiss franc which is equal to 1.04 dollars. The euro is the official currency of the European Union, and 19 countries in the eurozone use it. It appeared in cashless circulation in 1999, and since 2002 banknotes and coins have been introduced. Today, one euro is equal to approximately $1.02. 

The same is true of the Swiss franc. Although the price of the Russian ruble is much lower than the aforementioned currencies, the Russian ruble has become the best global currency to strengthen against the US dollar in 2022, according to the agency "

The US dollar, the most widely traded currency around the world, is ranked ninth in terms of its value among the world's currencies.

Bloomberg - According to the agency, despite the unprecedented Western sanctions on Russia the ruble has appreciated by 11% since the beginning of the year.  LINK

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Samson:  For the first time since April, oil is below $100

07/13/2022 08:53:31

 Oil prices fell on Wednesday, after successive declines, to reach less than $ 100 a barrel for the first time since April, while traders are looking forward to US inflation data that may weaken the market. The dollar rose to its highest level, while what China is still fighting Corona, all of which are weakening the market.

Brent crude futures were down 2 cents, or 0.02 percent, at $99.47 a barrel at 04:45 GMT, and US West Texas Intermediate crude was down 18 cents, or 0.19%, at $95.66.

Investors have sold off oil positions on fears that sharp increases in interest rates to stem inflation will trigger an economic slowdown that will hurt oil demand. Prices fell more than 7% on Tuesday in choppy trading. Another concern is that higher US interest rates in response to rising inflation will push the dollar higher, and also undermine oil prices.

The renewed travel restrictions for COVID-19 in China also affected the market. Many cities in the world's second-largest economy have adopted new restrictions, from business closures to broader lockdowns, in an effort to curb new infections from one of the highly contagious sub-variables of the virus. The dollar index, which measures the currency against a basket of six peers, also rose earlier today to 108.56, its highest level since October 2002.

Oil is generally priced in US dollars, so a higher dollar makes the commodity more expensive for holders of other currencies, which puts downward pressure on demand and its dollar price. Meanwhile, markets are closely watching US President Joe Biden's visit to the Middle East, where he is expected to ask Saudi Arabia and other Gulf producers to increase oil production to help stabilize prices.  LINK

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Samson:  Al-Kazemi's advisor presents his vision to protect Iraq's economy from oil price fluctuations

13th July, 2022

Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two factors that may stand behind the possibility of a recession in the global economy in the coming months, and as he explained the impact of this in Iraq, he proposed a solution to protect the Iraqi energy market from the fluctuations in prices of crude oil markets

Saleh told the Iraqi News Agency, "There are two factors for the possibility of the global economy heading towards economic stagnation in the coming months, as the first factor is the strict monetary policy of the strongest economy in the world, which is the economy of the United States, which will lead to the policies of raising interest rates undertaken by the US Federal Reserve to combat inflation

.  In the general level of prices in the United States, the increase in investment costs and a decline in growth in real sectors, which leads to a possibly slow decline in inflation growth, but will lead to a greater deterioration in the level of employment, higher unemployment rates and lower rates of growth in GDP

He added, "There is an objective link between high rates of economic growth and high demand for energy resources, which will contribute to the stagnation of derived demand for crude oil in the global market," noting that "the same will apply to the economies of the eurozone by following strict monetary policies to confront the frightening European inflation." Currently

He pointed out that "the second factor is the development of trends in the Chinese economy, which represents the second largest economy in the world, which has entered the phase of the Cold War with the West, which means that the growth of the Chinese economy will be indirectly affected by the global recession and various forms of economic boycott due to tension in economic relations."

The international community and its exposure to some Western commercial and technological isolation, as well as the inevitability of the Chinese economy being affected by the conditions of recession in global demand

He noted that "China's imports of Russian crude oil are currently the highest among the sources of supply, and they are discounted in value by 40% per barrel, which means abandoning part of its imports from other currently high-priced oil markets from outside Russia

He pointed out that "the aforementioned factors will undoubtedly lose the growth momentum in demand for oil energy resources in the world, which will cause some (glut) in the oil supply markets, which are highly elastic or deflationary demand factors that directly contribute to the further deterioration of prices

. The oil-exporting countries in OPEC and others, the potential glut in the oil market may cause price damage to the economy of Russia, the second oil producer in the world, whose daily production is estimated at about 11 million barrels of crude oil, most of which goes to export, to face a severe oil price war

He continued: "There is no doubt that Iraq, whose economy depends on crude oil exports, will be affected by the price drops (if they occur) and will undoubtedly cause a decrease in the country's financial returns, so a mechanism must be applied that is to go as an accelerated future view towards employing the accumulation of financial surpluses that are currently obtained and directing their spending with priority. To finance large investments in the refining sectors of giant refineries and petrochemical plants to export petroleum products, whose added value rises to between 5-7 times compared to a barrel of exported crude oil

He continued: "Therefore, it is necessary to adopt a policy of accelerated transformation from the policy of exporting crude oil to exporting oil products, in a manner that ensures the stability of the limits of Iraq's financial and economic sustainability from the fluctuations of oil markets during the next ten years

He concluded by saying: "Thus, protecting the Iraqi energy market from fears of future crude oil market price fluctuations can only be achieved by raising the added value of the crude oil itself, by adopting the policy of manufacturing oil derivatives immediately by investing in (giant refineries with various products and few losses). as agreed upon by all energy experts in Iraq  LINK

Samson:  National Security reveals the outcome of its operations against smugglers of oil derivatives and seizes more than one million liters

07/13/2022 12:08:19

 The National Security Agency revealed the outcome of its operations against smugglers of oil derivatives.

The outcome came, according to a National Security statement, as follows: 

1- More than one million liters of smuggled petroleum products were seized. 
2- The arrest of 117 people accused of smuggling.
3- Confiscation of (49) tanks and vehicles intended for smuggling.
4- Seizing (93) nests. 
5- Seizing (496) tanks that were used for storing and selling oil derivatives, in violation of fundamentalist controls.
6- Closing (11) stations for violating regulations or exploiting the crisis.  LINK

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Samson:  4 zeros were removed from it.. Iran launches new two-denomination banknotes

13th July, 2022

Today, Wednesday, the Iranian market entered the new 1000 and 2000 toman banknotes, where 4 zeros were deleted.

These banknotes were printed at the time of the former director general of the Central Bank and signed at that time, according to the semi-official Iranian agency, "Fars".

In the upper part of these banknotes, the zeros are seen in a faint color, while in the lower part of these banknotes they have been completely deleted. LINK

MilitiaMan and Tivon Wednesday Chat "July is Very Hot" 7-13-2022

KTFA:

Clare:  The Iraqi Oil Minister from Paris: We are continuing to implement the "Total" contracts 

2022-07-12

Today, Tuesday, the Iraqi Minister of Oil confirmed that the implementation of the group of oil contracts concluded by the ministry with the French Total is proceeding.

This came during his meeting with the CEO of the French Total Energy, Patrick Pouyanne, in the French capital, Paris, according to a statement received by Shafak News Agency.

Oil Minister Ihsan Abdul-Jabbar Ismail said, according to the statement, that "this meeting came to follow up the technical and administrative progress of the four contracts within the agreement, including following up on the Artawi field gas investment contract after signing the design contract for the Artawi Central Complex between South Gas Company and KBR in cooperation with Total".

Ismail pointed to "discussing the sea water transfer project for its importance in sustaining and increasing the production of oil fields in southern Iraq, as well as researching the development of the Artawi field and the mechanisms for implementing an investment project (1000) megawatts of solar energy."

For his part, CEO of the French Total Energy Company, Patrick Pouyanne, affirmed standing by Iraq to achieve its development goals in developing the energy and oil sector, stressing that Iraq is one of the most promising countries in attracting global investments to implement projects in this framework, and that Total is committed to partnering with the Iraqi government for its keenness. To deal with us transparently, and to achieve the principles of mutual trust in a way that serves the common interests.

It is noteworthy that the Ministry of Oil has concluded a set of contracts with Total, which is the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil.   LINK  

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MilitiaMan:  Pay attention to these two articles and one key point specific within them.

 Below they tell us that the French Total was to withdraw from the contracts at the end of this month. Well that may have stimulated the above action to conclude the agreements today.

We are witnessing what I have heard to be pressure being put on Iraq from the world at large and in this case pressure in the tune of $27 billion worth of contracts and the loss of future revenues.

Iraq is not in a position to lose large amounts of money for political ineptness. The move was likely to put a shot across the bow, while likely given a kind "promising" gesture that being of; Iraq do what is needed to form a legitimate government and we can work together in this agreement. You have that? Yep.. lol

Total canceling a deal of that caliber? They needed assurances and apparently got them. They were likely told something along the lines of what the Supreme Judicial Council has said for months. As the government stands today, we can proceed legally and politically on more than one front.

For Total to agree on contracts today and conclude the deal would require the right environment.. They would have had that in writing too.

 It shows me that there is a big push on Iraq to go live internationally.. I like it.. ~ MM

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After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq

12th July, 2022

Economist Nabil Al-Marsoumi revealed, on Tuesday, that the French company Total decided to withdraw from Iraq, at the end of this month

Al-Marsoumi said in a Facebook post, “Private information from reliable sources indicates that the French company Total decided to withdraw at the end of July from the initial agreement it signed with the Iraqi Oil Ministry, in September 2021, due to the delay in forming the Iraqi government and the inability to convert the initial agreement into a final contract between them

 He pointed out that "the previous agreement included the implementation of four projects in Basra worth $27 billion in the field of oil, gas and electric power. The first is to develop a complex and refining gas in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais)

The second project is related to "transferring and treating sea water with a capacity of 5 million barrels per day to maintain and increase production from oil fields, the third project, the establishment of facilities to produce one thousand megawatts of electric power based on solar energy, and the fourth project, the development of the Artawi oil field with the aim of maximizing the potential of gas supply

 The implementation of the project was delayed due to "the Oil Ministry's failure to obtain approvals on the financial details of the deal from all government departments whose approval is required, and it sank into many disputes

The economic expert pointed out that "the agreement raised concerns because of the signing of the agreement without procedures that guarantee competition and transparency. The sources say that "under the draft terms, Total is counting on obtaining ten billion dollars of the first investment to finance the broader project by selling oil from the Artawi oil field, which is one of the four projects in the broader agreement

The Artawi field is currently producing 85 thousand barrels per day, and Total seeks to increase it to the level of 210 thousand barrels per day, and Total is scheduled to get 40% of the sales of the Artawi field to pay the amount  LINK

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Tivon:  People do not see how monumental this is. Iraq just got put in the pressure cooker.

The timing here is impeccably stringent for many reasons. One being the Oil & Gas Law being up for a vote and activation which would require governing bodies that will work from within the EFSL that has allocated 500 Billion to the Ministry of Oil who will have the exclusive right to receive and market all produced petroleum, and transport the same through pipelines.

An obligation to develop a field development plan for each commercial discovery, submit the same for approval by the competent body (The Ministry of Oil, the Iraq National Oil Company or the appropriate regional body) and endorsement by the FOGC.

Remember I told you all that we are about to see a Blitz Play by PM Al-Kazemi. Look how the article mentions a deal back in 2021 that has not matured due to not forming a government. As I'm sure the 2021 Budget had this contract. Because they said the IQD value was supposed to be raised last year.

Regardless in the contract the Ministry of Oil is required to do many follow ups. And carry out certain duties. Which is why the article from yesterday that stated how the Oil & Gas Law is an unresolved law that only requires a current government to enact outside the political impasse. That's where the EFSL comes into play.

Because no matter what happens whether they seat a government or dissolve it. The EFSL will step in and do what is neccessary for the country. So it's a win-win for us regardless. Checkmate.

As you can see the role they will play in this deal. They will be required to give preference to the purchase of Iraqi products and services in petroleum operations. Which is the private sector. A requirement for the employment and training of Iraqi nationals. A requirement to support Iraqi institutions in research and development activities relating to petroleum operations.

 Importantly, the draft oil and gas law does not specify the form that petroleum contracts must take, and thus leaves open the possibility that production sharing contracts may be permitted in the future. A clear right for licence holders to transfer profits outside of Iraq (after payment of relevant taxes).

We are definitely about to see a monumental change in days. You think the FOGC is about to miss out on this opportunity? Especially if the CBI is on the same board.

And they only have two weeks to act.

And they already have their prime player running the show with the EFSL to back him up.

Guys we are in the 4th Qtr with 60 left on the clock on the 20 yard line and only down by six.

As I said the post game interview from Al-Kazemi will be historic. The citizens have someone who is truly working for them. Now they are finally about to see the fruits of all the things promised.

KTFA you need to prepare now. Get your affairs in order. Go over your plans.

This is "The End Game".

You should go forward with the assumption from this day that they can flip the switch at any moment.

Thus French company just threatened Iraq to discontinue business at the end of the month. Ask yourself what will they do to ensure that this does not happen? Your commonsense should have no problem coming up with an answer.

The PM has emergency powers for a reason. Keep in mind the PM and the CBI all sit on the same council. Which is "The Federal Oil & Gas Council". They were created to oversee deals regarding oil contracts.

So not only is the pressure on the government. It’s also on the CBI because they are the ones who will activate all contracts (Including Oil) simply by reinstating  the IQD.

All of this has to happen fast. Or else. This company is not playing any games.

CBI, the ball is in your court. July is very hot.

Tivon:  The establishment of a Federal Oil and Gas Council (FOGC), which would act as the main body for overseeing the Iraqi petroleum sector. The membership of the FOGC would consist of:

The relevant Deputy Prime Minister.

The Minister of Oil

The Minister of Finance

The Minister of Planning

The Governor of the Central Bank of Iraq

A ministerial-level representative of the Kurdistan region (and any other region formed pursuant to the Constitution subsequent to the enactment of the oil and gas law) 

Representatives from each producing governorate not included in a region;

The heads of the Iraq National Oil Company and the Oil Marketing Company (SOMO) (and other relevant companies)

And up to three experts specialised in matters relating to oil and gas, finance or economics.

So as you can see above that they all occupy a seat on the council. Everyone that would be relevant for that type of deal from the French company are the players currently on the field.

They are cornered. There's no getting out of this deal.

This couldn't happen at a better time. How this is coming together is just Devine. Everyone thought that we were about to go into another dry spell because the EFSL was published without that new shiny thing that has been sitting on the shelf. The window shopping is over. They have shown that the store is closing in 15 minutes.

So whatever you been looking at or trying on needs to be put in the basket and brought to the front counter so the cashier can crunch the numbers and give you your total.

 Now you can actually think about where you're going to place these new products in your potential new home. The company found a buyer and now they know you have the funds to acquire something they have been trying to get rid of since last year.

Are we prepared to for the lifestyle we all are about to embark upon? Hopefully.

We made it this far. Some are hanging on by a thread. Barely getting by. And now they are faced with the opportunity where all that they have learned will come into play in a very short time.

This is what we came for. IMO

We are pushing through with continuous progress. I love where we are at. It’s a beautiful thing I tell you. What Al-Kazemi pulled off is astonishing. This guy has cemented a solid legacy. The Iraqi citizens are very fortunate they have him on the front lines. What a moment in history.

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Hammy14:   The article itself, MM's comments, Tivon's comments, and Petra's comments in chat are all extremely important and very powerful.  It is exceptionally clear now just how crucial the EFSL is to the reinstatement of the IQD.  Kazemi finally figured out a way to get around all the political BS, and the move was brilliant!!  This article, along with all the comments from MM, Tivon, and Petra should be plastered all over the Final Article thread and highlighted in varies shades of red.  These next two weeks most likely will be packed full of very exciting news, as the CBI is now put in the position to reinstate the currency and catapult Iraq into the international marketplace!!!  IMO

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MilitiaMan:  Drop the mic... Bravo TIivon.. I have the feeling your depth, is back ground specific  and oriented.. lol  We are not making this stuff up..

I'll show an interesting tandem item to get you and everyone start thinking more outside the box. Something you do extremely well. 

The talk of digitization and gold being a very integral part of the process is before us now. We are seeing Iraq's trading partners lopping currency, we are seeing trading partners de-pegging from the USD dollar now, and other things like multi billion dollar contracts for assets in Iraq concluded, increased gold purchases Iraq centric, etc... Why?

Because of the above you point out is also,  a part of the process. Iraq's integration to the international arena is something that is not going to stop now.. 

Iraq is an integral part of the Global plan.. The UST is talking about a Universal Health Initiative and Finance on the back of Food Security. The UST was just in Japan and is heading to Indonesia for G20 meetings. At the same time there is a USA visit to the ME with big plays on the table. Aside from the security and State making issues there are to be meetings with the GCC in SA.. Think AMF with that in mind.. BUNA Clearing digital currencies...

They are also talking now about what we mentioned back in October 2021.  Digital Currencies at the Retail Level or and in addition to digital assets. That is us btw, retail.

Take note, as of and over this last couple weeks the UST is talking specific to countries about digital assets. They don't have to tell us everything at the retail level. They just prepare us with phrases and concepts. Plausible deniability is a component of the process.

They do however, tell countries and put the implications of what will be talked about in the shoulder to shoulder meetings and prior to them and after. Here is whey I believe they have already started the process to going gold backed for currencies.

Above, the Lop by Iran (2-5 years to shake out) and the repegging of the Indian Rupee, may all be in line with the game is on and Iraq is about to be show cased. To the world. Like we have shown the present government has legal authority to accomplish what they need to.

We litterally are watching the change to asset backed currencies before our eyes.. imo.. ~ MM

WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President  Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” directs Treasury, in consultation with the Secretary of Labor and other relevant agencies, to report to the President on the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses.

“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams.” Under Secretary of the Treasury for Domestic Finance Nellie Liang said. “The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work."

Through this request for comment (RFC), Treasury is requesting input from the public that will inform its work in carrying out its mandate under section 5(b)(i) of the Executive Order.  This RFC offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of developments and adoption of digital assets and changes in financial market and payment infrastructures for U.S. consumers, investors and businesses.

Members of the public are encouraged to submit comments, and comments that respond to the notice will be available on http://www.regulations.gov.

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

U.S. Department of the Treasury

Office of Public Affairs

Press Release:             FOR IMMEDIATE RELEASE

July 12, 2022

Contact:                      Treasury Public Affairs; Press@Treasury.gov

Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets
WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President  Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” directs Treasury, in consultation with the Secretary of Labor and other relevant agencies, to report to the President on the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses.

“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams.” Under Secretary of the Treasury for Domestic Finance Nellie Liang said. “The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work."

Through this request for comment (RFC), Treasury is requesting input from the public that will inform its work in carrying out its mandate under section 5(b)(i) of the Executive Order.  This RFC offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of developments and adoption of digital assets and changes in financial market and payment infrastructures for U.S. consumers, investors and businesses.

Members of the public are encouraged to submit comments, and comments that respond to the notice will be available on http://www.regulations.gov.

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

U.S. Department of the Treasury

Office of Public Affairs

Press Release:             FOR IMMEDIATE RELEASE

July 13, 2022

Contact:                     Treasury Public Affairs; Press@Treasury.gov

READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Japan Financial Services Agency Commissioner Nakajima Junichi

TOKYO — Today, Secretary of the Treasury Janet L. Yellen met with Japan Financial Services Agency Commissioner Nakajima Junichi as part of the regular coordination between the United States and Japan on a number of bilateral and multilateral financial regulatory issues.  They exchanged views and reaffirmed their commitment to collaborating on financial issues related to sustainable finance, digital assets, and compliance of sanctions.

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

U.S. Department of the Treasury

Office of Public Affairs

Press Release:             FOR IMMEDIATE RELEASE

July 12, 2022

Contact:                      Treasury Public Affairs; Press@Treasury.gov

Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets
WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President  Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” directs Treasury, in consultation with the Secretary of Labor and other relevant agencies, to report to the President on the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses.

“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams.” Under Secretary of the Treasury for Domestic Finance Nellie Liang said. “The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work."

Through this request for comment (RFC), Treasury is requesting input from the public that will inform its work in carrying out its mandate under section 5(b)(i) of the Executive Order.  This RFC offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of developments and adoption of digital assets and changes in financial market and payment infrastructures for U.S. consumers, investors and businesses.

Members of the public are encouraged to submit comments, and comments that respond to the notice will be available on http://www.regulations.gov.

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

U.S. Department of the Treasury

Office of Public Affairs

Press Release:             FOR IMMEDIATE RELEASE

July 12 2022

Contact:                     Treasury Public Affairs; Press@Treasury.gov

Joint Statement by Secretary of the Treasury Janet L. Yellen and Japan Finance Minister Suzuki Shunichi

TOKYO — Ahead of the G20 Finance Ministers and Central Bank Governors Meeting in Indonesia, Secretary of the Treasury Janet L. Yellen and Japan Finance Minister and Minister of State for Financial Services Suzuki Shunichi held an in-person bilateral meeting in Tokyo. Following the meeting, they issued the following joint-statement agreeing to further strengthen the U.S. and Japan's bilateral ties and affirming the pivotal roles played by both countries in tackling the difficult challenges facing the global community:

We renew our strong commitment to address challenges facing the global and domestic economies, including higher food, energy and commodity prices and growing food insecurity, compounded by Russia´s war of aggression against Ukraine. We call on the International Financial Institutions (IFIs) to implement the commitments in their Action Plan to Address Food Insecurity. We will provide well-targeted support and build a more resilient and stronger supply chain in close collaboration with like-minded countries and international organizations. The economic fallout from Russia’s invasion has raised exchange rate volatility, which can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues, in line with our G7 and G20 commitments.

We remain steadfast in our solidarity with Ukraine and continue to support Ukraine. We are united in our strong condemnation of Russia’s unprovoked, unjustifiable, and illegal war against Ukraine and continue to increase Russia’s cost of its war by implementing economic and financial sanctions. We welcome G7 efforts to continue exploring ways to curb rising energy prices, including the feasibility of price caps where appropriate, while considering mitigation mechanisms to ensure that most vulnerable and impacted countries maintain access to energy markets. We will work with the international community to coordinate and maximize the efficiency and impacts of bilateral and multilateral supports to address Ukraine’s critical near-term economic challenges and safeguard macroeconomic stability, and we are committed to supporting Ukraine in rebuilding for its future, based on a clear blueprint to be developed with the assistance of the IFIs.

On global health, we welcome the establishment of a Financial Intermediary Fund (FIF) at the World Bank as a new global financing mechanism dedicated to addressing financing gaps in pandemic prevention, preparedness and response (PPR). The FIF will complement the work of existing institutions and catalyze funding from domestic, private, philanthropic, and bilateral sources. We underscore the need for the FIF to launch and become operational by September of this year. We also highly value the meaningful, ongoing collaboration between Finance and Health Ministers as well as through the G20 Joint Finance-Health Task Force. We commit to further strengthening this coordination and building a resilient global health architecture, including through accelerating progress towards achieving Universal Health Coverage (UHC).

On climate change, we reaffirm our commitment to achieve economy-wide net zero emissions by 2050. We will promote a just transition that keeps the goal of limiting global warming to 1.5℃ within reach through inclusive international cooperation that includes all the major emitters. We will focus on reducing carbon intensity through the full range of climate mitigation measures appropriately tailored to each country’s emissions profile and context. We share our intent to continue to lead in developing a Just Energy Transition Partnership (JETP) for Indonesia.

As for debt issues, we underscore the importance of swiftly delivering successful country cases with increased predictability for those who have requested a debt treatment under the G20 Common Framework. We urge all relevant creditors, including non-Paris Club countries, such as China, with large outstanding claims on low-income countries facing debt sustainability challenges, to contribute constructively to necessary debt treatments.  We emphasize the critical role of creditor coordination to ensure fair burden sharing among all creditors in a debt treatment for vulnerable middle-income countries, notably Sri Lanka.   We also urge all official bilateral creditors to share lending data with the World Bank and IMF to secure accurate data through creditor-borrower debt data reconciliation.

On infrastructure, we reaffirm the importance of promoting high-quality, transparent, and sustainable infrastructure investments to narrow the infrastructure gaps in Asia-Pacific and other regions. To ensure the quality and value of our investments, we will deliver projects based on the G20 Principles for Quality Infrastructure Investments (QII) and encourage the use of QII principles by our partners. We will continue to work bilaterally, multilaterally with G7 partners under the Partnership for Global Infrastructure and Investment, and with like-minded partners.

On international taxation, we reaffirm our firm commitment to the timely and effective implementation of the OECD/G20 Inclusive Framework two-pillar solution. We welcome the progress made on the technical detail of Pillar 1 and are committed to work towards its adoption following the revised timeline agreed by the Inclusive Framework.  We will continue to work toward the swift implementation of Pillar 2 and expect the Inclusive Framework to swiftly finalize the implementation framework.

We extend strong support for the review of G20/OECD Principles of Corporate Governance, and affirm the role of sound corporate governance frameworks in contributing to the economic recovery in the post COVID-19 era.

At this critical juncture in history, Japan and the United States, as the world’s two largest democratic economies, resolve to promote strong, resilient, and sustainable economic growth, and to strengthen the rules-based global economic order.

MilitiaMan:    The fine print? lol ~ MM