KTFA Members "News and Veiws" Monday Afternoon 7-25-2022

KTFA:

Samson:  Parliamentary Legal: Dissolving Parliament is the only salvation from political blockage

24th July, 2022
The Parliamentary Legal Committee, 07-24-2022, recommended addressing the issue of choosing the prime minister through the constitution, while noting that the dissolution of Parliament may be a salvation from the current political impasse.

The head of the committee, Mohamed Anouz, said in a press statement, which was followed by the obelisk, that the root of the problem of choosing the prime minister is constitutional, not political, stressing the need to address the issue of choosing the prime minister through the constitution.

He added, that the dissolution of Parliament may be the salvation from the current political impasse.

He pointed out that the House of Representatives has nothing to do with the formation of the government or not, and the House must proceed with its legislative procedures, as there are legislations that have nothing to do with the government and have no financial aspect.  LINK

Tivon:   Whattttt? You don't say. Are we surprised? Was this expected? Please I beseech to begin proceedings. Do you know how fast this Monetary Reform will manifest after dissolution? Maybe this is the news the French oil company was given a week ago. Because without the new GOI I am pretty sure they still expect certain things to be done by August 1st. Hmmmmmm....I wonder what that is? IMO

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Samson:  Al-Muthanna seeks to include 145 projects in the Food Security Law

25th July, 2022

Al-Muthanna Governorate announced, on Monday, the inclusion of 145 projects that it seeks to implement within the Emergency Support Law for Food Security and Development.

The Governor of Al-Muthanna, Ahmed Manfi Judeh, said in a statement reported by “Al-Sabah” newspaper, that “Al-Muthanna is the first governorate that submitted its project plan to the Ministry of Planning, within the budget allocated to it in the Emergency Support Law for Food Security and Development, and according to the listing requirements approved by the Ministry.” The plan was submitted electronically and on paper.

Judeh added, "The plan that was presented is (A) and includes 145 projects in all sectors, and there is a plan (B) that will be submitted to the Ministry after completing its submission from the heads of administrative units and the competent departments, as it will witness the implementation of many projects in the sectors of health, water, electricity, roads and municipalities. Sewage, agriculture, education, youth, sports and other service sectors in the governorate center and all districts and sub-districts.  LINK

Tivon:  I wonder if these are the adjusted contracts that Al-Kazemi demanded of the ministries last Sunday July 17th to be be nullified and rewritten in Dinars?

Because "All Provisions" in the EFSL were to be implemented without delay.

Because wages were one of the components that were also up for recalculation as well. So is this new salary scale on par 1:1 with the USD? Because August 1st is the deadline from which the GOI was supposed to be formed.

But we know dissolution is more than likely the desired outcome. So what else is Al-Kazemi looking to accomplish prior to the 1st of next month? Because I am sure they will not be starting off with new contracts that are under nullified terms that are no longer applicable since the ministries already started readjusting everything about 10 days ago. IMO

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Samson:  Baghdad Governorate announces the rules for applying for contract appointments within the emergency support law

25th July, 2022

Baghdad Governorate announced, on Monday, the rules for applying for appointments to Baghdad Governorate contracts in accordance with the Emergency Support Law for Food Security and Development

And the governorate announced, in a statement received by {Euphrates News} Agency, “about the mechanism for applying for the degrees of contracts approved in the Emergency Support Law for Food Security and Development, which includes (contracting with holders of bachelor’s degrees and diplomas) according to the terms of reference required to work in the governorate’s offices and with a monthly salary of (300,000) dinars per contractor. and for a period of (3) years for training and development purposes.

And she added, "The application link is scheduled to be published on (1/8/2022) on the official websites and pages of Baghdad Governorate," noting that "the application door will be open for a period of (20) days from the date of publishing the link."

He continued, "The application link is linked to (Ur Portal for Governmental Services of the General Secretariat of the Council of Ministers / National Data Center Department).  LINK

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Samson:  A window on the formation of sources of income for the prospective sovereign fund / prospective national welfare funds in Iraq 

25th July, 2022 by Aqil Jaber Ali Al-Mohammadawi

With a careful research look at some successful international practical experiences within the practices of sovereign funds in China and the Russian Federation, they can be used in the maturation of the model for forming the structure of the National Sovereign Fund in Iraq and extracting the following

The importance of focusing methodologically and practically to contain and enable the shift from scientific theorizing to the reality and methodology of the financial and economic model to form the applicable sovereign fund (National Welfare Fund), which is the biggest challenge and in parallel we think about who is the institutional and specialized body responsible for forming and formulating the structure of the Iraqi sovereign fund in a way Real and realistic methodologically, structurally and institutionally in the reality of institutional work away from non-productive and practically unproductive theorizing, and who are the scientific and professional bodies, personalities and mentalities that should exist and participate in a real and without dispensation from them to form, build, devote and mature the structure, model and methodology of the Sovereign Fund

Sovereign funds can be created and formed from the surpluses of the federal public budget, surpluses of government revenue from the activities of companies whose assets occupy a large share, revenue from certain tax savings, including foreign exchange reserves of central banks, and international trade surpluses. This, for example, is how money is made in China

 Sovereign funds, representing the state, dispose of national savings, invest them in funds of various companies and other financial instruments, in particular, in stocks, bonds and funds of foreign countries. In principle, the foreign exchange reserves of the Fund are used differently from the official reserves of the government. Specifically, the state usually has two other schemes for investing financial resources

 A central bank that invests mainly in bonds, and state-owned companies that invest their money in private equity. But the resources of the last two institutions can also be transferred by the state to sovereign funds

Sovereign investment funds, owned by the governments of sovereign countries, manage state rental income (the public domain) and budget surpluses. Each sovereign fund seeks to increase its potential and capabilities by investing in various national and international financial instruments

 If the main goal of pension funds is to ensure the financing of pension obligations, then sovereign accumulation funds pursue various goals, such as: pooling savings for future generations, promoting the implementation of social and economic projects, and protecting the economy from fluctuations. In commodity prices, to promote restructuring and scientific and technical development. This management of national wealth in the name of developing society and the state as a whole can be considered a new type of modern international economic approach based on the formation of national welfare funds. It opens new horizons for organization, planning and macroeconomic methodology LINK  

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Sir:  IMO - WOW   Are we looking at GESARA here people?

This is a piece of the puzzle that has been up the sleeves of the armies of GOD! This is the piece of the puzzle that will bring an end to the Dark Forces of Evil. This is a debt jubilee and a restructuring of taxes, a new monetary  system backed by gold and precious metals and the most important part is a new smaller government.

 The people will share in their countries wealth and enjoy their sovereignty, something that we have not known before, as we have been enslaved in this corrupt system our entire lives. 

IMO - I don’t believe we are waiting on the GOI to be seated, as the government structure will change dramatically. I believe that we are waiting on an event to kick off the final stage of this world event. 
As Frank, WS, MM , Petra and Tivon have shown us everything else is in place for the RI. Special thanks to Samson for all your great work bringing us these articles! 

Let’s look at the big picture here, everything looks to be in place to bring the RI out. We are seeing strong relationships being forged World Wide , commitments between countries to insure sovereignty and stability.

More and more contracts being rewritten, more countries begging to come into Iraq and the same WW. We see governments being forced out or stepping down!

We see BRICS gaining momentum and more countries dropping the swift system and going to fair trade. We see the dollar decline and less countries excepting the dollar for payment.

We see the gold standard coming back in a very strong way. We see Iraq recovering large sums of money from abroad and in country. We see more files being opened and bad players being rounded up. 

IMO - This article and this one below has opened my eyes a little bit more. What do you think, what event are we waiting for?

Al-Kazemi's advisor talks in detail about three axes to confront inflation  LINK

Samson:  Iraq is among the largest foreign holders of US Treasury bonds

25th July, 2022

The US Treasury Department announced, on Monday, that Iraq has become one of the major foreign holders of US Treasury bonds.

The Treasury said in its latest schedule, seen by Shafak News Agency, that "Iraq has become among the 35 largest countries that have possession of US Treasury bonds than those that have bonds with a value of more than 30 billion dollars."

And she added, "Iraq's possession of these bonds amounted to 32.9 billion dollars for the month of May, an increase of 36.51 percent over the month of January of 2022, and an increase of 57.42 percent over the same month of last year 2021."

She pointed out that "Iraq was the fourth largest Arab country in terms of the value of bonds after Saudi Arabia, Kuwait and the UAE, while Japan came at the top of the countries with the largest value of these bonds, followed by China second and the United Kingdom third," indicating that the total US bonds owned by the countries of the world amounted to 7 trillion. and $421 billion.  LINK

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4Cash:  IMO, I'm sure the United States Treasury holds the biggest number of Dinars as well as American citizens. So, Iraq knows they are safe holding US Treasury Bonds.

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Samson:  Will the constitution be amended ?

25th July, 2022

After the completion of the draft constitution in force, those in charge of writing the texts noted the necessity of making the amendments, which will be observed, or that will be produced by the next stage upon implementation, and on this basis they put a text within the first paragraph of Article (142) of it, provided that the House of Representatives in the beginning of his work by forming a committee from among its members (we will assume that they are jurists and specialists in the field of constitution and laws), but the text requires that the committee be representative of the main components in Iraqi society.

This committee takes upon itself the task of submitting proposals for the necessary amendments that can be made to the constitution and its work ends after the proposals are decided upon, provided that these proposals are presented by the committee at once to the House of Representatives for a vote, and approval of their approval requires the approval of an absolute majority of the number of members of the Council.

Then, the third paragraph of the same article confirmed that the articles that were proposed to be amended should be submitted to the people for a referendum within a period of two months from the date of their approval in the House of Representatives. 

There is no doubt that the task of amending the constitution after working according to it in the past period showed some aspects of the deficiency that it experienced and the gaps that became the subject of disagreement. With the Iraqi reality and the principles on which the constitution was based, and the aspirations that the people of Iraq still aspire to in order to consolidate the foundations of citizenship and the rules of the civil state, and so the task in diagnosing the defect and deficiencies that permeated it was not an easy task or one of the tasks that the House of Representatives in this case can accomplish in the most complete way.

Sessions of the parliament’s deputies took turns, of which we only touched promises and media statements, although the text requires implementation of the urgent need in the legislative task.

That is a source of difference and the lack of clarity, and that these texts be for all Iraqis the tent in which everyone shelters, and that citizenship is the basis, and in a manner that preserves Iraq’s unity, independence and sovereignty, with an emphasis on establishing the foundations of the federal democratic parliamentary system without ambiguity, confusion or ambiguity in the texts, and that the texts are lifted Which does not serve the future stage of Iraq, and does not benefit the process of building a state of law.

The constitution is not a static document, a conference statement, or a political position. It is rather basic principles, rights, freedoms, and the constitutional form of authority, away from Iraq’s past catastrophes that modern history will remember, and without prejudice to the suffering and sacrifices of Iraqis. presented by the people of Iraq on the path to freedom and democracy.

The task of amending the constitution does not mean patching up the text or substituting other texts, or improvised, unstudied steps in the field of text legislation. The alternative system to the central system that was one of the causes of the Iraqi devastation and the horrific deterioration that befell the values ​​of society, the adoption of sectarianism and chauvinism as the basis for this system, and the backwardness that pervaded Iraq in general and some regions in particular, in addition to those internal wars, which continued for a long time, or the foreign ministry, which cost Iraq a lot of people and money. 

The task of amending the constitution begins with high flexibility, transparency, impartiality and self-denial so that the texts can be applied in a harmonious, identical and unified manner, so that we can reflect on the texts that should be amended or abolished, and put before our eyes the future of the generations that the constitution will rule.

Through the experiences that various constitutions have gone through, it is clear that working with a rigid constitution, which confers on the constitution a kind of prestige and sanctity, is more secure than trying to circumvent the texts and the ease of changing them, and that a constitutional text will not be canceled, amended or added, except with the approval of public opinion or Parliament. And making the amendment process flexible if necessary, in addition to achieving stability from controlling its texts in the future, in addition to the protection formed by the presence of the Federal Supreme Court.

And enabling the authorities to change and manipulate the texts exposes the future policy of control, desires and interests, so moderation in adopting these theories is the most appropriate and appropriate in application, meaning that the solution is flexibility in amendment with texts that we maintain their strength and sobriety. 

Although the constitution is in dire need of amendment and revision, the matter is prompt to emphasize that this constitution should be comprehensive and expressive of basic principles, free from political rhetoric and emotional expressions, and free as much as possible from blood, skulls, graves and torture, given that it is the supreme document, which charts Iraq the future. 

Therefore, clarity in the upcoming texts that guarantee the rights of all and outline basic steps and principles stipulated in the constitution, contribute to the convergence of all points of view in the joints of the three authorities. Therefore, looking at avoiding the negative attitudes produced by the previous stage is enough for the legislator and the contributor to the amendment process to benefit from them. prospective. 

Since the parliament has been studying and forming the competent committees for quite some time to finalize the drafting of the expected amendments to the constitution, the differences and intersections between blocs and parties with important and emerging issues, and with the accumulation of many laws that are in dire need of discussion, approval, amendment or rejection, have not been accomplished by the parliament.

 Waiting for him to have the opportunity to accomplish, and as a national secretariat is entrusted to the members of the House of Representatives, as they represent the competent legislative authority, to put forward the constitutional reform project, can the House accomplish this great task?   LINK

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Sir:  IMO - This is a big piece of the puzzle
Thiis just shut down all the so called political leaders ability to even be considered for a position in a new limited government! You will need to hold a constitutional degree and be born in Iraq to even be considered a position in the new government. A Constitution for the people, “Wow what a concept “.

Zimbabwe Debuts Gold Coins As Legal Tender To Stem Inflation

KTFA:

Samson:  Zimbabwe debuts gold coins as legal tender to stem inflation

25th July, 2022

Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency.

The unprecedented move was announced Monday by the country’s central bank, the Reserve Bank of Zimbabwe, to boost confidence in the local currency.

Trust in Zimbabwe’s currency is low after people saw their savings wiped out by hyperinflation in 2008 which reached 5 billion%, according to the IMF.

With strong memories of that disastrous inflation, many Zimbabweans today prefer to scramble on the illegal market for scarce U.S. dollars to keep at home as savings or for daily transactions. Faith in Zimbabwe’s currency is already so low that many retailers don’t accept it.

The central bank disbursed 2,000 coins to commercial banks on Monday. The first batch of the coins was minted outside the country but eventually they will be produced locally, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya.

The coins can be used for purchases in shops, depending on whether the shop has enough change, he said.

“The government is trying to moderate the very high demand for the U.S. dollar because this high demand is not being matched by supply,” said Zimbabwean economist Prosper Chitambara.

“The expectation is that ... there will also be moderation in terms of the depreciation of the local currency, which should have some kind of stabilizing effect in terms of pricing of goods,” he said.

Any individual or company can buy the coins from authorized outlets such as banks and can keep the coins at a bank or take them home, according to an announcement by the country’s central bank. Foreigners can only buy the coins in foreign currency, said the central bank.

Called Mosi-oa-Tunya, which in the local Tonga language refers to Victoria Falls, the coins “will have liquid asset status, that is, it will be capable of being easily converted to cash, and will be tradable locally and internationally. The coin may also be used for transactional purposes,” said the central bank. People holding the coins can only trade them for cash after 180 days from the date of buying, the bank said.

The coins, each weighing one troy ounce with a purity of 22 carats, can also be used as security for loans and credit facilities, said the central bank. The price of the coins will be determined by the international market rate for an ounce of gold, plus 5% for the cost of producing the coin. At the time of the launch Monday, the cost of Mosi oa Tunya coin was $1,824.

Internationally, gold coins are used in countries such as China, South Africa and Australia to hedge against inflation and as an investment opportunity, although they are not as widely used as currency as envisaged by Zimbabwe’s central bank, said Chitambara. “For Zimbabwe we are in chronic hyperinflation so the expectation is that there will be a huge uptake of these gold coins,” he said. However, most Zimbabweans struggle with daily survival and won’t be able to buy them, he said.

“For the common man, there is not really much to benefit directly from this, especially if you don’t have any excess cash,” said Chitambara. “Many people have no money for bread, let alone for savings,” he said. “The expectation is that indirectly it will benefit the ordinary person through moderating the prices.”

Companies with excess cash can find the coins useful to store value and also as an alternative investment asset, although individuals and companies are likely to continue preferring the dollar because “it is convenient and highly liquid,” he said.

Selling the coins in fast depreciating local currency could also result in “rent-seeking behavior, speculation and arbitrage within the economy,” as some could buy using local currency and then sell in dollars later, he said.

The fact that Zimbabwe’s central bank would have to buy the gold from miners of the metal such as informal artisanal miners could also present challenges and result in increased smuggling, analysts say.

“Gold deliveries in Zimbabwe have significantly recovered because of the appetizing U.S. dollar payments offered to artisanal miners,” noted securities firm Morgan & Co in a market intelligence report.

“However, should there be a disparity between the amount of U.S. dollars used to purchase the gold from miners and the U.S. dollars used to pay for the coins, this could squeeze the central bank and its intermediaries’ foreign currency reserves. If this ripples to artisanal gold miners, this could result in low deliveries to Fidelity Printers and increase gold smuggling activities,” noted the Morgan report. Fidelity Printers, a subsidiary of the central bank, is the country’s only authorized gold buyer.

Zimbabwe has substantial gold deposits and exports of the precious metal is one of the southern African country’s major foreign currency earners. Gold production improved to about 30 tons in 2021, compared to 19 tons in 2020, according to official figures. Small–scale producers such as poorly regulated artisanal miners contributed 19 tons of the gold delivered in 2021, according to official figures.

Gold smuggling has been rampant. The country is estimated to be losing about $100 million dollars worth of gold monthly to smuggling, home affairs minister Kazembe Kazembe has said. Smuggling is costing the country about 36 tons of gold annually, according to a report issued this month by the Center for Natural Resource Governance, a local natural resources watchdog. Legally all gold mined in Zimbabwe is supposed to be sold to the central bank, but many producers prefer to smuggle the gold out of the country in order to get payment in U.S. dollars.  LINK

Tivon, Q3Proud and MilitiaMan "Timing, Exposure, Activation" 7-24-2022

KTFA:

Tivon:  I just read an article that said the neglect of the general budget will cast a negative shadow on the citizens. They say the EFSL is one solution bit not the final solution.

Well of course the EFSL was a solution for this year. Whoever wrote that article obviously missed the multiple reports by Jamal Cougar who stated that there was not any time left to pass one. And a more recent article from last week stating they are not going to pass one for this year.

Because if they do what would it be for exactly? Reconstruction? Well Al-Kazemi already met with a German ambassador to start working on liberated areas using the funds in the EFSL. Iran debt? Already paid for. Wages? Ministries already started adjusting that last week. Contracts? The EFSL cover all contracts and procedures. Borders? General Customs Authority said corruption has been reduced to zero thanks to automated electronic fingerprints.

What do they need the budget for that the EFSL is not already taking care of? The head or Captain of Accounts has yet to define the terms of what he means when referring to the budget as a greater solution.

To what exactly sir? Don't tell me the stakeholders. Because if they signed any contracts with any company the ministries are responsible for that which I'm sure is the Finance Ministry. Al-Kazemi stated that these will be reconfigured last week.

He trying to talk on behalf of the citizens but when the EFSL was published in the Gazette they were excited about it and were not crying that it wasn't the budget instead. So what's the real reason behind all this whining? How is the approval or lack of it in regards will slow up the reforms when Al-Alawi back in late June said that the reforms are basically ready without stating anything as to why reforms need to wait on a budget.

Parliament of Finance is not waiting on one. Mazhar Muhammad Saleh is not waiting on one. Jamal Cougar is not waiting on one. Al-Kazemi is not waiting on one. Al-Kazemi told his ministries to implement all provisions now. Which includes what? Services, jobs, wages, construction, oil, social care, graduates, etc. The law is basically for stalled projects & laws. One being the Oil & Gas which I presume was enacted (If I'm correct) from an article published yesterday or alluding to it being.

What are we talking about rate or reforms? Because the latter needs the former to start right? Which would indicate why we got those two major articles from the CBI. Jamal Cougar stated even if they were to approve a budget they would only put 51 trillion in it which is about 43 billion. Which is why he offered to add a few paragraphs to the EFSL instead of waiting on a budget that they don't have time for.

Again there are three names at play for the government. Al-Halbousi, Al-Kazemi, Barham Salih. Which would complete the formation correct? But' these men now are currently (IMO) are operating at full capacity. So are we waiting for them to be announced as maintaining their seats?

Or are we waiting for the Federal Court to formerly dissolve them? Because they offered an ultimatum just a few days ago. Which they didn't seem to optimistic about a new GOI. Did we forget about this that fast?

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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

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Q3Proud: Tivon; Excellent as always, my friend. I.M.O last year when they were discussing the Budget for September I came to my own conclusion of a visionary plan. Remember when the Kurds filed a lawsuit on the redemption of funds from the oil sales.

The Budget in 2021 I believe was based upon 45/BBL. Oil at that time was averaging almost 80-90/bbl, almost doubled if not more so. Kurds filed a lawsuit because they only received their portion based on 45 instead of the higher rate over the course of the year.

Now, the reason I had stated in MY OPINION to Frank on one of his podcasts, {Yes, I most certainly did} was I believed the 2022 budget was included in the 2021 budget due to the fact that in December they were going to hold the new elections. How could they feel comfortable on knowing whether or not they would be successful in forming the Govt in Jan of 2022 due to the past instability, and thus trying to right the ship.

So, using the SURPLUS even in 2021 and moving it forward unannounced {side fund} this allowed them to continue with the govt function {even if it were under the guide of the current caretaker> Preparing well in advance of any future surprises due to the quarrelling of the various factions.

Now today we can look back upon the SURPLUS that was created in 2022 and still today in July they wait for the exact same thing they wanted in Jan 2022. This should also suffice to many to see the bigger picture of the planning that was done.

Recently as of early as this year we had to the formation of the EFSL, or the work around to the obstacles of blocking present govt from distributing these Surpluses to the Iraq economy and the various tools put in place to continue with the development of economic prosperity for Iraq and its citizens.

 How could Any Government pay off all the Current OIL SERVICE CONTRACTS {2021 to the International Companies in Iraq, due to the reconstruction of Oil Accountability with the Oil Ministry, pay off 360 billion debts for restitution to Kuwait, pay off prior debts under a past regime for services that are a necessity {Iran Electricity Contract} and no to mention every day operational cost every Government must deal with.

This Plan was executed for a vision of Prosperity and today many are witnessing the pieces falling into place.

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Tivon:   Right. My sentiments as well. Great point. To many things have been addressed and settled without a GOI or general budget with the current so called caretaker government which is not found in their Constitution explicitly defined as one. So I am not buying that Al-Kazemi can not pass any laws. Maybe new ones. Because the EFSL is designed to handle stalled projects & laws.

Well what is that? Reconstruction, Investment, and the Oil & Gas Law which he does have authority over to pass because it's tied to the Citizens Entitlements that are tied to the constitution. Which was how Al-Kazemi was able to get the oil contracts from Kurdistan due to Article 61 Seventh-C. Which was all he needed because it's the HCL. This is what makes the EFSL so powerful.

Why would the French award him a medal if that were not true? I mean they basically said hey, we didn't know you had authority to do all of these contracts. We thought the formation of the GOI was needed. Now that you explained everything to us let us reward you for a job well done.

Mind you this is before the August 1st deadline they gave them. What are they so confident about that they would give him a medal before the GOI is even formed? The EFSL. Why? Because it covers all Contracts & Procedures without a GOI.

I mean this is a study right? But for some reason these points are never brought up as something to look into instead of going off what a Captain of Accounts complaining about.

Obviously he to must be oblivious to the implications of the EFSL if a French Oil Company is willing to give out formal acknowledgement before closing a deal that was contingent upon a formed government. So what are we doing? Stakeholders can wait their turn. They are not more important than the Iraqi citizens. Who for one are not even waiting on the budget. Why? Because they were informed about a rate change prior to last week.

 What happened? Not sure. But why would the CBI tell them that without mentioning a new government or budget for this year? Why is everyone looking past the formation of the government? Parliament of Finance. The CBI. The Federal Court. The French Oil Company. Everyone is pretending they don't even exist. Why is that?

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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.

MilitiaMan:  TIMING... It is now all about timing. The present state of the government is functioning like it should according to the legal authority under the emergency circumstances they are in by not having seated their government. The constitution provides necessary powers for those presently in place to make sure the needs of the country / citizens are met.

There is not time of a budget to be passed and also the EFSL makes sure that it is not necessary to do so. It covers that.

There is also no time for to seat another one. Therefore, at present the government in place that is Halabousi, Saleh and Kahdimi can, are and will continue in the present state of affairs. The back and forth about seating of the government now is looking to be more folly than anything else. 

The CBI is ready as they will ever be to change the exchange rate.

They have told us that the starting point for the Iraq Banking sector for Europe will be in France.  Not the exclusive point but the starting point.

The timing of the meeting with France and Total is no coincidence. It is likely been part of the plan for some time and it just needed to be understood where the contracts were to be rewritten for future activation and there legal perspectives being under a constitutional government.

 They wouldn't have been done so quickly if there were legal issues. The present government is legal and can do day to day business and that could mean since they have no time to seat another government those with necessary powers will or have already dissolved parliament (effectively) and we have just yet to be told that will be the case.

The timing of the announcement if you will on the matter will or could come at anytime now. They tell us that they have the three in power and are to stay, then the CBI will likely finish the game within nano seconds around the world out of Europe.

TIming... Exposure... Activation... All are about to show the world Iraq is back.. imo ~ MM

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Central Bank: Paris will be the starting point of the Iraqi banking sector towards Europe

"And the governor indicated that he discussed with de Gallo, global economic developments, emphasizing the development of banking and economic relations between the two countries, and that France would be the starting point of the Iraqi banking sector towards Europe, stressing that this sector is making progress at various levels, such as banking services and the rest of the indicators that are witnessing a continuous rise. 

KTFA Members "News and Views" Saturday PM 7-23-2022

KTFA:

Samson:  The Start Of The Extraordinary Parliament Session Headed By Al-Halbousi

23rd July, 2022

Today, Saturday, the House of Representatives held its extraordinary session, headed by Parliament Speaker Muhammad Al-Halbousi

The Media Department of the House of Representatives stated in a statement received by the Iraqi News Agency (INA) that Al-Halbousi opened the work of the parliament session for the second legislative term, noting that the number of parliament members present at the session amounted to 242 deputies

He pointed out that the Speaker of Parliament welcomed the presence of Foreign Minister Fouad Hussein and Defense Minister Jumaa Inad, Army Chief of Staff Lieutenant General Abdul Amir Yarallah and Deputy Commander of Joint Operations Lieutenant General Abdul Amir Al Shammari  LINK

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Sir:  IMO-The Kurdistan Democratic Party bloc and the PKK rats are the problem and have been for a few decades. They have been running the Kurdistan area like a rogue country. Foreign deals ( illegal oil contracts) among countless other shady deals. They were giving a choice to be a part of the the New Iraq and they chose poorly. Now they pull a FF (false flag) to bring national attention and blame the Turkish for the FF. They are getting their butts handed to them from the Turkish and Iraq in their strong hold. They have lost their control on the oil fields and they are in a no win situation. So now they are crying to the international community and Iraq government, this is good because now they will bring exposure to themselves for all too see. IMO “Zero hour is in full swing”  

Tivon:  The same ole playbook. Redundancy in the attempt to presume no one will notice this tired tactic when you have been stripped of power resorting to chaos to shift it back in your favor at the expense of another country to regain control is peak stupidity for the simple fact of what you mentioned when an opportunity was presented but denied and now resorting to framing and blaming to save face when all you had to do was play ball is now backfiring marvelously. That's why I am happy the Federal Court stepped in and made them sign over those contracts to Baghdad. We are witnessing the changing of the guard on a biblical scale never seen before or expected in such fashion is a beautiful thing to be alive to witness corruption be called to the floor bare of all its garments. IMO

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Parliamentary Integrity Challenges Government Contracts And Agreements  LINK

AshlyD:  Yep the lies they tell themselves, and the never ending roadblocks that show up each step of the way. An outsider looking in would say no way Iraq has stability and security they can't even stop Turkey from shelling Iraqi citizens. What is gonna change this. Not sure anything.

Tivon:  You actually think this is about to stop anything? Once the EFSL was published in the Gazette anything prior to that was the opportunity to disrupt and impede the agenda of the Al-Kazemi cabinet. It's to late. Game Over. Exit stage left.

There's nothing they can do at this stage. Especially the oil agreements. Security & Stability in regards to the Monetary Reforms are complete.

Doesn't matter what military conflicts ensue at this point. Especially after what we just read from the CBI. They gave a solid date of when banks can jump on the new secured transparent international platform. We wouldn't have got that if it was contingent upon preventing potential random attacks on buildings from opposing forces.

If it was that serious they wouldn't still have the Green Zone Open 24/7 after the attack. You guys are moved off your square to easily. Ask yourself what did thus attack really stop? What has changed? IMO

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AshleyD:  well we wait for the 1st of August, I hope you are smack dab on target Tivon.  I hope Kadzimi does not have to give back his man of the year medal to France. I aint moved off square you forget this is iraqi we are dealing with, the place where smoke and mirrors reigns supreme.  Tivon lets see what happens by the 1st. IMHO!!!!!

Tivon:  Listen that original timeline of August 1st was an ultimatum for the formation of the GOI before the EFSL came into play as a day they would pull out if the GOI was not formed.

Please keep in mind the CBI are the ones who gave banks until August 15th to get on board with the new system. If that system is ready now than I wouldn't see how we could go past the 1st without seeing a reinstatement.

But if they need all those banks online on the new platform then we also know why we go past that date without seeing a new rate as well. So don't get so hung up on it because we are getting clear on from the CBI as to what their intentions are. Which is a very good thing because this is a first. IMO

Samson:  Parliamentary Energy praises the role of representatives of state forces in enacting important laws

07/23/2022 15:12:27

Head of the Oil, Gas and Natural Resources Committee Yahya Al-Ithawi praised, today, Saturday, the role of the representatives of the State Forces Alliance bloc.

Al-Ithawi visited the headquarters of the State Forces Alliance bloc in the House of Representatives, and was received by the coalition representative and member of the Oil and Gas Committee, Ali Shaddad Al-Faris.

A statement, which {Euphrates News} received a copy of, stated that "many axes were discussed during the meeting, most notably issues related to the oil, gas and energy sector in the country and the role of the committee in monitoring the work of institutions operating in this sector."

It also included "talking about the role played by the representatives of the coalition of state forces in supporting the legislative and oversight process, supporting the work of the Oil and Gas Committee, and emphasizing the legislative role in legislating laws, the most important of which is the Federal Oil and Gas Law and the Law of Agro-environmental Oil Coexistence."

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Tivon:  Where we at people? Tell me what's going on. Are we getting clear information as to how business in continuing despite the temper tantrums from parliament or recent attacks and bombings?

Do you see how nothing is stopping this plan from plowing through the political blockage that would usually stall or delay things in the past?

Look at what it being done without a seated GOI. How is it still possible to pass important legislation like the Oil & Gas File in the face of so called turmoil in the region?

Security & Stability seems to be working quite well for those looking to actually help the citizens through the EFSL. I don’t see Al-Kazemi missing any steps.

They said they are praising those representatives who are enacting important laws. Did they? Well seems to be of notable importance for sometimes that appears not to be happening that is conducive to the Citizens Entitlements regarding the constitutional paragraph Article 61 Seventh-C that stipulated that Oil belongs to the citizens in all regions. IMO   LINK

Tivon and KTFA Members "The CBI Can Make Their Move Now" 7-22-2022

KTFA:

Member:  The new generation : The formation of the government will take time, and Parliament cannot start budget procedures

22nd July, 2022

Head of the New Generation Parliamentary Bloc, Sarwa Abdul Wahed, confirmed today, Friday, that Parliament cannot begin budget procedures, while revealing the reasons.

Abdul Wahed told the Iraqi News Agency (INA): "The opposition has an active role in the House of Representatives, and we look forward to having serious monitoring by it before going to form a government." She added, "Some forces, including the New Generation and the Emtada movement, announced their position by forming an opposition in Parliament."

She explained that "Parliament cannot start budget procedures during the current year, as the current government is a caretaker government," noting that "forming the government will take time."

She pointed out that "the House of Representatives deals with the government according to the constitution, and the current government cannot, according to the decision of the Federal Court, send any draft law."

And the committee ruled out that “the House of Representatives goes to read the budget, unless a new government is formed or the Federal Court allows an emergency order, or the current government submits an appeal or a petition to the Federal Court to obtain an exception to submit laws.” LINK

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ATPinfinity:  or the Federal Court allows an emergency order,  

Tivon:  We already know what options. Only two make sense at this time. Which one do you think the current PM will choose? The EFSL is looking so beautiful right now. We already know there will be no budget for the year. Which also means there will be no new government to pass one. Why? Because Al-Kazemi is doing everything for the citizens now without a GOI. Am I about to be proven right again? I'm 5 for 5. Somebody in Iraq appreciates my work. They keep coming up  with articles to substantiate everything I write for some strange reason. Have you ever seen a run like this in Dinarland? This is too funny. IMO

DallasDude:  Don't need that budget..thats why we got the EFSL for the rest of the year..

Zeeman: Tivon you are the man. 5 for 5 i should take you to vegas you re on the money every time. i have one question for you. how much longer do you think it will take to disolve the gov?  

Tivon:  To be honest. They are dissolved in my eyes. Look at what is being accomplished without the GOI. Who needs them? Have you seen the article Samson posted that Clare put in the FA thread? (See below) You think I am waiting for them to officially confirm dissolution? They are not even a factor now. They are not included in any worthwhile  conversation concerning Al-Kazemi and the CBI. At this point they are just getting on my nerves that they have not officially announced this yet. IMO.

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Clare:  I JUST PUT THIS IN THE FA THREAD WITH FRANK'S QUOTE:   

Frank26:  "THIS ARTICLE CANNOT HAPPEN AT A PROGRAM RATE... THIS ARTICLE IS ALSO GOLDEN".......F26

SO TRUE   WE ARE JUST ABOUT THERE! IMO

Samson:  Central Bank Governor : The banking sector is making progress at various levels

22nd July, 2022

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, confirmed that the banking sector is making progress on various levels

A statement by the Central Bank, received by the Iraqi News Agency (INA), stated that "Makhif met his French counterpart, Francois Villeroy de Gallo, in Paris  and discussed with him the development of banking relations between the two countries

 And Makheeb indicated that he "discussed with de Gallo global economic developments, emphasizing the development of banking and economic relations between the two countries, and for France to be the starting point of the Iraqi banking sector towards Europe," stressing that "this sector is making progress at various levels, such as banking services and the rest of the indicators that it is constantly rising.

He added, "The two sides discussed the file of combating money laundering and financing terrorism and developing human resources working in the banking sector with international institutions

For his part, the Governor of the French Central Bank praised "Iraq's efforts in developing combating money laundering and financing terrorism and developing banking relations between the two countries," noting that "the French banking sector is open to its Iraqi counterpart, especially with regard to facilitating transfers and banking relations

On the other hand, His Excellency the Governor met "a number of French banks and companies, and urged them to cooperate with Iraqi institutions and invest inside Iraq," stressing that "the Iraqi banking sector is able to meet the requirements of French companies and facilitate their tasks, with the desire of the Central Bank of Iraq for France to be a starting point. The banking sector is heading towards Europe to establish a network of distinguished banking relations

It is noteworthy that the Governor of the Central Bank of Iraq is currently visiting France at the head of a large Iraqi banking delegation  LINK

Tivon:  (Re: Above article) This implies that the deadline for August 15th 2022 for banks to get on the new platform is for late bloomers who do not currently have their affairs in order.

The CBI can make their move now.

Are they trying to get this deal done before August 1st? Seems that way given that the Federal Court has already given an ultimatum for outright dissolution or enacting emergency powers to pass laws without a GOI. Remember Total' said this was the reason they would pull out of the GOI was not seated?

Well that was until the EFSL came along. Now they seem to know that only logical step remaining is to bulldoze the entire political impasse and declare an emergency to bypass all deadlocks and implement everything the ministries need or want to serve the citizens since all of the contracts are under the EFSL which is based on the constitution which requires the HCL/Oil & Gas Law to start the Citizens Entitlements which of course would need a new rate that will more than likely start much sooner than August 15th based on what Eddie said last Monday from official reports.

 Like Militia-Man stated the French oil company must have been assured something behind the scenes if they were willing to give Al-Kazemi a medal of honor before the two weeks were even up from the deadline they gave Iraq to sit the GOI.

Well the Federal Court made it clear that only a couple of things can take place that would make sense to ensure that nothing is impeding these oil deals with the French. We know there will more than likely not be a formed GOI. So what's the next options?

An emergency order of laws to be activated. The Federal Court already revoked the oil contracts for Kurdistan without any apologies. Do you think they will not follow through with dissolution? Ha' I highly doubt it.

It's about to be August for God's sake. No one is about to let them sit around for another week playing with people's emotions. They are about to get the hammer. IMO

Some "Vietnam News" Posted by Samson on Friday 7-22-2022

KTFA:

Samson:  Việt Nam firmly rebounds amid challenges

19th July, 2022

HSBC Global Research expects Việt Nam to be among the region's top growing nations, as it was one of the world's few countries to record growth in two consecutive years since the pandemic.

Việt Nam's economy has started 2022 on a firm footing. Sticking with a policy to "co-live with the virus," the country has accelerated its vaccination drive and gradually removed local restrictions, fuelling consumer sentiment, leading to an ongoing rebound in local consumption, according to analysts of Markets and Securities Services, HSBC Vietnam.

Ngô Đăng Khoa, Country Head of Markets and Securities Services, HSBC Vietnam, said the country's total goods retail sales and consumer service revenues grew 11.7 per cent year-on-year in Q1 this year, or 7.9 per cent if inflation was excluded (1.9 per cent in 2021).

The re-opening from mid-March this year has been especially crucial for Việt Nam's services recovery. In the first half of this year, around 602,000 foreign tourists flocked to Việt Nam, a clear sign of recovery of around 6.8 times 2021's level. However, HSBC's analysts expect to see a slow rebound in tourism this year due to COVID-19, which has a psychological impact on foreigners who fear going abroad and a dwindling desire among consumers around the globe to open their wallets because of soaring inflation.

Another driving force behind this slow recovery is the tension in Russia and China's "zero COVID" policy, which holds Việt Nam's tourism back from a quick bounce back, given these two are its two main sources of visitors. Meanwhile, manufacturing continues to roar, growing at 8.48 per cent year-on-year, and mobile phone component production expanded by 22.2 per cent.

In addition, the PMI rose from 51.7 in April to 54.7 in May, recording a 12-month-high before decreasing slightly to 54 in June. Thanks to multi-year consistent FDI inflows in tech manufacturing, the country has successfully transformed into a rising global base. While the pandemic partially disrupted the process, interest remain high. For example, Samsung recently started building a US$220 million R&D centre in Hà Nội, its largest in Southeast Asia, and is set to expand its plants in Bắc Ninh and Thái Nguyên.

According to analysts, Apple has had 11 factories of its Taiwanese manufacturers in its supply chain moved to Việt Nam. Most importantly, Việt Nam's key growth engine is set to recover strongly as the labour shortage continues to ease. After the Tết holidays, over 90 per cent of workers have returned to HCM City.

The country's export grew 17.3 per cent year-on-year in the first six months of 2022. Its second quarter's GDP rose to 7.72 per cent year on year thanks to broad-based growth, leading to a 6.42 per cent year-on-year growth in the first half of this year. All of these point to a steady recovery in the country. Thus, HSBC now expects the economy to grow 6.9 per cent (up from our previous forecast of 6.2 per cent and 6.6 per cent) in 2022, likely topping the region.

Despite the optimism, headwinds prevail. In particular, Việt Nam is facing multiple challenges given elevated global energy prices. This will increase its energy bills, deteriorating its terms of trade. Higher oil prices will raise residents' cost of living, dampening the pace of recovery for private consumption, especially when the labour market has shown signs of recovery.

Global energy inflation continues to pace, pushing domestic petrol prices to new highs. Given elevated global oil prices, they expected the trend to persist, putting upward pressure on inflation. Despite high energy costs, moderate food inflation – given relatively stable local production – has helped curtail headline inflation.

Wary of risks

A surge in global energy prices remains the biggest risk to the country's growth. The most evident impact is Việt Nam's increasing energy bills.

Despite strong exports, the trade balance has narrowed to a marginal surplus of only US$0.6 billion in the first five months of 2022. This will erode the country's current account advantage, putting downward pressure on the Vietnamese đồng. Analysts expect Việt Nam to run a current account deficit for the second consecutive year, although the magnitude should be smaller than that of 2021.

In addition, stiffening trade headwinds need to be watched closely. A rotation of global demand from goods to services and lingering supply chain disruptions in mainland China will determine how long Việt Nam's strong export growth can be sustained.

For one, global consumption is shifting from goods to services. In addition, mainland China's supply chain disruptions make it increasingly difficult for Vietnamese manufacturers to source the materials and inputs used for future exports. This will answer how long Vietnam's exports can be sustained at such a strong pace.

Even though the Government has issued support packages to help those most affected by the COVID-19 pandemic to ensure social security, rising inflation poses an additional challenge to an inclusive recovery. Low-income households are disproportionately affected, worsening inequality in the near term.

Việt Nam to shine in second half of 2022

Việt Nam has become the regional top-performing economy thanks to its resilient huge economic potential and quick return post-Covid. HSBC Global Research expects Việt Nam to be among the region's top growing nations. However, China's supply chain disruptions will make its import-intensive manufacturing base increasingly challenging. In the first half of 2022, 94 per cent of its imports came from materials, with China remaining Việt Nam's largest import market.

Approximately 30 per cent of Việt Nam's imports came from China, mainly electronics (30 per cent) and machines (22 per cent). Therefore, China's supply chain bottlenecks will likely stiffen the headwinds against Việt Nam's export growth. FDI continues to drive Việt Nam's economic success story. The country is among the top two ASEAN FDI receivers relative to GDP, highlighting its increasing attractiveness. In recent years, the country has become a rising star in global supply chains, gaining substantial global market share in sectors, including textiles, footwear and consumer electronics.

The country has climbed up the value chain over the years, becoming a key electronics product manufacturing hub, attracting stable FDI inflows with its sound macro fundamentals, preferential tax incentives and an abundance of relatively cheap and productive labour.

FDI attraction is equally important as sustainability for the country. Now that Việt Nam has made its ambitious commitment at COP26, sustainability has gained more attention. For example, Việt Nam Association Of Supporting Industries (VASI) has suggested refining the quality of FDI, which means non-renewable energy-consuming or environment-unfriendly technologies are not allowed to enter Việt Nam. "Green FDI" will be a key trend that Việt Nam should look out for in the future.

To attract "green FDI", Việt Nam has been driving the economy towards green growth, sustainability and lower greenhouse gas emissions through National Green Growth Strategy 2021-2030. The Government has worked out the National Action Plan for 2021-2030 to carry out this Strategy, with specific missions and targets for each sector.  LINK

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Samson:  Vietnam - Cashless payment expands rapidly with e-commerce boom

22nd July, 2022

Cashless payments are expanding rapidly in Hà Nôi, driven by the booming e-commerce industry, but experts say more can be done to increase digital spending.

Speaking at an event to promote paying by means other than actual cash, Lại Việt Anh, Deputy Director of the Việt Nam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade said e-commerce was becoming an important pillar in the development of the digital economy.

The event, co-organised by the municipal Department of Industry and Trade and the Việt Nam E-commerce and Digital Economy, aimed to promote the development of e-commerce and encourage citizens, enterprises, and organisations to go cashless, Anh said.

Hà Nội has set the target that by the end of this year, cashless payments would make up for 45 per cent of e-commerce and 65 per cent of transactions on e-commerce websites, apps with e-invoices. In addition, small and medium-sized enterprises, operating on e-commerce platforms, including social networks with e-commerce trading functions, would account for 45 per cent and 35 per cent would participate in e-commerce via mobile apps.

The city also wants 98 per cent of enterprises to declare and pay taxes electronically by the end of 2022. Cashless payment for water and electricity bills would account for 98 per cent and 99.7 per cent, respectively.

According to Trần Thị Phương Lan, acting Director of the municipal Department of Industry and Trade, the department would continue to enhance the cooperation with the State Bank of Vietnam’s Hà Nội branch to encourage the provision of modern payment services to promote e-commerce and digital transformation. Solutions would also be raised to encourage consumers to switch to online shopping.

Statistics of the central bank’s Hà Nội branch showed that to date, more than 39 million e-wallets have been activated, representing a rise of 3.68 per cent compared to the end of 2021. The total value of transactions via e-wallets reached more than VNĐ271 trillion. Nearly 70 per cent of Vietnamese adults had payment accounts at credit institutions with a total of 5.5 million accounts and 1.77 million mobile money accounts, 67.2 per cent of which were opened in rural and remote areas.

Hoàng Huyền Trân, Deputy Director of the central bank’s Hà Nội branch said that cashless payments would be strengthened in public services to create convenience for residents paying electricity and water bills, as well as school and hospital fees. The event was held as a part of the Hà Nội annual promotion programme and is expected to create impetus for enterprises to increase cashless payment, and e-commerce operations and promote consumption.  LINK

Samson:  Việt Nam FinTech market expected to reach $18 billion by 2024

21st July, 2022

The FinTech market in Việt Nam is expected to grow to US$18 billion by 2024, according to analysts at financial holding Robocash Group.

Việt Nam is one of the leaders among ASEAN in terms of the volume of financing for FinTech, second only to Singapore.

Ninety-three per cent of all venture investments in the country is directed at e-wallets and the e-money segment.

The total number of FinTech companies has grown to 97 since 2016, an 84.5 per cent increase. However, the number of newly launched start-ups each year decreased from 11 to 2. The market features high competitiveness and a high entry bar. 

Transaction volume has seen a 152.8 per cent growth since 2016, with 29.5 million new FinTech users. As a result, every second Vietnamese uses at least one FinTech service. The Vietnamese population's demand for digital services (transactions, payments and wallets) is remarkable. 

According to company analysts, Việt Nam FinTech is young and promising. The market valuation has increased from $0.7 billion to $4.5 billion since 2016.

In the near future, the government will become more involved in FinTech, evidenced by the growing favourable legislation for financial technologies. The FinTech regulatory sandbox and the legal framework for digital assets and cryptocurrencies will also further develop in the industry.   LINK

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Samson:  World Bank looks to boost partnership with Việt Nam

19th July, 2022

President Nguyễn Xuân Phúc received World Bank (WB) Managing Director of Operations Axel Van Trotsenburg on Tuesday for discussions on the partnership between the country and the financial institution. 

President Phúc expressed gratitude toward the bank for its work in poverty reduction, socio-economic development, and other national programmes in Việt Nam.  He regarded the Việt Nam 2035 Report, which was conducted with the support of WB, as a high-quality study with a long-term vision for the country. 

Việt Nam hoped that WB would continue this assistance with the 2045 report, especially in the global situation where there are major changes that affect Việt Nam’s development goals by 2030, with the vision to 2045, he added.  The WB’s support was expected in the three breakthrough areas of the country’s socio-economic development strategy: institutions, human resources and infrastructure.  President Phúc paid high regard to the WB Director’s visit to various localities in Việt Nam, for a better understanding of climate change's impact on people. 

Việt Nam is one of the countries most affected by climate change, he said, and the bank’s support would help address the challenges that threaten the livelihoods of millions in the country.  Renewable energy is also an area for investment and technical support, in order to develop a carbon-free economy, as this is one of Việt Nam’s areas of strength, according to the President. 

In regard to post-pandemic recovery, President Phúc said that Việt Nam was committed to cooperating with the WB in collaborative programmes in the future, especially in the disbursement of the Official Development Assistance (ODA) fund.  WB Managing Director of Operations Axel Van Trotsenburg said that Việt Nam’s success had been evident in its achievements and potential for economic development. The nation was making significant progress and was rapidly becoming a middle-income country.

Trotsenburg said that WB hoped to continue its role in supporting Việt Nam in its development and would be pleased to see the sustainable and successful cooperation between the institution and the country.  The WB would also be willing to work with Việt Nam on the 2045 report and would make all efforts to secure the necessary resources to carry out this study.  The bank also paid special attention to the breakthroughs of development that President Phúc mentioned and would be interested in working with Việt Nam in these areas. 

The WB director also added that, following COP26, the financial institution had been working with countries around the world to tackle the challenges of climate change in association with the development goals. The bank was conducting reports on climate change impact in 25 countries, including Việt Nam. 

The Việt Nam report was now completed, with multiple solutions proposed for the country to study and apply, as well as to come up with short and long-term measures in addressing climate change issues. The WB would gladly cooperate with Việt Nam to realise the initiatives and solutions in this report, especially in the Mekong Delta.   LINK

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Samson:  Vietnam's PM praises World Bank for support

19th July, 2022

Prime Minister Phạm Minh Chính hosted a reception in Hà Nội on Monday afternoon for World Bank (WB) Managing Director of Operations Axel van Trotsenburg, during which he affirmed that Việt Nam considered the bank a good friend and important development partner.

He thanked the bank for supporting resources, providing macro-policy advice, making positive contributions to Việt Nam's socio-economic development and realising the Millennium Development Goals and e-Government building.

The Government leader also thanked the WB for supporting the country in postponing the quick repayment of International Development Association (IDA) loans for one more year from July 2020 to July 2021 (worth nearly US$400 million) to help the Government have more resources, and accompanying the country in difficult times during COVID-19 prevention, recovery and socio-economic development. He mentioned the recent planning and investment promotion conference in the Mekong Delta, during which six development banks pledged to finance about US$2.2 billion for the region, with $450 million expected to come from the WB.

Việt Nam has committed to contributing nearly $16 million during 2021-2023 in the bank’s most significant capital increase in history as it is mobilising $13 billion to supplement its operation capital, thus demonstrating the country’s great responsibility, obligation and effort amid many difficulties and challenges. He said he appreciated the WB’s assistance for Việt Nam in completing the building of the Vietnam Report 2035. He asked the bank to continue supporting the country in developing strategic infrastructure, promoting sustainable development and green growth, reducing gas emissions and responding to climate change.

Regarding Việt Nam’s commitments at the 26th United Nations Climate Change Conference, Chính affirmed that Việt Nam was joining hands with the international community in climate change response with an approach to ensure fairness and justice, identifying it as one of the urgent and important tasks. It would be also an opportunity to transform the development model and build an energy transition industry, he said. He asked the WB to continue supporting Việt Nam in climate change adaptation. Axel said he appreciated the Vietnamese Government's solutions to simultaneously realise its goals in the past and present, as well as overcome challenges.

Over the past years, Việt Nam had also achieved a high growth rate and been an image showing the general development of the entire Asia-Pacific region. The World Bank had learned many lessons from Việt Nam's practice. Việt Nam could share its development and pandemic prevention experience with many other countries while contributing to solving many global issues such as food security, he said. He emphasised that he would continue to accompany the Vietnamese Government in the upcoming development journey not only in the financial sector but also in solving strategic issues such as improving the health system's capacity, responding to diseases and adapting to climate change.

The World Bank would be ready to send a team of global experts to support the Vietnamese Government in developing the Report 2045, thus contributing to the goal of building the nation into a developed and high-income country by 2045, he added.   LINK

Some "International News" Posted by Samson 7-21-2022

KTFA:

Samson:  Al-Obaidi: The Iraqis Are Feeling Frustrated Because They Have Lost Hope In The Political System

21st July, 2022

The leader of the Alliance of Resilience, Khaled Al-Obaidi, confirmed today, Thursday, the extent of the frustration that Iraqis feel because of their loss of hope in the political system

Al-Obaidi wrote on Twitter, and Earth News followed him, saying that “the amount of frustration that Iraqis feel because of their loss of hope from the political system, holds all blocs, led by the brothers in the coordinating framework, a great responsibility to expedite the resolution of the issue of choosing the prime minister to start forming a government of services, investments and employment.  It sets clear and binding deadlines and time limits for itself to carry out its duties towards the Iraqis, and so that it is not a government of promises without promises  LINK

Samson:  The repercussions of the European Central's decision to raise the interest rate on the Iraqi economy

21st July, 2022

The economic expert, Sabah Alo, confirmed, today, Thursday, that the European Central Bank’s decision to raise the interest rate to 5% will affect the value of the Iraqi dinar, despite its stability during the current stage.

Alo said in a statement to (Baghdad Today), "The European Central Bank's decision to raise the interest rate to 5% indicates an increase in the monetary inflation process, as the euro will be clearly affected against other hard currencies."

He added, "This decision directly affects the rentier-economy countries that depend entirely on their sale of various kinds of wealth in dollars or euros, which will lead to an increase in the prices of imported and manufactured goods in European countries and America, where the monetary inflation situation is high." "Turkish and Iranian goods are currently on the rise, and this is a result of global inflation caused by the Russian-Ukrainian war," he added.

He pointed out that "Iraq will be directly affected by these global economic changes, as it does not carry out industrial and agricultural operations for the materials it needs, and this will lead to a decrease in the value of the Iraqi dinar despite its stability.

In return, the value of the dollar or the euro and the hard currency that Iraq receives as a result of selling oil or gas will be affected." It negatively affects the ethnic citizen. He pointed out that "the ethnic government must take measures to maintain a simple inflation rate that does not directly affect the livelihood of citizens."  LINK

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Samson:  The Turkish lira is at its lowest level in its history

07/21/2022 15:42:32

The Turkish lira recorded its lowest level in its history. The price of 100 dollars was 1768 pounds.

The Turkish Central Bank announced today, Thursday, that it will keep the interest rate at the level of 14%, and the decision came in line with analysts' expectations.

The Central Bank said after its meeting today: “The Monetary Policy Committee decided to keep the repurchase rate “repo” for a week at 14%.”   LINK

Samson:  Ukraine devalues currency by 25% against greenback amid war

21st July, 2022

Ukraine's central bank on Thursday devalued the national currency by 25% against the greenback in order to protect its foreign exchange reserves as the ongoing war continues to batter its economy. 

The move comes a day after it was reported that Ukraine had requested foreign debt payments from key creditors.

It altered the official exchange rate of the hryvnia to the US dollar by 25%, to UAH/USD 36.5686, according to a statement from the National Bank of Ukraine (NBU).

The decision was motivated by a shift in the fundamental parameters of the economy, it said. "This step will improve the competitiveness of Ukrainian producers, converge exchange rate conditions for different groups of businesses and households, and support the resilience of the economy during the war," it added.

The adjustment of the official hryvnia exchange rate will have only a limited impact on the acceleration of price growth, the central bank asserted, adding that "instead, fixing the official rate at a new, more stable level will allow the NBU to keep price developments in Ukraine under control."

"Changing the exchange rate will raise inflows – and thus sales – of foreign currency revenues by exporters, minimize the speculative behavior of market participants, and allow stabilizing exchange rate expectations," the bank said.  LINK

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Samson:  Britain Imposes A Ban And Sanctions On The Import Of Gold, Coal And Oil From Russia

21st July, 2022

The British government announced, this morning, Thursday, the imposition of a ban and sanctions on gold imports and the import of coal and oil from Russia

And the official statement was published on the British government’s website and stated, “This amendment prohibits the import of oil, petroleum products, coal, coal products and gold, as well as the purchase, supply and delivery of these products directly or indirectly

The ban on gold imports from Russia will come into effect on July 21, in addition to the ban on coal imports on August 10, 2022

The ban on oil imports will also enter into force on December 31, 2022  LINK

Tivon and KTFA Members ""Be Ready to Exchange Anytime Now" 7-21-2022

KTFA:

Samson:  Electronic platform

21st July, 2022

The Central Bank will adopt a specialized electronic platform for the purposes of exchanging documents and data with all banks .. To view, click here

Translation....

Based on the keenness of this bank to develop banking work in accordance with the best international practices in line with the technical developments taking place in the global banking industry, which will be reflected in raising the level of compliance of the banking sector operating in Iraq with local and international requirements

This will give him more opportunities to expand external banking activities with correspondent banks and thus attract a larger segment of the commercial operations available in the market. 

As this bank will adopt a specialized platform for the purposes of exchanging documents and data with all banks, which will allow you to benefit from many services, including foreign exchange and shares trading, and access to global financial markets in order to analyze financial data to benefit from them in raising the level of efficiency of decisions related to investment and others, so your banks must participate On this platform, no later than 15/8/2022

And you can contact the Department of Financial Operations and Debt Management via e-mail (e-platform@cbiraq.info) for the purpose of asking any inquiry or clarification from you regarding the method of subscribing to it.  with respect .  LINK

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ATPInfinity:  Who is in a CBI hurry now?  Hey, this was announced yesterday and today we have a DEADLINE  in less than 1 month?

 "... so your banks must participate...On this platform, no later than 15/8/2022..."

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Tivon:  Are you all seeing this right now? Another one already?

They just posted the other CBI article yesterday. Access to global financial markets? Does that sound like Financial Inclusion to you? What can possibly be added to this monumental news?

 It's not even 8am and we got this. Can you imagine what the rest of the week will be like?

I had to read this multiple times. Thanks for the shot out Frank. Very great info on the CC. We are approaching home plate people.

 I wouldn't be surprised that Monday would be the last CC. That is not a stretch at all. August 15th seems like a time where they can move much faster but are giving a grace period where if the banks happen to miss an earlier train they can catch the next one at the same stop. IMO

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DinarDiva1:  Deadline 8/15/2022 So we have 3 more weeks before we see any change IMO IMO!

Tivon:  You know initially I read it that way as far as them making a move on the rate change after 8/15/2022. But it seems as though the (CBI) can make a move anytime before then but offered a grace period for banks who may not be ready to have their affairs in order by the 15 of August.

Because if contracts, wages, or salaries are being adjusted now it seems two timetables are at play. One for the ministries and one for the banks.

The ministries have already started. So obviously they were given information prior to the publication of these CBI articles to prepare for the change. Things are moving fast now.

The dollar is tanking right now so this is a perfect time for the IQD to make a move. D. Trump has always said it was to high for countries to do business with us. IMO

Jeff:  I was thinking along the same line Tivon. The CBI isn’t saying it will take that long. They are saying what you said in your original post. If you miss the first train, you can catch the second one. Keep in mind folks, we deal with our US Treasury, not the CBI. The CBI is communicating with Iraqi Banks and Central Banks around the world.  IMO

Clare:  IT IS AMAZING WHAT WE ARE SEEING!!!...  IMO WE ARE AT HOME PLATE, BATTER UP, ACTUALLY TWO ... SEATED GOI & CBI ...TAKE THAT SWING... IT WILL SURELY BE A GRAND SLAM! IMO

Tivon:  Absolutely…. I see we are just about there. I stayed long enough to get a point across and now everyone sees that the EFSL was not a fluke. Can't imagine where we would be if it wasn't for that grand chess move. Just glad everyone understands the implications of this law and how it got us here. It cut through all the BS we have been enduring for all these years. The writing is on the wall. Great times ahead for everyone. We are either days or weeks away. I wonder if the CBI still plans on making a move this week? We'll see soon enough. IMO

Jerry1971:  it's a great time to be a dinarian no more waiting the Cbi is in a hurry to bring out the new exchange rate to it's people and the world at large.IMO.     

Wagmaster:      We went from “blitzing to home plate”?  Would like to see. GAME OVER!  

Tivon:    That's just being sporadic. Baseball is a good analogy I must say from where we are. But I  still say we on the 1st & 10 with a minute left while having a 2 point lead in the 4th qtr with our star line up ready to close the show. Hopefully Al-Kazemi gives KTFA a shot out in the post interview. IMO 

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Venustwo3:  Wow !! great news today. It sounds like I should revise that 2 week resignation letter. Thank You Tivon for your dedication to this forum and the members who have come to rely on your explanation of the articles. You are greatly appreciated.

Tivon:  Yeahhhhhhhhhhhhhh, you ready for the big leagues? You are about to step into a whole new lifestyle. Hope you got everything ready. Documents. Files. Portfolios. Spread Sheet. Etc. Things are in play that can shift everything in a matter of days. So don't get comfortable. Be ready to exchange at anytime now. We are way past the dry spots. As evident from the CBI itself. There's no denying this. Look how frequent you are getting updates from the CBI. You think they are not eager to pull the trigger? Goodluck to everyone. You guys need to be ready at all times from this day forward. IMO

Popeye7:  God's will be done... Hopefully the ball will get over the line soon, or be smacked over the centerfield wall for a grand slam... Thanks Clare, and Tivon... God bless, and His peace be with us all here...   

Tivon:  You welcome my fellow compatriot. We are high on the hill. Panoramic view from where we are standing now. It took us a while to get here. So many ups and downs. Twist and turns. We pushed through and made it to see the grand finale. Well deserved. And that's not even the best that is coming for us. The Dinar is a side show for me. It only gets 30% of my time. Which I spared mostly here. But there are other things that far outweigh this investment that keeps me going. I just know this is basically the catalyst for everything afterwards. Which will be a paradigm shift for the ages. God Bless. IMO

Wednesday PM "What is the IMF, World Bank and Paris Club" Posted by Samson 7-20-2022

KTFA

Samson:  He restructured the global financial system and is accused of promoting “dependency.” What is the International Monetary Fund and how is it different from the World Bank?

20th July, 2022

After World War II, members of the delegations of 44 countries met in Bretton Woods, New Hampshire, USA, specifically in July 1944, to establish two institutions that govern international economic relations in the aftermath of World War II, the International Monetary Fund and the World Bank. Establishing a new global financial system, which contributes to avoiding a repetition of what happened after the end of the First World War.

What is the International Monetary Fund? What are its goals and activities? How is it different from the World Bank?

What is the IMF?

The International Monetary Fund is an international financial institution headquartered in Washington, D.C. It operates under the United Nations system and employs about 2,600 employees. The members of the International Monetary Fund are made up of 190 countries.

The Fund was established “to foster international monetary cooperation, maintain financial stability, facilitate international trade, encourage higher employment rates and sustainable economic growth, and reduce poverty in various parts of the world.” These are the stated goals of this international institution.

The International Monetary Fund was established in 1944, and began its work on December 27, 1945 at the Bretton Woods conference, based on the ideas of economists Harry Dexter White (Director of the US Treasury) and John Maynard Keynes (the famous English economist). Then the official presence of the International Monetary Fund began in 1956, when 29 countries participated in its establishment with the aim of "restructuring the international financial system".

What is the importance of the IMF and how does it work?

The IMF plays a central role today in managing balance of payments problems and global financial crises; Countries contribute to financing the fund's reserves through the quota system, which allows countries to borrow money when they face balance-of-payments problems.

Countries pay 25% of their quota contributions in special drawing rights (paper gold), and 75% in national currency, for lending purposes as needed. Quotas determine not only the contribution payments required of a member country, but also the number of its votes, the amount of funding available to it from the Fund and its share of the SDR allocation.

The purpose of quotas in general is to serve as a mirror of a member's relative size in the global economy. The greater the size of the member's economy in terms of output, and the greater the breadth and diversity of its trade, the greater will be its share in the fund.

According to the Fund's official website, one of the Fund's loans is to give member countries a chance to take a breather, until they finish implementing orderly corrective policies, in order to restore the conditions for a stable economy and sustainable growth. These policies differ according to the circumstances in each country.

A country facing a sudden drop in the prices of its main exports may need financial assistance to finish implementing measures to strengthen its economy and expand its export base. A country experiencing a sharp outflow of capital may need to address the problems that have led to a loss of investor confidence. It could be that interest rates are too low, the budget deficit and the debt stock is growing too fast, or the banking system is inefficient or poorly regulated.

What is the decision-making mechanism within the IMF?

The Fund's organizational structure includes a Board of Governors, comprising representatives of all member countries, and is the supreme authority in managing the Fund, and it usually meets once a year during the annual meetings of the International Monetary Fund and the World Bank. Each member country appoints a governor (usually the minister of finance or the governor of that country's central bank) and an alternate governor.

Although the Board of Governors decides on major policy issues, it delegates the Executive Board to make decisions about the Fund's day-to-day business. Fundamental policy issues relating to the international monetary system are considered twice a year by a committee of governors, called the International Monetary and Financial Committee (which was known as the Interim Committee until September 1999).

The Development Committee, a joint committee of the Board of Governors of the International Monetary Fund and the World Bank, advises and reports to governors on development policies and other issues of interest to developing countries.

The Executive Board consists of 24 directors, and is chaired by the General Manager of the Fund. The Executive Board usually meets three times a week in sessions lasting one day each, and additional meetings may be held if necessary, at the Fund's headquarters in Washington, DC.

Independent seats on the Executive Board are allocated to the five largest contributors: the United States, Japan, Germany, France and the United Kingdom, along with China, Russia and Saudi Arabia. The other sixteen directors are elected by groups of countries known as constituencies for two-year terms.

What countries have the right of veto in the IMF?

The United States of America, the largest economy in the world, contributes the largest share to the International Monetary Fund, with its share of 17.6% of the total shares. It is the only country in the world that has the right to block the decisions of the International Monetary Fund or the right of veto.

What is the difference between the International Monetary Fund and the World Bank?

As mentioned earlier, the World Bank Group (WBG) and the International Monetary Fund (IMF) were founded at the Bretton Woods Conference in 1944, and their missions complement each other, according to the World Bank website.

The main difference between the International Monetary Fund and the World Bank is in their respective objectives and tasks, as the International Monetary Fund aims to stabilize the global monetary system, while the World Bank aims to combat poverty by providing assistance to middle- and low-income countries.

While the World Bank Group works with developing countries to reduce poverty and boost shared prosperity, the International Monetary Fund works to stabilize the international monetary system and monitor the movement of currencies in the world.

The World Bank Group provides financing, policy advice, and technical assistance to governments, and focuses on strengthening the private sector in developing countries. The IMF tracks the economy globally and in member countries, provides loans to countries facing balance of payments problems, and provides practical assistance to member countries. Countries must first join the Fund to qualify for the Bank Group; Today, they each have 189 member countries.

The World Bank Group is known to be among the largest sources of financing and knowledge for developing countries in the world. The five institutions that make up the Bank Group share a commitment to reducing poverty, promoting shared prosperity, and promoting sustainable development.

The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together make up the World Bank, provide financing, policy advice, and technical assistance to developing country governments. IDA's focus is on the world's poorest countries, and the International Bank for Reconstruction and Development assists middle-income and creditworthy poorer countries.

The International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Center for Settlement of Investment Disputes (ICSID) focus on strengthening the private sector in developing countries. Through these institutions, the World Bank Group provides financing, technical assistance, political risk insurance, and dispute resolution to private companies, including financial institutions.

What are the main criticisms leveled at the International Monetary Fund?

The International Monetary Fund is accused of being a "tool to strengthen the dependence of developing and poor countries on developed countries" with as much order as possible and to correct imbalances as quickly as possible. But it is one of the institutions created by the new superpower to impose not only its military hegemony, but also its economic hegemony on the world."

The Fund's roles in its various stages have witnessed widespread controversy about their efficacy on the one hand, and about the extent to which they are linked to political agendas that direct them on the other. “The IMF program can sometimes leave the country as poor as it once was, but with greater indebtedness and a richer ruling elite,” says Canadian economist Michel Chossudovsky. 

For his part, the American economist, Joseph Stiglitz, a Nobel Prize winner in economics and chief economist at the World Bank, and one of the most important aides to former US President Bill Clinton, says that in one of his research, he concluded that “loans provided by the IMF to countries are harmful in severe cases.” Many are directed to developing countries and third world countries.

One of the criticisms directed at the Fund is to talk about the power and control of the United States of America and its ability to give a loan or not to any country, as it is the only country that has the right of veto among the member states.

The International Monetary Fund is also under criticism; Because it adopts purely capitalist policies that encourage free market rules and rejects any restrictions from the borrowing countries on foreign exchange, and against exchange control, and against any interference from governments in monetary policies, and also directly encourages the private sector and the free market economy, and provides the same recommendations and advice to all countries, Which does not give any space to countries whose economic and social situation may be significantly different with their counterparts from other borrowing countries.

Although the International Monetary Fund of the United Nations, its role is to support the global economy, and trade transactions between different countries, it is usually accused of being one of the tools of global companies to build an empire that controls the world economy, defeats countries, and “loots and destroys the economy of developing countries,” according to John Perkins, author of Confessions of an Economic Killer, which has been translated into 30 languages, including Arabic, in which it was published under the title: "The Economic Assassination of Nations."  LINK

Samson:  What is the Paris Club? 5 points explain the story of the group that intervenes to save countries from bankruptcy and relieve their debt burden

19th July, 2022

With Sri Lanka recently declaring bankruptcy, and the International Monetary Fund and other international financial organizations warning that other countries - some of them Arab - will meet the same fate, and will not be able to pay their debts soon, there is much talk about the “Paris Club” and its role in finding solutions to the debt problem of these countries. or restructured. What is the Paris Club, who are its members, and what is its role in resolving debt crises and what are its objectives?

What is the Paris Club?

The Paris Club defines itself as an informal group of creditor countries whose goal is to find practical solutions to the payment and payment problems faced by debtor countries. It is a group that provides financial services such as debt rescheduling for debtor countries instead of declaring them bankrupt, or debt relief by reducing interest on them, and debt cancellation between highly indebted countries and their creditors. And debtor countries are often recommended or registered in the club by the International Monetary Fund, after the alternative solutions to pay the debts of those countries have failed.

The Paris-based club, where the meetings are held at the French Treasury, which provides a small secretariat to organize the meetings and a senior official to chair them, says it seeks "sustainable and coordinated solutions" to the payment problems faced by debtor countries. As countries with large debts undertake reforms to restore their financial and macroeconomic stability, the Paris Club creditors offer a debt treatment that is commensurate with the situation of these countries.

Paris Club creditors may facilitate debt rescheduling of debtor countries (rescheduling means renegotiating the terms of the loan), which may include deferred payments. Some countries are offered soft rescheduling, reducing debt service obligations over a specified period.

Where did the idea of ​​the Paris Club come from?

The club says that the aim of its formation is to avoid debt crises and the resulting international tensions that in the past have led to conflicts and even invasions of debtor countries. Dealing with Paris Club debt was the best option for developing countries to manage their debts and obtain forgiveness, especially during the twentieth century.

The idea for the club was born out of talks held in Paris in 1956 to discuss the crisis between Argentina and its various creditors, and since the Paris Club is an informal group, there is no founding date.

Later, the Paris Club codified its principles and procedures in the seventies of the last century, in the context of the dialogue between the North and the South. Since 1956, the creditor countries that are members of the club have concluded more than 478 agreements relating to 102 debtor countries. Since then, the total debt covered in these agreements has reached 612 billion dollars, according to the official website of the Paris Club.

As an informal group, the club does not have any statutory laws, which gives creditor member states flexibility in facing the special situations of each debtor country facing difficulties in repaying its debts.

Who are the members of the Paris Club?

The permanent members of the Paris Club are 22 countries, which are countries that agree on the main principles and rules of the Paris Club, consistently apply the terms specified in the minutes agreed to in the Club to their bilateral claims, and must have settled any bilateral disputes or arrears with the Paris Club countries, If any.

The member countries of the Paris Club are: France, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, Germany, Ireland, Israel, Italy, Japan, South Korea, the Netherlands, Norway, Russia, Spain, Sweden, Switzerland, United Kingdom, United States of America.

The club also has observers who can attend, but cannot participate in, the Paris Club's negotiating sessions. Here are three categories of observers:

1 - Representatives of international institutions and organizations, namely:

2- The members without claims: These are the representatives of the permanent members of the Paris Club, who have no claims in respect of the treatment of debts, for example creditors whose lending includes a minimum clause, or who do not owe the money of the debtor state, but nevertheless wish to attend the meeting.

3- Representatives of countries that are not members of the Paris Club: These are countries that have claims on the debtor country, but are not in a position to sign the Paris Club Agreement as temporary participants, provided that the permanent members and the debtor country agree to attend.

What are the principles of the Paris Club and the mechanism by which it operates?

The members of the Paris Club meet every month, with the exception of February and August, in the French capital, Paris. These monthly meetings may also include negotiations with one or more debtor countries that have fulfilled the club's preconditions for debt negotiation.

The main conditions that the debtor country must meet are that it should have a clear need for debt relief and be committed to implementing economic reform. In effect, this means that the country must already have a program with the International Monetary Fund (IMF), backed by a conditional arrangement.

The Paris Club treats debts owed by debtor country governments and some private sector entities as publicly guaranteed by members of the Paris Club. The club offers a standard set of tiered terms for debt handling, from rescheduling payments at market rates to canceling up to 90% of certain debts. The specific set of terms offered to each debtor country is on a case-by-case basis, based on its position, characteristics and payment history.

With regard to the club's working mechanism, the creditor countries meet 10 times a year in Paris for public business, and to negotiate with representatives of the debtor countries. At these meetings, representatives of debtor countries present their case for debt relief to the members of the Paris Club, who then decide in closed session what treatment the debtor should provide.

This process can then be repeated with additional sessions and requests for information until a deal is reached. The resulting agreements are not legally binding per se, but must be used as the basis for legally binding bilateral arrangements between the debtor and creditor countries of the Paris Club.

What are the most prominent examples of countries entering the Paris Club to save them from the debt crisis?

In the 1990s, the club began treating heavily indebted poor countries in a different way, granting greater privileges to heavily indebted countries. While he followed the policies of granting financial bonds and recourse to non-governmental creditors with other countries.

The club entered into an agreement in 2003 with Indonesia to reschedule $5.4 billion in debt, and rescheduled $12.5 billion in debt with Pakistan in 2001 over a period of 38 years.

Also in 2001, the debts of Yugoslavia (which disintegrated in 2006) were scheduled at three billion dollars, and the repayment schedule is determined according to the extent of that country's capabilities and economic potential, based on the recommendations of the International Monetary Fund.

In 2004 the club decided to write off Iraq's debts in full. Also, after the earthquake in the Indian Ocean in the same year, the Paris Club decided to give great facilities to the affected countries in paying their obligations. LINK

Some "International News" Posted By Samson Wednesday Afternoon 7-20-2022

KTFA:

Samson:  Officially, Iran announces the start of dealing with the Russian ruble

20th July, 2022
The Governor of the Central Bank of Iran, Ali Salehabadi, announced today, Wednesday, the start of financial transactions between Iran and Russia in the national currencies of the two countries.

"Since yesterday, we started financial transactions between Iran and Russia in Russian rubles and the Iranian riyal," the official Iranian news agency IRNA quoted Abadi as telling reporters after a meeting of the Iranian government.

"From now on, the ruble will enter the country's foreign exchange market and find a presence," he added. He pointed out that "with this, the volume of transactions between Iran and Russia will gradually increase, and with this work, the euro and the dollar will no longer be decisive." The governor of the Central Bank of Iran revealed that "other currencies will be added to the Iranian market."

On Tuesday, Iranian Supreme Leader Ali Khamenei called, in a meeting with Russian President Vladimir Putin, for the use of national currencies in the relations between the two countries instead of the US dollar. Khamenei said, according to his official website: “I agree to the policy of substituting national currencies in exchanges between the two countries and using other currencies instead of the dollar, and the dollar must be gradually removed from the path of global transactions, and this is gradually possible.”

Both Iran and Russia face severe sanctions from the West and are trying to find ways to circumvent these sanctions and conduct trade exchanges.

Russian President Vladimir Putin said during the meeting, "The sanctions are harming the West in the first place, and the result is problems such as high oil prices and the food supply crisis." Putin accused the United States of using the dollar to ban and loot other countries, noting that "this ultimately harms them and weakens global confidence in this currency and motivates countries to use alternative currencies."

For his part, the CEO of the National Iranian Oil Company, Mohsen Khojasteh Mehr, announced the signing of a memorandum of understanding with the Russian "Gazprom" company worth 40 billion dollars, describing it as "the largest foreign investment in the history of the Iranian oil industry." "The National Iranian Oil Company does not disregard any investment opportunities with Gazprom and other Russian companies," Khojasteh Mehr added. He continued, "This memorandum includes the development of the Kish and North Pars fields, an increase in production in the South Pars field, and the development of 6 oil fields."

After the entry into force of the nuclear agreement with Iran in early 2016, the Russian company "Gazprom" signed a memorandum of understanding to study and develop a number of Iranian oil fields, but it did not take any action in terms of implementation.  LINK

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Samson:   Khamenei to Putin: The dollar must be removed and the Americans removed from Syria's oil fields

19th July, 2022

The Iranian Supreme Leader Ali Khamenei described, on Tuesday, the North Atlantic Treaty Organization (NATO) as a "dangerous bloc", stressing at the same time the removal of US forces from the oil fields in eastern Syria and the removal of the dollar from international transactions.

This came during a meeting with Russian President Vladimir Putin in the Iranian capital, Tehran. Khamenei said, "world events indicate the need for both Tehran and Moscow for more cooperation."

Regarding the Russian-Ukrainian war, Khamenei said, "If Russia did not initiate what it did in Ukraine, the other side would have launched a war against Russia," adding that "the West opposes Russia being strong and independent, and NATO is a dangerous bloc that has no limits to confronting it."

"If Russia had not stood up to NATO in Ukraine, war would have broken out later, under the pretext of Crimea," he added. On the Syrian issue, the Iranian guide stressed "the need to address the issue of America's occupation of the oil fields in eastern Syria by removing them from there."

"We oppose military operations in Syria and it is necessary to prevent them," Khamenei said. He pointed out that "Western countries, especially America, have become weaker than before, and despite their efforts and spending, the impact of their policies in our region has become weak."

Khamenei called for "the removal of the dollar from international transactions little by little, and this is possible."  LINK

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Samson:  Iran announces a new round of negotiations with Saudi Arabia and praises the Iraqi mediator

07/20/2022 11:16:41

 Iran announced today, Wednesday, that "five rounds of negotiations between Iran and Saudi Arabia in Baghdad have made progress."

Iranian Foreign Ministry spokesman Nasser Kanaani said in his weekly press conference, "The holding of five rounds of negotiations between Iran and Saudi Arabia in Baghdad made progress, and the Iraqi mediator played a positive role in them, their continuation and the transmission of messages between the two sides."

Kanaani added: "The results are pushing us towards an upcoming round of negotiations with Riyadh. The atmosphere is positive, and we hope to achieve a new result for the resumption of relations with Saudi Arabia, and Iran welcomes any step towards it in the region and meets it with positive steps."

Kanaani said: "We welcome the Emirati statements regarding dispatching an ambassador to Iran. Our relations with the UAE continue, and they are good, and these statements foretell a new atmosphere in the region."  LINK

Samson:  The seventh European sanctions package against Russia will enter into force tomorrow

20th July, 2022

The Czech delegation, which holds the presidency of the European Union, announced that the European Union will adopt the new sanctions against Russia tomorrow, Thursday, and announce them in the Official Gazette, to enter into force as of its date

The Czech delegation wrote on Twitter: "The Council of the European Union will approve this package in a written procedure that ends tomorrow at 10 am. The sanctions will enter into force after they are published tomorrow in the Official Journal of the European Union

On July 15, the European Commission proposed a package of measures to enhance the effectiveness of European sanctions against Russia, including banning the import of Russian gold, increasing control over the export of dual-use technologies to Russia, and increasing control over the freezing of sanctioned Russian assets  LINK

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Samson:  Iraq is the third largest oil exporter to the Chinese government in a month

20th July, 2022

Data from the General Administration of Customs showed that Iraq became the third largest exporter of oil to government refineries during the month of June of 2022.

The administration said in its schedule, which was reviewed by "Economy News", that "Iraq exported 3.20 million tons of oil to the Chinese government refineries during the month of June of the current year 2022, equivalent to (23.36 million barrels) and equivalent to (778 thousand barrels per day),"

Indicating that "these exports decreased by 8.1 percent from the same period last year and decreased by 31.7% from last May, in which exports amounted to 4.69 million metric tons, equivalent to (34.215 million barrels)."

And she added, "Russia ranked first as the largest supplier of crude to China in June of 2022 after it displaced Saudi Arabia for the second month in a row, bringing its exports to China at 7.29 million tons, equivalent to 53.217 million barrels, and then Saudi Arabia came second, with its exports to China reaching 5.06 million tons, or so equivalent to 36.938 million barrels.

According to the table, "the UAE came fourth, with exports of 3.12, or the equivalent of 22.776 million barrels, and Malaysia came fifth, with exports amounting to 2.65 million tons, equivalent to 19.345 million barrels."

Crude oil shipments from the Middle East exported to China rose 6% year-on-year to 5.4 million barrels per day during the January-June period, with China's total imports down 3.1% from a year ago during the period. The data also showed that the Middle East dominates China's supply with a market share of 52.8%. LINK

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Samson:  Governor of Anbar announces the discovery of new oil wells in Nukhaib and Tharthar

20th July, 2022

Today, Wednesday, Anbar Governor Ali Farhan announced the discovery of several new oil wells in Nukhaib and Tharthar. While he confirmed the start of actual steps to transfer phosphate fields to investment, he explained the mechanism of distributing 1000 job grades in the governorate

Farhan told the Iraqi News Agency (INA), that "addressing the problem of desertification in the province requires an international effort and support from the central government," noting that "Al-Anbar differs from other provinces by virtue of its vast desert areas

Farhan added, "The General Secretariat, in cooperation with the Ministries of Environment and Agriculture, has projects and ideas to eliminate desertification in the province, and it is hoped that the government will allocate funds from the next budget for this regard," explaining, "The local government has studies, but the size of the problem is large and needs into huge sums of money with an international and regional effort

Regarding the natural resources in Anbar, Farhan stressed that "the local government in Anbar worked to prepare the atmosphere for oil exploration and provided the security effort for companies in the province," expressing his hope that "the Ministry of Oil will take steps to complete oil explorations after canceling the contract with the Korean company

And he stressed, "The local government is following up the exploration file with the Ministry of Oil and Saudi-American companies in partnership," noting that "many new oil wells have been discovered in Nukhaib and Tharthar, and the Ministry of Oil has the numbers for the new explored fields

He continued, "The province contains large quantities of gas of an important quality," expressing his hope to "invest natural resources in the province to improve the economic reality and the reality of electricity through the investment of gas and oil fields. He pointed out that "the local government in the province has taken actual steps to refer the phosphate fields to investment

Regarding the factories suspended in the province, Farhan explained that "most of the factories and civil companies are suspended, but they are financed by the government and the general budget without production," noting that "these factories and companies need to legislate a law from Parliament and practical steps for investment

Regarding the mechanism for distributing 1000 job grades in the governorate, between Farhan, that "committees have been formed in the administrative units, districts, and the governorate office to distribute grades according to the population ratio of each district, and the submission is done electronically to ensure that grades reach all areas in the governorate," noting that "the application mechanism will be according to controls   LINK

Tivon and Q3Proud " All Coming Together" Wednesday PM 7-20-2022

KTFA:

Samson:  Online platform

20th July, 2022

Proceeding from the role of the Central Bank of Iraq in developing the work of exchange and mediation companies in the sale and purchase of all foreign currencies and supporting it with the technical infrastructure that allows them to ensure the integrity of their operations and document them in a way that ensures reference to them with the required speed and accuracy, this bank will adopt a special platform for the activities practiced by their companies and it will facilitate a lot of the restrictive procedures for the activity of their companies.

Note that they will be notified of the special requirements to work on this platform within specific times that will be notified later.   LINK

Q3Proud:  does this sound familiar? Pay close attention to these words:

Sale and Purchase of All Foreign Currencies + Technical Infrastructure =  Integrity + Accountability {Document}

developing the work of exchange and mediation companies in the sale and purchase of all foreign currencies and supporting it with the technical infrastructure that allows them to ensure the integrity of their operations and document them in a way that ensures reference to them with the required speed and accuracy, this bank will adopt a special platform for the activities practiced by their companies and it will facilitate a lot of the restrictive procedures for the activity of their companies.

Note that they will be notified of the special requirements to work on this platform within specific times that will be notified later.

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Tivon:  Man, do you see how this is coming together? I don't even know what to say. When you think about what has been shared over the past week alone up until now. Because again how would the EFSL work without this in place?

How would the ministries feel confident that they can carry our their duties if these technical measures are not in place?

Because they have to depend on something that is considered a supplementary budget. They can not even rely on a seated GOI because otherwise they wouldn't have to entertain the notion of self-financing anything.

So for the Central Bank to come out with this article speak volumes. I mean... all currencies?   I wonder when this platform will be ready? Has to be pretty freakin soon if the Ministry of Finance plans on overseeing the distribution of those citizens entitlements.

 Because the responsibilities of the office (MOF) include advising the head of the government; managing a budget/EFSL, taxes, and funding for programs; addressing domestic economical growth and policy; and handling international financial matters. Especially when it comes to wages that are currently being readjusted. IMO