"Vietnam News" Posted by Samson at KTFA Tuesday 10-18-2022

KTFA:

Samson:  Việt Nam shines amid global economic volatilities

18th October, 2022

Despite global volatilities, Việt Nam’s economy has rebounded strongly this year beyond the forecasts of many international organisations, making the country one of the rare bright spots in the global gloomy picture and has the potential to become a new ‘tiger’ in Asia.

The latest report from the General Statistics Office (GSO) showed Việt Nam's GDP growth rate in the first nine months of 2022 hit a 12-year high to reach 8.83 per cent. Notably, the economy expanded 13.76 per cent in Q3 2022 compared to 7.72 per cent and 5.05 per cent in Q2 and Q1 2022, respectively. The 13.7 per cent GDP expansion in Q3 2022 was a record quarterly growth rate in Việt Nam and surpassed the rate of 13.5 per cent of India to become the highest in Asia this year.

The World Bank attributed Việt Nam’s rebound to a recovery of exports and the release of pent-up demand following the removal of COVID-19-related mobility restrictions and, more recently, the gradual return of foreign tourists.

Việt Nam’s economic growth was reported in all three key sectors, of which services increased by 10.57 per cent, industry-construction up 9.63 per cent, and agriculture-forestry-fishery up 2.99 per cent.

The country’s import-export turnover during the period increased by 15.1 per cent to US$558.5 billion with a trade surplus of $6.52 billion while total retail sales of consumer goods and services surged by 21 per cent. Besides, the business situation has been continually improving, with the number of newly established enterprises surging by 38.6 per cent to more than 163,000.

Disbursement of foreign direct investment (FDI) in the first nine months of this year also surged 16.2 per cent year-on-year to $15.4 billion, marking a five-year record high, the Ministry of Planning and Investment's Foreign Investment Agency (FIA) reported.

These positive figures showed foreign-invested enterprises have been constantly recovering and expanding their production and business activities in Việt Nam, which has reflected business confidence in the country’s success in maintaining macroeconomic stability, FIA said in its September report.

According to Prime Minister Phạm Minh Chính, the economy has recovered very positively, with many cities and provinces nationwide reporting impressive Gross Regional Domestic Product (GRDP) growth in the first three quarters, including HCM City with 9.97 per cent, Hà Nội with 9.69 per cent, Bắc Ninh with 9.7 per cent, Hải Dương with 10.14 per cent, Quảng Ninh with 10.12 per cent, Hải Phòng with 12.06 per cent, Cần Thơ with 17.57 per cent, Đà Nẵng with 16.76 per cent, Khánh Hòa with 20.48 per cent and Bắc Giang with 23.98 per cent.

Notably, Minister of Planning and Investment Nguyễn Chí Dũng said the country’s high economic growth has been accompanied by stabilising the macro-economy, successfully controlling inflation, ensuring major balances of the economy and improving people's living standards.

The GSO reported the country’s average consumer price index in the first nine months was only 2.73 per cent while State budget revenue and total investment capital of the whole society surged by 22 per cent and 12.5 per cent over the same period in 2021, respectively.

Many international organisations have been so far surprised by the very high growth rate of above 13 per cent of Việt Nam in the third quarter of this year. The impressive surge has resulted in their upgrade of the country’s economic growth forecast, of which Moody’s, Fitch Ratings, World Bank (WB) and International Monetary Fund (IMF) predict Việt Nam's GDP growth in 2022 at 8.5 per cent, 7.9 per cent, 7.2 per cent and 7 per cent, respectively.

The upgrade is very notable when the organisations have lowered their 2022 global economic growth outlook. For example, in last month’s report, while having raised its GDP growth forecast for Việt Nam this year to 7.5 per cent from 5.3 per cent in April, the World Bank projected the overall rate of the East Asia and Pacific region to slow to 3.2 per cent this year from 7.2 per cent in 2021.

Moody's Investors Service last month also upgraded the Vietnamese Government's long-term issuer and senior unsecured ratings to Ba2 from Ba3. Việt Nam is the only country in the Asia-Pacific region and one of four countries in the world that have had their credit rating upgraded by Moody's since the beginning of the year.

Moody’s noted in the report: “The upgrade to Ba2 reflects Việt Nam's growing economic strengths relative to peers and greater resilience to external macroeconomic shocks that are indicative of improved policy effectiveness, and which Moody's expects to continue as the economy benefits from supply chain reconfiguration, export diversification and continued inbound investment in manufacturing.

“The rating also reflects a sounder fiscal footing backed by contained borrowing costs, a conservative approach to fiscal policy and improved government liquidity, driven by the ongoing transition from external concessional borrowing toward longer-dated, low-cost domestic market financing.”

According to Trần Văn Sơn, Minister of the Government Office, international organisations have positive assessments of Việt Nam's socio-economic situation. They forecast the country's economic growth rates in 2022 and 2023 will be among the highest in Southeast Asia.

Economist Brian Lee Shun Rong at Malaysia's largest financial services group Maybank believed as a rising star in the global supply chain, Việt Nam has the potential to become a new ‘tiger’ in Asia after the Republic of Korea (RoK), Singapore, and China's Taiwan and Hong Kong.

Exceeding targets

The strong GDP recovery in the first nine months of the year, especially in Q3, has created a prerequisite for Việt Nam’s vigorous growth in 2022 and the country is so far estimated to meet nearly all 15 targets set for this year. According to the National Assembly's (NA) Committee for Economic Affairs, 15 social-economic development targets, except the social labour productivity growth rate, are expected to be met or exceeded this year.

Right after the nine-month socio-economic statistics were published, the Ministry of Planning and Investment also decided to adjust up the 2022 economic growth scenario. Accordingly, the ministry proposes to strive for a full-year growth of 8 per cent, about 1.5-2 percentage points higher than the 6-6.5 per cent target assigned by the National Assembly and set by the Government.

According to experts, production and service activities in Việt Nam have returned to normal and the country will continually benefit from the global supply chain shift, which will contribute to strongly boosting up the country’s exports. However, in the context that the world economy will continue to face many difficulties in the last months of the year and the demand for imported goods from countries that are the main trading partners of Việt Nam such as the US and the EU will decrease, members of the NA’s Committee for Economic Affairs said it is necessary to have policies to support credit for exports in the remaining months of the year and in 2023. Besides, Minister Dũng noted the country needs to promote the disbursement of public investment capital to achieve a high growth rate in the rest months of the year.

According to the Ministry of Finance, the total public investment capital will be some $24.3 billion in 2022, about $4.2 billion larger than in 2021. By the end of September, the disbursement of public investment increased to more than $10.6 billion, but the new rate reached merely 46.7 per cent of the plan assigned by the Prime Minister, 0.7 per cent lower than in the same period 2021.

Besides, Dũng said, to promote economic growth in Q4, it is also necessary to better implement the Government’s socio-economic development and recovery programme, which includes a VNĐ40 trillion interest subsidy package for pandemic-affected customers, as the capital disbursement of the package remains limited.  Higher economic growth rates in Q4 and the whole of 2022 will be a driver for the country next year when many potential risks emerge, Dũng said.  LINK

Samson:  FDI inflow from Korea helps Vietnam move up global value chain ladder

18th October, 2022

The strong foreign direct investment (FDI) inflow from the Republic of Korea (RoK) has been giving a significant push to Việt Nam in the battle to move up the global value chain ladder and promote sustainable development.

RoK has been by far the most important source of FDI to Việt Nam and contributed greatly to accelerating the socio-economic development of the Southeast Asian country.

The latest figures of the Ministry of Planning and Investment (MPI) showed that the cumulative registered FDI from the RoK in the period from 1988 – when the first Law on Foreign Investment of Việt Nam was put in force - to September 2022 amounted to more than US$80.5 billion with more than 9,400 valid projects, making RoK the biggest investor in Việt Nam so far.

Starting to invest in Việt Nam in 1990s, the RoK quickly became a major investor in the Southeast Asia country, especially after the two countries established the strategic cooperative partnership in 2009. Since the Việt Nam – Korea Free Trade Agreement (VKFTA) officially came into effect in 2015, the RoK’s registed FDI into Việt Nam almost doubled.

The milestone was marked in 2014 when the RoK became the largest investor in Việt Nam with a total registered capital of $7.32 billion. Statistics of the Ministry of Planning and Investment showed that the registered FDI from the RoK hit a record of $8.49 billion in 2017 but slowed down to $7.2 billion in 2018 and $7.57 billion in 2019.

Due to the impacts of the COVID-19 pandemic, the FDI from the RoK dropped to $3.95 billion in 2020 but bounced back to $4.95 billion in 2021.

From January to September this year, the RoK registed to pour $3.8 billion worth of FDI in Việt Nam, a slight drop of 2.38 per cent against the same period last year. Although ranking second in terms of registered FDI value in the January-September period after Singapore, the RoK was the partner with the highest number of investors who showed interest and made new investment decisions in Việt Nam in the period, the ministry’s report revealed.

The RoK was increasingly becoming an important investor in Việt Nam, not only because of its huge capital value but also because of the compatibility of the investment to Việt Nam’s FDI attraction policies. The presence of Korean enterprises in most economic sectors in Việt Nam was contributing significantly to the country’s economic restructuring, export growth and job creation.

According to the MPI's Foreign Investment Agency, Korean investment was mainly poured into the processing and manufacturing industry (74 per cent as of November 20, 2021) thanks to the heavy investment of high-profile investors such as Samsung, LG, Hyundai, and Posco, followed by the real estate business (13.1 per cent) and construction (3.8 per cent).

Research by Bùi Thị Hồng Ngọc and Đoàn Thị Thu Hương from the Việt Nam Institute of Economics pointed out that the strong FDI inflow from the RoK helped Việt Nam upgrade its participation in the global value chain as well as change the export structure. Việt Nam’s export structure was shifting from large percentage of low added value products like agro-foresty-fishery and raw materials to products with high technology content and high added value such as electronics.

The presence of Korean investors such as Samsung, LG, Hyosung, Hanwha, Hyundai, CJ, Lotte and Posco promoted the development of the part-supply industry in Việt Nam.

Notably, the network of local vendors to Samsung increased to 254 as of the end of 2021, 51 of which were tier-1 vendors, from just four in 2014.

Samsung, now the most high-profile Korean investor in Việt Nam with an estimated investment of more than $20 billion, said that the group would continue to provide support to enable domestic enterprises to participate more in the global value chain.

It was estimated that there were more than 8,000 Korean enterprises operating in Việt Nam which provided 1 million jobs domestically and contributed around 25-30 per cent of Việt Nam’s export revenue every year.

How to remain a FDI sweet spot to RoK

Việt Nam has been arising as an attractive destination for FDI in the global production shift, thanks to its stable macro-economy and the Government’s drastic efforts to improve the investment climate.

The Vietnamese economy scale reached $370 billion in 2021, making it the fourth largest economy in Southeast Asia with income per capita of more than $3,700. Việt Nam signed 15 FTAs with more than 60 countries and territories, including the largest markets in the world, which helped diversify the markets, products and supply chains.

The General Statistics Office expected the Vietnamese economy to beat the target to reach a growth rate of around 7.5-8 per cent this year, after strong post-pandemic growth of 8.83 per cent recorded in the first nine months of this year.

The International Monetary Fund (IMF) on October 11 forecast the Vietnamese economy to expand at 7 per cent this year, compared to 2.6 per cent in 2021, as the country was benefiting from its growing importance in global supply chains.

The Vietnamese economy was a highlight in the region when the IMF’s growth forecasts for Asia and the Pacific were lowered to 4 per cent this year, well below the 5.5 per cent average over the last two decades, as inflation exceeded central bank targets in most countries.

The ASEAN+3 Macroeconomic Research Office (AMRO) in its 2022 Annual Consultation Report on Việt Nam published on October 12 also predicted 7 per cent growth for Việt Nam in 2022 on the back of strong external demand, a recovery in domestic demand and strong FDI inflows.

AMRO’s previous studies suggested that strong FDI inflows were one of the key factors behind Việt Nam’s economic transition to manufacturing, leading to stronger participation in global value chains over the years. However, the annual export growth of Việt Nam was driven by FDI companies and their import-export activities, which unfortunately implied that local companies did not participate in the global value chains as much. One of the reasons was that many local companies did not yet possess the skills and capabilities to produce the quality inputs required by multinational companies. AMRO urged Việt Nam to make further efforts to develop domestic supporting industries in the manufacturing value chains.

Phạm Thanh Tùng from the Ministry of Industry and Trade’s Department of Industry said that it was important to enable more and more local companies to participate in the global value chains to maximise the benefits of the FDI inflows. He pointed out that there were currently about 5,000 enterprises operating in the part-supply industry, 88 per cent of which were of small and medium scale with limitations in production and technology capabilities.

A recent MPI's report to the Government revealed that the loose linkage between the FDI and local companies remained the biggest limitation in FDI attraction and use. The average local procurement remained low, at around 20-25 per cent.

It’s a tough road for Vietnamese enterprises to participate and move up the global value chain ladder, Trần Thị Lan Anh, General Secretary of the Việt Nam Chamber of Commerce and Industry said, stressing the important roles of the FDI inflows and the support in improving capacity for domestic partners from FDI companies.

Just support from FDI companies could not push the supporting industry, Đỗ Thị Thuý Hương from the Việt Nam Electronic Industry Association said, adding that the Government should raise policies to promote the development of the supporting industry. Local companies must also make efforts to improve their competitiveness, she said.

Yoon Chang Woo, President of Posco – Vietnam, said that Việt Nam needed to develop an ecosystem for the part-supply industry in which local companies could produce high-quality and reasonably-priced spare parts and could upgrade their participation in the supply chains of FDI companies. Only through this, could Việt Nam attract more FDI into industries with high added value. In addition, it was important for Việt Nam to enhance the quality of the labour force with a focus on well-trained technical talents in order to attract quality FDI, including from the RoK, he stressed.

With a young population, Việt Nam held great potential to become a powerhouse of skilled workers which would help attract more sophisticated FDI. He said that a number of Korean firms were looking to promote investment into Việt Nam, urging more efforts from the Vietnamese Government to continue to push on with its economic reforms and improve the investment climate.

The global trends such as zero emission and digitalisation which were promoted strongly in Việt Nam would also help attract quality FDI into the country, Yoon stressed.

At the dialogue with the RoK’s Ambassador Park Noh-wan and representatives of Korean associations and enterprises in Hà Nội in late July, Prime Minister Phạm Minh Chính pledged to create more favourable conditions for foreign investors in general and the Korean business community in particular, to invest efficiently, successfully and sustainably in Việt Nam, with a focus on administrative reforms.

Việt Nam expected to receive more investment from the RoK in the fields of high technology, innovation, research and development, digital technology, renewable energy, electronics and infrastructure development, Chính said.

The Prime Minister expressed hope that the FDI inflow from the RoK would help integrate local firms into the global supply chain network while promoting the development of a digital economy, green economy, circular economy and sustainable development of Việt Nam. 

VIDEO IN ENGLISH - Promoting investment flow from South Korea into Vietnam   LINK

Monday Night KTFA CC with Frank26: "Let's Roll" 10-17-2022

KTFA

KTFA Monday Night CC

Frank26:  10-17-22……LET’S ROLL

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

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

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

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

https://www.youtube.com/watch?v=AmNCBB4mXFs

MilitiaMan and KTFA Members Monday Afternoon 10-17-2022

KTFA:

KandiG:  Wow - there sure seems to be a lot of "international" articles coming out since the announcement of a pres / PM.  China, Germany, EU, Australia, America and then throw a few acronyms out - IMF, WB, UST and you have a smorgasbord, potpourri or plethora of interest in our Iraqi girl. IMO

Samson:  Oil contracts with a Chinese company to develop the offshore patch in the Gulf

10/17/2022 16:06:56

The Undersecretary for Extraction Affairs affirmed the ministry’s keenness to develop onshore and offshore exploration blocks to increase the country’s oil and gas reserves. This came during his presence on behalf of the Oil Minister, Mr. Ihsan Abdul-Jabbar Ismail, the signing ceremony to prepare a study on the offshore exploratory patch between the Oil Exploration Company and CNOOC Middle East and Iraq China.

Today, we celebrate the signing of a joint study contract for the land part of the offshore patch in the Gulf, between the Oil Exploration Company, one of the leading national companies in this field, and Cinoc Iraq and the Middle East, as this contract is an important step for the development of the patch, said Undersecretary for Extraction Affairs Karim Hattab. The marine exploratory study in the Gulf, which is the first joint exploratory study experience in the territorial waters.

The undersecretary added that the ministry is keen to develop and invest in common border fields, land or sea and in regional waters, despite the various challenges, stressing that the ministry has worked to attract international companies for cooperation, work and joint investment to develop the national oil industry.  He continued, that the ministry affirms its full confidence in the national effort and in the company Cinoc Iraq and the Middle East to complete this study and reach positive results, which contribute to strengthening the oil reserves of oil wealth.

The Director General of the Oil Exploration Company, Ali Jassim, said that the Oil Exploration Company, which represents one of the arms of the national effort, was able to achieve important steps in the field of exploration through the spread of seismic teams in many areas of Iraq and conducting surveys for vast areas of our dear country, including the Western Desert in the governorate. Anbar and Tal Afar in Nineveh Governorate, Muthanna, Maysan, Basra and others. Referring to the ministry's continuous support for the work of seismic teams, which work with the latest devices, equipment, mechanisms and advanced technology in this field, believing in maximizing the guaranteed reserves of oil and gas.

The general manager of Cinoc Middle East and Iraq, "Vincent Shih," said that the contract for conducting a joint study of the Arabian Gulf region, which was signed, represents a start to build a new type of cooperative relations between Iraq and Cinoc. In this project, the Iraqi side is keen on close cooperation to achieve positive results and deepen exploratory operations, noting that this cooperative relationship will contribute to the development of the oil industry in Iraq, and create a new situation for cooperation in the field of oil and gas between China and Iraq in a way that achieves the common interests of both parties. "Futureful results have been achieved thanks to the joint efforts made by both parties, and we are proud today to announce the signing of a bilateral seismic survey services contract for the land part of the patch with the Oil Exploration Company, and SINOOC announces its readiness to deal with all difficult situations in cooperation with the The Ministry of Oil, Maysan Oil Company and all partners.

It is noteworthy that the joint research agreement for the Gulf region was signed in 2019 and included conducting exploratory operations for the land and sea parts, where the land part is 120 km² and the marine part is 530 km². This contract comes as a prelude to the comprehensive development operations of the onshore and offshore part of the offshore patch, which the Ministry aims to maximize oil and gas reserves.  LINK

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

Samson:  Al-Sudani: Our government's program has made poverty alleviation a priority

10/17/2022 13:42:11

 Prime Minister-designate Muhammad Shia Al-Sudani announced today, Monday, that his government program has put poverty alleviation as a priority.

  Al-Sudani said, on his Twitter page: "On the International Day for the Eradication of Poverty, it is necessary to draw attention to the high rate of poverty in Iraq. We would like to emphasize that our government's program has made poverty alleviation a priority, in addition to improving health, education and housing services for these groups." poor.”

The head of the National State Forces Alliance, Mr. Al-Hakim, called on the government and parliament to launch scientific programs that advance the service reality in the poorest areas of Iraq. LINK

~~~~~~~~~~~~~~~  

MilitiaMan:  Poverty is a part of the US Chamber of Commerce's Mission Statement. Well getting the HCL / Via Purchase Power will help alleviate that quickly.. imo We have been seeing a lot about these meetings in Washington DC this last week and today is adding to the list of support that Iraq is going international. Lets keep an eye out for the WTO and see if they are still pushing for Iraq to be international and, "As soon as possible".. imo  ~ MM

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

"Globally, American companies will continue to compete and lead the world through our work ethic, entrepreneurial spirit, respect for the rule of law, modern workforce, access to capital, and commitment to free markets—all of which are built into the culture of American Democracy. Strong U.S. engagement in markets around the world through trade will be essential to our own long-term growth and global stability. And the leadership and partnership of the American business community will be needed to seize major opportunities for global progress, from distributing vaccines worldwide and addressing climate change to solving food scarcity and lifting people out of poverty."

https://www.uschamber.com/small-business/enduring-mission-and-vision-the-future

~~~~~~~~~~

The World Bank and the American Chamber of Commerce are discussing the electronic payment file in Iraq

17th October, 2022

Today, Monday, a delegation from the World Bank discussed with the American Chamber of Commerce the electronic payment file, while indicating efforts to develop it.

A source I followed (Al-Oula News) said, "The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, participated in the annual meetings held by the International Monetary Fund and the World Bank in the American capital, Washington."

He added, "A delegation from the World Bank discussed with some officials of the International Monetary Fund, ways to cooperate with Iraq, and to provide the necessary support for the development of various economic sectors, especially the banking sector."

He continued, "The delegation discussed with the American Chamber of Commerce and a number of American companies the electronic payment file in Iraq, and the efforts of the Central Bank to develop it, which contributes to increasing the rate of financial inclusion."  LINK

Samson:  Civil Aviation: Iraq will soon be free from international sanctions

17th October, 2022

Today, Monday, the Civil Aviation Authority announced that Iraq will soon be free of international sanctions

A spokesman for the Civil Aviation Authority, Jihad Al-Diwan, told the official news agency, "Iraq is among the five countries that have not passed the ICAO Global Safety Oversight Audit Program, known as (USOAP)," noting that "the Civil Aviation Authority is working to pass the test that is on the several stages

He pointed out that "during 2019, Iraq reached the rate of passing about 75% of the testing and auditing," stressing that "Iraq will pass the remaining percentage in the near future to get out of international sanctions

And the Ministry of Transport announced, earlier, that Iraq had taken action to complete the requirements for lifting the European ban on airlines   LINK

Humble1:  A definite move in the right direction IMO

MilitiaMan Sunday Afternoon "It Is Definitely Underway" 10-16-2022

KTFA:

The Central Bank of Iraq participates in the annual meetings of the International Monetary Fund and the World Bank  LINK

MilitiaMan:  There is a 15 page pdf file on this subject out from the CBI in Arabic. It goes into detail for letters for credit and guarantees. All of it on and about their electronic platform.. They are readying to get this country into an international environment for trade.

The likes of the World Bank, International Monetary Fund, US Treasury, American Chamber of Commerce, etc.. of late are all about moving forward and apparently finalizing necessary formalities. The document is instructions on the implementation and rules of the platform, letters of bank credits and guarantees.

All items are looking to be in place now or at least well underway.. A good thing.. imo ~ MM

KandG:  Thanks MM - what are your thoughts about all of the instability that is now occurring based on multiple articles today.  Do we really think the CBI will act under these conditions. Seating a government and seating this train wreck are 2 separate things.  Will the CBI choose to ignore the politics which we have been taught - in order to releive the pressure of the UN, WB, etc - assuming their pressure is really being applied for the good of the Iraqi citizens ??  Inquiring minds would like to know your thoughts on these specific points.  IMO  

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

MilitiaMan: Just because one feels the circumstances are a "train wreck", may not be the case at all. Once the voted the president and then the PM we watch for a seated cabinet.. There is nothing to say that is not underway nor going to be postponed. They gave a within time frame. The authority on the matter has not spoken to a date specific. A deputy apparently has stated end of next week.

As I pointed out today, they are in consistent with news and likely on purpose to keep things specific to be on the backfoot if you will. Something Dr Shabibi told us would happen at the end.

Kuwait had no running water nor electricity when they RI'd. They have a President and a PM working to sort the cabinet while today there is a new Finance Minister in her office while the deputy is in WDC with the World Bank, IMF, UST, US Chamber of Commerce...

The CBI is independent don't forget.. The meetings are all about electronic platforms and letters of credit and guarantees.

The meetings are likely final training on the new system.. They are not going to drop off a new electronic system and not train them on the rules and regulations and processes.. That would be like bringing a new MRI machine to a hospital and drop it off with out instructions.. lol

Getting the purchase power is all about the citizens. My contact source "a Doctor" from Iraq tells us that the citizens are happy and expectant of a rate change..

So, there are my thoughts.. I am in a good place as I understand it to be, it is not all about Iraq.. It is far bigger than that and it is definitely underway and we see evidence in the aforementioned articles too.  imo.. ~ MM

There is nothing politically incorrect about calling something a train wreck. Call it for what it is.. The thing that gets me is many do try and bring in links to support the good side of things and even the bad side of things.. I would bet if I were to go to articles and look for all the negative things that can be found in them and then focused in on them and put that negative focus into the forum, there would likely be mayhem. 

I can see where people see things after 10-15 years or more of things not having happened yet. There is laundry list of reasons why to that, that are very valid to support the why they haven't changed the exchange rate yet. For instance. ISIS, Spichter massacre, new electronic digital systems coming on line, political shifts, Iranian influence, Covid-19, Oil shocks, etc..

All of this things are in articles and support that what I am saying is and are very real. I get the frustration just as much as anyone, however, I get the positives too, and when we can clearly see the positives unfolding before us, it is surprising to me to see such  frustrations and the negativity. 

The atmosphere I see leads me stay with those items of positivity. This is not all about Iraq, but, it has an Iraq centric component to it be sure. Iraq is a very wealthy country and in the global scheme of things, she is a necessary component to help fix the financial system before us..

Iraq knows that they are a key player, not the only player. What we have witnessed from and by the pressures from the UN, IMF, WB, UST, etc.. are all focused on a legitimate government and reforms to be completed for the citizens and to interconnect with the international markets via electronic platforms.

True, there are many that don't want change.. Those that are a part of the cash cow of corruption know if they lose that? They likely will lose immunity from the circumstances they see before themselves. That is likely t obe  life threatening for some. Hence, the extreme push back to not get reforms done..

With what we see with the push now to get the GOI off and running is a very good sign that should actually be a breathe of fresh air. Even with the Coordination Frame work influence. Sadr has told the UN and the Frame work that corruption  is on watch for the next six months.. The man may have not taken a seat that helm in the GOI, but, he can easily throw cross currents in the millions of supporters on the street and quickly. We can see that there is a peaceful side to the street now, thus likely what Sadr did was not a mistake, but a tactical move that was agreed upon by the whole.. 

Global expectation is very high for Iraq and the world to interlink with electronic trade on platforms.. That will take an international Article 8 compliant currency.. That is what the world expects and likely to have been the focus of the past few days in DC... Follow the money... There is going to be much afloat here on out.. imo  ~ MM

"Iraq's Trillion's in Dinar Tax Theft" News posted by Samson at KTFA 10-16-2022

KTFA:

Samson:  Integrity clarifies the circumstances regarding the theft of 3.7 trillion dinars

16th October, 2022

The Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than (3.7) trillion Iraqi dinars from the General Tax Authority, and the publication of a book by the Ministry of Finance entitled to the authority.

The authority, while talking about the book circulated by some media and social networking sites and issued by the Ministry of Finance entitled the Integrity Commission, stated that the authority confirms that the case has been investigated and is now before the judiciary, and it will accompany the information contained in the Ministry of Finance’s book after it is organized according to Minutes with investigative papers and deposited with the judiciary; for the latter to issue the appropriate decisions against the defaulters.

She added that the judiciary had previously issued summon orders against senior officials in the ministry regarding the loopholes that led to this major breach and the terrible abuse of public money, pointing out that the letter of the Ministry of Finance, which the authority was surprised to see leaked to the media, reached the authority at the end of the official working day on Thursday, corresponding to the third The tenth of this October, calling on the ministry to investigate the leakage of its book entitled to the commission.

The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars.  LINK

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

Samson:  Human Rights Center: The amount that was stolen from the secretariats of the Tax Authority will build 4,000 schools

16th October, 2022

The Vice President of the Strategic Center for Human Rights in Iraq, Lawyer Hazem Al-Rudaini, revealed that the sum of the two and a half billion dollars that was stolen from the General Authority for Taxes’ trust account in the Rafidain Bank is enough to build 4,000 modern schools

Al-Rudaini said in a statement, “The Iraqi citizen is beginning to not comprehend the amount of thefts that are taking place in the country,” noting that “if these numbers are converted into services, this amount is sufficient to build four thousand modern schools, or build forty thousand apartments that match Samaya’s apartments, or build a power station that suffices.” To equip three governorates instead of importing them from neighboring countries, or to pay the salaries of all employees, retirees and the social protection network for a whole month

He called on the Supreme Judicial Council, the government and the Integrity Commission to "swiftly take legal measures against everyone involved in stealing this huge amount and to preserve public money, and we demand that all measures be announced publicly  LINK

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

Expert: The stolen amount represents the tax authority's revenue for 10 years

16th October, 2022

A professor of economics at Basra University, Nabil Al-Marsoumi, confirmed on Sunday that the stolen money from the Tax Authority is equivalent to the authority's revenues for 10 years, and is also equivalent to half of Syria's budget

A few days after the resignation of the technical finance minister, financial and banking specialist, professor at Harvard University, and expert in the World Bank, this man filled Iraq with his white paper and occupied the Iraqis a lot by devaluing the Iraqi dinar exchange rate while trying to reform the Iraqi economy at a time when he was unable to reform his ministry, which it has become the source of corruption in Iraq

Al-Marsoumi said in a post on his Facebook page that “the Minister of Oil, who performed the duties of the Minister of Finance, was not well versed or expert in the world of finance and banking, but he discovered the largest theft in the history of Iraq, worth 3.7 trillion dinars from the trust account of the Tax Authority in the Rafidain Bank by editing 247 checks to five Contracting and oil services companies from September 2021 to August 2022, through which this large amount of money was delegated from the account of the General Authority for Taxes to these companies

He added, "The strange thing in the matter is the short period of time during which the amounts were transferred to these companies, which amounted to only 11 months, in addition to the fact that whoever discovered corruption was exempted by Parliament from the duties of the Deputy Minister of Finance, and that the one who signed the book proving the existence of this theft He was the Director General of the Legal Department of the Ministry of Finance, and he was not from a high-level group or any of the specialized financial and banking cadres in the Ministry of Finance

He explained that "the large size of the stolen or wasted amount, which may represent tax revenues for 10 years, which is equivalent to approximately half of Syria's budget for 2022, puts us in front of several possibilities.

The second is that the amount was invested by the five companies in collusion with some employees of the Tax Authority and the Rafidain Bank. The third is that we are in front of an Indian movie that we have not seen before, and politics may play a major role in this scandal, which will enter the Guinness Book of Records   LINK

Samson:  Against the background of the theft of 3.5 trillion .. the judiciary issues an order to stop the disbursement of tax deposits

16th October, 2022

On Sunday, the Iraqi judiciary issued an order to stop the disbursement of tax deposits by the Ministry of Finance, against the background of the theft of 3.7 trillion dinars.

According to a document issued by the Presidency of the Baghdad / Al-Karkh Appeal Court, the second Karkh Investigation Court, dated August 21, seen by Shafak News Agency, the court informed the Office of the Minister of Finance to stop disbursing customs and tax deposits. She indicated that this matter came until the completion of the investigations and fundamental scrutiny of the case.

Earlier today, the Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than 3.7 trillion Iraqi dinars from the General Tax Authority.

The commission indicated that the case was investigated and is now before the judiciary. It will accompany the information contained in the Ministry of Finance’s book after organizing it according to minutes with the investigative papers and depositing it with the judiciary. For the latter to issue the appropriate decisions against the defaulters.

 She added that the judiciary had previously issued summoning orders against senior officials in the ministry regarding the loopholes that led to this major breach and the outrageous abuse of public money.

Representatives and officials had previously revealed an estimated 3.7 trillion Iraqi dinars theft from the General Tax Authority, and investigative committees were formed, in turn, confirming the theft. LINK

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

Samson: The presidency of the Iraqi parliament vows to hold accountable those involved in the theft of two and a half billion dollars

16th October, 2022

Mohsen Al-Mandalawi, the first deputy speaker of the Iraqi parliament, vowed on Sunday to hold accountable those involved in stealing two and a half billion dollars in tax funds in Al-Rafidain Bank.

Al-Mandalawi said in a tweet on the social networking sites “Twitter” today, that what happened from the “looting” of the funds of the General Tax Authority, and the withdrawal of (2.5) billion dollars from the Rafidain Bank, will not pass easily. He pointed out that there is an upcoming account for all those involved in the process that is intended to demolish the state, destroy its economy and spread chaos, stressing that the House of Representatives will have a strict stance in the coming days.

For its part, the Parliamentary Integrity Committee announced that it had followed up the reports received about the process of losing an amount of 3.7 trillion Iraqi dinars from the General Tax Authority's trust account in the Rafidain Bank.

Committee member Vian Dakhil said in a statement today, that the committee will hold an extraordinary and urgent meeting, in which it will summon the Acting Minister of Finance, exempted Ihsan Abdul-Jabbar, Deputy Minister of Finance and General Director of the Tax Authority, the former and current, and the general manager of Rafidain Bank, as well as hosting the head of the Integrity Commission and the authorities.

All concerned and responsible, in order to verify the reasons for the loss of this huge amount. She noted that the committee will announce the results of summoning and hosting to public opinion immediately after the meeting, and will continue to monitor all investigation procedures.

On Saturday, Acting Finance Minister Ihsan Abdul-Jabbar announced the theft of an estimated two and a half billion dollars in tax funds from the Rafidain State Bank. Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance." He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."

Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media." The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money."

Last Tuesday, the House of Representatives voted to terminate the assignment of Ihsan Abdul-Jabbar, Minister of Oil, from the position of Minister of Finance/Agency.

In mid-August, the Iraqi Prime Minister, Mustafa Al-Kazemi, assigned Oil Minister Ihsan Abdul-Jabbar with the tasks of managing the Ministry of Finance as an agency. The decision to assign came after the approval of the resignation of Finance Minister Aslah Ali Abdul Amir Allawi.

Yesterday, the head of the Turkmen Front, Hassan Turan, announced the assignment of a woman to the component as the acting Iraqi Minister of Finance, instead of Ihsan Abdul-Jabbar, who occupies this position as acting in addition to being the original Minister of Oil. "We congratulate Tasnam, the first Turkmen woman of a sovereign ministry," Turan said in a brief statement. He added, "Ms. Hiyam Neama Koberlo is the Acting Minister of Finance."

It is noteworthy that the Parliamentary Integrity Commission has attached its statement with documents confirming the theft of an amount of two and a half billion dollars. Shafak News Agency, published by my agencies:  LINK

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

Samson:  Al-Rafidain Bank distances itself from the issue of stealing billions of dinars from the tax account

16th October, 2022

On Sunday, Al-Rafidain State Bank distanced itself from stealing more than 3 trillion Iraqi dinars from the account of its General Tax Authority.

In a statement received by Shafaq News Agency, the bank's media office confirmed, in response to what is being circulated regarding the theft of sums of money from the account of the General Tax Authority in Rafidain Bank, that it "has nothing to do with any manipulation or theft that is being talked about, and that his task was limited to disbursing the bonds of the General Tax Authority from its branches after verifying the validity of their issuance in official letters between the bank and the authority. He explained that "what is being talked about recently is an issue related to the General Authority for Taxes and their bank accounts."

Al-Rafidain Bank stressed, "not to steal any sums of money from its branches, and indicates that it is committed to the mechanisms related to the anti-money laundering and terrorist financing law, and that the whole issue is being examined by the judiciary, and that the bank continues to cooperate with the competent authorities to reveal the facts."

The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars.

Prime Minister-designate Muhammad Shiaa al-Sudani commented on the incident and said, "We will never hesitate to take real measures to curb corruption, which has brazenly spread in the joints of the state and its institutions." ? He continued, "We have put this file in the first priority of our program, and we will not allow the Iraqis' money to be stolen, as happened with the funds of the General Tax Authority's trusts in the Rafidain Bank."

Today, Sunday, an Iraqi lawyer submitted a request to the Public Prosecution Authority to prevent the travel of Prime Minister Mustafa Al-Kazemi and his government team outside the country until the completion of the investigation procedures on charges of financial and administrative corruption. LINK

KTFA Members "News and Views" Saturday 10-15-2022

KTFA:

Samson:  Iraq tops the list of Arab countries with economic growth for 2022

12th October, 2022

Iraq is heading towards achieving the highest economic growth rate among the Arab countries for the year 2022 by 9.3%, and half a percentage point higher than the expectations of April, taking advantage of the rise in oil prices

This came according to a report issued by the International Monetary Fund for the month of October, which was reviewed by "Al-Iqtisad News", and it was titled "Global Economic Prospects"

According to the fund's report, it estimates the average price of a barrel of oil at $98 this year, to drop to $85.5 next year 2023

The report indicated that Kuwait comes in second place with growth this year, which will reach 8.7%, followed by Saudi Arabia third with 7.6% growth, then Egypt comes fourth with 6.6% growth, then the UAE 5.1%, Algeria 4.7%, Oman 4.4%, Palestine 4% and each of Qatar and Bahrain with a growth of 3.4%

The report expected that Jordan would reach 2.4%, then Tunisia 2.2%, then Yemen 2%, and Morocco 0.8%, while growth in Sudan would decline by 0.3%  LINK

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

Samson:  Discovery of new oil and gas fields in western Anbar

14th October, 2022

The director of the Jubbah Municipality Department in Anbar Governorate, Qatar Al-Obaidi, announced on Friday the discovery of new oil and gas fields not indicated by the Ministry of Oil in the western Anbar desert regions.

Al-Obaidi said in a statement to the "Information" agency, "The Oil Exploration Company of the Ministry of Oil conducted exploration operations targeting the desert of Hit district, west of Anbar, which resulted in the discovery of new oil and gas fields that are not listed by the Ministry of Oil.

These fields contain large quantities of oil derivatives, minerals and phosphates." The targeted areas are still subject to exploration operations, according to indications that these areas are floating on large quantities of oil and gas fields."

He added, "The discovered fields contain billions of cubic meters of oil and gas, noting that" exploration operations are still going on, and it is hoped that the results of exploration in those areas will be announced within the next few days."

 He pointed out that "the security forces have completely secured all the areas where excavations are being conducted, in addition to the explosives handling teams neutralizing the remnants of the ISIS terrorist."

It is noteworthy that a short time ago, the Ministry of Oil sent new seismic teams to the western regions to conduct exploration operations for oil and gas fields.  LINK

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

Samson:  The Central Bank: The inflation rate is controlled and we are not thinking about changing the exchange rate

15th October, 2022

The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the exchange rate of the Iraqi dinar

Khalaf said, in an interview with the Kurdish media network "Rudaw", on the sidelines of the IMF and World Bank meetings in Washington, which he described as "the mission", that "there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy

He added, "The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and the governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important." To continue communicating with international organizations and exchanging experiences

He added, "Iraq's foreign reserves are more than 80 billion dollars, and the credit for this increase is due to the rise in global oil prices," stressing, "there is no thought or desire to change the exchange rate, especially in light of the current circumstances and the high prices of oil and foreign reserves, there is no reason to think about changing the exchange rate of the Iraqi dinar

He explained that "the introduction of more dollars in the markets depends on the demand from banks and traders, and the sales of the window have been stable for a while," noting that "the inflation rate in Iraq is now around 6%, and it is controlled, especially because of the stability of the exchange rate in the local markets, which is controlled." by the Central Bank of Iraq

And regarding the opening of branches for Rafidain and Al-Rasheed banks in the Kurdistan region, Khalaf explained that "these are important Iraqi banks owned by the Iraqi government, which constitutes 80% of the banking sector, and there are serious attempts to reform these banks, to play their traditional and important role in the Iraqi economy  LINK

~~~~~~~~~~  

KandG:  Typical Iraq - the new Admin comes out of the gate talking about a new exchange rate and here comes the Central Bank.  Kuwait did the same thing and changed it the next day I believe - according to our study, if correct - it is already changed and just needs to be published - We wait – IMO

GMan:  No need to change it. Just release the R.E.E.R ( real effective exchange rate) ... for sure certain

KandG:  I hear you - I will take a REER and go on about my business also

Harvestor:  Boom!  There is an “explosion” taking place in Iraq!  It will be heard around the world by all of us investors! What an explosion of new articles!  I can imagine the dancing for joy in the streets by the citizens.  In fact, didn’t Eddie say his banker told him, “the rate will change after the seating of the Gov.”?  I bet he is excited now.  Looking forward to Franks you be tube Monday.

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

Samson:  Iraq and the Philippines discuss signing a number of agreements and memoranda of understanding, foremost of which is the Agreement on Avoidance of Double Taxation

13th October, 2022

Iraq and the Philippines discussed signing a number of agreements and memoranda of understanding, foremost of which is the agreement to avoid double taxation.

A statement by the Ministry of Foreign Affairs stated that the Chargé d'Affairs for Iraq in Manila, Bashar Saleh Ibrahim, met the Philippine Assistant Foreign Minister for Middle East and African Affairs, Alfonso Ferdinand Feer, and discussed with him a number of issues and files of common interest, as well as ways to enhance bilateral relations between the two friendly countries. By signing a number of agreements and memoranda of understanding, foremost of which is the agreement to “avoid double taxation and prevent tax evasion,” which would positively affect economic and trade growth between the two countries and how to activate it, in addition to the file of Filipino workers in Iraq.”

For his part, the Philippine Assistant Foreign Minister confirmed that he will communicate with the competent authorities in the Philippine government and coordinate with them to activate the files that have been touched upon, and inform the Iraqi side.   LINK

Samson:  Integrity: The former head of the Salah al-Din Council received 8 billion dinars and did not distribute it 

12th October, 2022

\On Wednesday, the Federal Integrity Commission announced the issuance of a summons order against the former head of Salah El-Din Provincial Council; For deliberately causing damage to the funds and interests of the entity in which he works or is connected by virtue of his position or “the money of the persons entrusted to him.

”The authority said in a statement, “The Rusafa Investigation Court, which is specialized in integrity issues, decided to bring in the former head of the Salah al-Din Governorate Council; In the case related to receiving an amount of (8,209,185,500) billion dinars under the rewards item during the years (2014-2018) without distributing them among those who are entitled to it.”

The commission added, “The Rusafa Investigation Court specialized in integrity issues in Baghdad issued the recruitment order, in accordance with the provisions of Article (340). ) of the Penal Code.   LINK

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

Samson:  The Iraqi parliament begins the procedures for referring Al-Najjar to integrity 

15th October, 2022

The Integrity and Investment Committees in the Iraqi parliament began collecting signatures today, Saturday, to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar.

Member of the Integrity Committee, Representative Hadi Al-Salami, said, in a statement received by Shafaq News Agency, that he and MP Hassan Al-Khafaji, a member of the Investment Committee, started collecting signatures to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar, due to suspicions of corruption, waste of public money and illegitimate gain, indicating that it was so far, 75 signatures have been collected. 

According to Al-Salami, the two deputies confirmed that the file was referred to the Integrity Commission and the Integrity Investigation Courts to resolve corruption cases.

Earlier, on Wednesday, First Deputy Speaker of Parliament Mohsen Al-Mandalawi had directed the formation of a fact-finding committee against the Investment Authority, describing the corruption in the commission as "unparalleled."

This coincides with a protest demonstration organized by the residents of the Basmaya housing complex in Baghdad, in protest against the policy of the Investment Authority, which prompted the Korean "Hanwha" company to withdraw from the completion of the complex project, which is the first and best housing project in Iraq, and work began in 2012.   LINK

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

Samson:  Abdul-Jabbar reveals theft of more than two billion dollars after leaving the position of Acting Minister of Finance

15th October, 2022

Acting Minister of Finance Ihsan Abdul-Jabbar announced, on Saturday, the theft of an estimated two and a half billion dollars in tax funds in the Rafidain Governmental Bank

Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance."

He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."

Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media."

The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money."  LINK

MilitiaMan Friday PM "The Opportunity is Now and it's a Golden One" 10-14-2022

KTFA:

Clare:  Blackshart to Al-Sudani: We expect the government program to address a long list of urgent issues     10/14/2022    LINK

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

Clare: The United Nations: Assigning Al-Sudani to form a government paves the way for addressing Iraqi issues

Friday 14 October 2022 

 - The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed that assigning candidate Muhammad Shia Al-Sudani to form the new government paves the way for addressing urgent and outstanding issues in Iraq.

"On behalf of the United Nations Assistance Mission for Iraq, I would like to extend my sincere congratulations to you on the occasion of your assignment as Prime Minister of the Republic of Iraq," Plasschaert said, in a press statement today, Friday.

She added, "We hope and expect that the formation of the government will pave the way for a government program that addresses Iraq's long list of urgent and pending issues and meets the needs of the Iraqi people." / 

 ~~~~~~~~~~~~~~ 

MilitiaMan:  The language that is used is strong. The UN now expects the plan to take shape and it is an urgent matter.

I am sure the pending issues for the people is Exchange Rate related.

The opportunity is now and it is a golden one. Now that the UN doesn't have to put Iraq back into the stone age again (Chapter 7) we are likely to see results from the new government as planned and is expected. There are billions of dollars of contracts outstanding and on the table. Total, is one of them in the tune of $27 Billion alone..

The new government spoke directly about announcing his cabinet within two weeks and address the exchange rate.

The man has hit the pavement out of the the gate..  The UN is likely to have had a word with him, as would the Ambassadors of the USA, Canada, Japan, Norway, Europe, etc..

All currencies have been under extreme pressure lately and the meetings in Baghdad the other day must have been an event of all events.

The immediate rate at which the new PM spoke is very telling and supports the idea his collar was tapped.. lol Sadr gave him six months leeway is keen focus too..

His eyes are all about the people and now the 15 days has been reduced to ten days and reflective of the above and all about the people. More meetings on the Cabinet today, as well.

Pompey Peter says hello and so does Petra, they are also happy campers... lol ~  imo ~ MM

==============================

Economist: The new government has a golden opportunity to reduce the dollar exchange rate

Information / Baghdad...

The economic affairs specialist, Muhammad Al-Saadi, confirmed that the new government has a golden opportunity to reduce the exchange rate of the dollar in the local markets and raise the value of the Iraqi dinar, pointing out that all conditions are prepared for this measure.

Al-Saadi told "The Information", "Iraq has achieved a great financial abundance after the significant rise in international oil prices, which raised the central bank's reserves to more than 80 billion dollars."

He added, "The increase in oil prices and cash reserves will enable the new government to gradually reduce the dollar exchange rate during the next stage, as this is considered one of the first decisions that can serve the people."

And he indicated that "there is an appropriate ground to attract foreign investments to establish oil refineries in the governorates and work on the export of derivatives and thus return to the country with large revenues, as well as achieving self-sufficiency in derivatives, and in sum, the government's high exchange rate achieved can be achieved through other doors." LINK

=========================

A member of Fatah: Al-Sudani will announce his booth within two weeks and reduce the dollar exchange

10/13/2022 

 Ali Al-Fatlawi said; For the program “Al-Mastra” broadcast by Al-Furat satellite channel tonight, it said: “We have now begun a stage of balance and true partnership, and an exploitation of time that surprised the coordinating framework and the forces with it to assign the Sudanese at the same time as the election of the President of the Republic.”

He added, "The Sudanese is serious about supporting the prestige and sovereignty of Iraq, and the economy is at the forefront of the files that he will care about and will work to gradually reduce the price of the dollar. The framework supports it in 3 files of economy, service and politics, and he will present his expected government within two weeks."

Al-Fatlawi pointed out, "Al-Sawadni's ability to take control of matters and the framework has confidence in crossing the country to safety. As for the talk about changing security leadership positions, it is a fantasy, and we cannot speculate, and the whole issue is entrusted to the prime minister, who will also choose the ministers nominated by the political forces."  

Commenting on the difference in the framework on Abdul Latif Rashid and Barham, Al-Fatlawi explained, "The difference was positive, as it led to the withdrawal of the Democratic candidate from the competition for the position of president, and the political process needs flexibility to end the blockage."  

He concluded by saying, "The National Union is a key element in the coalition of state administration, and Paval Talabani is a key partner for the framework that cannot be abandoned, and all the demands that fall within the constitution will be resolved."

The House of Representatives, in its session today, Thursday, elected Abdul Latif Rashid (of Kurdish nationalism) as President of the Republic after two rounds of secret ballots in front of his rival, former President Barham Salih, and the first won by 162 votes against 99 votes for the latter.

Today, the elected President of the Republic, Abdul Latif Rashid, commissioned the candidate of the most numerous parliamentary bloc (the Coordinating Framework) MP Muhammad Shia Al-Sudani to form the government.    LINK  

Some "Tuesday News" Posted by Samson at KTFA 10-11-2022

KTFA:

Samson:  Parliamentary Investment: Iraq has a financial abundance of more than 86 billion dollars

11th October, 2022

The Parliamentary Investment and Development Committee considered that Iraq, "for the first time since the establishment of the Iraqi state," has so far had an abundance of money that neighboring countries do not possess

Committee member Hussein Al-Sabri said, "Iraq has a financial abundance of more than 86 billion dollars and does not need aid, and thus Iraq's economic strength has become very large, as Iraq, for the first time since the establishment of the Iraqi state until now, has financial abundance that neighboring countries do not possess, they are all negative and have economic problems, as do European countries

In his speech to the official Al-Sabah newspaper, Al-Sabri continued, "Iraq lacks a strong government, if it existed, there would have been a boom in its economy," expressing his hope that "a government with full powers will be formed and bring people who are interested in serving the citizen  LINK

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

Samson:  The Iraqi parliament sets a session to elect the president of the republic

11th October, 2022

The House of Representatives has set a session the day after tomorrow, Thursday, to elect the new President of the Republic of Iraq in light of the intensification of differences over this position by the two main Kurdish parties (the Kurdistan Democratic Party and the Patriotic Union of Kurdistan).

Parliament Speaker Muhammad al-Halbousi announced in a statement today, that the session will be held on Thursday, October 13, and the agenda will consist of one paragraph, which is the election of the President of the Republic.   LINK

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

Samson:  Ihsan Al-Shammari : Barham Salih is the most likely to be elected President of the Republic

11th October, 2022

Head of the Center for Political Thinking, Ihsan Al-Shammari, confirmed: that the candidate of the Patriotic Union of Kurdistan for the post of President of the Republic, Barham Salih, is the most likely to renew his selection as President of the Republic.

He told the National Iraqi News Agency ( NINA ): The lack of agreement is not related to eligibility, despite the existence of a prior agreement that the position of the President of the Republic belongs to the Patriotic Union's share, but the Kurdistan Democratic Party turned against this agreement and constituted a provocative factor for the Union, which firmly stuck to this position.

Al-Shammari added: The chances of Barham Salih are more for his support for reforming the political process and for setting a solution to the crises, and the Democratic Party should not antagonize Barham Salih because it will cost him a lot.  LINK

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

Samson:  The Center for Banking Studies signs a memorandum of cooperation with its Egyptian counterpart

11th October, 2022

Yesterday, Monday, the Center for Banking Studies at the Central Bank of Iraq signed a memorandum of cooperation with the Banking Training Institute at the Central Bank of Egypt.
 
The memorandum aims to enhance cooperation in the field of training and development of human resources and workers in the banking sector in the two countries, as well as the exchange of experiences and studies between the two sides, especially in modern fields.
 
The signing of the memorandum of cooperation comes as one of the results of the visit paid by His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mikhib, to the Republic of Egypt earlier this year. The memorandum was signed on the website of the Egyptian Banking Training Institute in Cairo, Director General of the Center for Banking Studies at the Central Bank of Iraq and Director General of the Egyptian Banking Training Institute.

It is noteworthy that the Center for Banking Studies signed a number of agreements with local and international training centers, as part of its endeavor to enhance the training courses it provides to workers in the Iraqi banking sector annually.

Central Bank of Iraq
Media Office 
11-October – 2022  LINK

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

Samson:  With the participation of Iraq, the international exhibition for national security and risk prevention was launched in Abu Dhabi

11th October, 2022

The activities of the seventh edition of the International Exhibition for National Security and Resilience "ISNR Abu Dhabi 2022", organized by ADNEC Group in cooperation with the Ministry of Interior, and in strategic partnership with the General Command of Abu Dhabi Police, kicked off today, with a high-level international presence, and the participation of a prominent group of Major national, regional and global companies specialized in the field of national and cyber security.

This year, the exhibition attracts 120 official delegations from all over the world, an increase of 20% compared to the previous edition, including delegations from Saudi Arabia, Iraq, Bahrain, Singapore, Egypt, Greece, Italy and Ethiopia, in addition to a delegation from Interpol.

The exhibition, which runs until October 12, has wide local, regional and country participation, as the number of exhibiting companies in this year's edition increased by 121% over the previous session, and the space allocated for displays increased by 15% compared to the previous edition of the exhibition in 2018. The number of participating countries increased 120% to 33 countries, and the percentage of new companies participating for the first time in this edition reached 8%, and the percentage of national exhibiting companies reached 34% of the total number of companies.  LINK

Samson:  Integrity arrests six suspects, including the director of the tax department in Baquba, red-handed with "bribery"

10th October, 2022

The Federal Integrity Commission announced Monday, the arrest of a director accused of bribery, the head and members of a procurement committee; For harming public money, in two districts in Diyala Governorate.

In a statement received by Shafaq News Agency, the commission's investigation department said that "the staff of the Diyala investigation office moved to the General Authority for Taxes in the province, and it was able to arrest the director of the tax department in Baquba red-handed, red-handed," pointing out that "the accused received the bribe, in exchange for conducting a transaction. Tax accounting for an auditor.

The department added that "the office's staff carried out two separate operations in the Diyala Electricity Distribution Directorate." The department explained that "the origin of the exchange transaction that led to damage to public money was seized, pointing out that the amount of damage amounted to (62,359,570) dinars."

The department pointed out that "the other operation, which was carried out by the office's staff, who moved to the Diyala Electricity Distribution Directorate, during which the owner of an electrical materials company was arrested in possession of exchange transactions belonging to an electricity maintenance center in Canaan district, as well as seals, receipts and purchase books for various offices."

And the department indicated that "three arrest warrants for operations were organized, and they were presented, along with the criminal features and (6) accused, who were arrested, to the judge of the Integrity Investigation Court in Baquba, who decided to arrest them in accordance with the provisions of Articles (307 and 340) of the Penal Code."  LINK

KTFA Monday Night CC "CBI Opening Banks Around The World" 10-10-2022

KTFA

Monday Night KTFA CC with Frank26

10-10-22…….CBI OPENING BANKS AROUND THE WORLD

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

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

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

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

https://www.youtube.com/watch?v=MpAw-cYirvc

Some "Monday News" Posted by Samson at KTFA 10-10-2022

KTFA:

Samson:  Al-Mandalawi: A request signed by 170 deputies to hold a session to elect the President of the Republic next Wednesday

10/10/2022 15:06:13

 First Deputy Speaker of Parliament Mohsen Al-Mandalawi revealed today, Monday, that he had received a request signed by 170 deputies to hold a session to elect the president of the republic.

 A parliamentary source told Al-Furat News: "Al-Mandalawi received a request signed by 170 deputies to hold a session to elect the president of the republic next Wednesday." 

He added, "Al-Mandlawi promised that the request would be discussed and decided upon by the parliament's presidency."    LINK

Samson:  A request signed by 170 deputies to elect the President of the Republic in Wednesday's session

10th October, 2022

The deputy of the Coordination Framework, Ibtisam Al-Hilali, announced on Monday that he had submitted a request signed by 170 deputies to hold the presidential election session next Wednesday.

Al-Hilali told Shafaq News Agency, "Members of Parliament and from different political blocs collected more than 170 signatures to hold a session on Wednesday to elect the President of the Republic," explaining that "the request was submitted during today's session to the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi."

She explained that "Al-Mandlawi will meet this evening with Parliament Speaker Muhammad al-Halbousi to discuss and consider the request, and in the event the parliament's presidency approves, Wednesday's session will be dedicated to electing the president of the republic."

In this context, the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, noted, according to a statement by the Media Department of the House of Representatives received by Shafak News Agency, to submit a request signed by 170 deputies to hold a session to elect the President of the Republic next Wednesday, noting that "the Presidency of the Council will discuss the request and decide on it." LINK

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

Zeeman:  its been a one year delta since the (Iraqi) elections, i would like to thank malaki his party the federal court and iran for doing a bang up job in preventing the gov from forming.besides the above you have the corrupt  gov officials lining their pockets as well as the cbi whom has tripled their reserves since 2020 all at the expense of its citizens iimo even though its all fact

***********

Samson:  The United Nations Mission: The 2023 budget decision before the end of the year is urgent

10th October, 2022

Today, Monday, the United Nations mission called on the active actors in Iraq for dialogue and to meet the needs of the people.

The mission stated in a statement, "The Iraqis went to the polls a year ago in the hope of drawing a new future for their country, and the elections were held with great difficulty, which came as a result of popular pressure through protests that swept across the country, in which several hundred Iraqi youth were killed and thousands were injured." That "democratic practice was followed by divisive policies that generated general and bitter disappointment."

And she added, "Iraq does not have much time," noting that "the protracted crisis portends more instability and also threatens the livelihoods of citizens." And she stressed, "The adoption of the 2023 budget before the end of the year is urgent." 

And she continued, "Now is the time for the political class to take responsibility and match words with deeds," stressing that "all actors must engage in dialogue without preconditions and collectively agree on the main results by making concessions that reaffirm their stated goal, which is to meet the needs of the Iraqi people and the formation of a government with full and effective powers."  LINK

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

Samson:  The decline in oil prices .. and “Brent” crude recorded $ 97 a barrel

10/10/2022 08:28:48

 Oil prices fell, today, Monday, from their highest levels in five weeks, with the market reaping profits, following strong gains last week, amid expectations of tight supplies after the OPEC + decision to reduce production and before the European Union imposed a ban on Russian oil.

  Brent crude futures fell 81 cents, or 0.8%, to $97.11 a barrel by 0131 GMT, while US West Texas Intermediate crude recorded $91.88 a barrel, down 76 cents, or 0.8%, according to "Reuters". Both contracts touched their highest level since August 30 earlier in the session, but they lost their gains, and retreated with stocks in Asia amid thin trading with markets in Japan and South Korea closed due to public holidays. "Profit taking may be the main reason for pressure on oil prices today, after five days of gains last week," said Tina Teng, an analyst at CMC Markets.

The "OPEC +" production cuts, which come before the European Union's ban on Russian oil, will lead to a decline in supplies in a market that is already suffering from a tight supply. European Union sanctions on Russian crude and Russian oil products will enter into force in December and February, respectively.

Analysts at banks and brokerages raised their forecasts for crude oil prices, as they expect Brent crude to rise above $100 a barrel in the coming months. Teng said that the possible easing of the "Covid-19" restrictions imposed by the authorities in China in the last quarter and in 2023 may lead to a recovery in oil demand and allow for a further rise in its prices.   LINK

Samson:  Al-Sari: The amount lost in taxes has increased to two billion dollars, and the Finance has 7 days to answer or we will sue

10/10/2022 18:40:59

 The head of the State Forces Alliance bloc, MP Faleh Al-Sari, announced that the amount lost in the Tax Authority of the Ministry of Finance has increased to two billion dollars.

Al-Sari said in a press conference held at the parliament building today, Monday: “There is a loss of 800 million dollars from the General Authority for Taxes in the Ministry of Finance and committees that were formed for them. He added, "The amount has exceeded two billion dollars until this moment," calling on "the Ministry of Finance, the Judiciary, the Integrity Commission and the Public Prosecution to open an urgent investigation into the matter because the amount is constantly increasing."

And Al-Sari indicated that the origin of the amount is "the issuance of bonds for trusts deposited in the tax accounts in the Rafidain Bank, and these instruments are for large companies with amounts of up to 400 million dinars and up to 800 million in each instrument, and these amounts are aggregated."

He pointed out that "the response of the Ministry of Finance was not satisfactory and did not inform us of the entire issue, and we will give it 7 days. On the contrary, we will take measures in the judiciary, the Public Prosecution and the Integrity Commission." He stressed the existence of "waste and waste of public money in the most important department, such as taxes."

On September 26, the Minister of Oil {Finance Agency} Ihsan Abdul-Jabbar announced the embezzlement of $800 million that had been illegally withdrawn from the Rafidain Bank. Abdul-Jabbar said in a televised press statement: "At least 800 million dollars were illegally withdrawn from Al-Rafidain Bank in the Ministry of Finance, and there is a judicial investigation, and those responsible for this dangerous file have been dismissed."

He added, "The parties behind the embezzlement of this large amount will be revealed, and the Government Integrity Commission has launched an investigation into the embezzlement of this amount, which was illegally withdrawn from the Rafidain Bank."   LINK

Some "Vietnam News" Posted by Samson Friday PM 10-7-2022

KTFA:

Việt Nam's GDP projected at 7% in 2022: AMRO

7th October, 2022

The ASEAN+3 Macroeconomic Research Office (AMRO) has joined many international organisations in revising up Việt Nam’s GDP growth this year thanks to the country’s strong performance since early this year and success in containing inflation.

In its quarterly update of the ASEAN+3 Regional Economic Outlook released on Thursday, Việt Nam’s economy is projected to expand by 7 per cent in 2022, up from 6.5 per cent in its July forecast and making it the second-highest gainer in the region this year after Malaysia with expected growth of 7.3 per cent.

Việt Nam’s GDP will likely slow down in the next year to 6.5 per cent, topping the region and followed by the Philippines at 6.3 per cent.

AMRO’s forecast followed recent moves by Moody’s, the World Bank (WB), the International Monetary Fund (IMF) and the Singapore-based United Overseas Bank (UOB) which forecast Việt Nam’s 2022 GDP will reach between 7 per cent and 8.5 per cent. “Việt Nam is doing well,” said AMRO chief economist Hoe Ee Khor at the Thursday meeting.

Though attributing the high GDP growth partly to the low base from last year, Dr. Khor said the opening up of the economy, relaxation on pandemic control, increase in domestic demand, recovery in tourism and successful attraction of foreign direct investment (FDI) all contributed to Việt Nam’s quick recovery.

“On top of that, the Government’s policy is quite supportive this year. So, because of all these factors, we expect Việt Nam’s economy to grow strongly,” Khor said. However, Khor pointed out an external risk of import inflation coming from high oil prices. “I mentioned the Vietnamese Government has cut taxes to curb inflation, but that’s not sustainable or the switch you need to refer back to normal,” Khor said, adding the Government needs to start raising the policy rate to contain coming inflation.

For the first time in two years, the State Bank of Việt Nam (SBV) decided to raise its policy rates by one percentage point on September 23. SBV’s move was deemed inevitable as the FED has been raising interest rates, subsequently putting pressure on exchange rates.

Khor also endorsed the Vietnamese central bank’s move, emphasising Việt Nam’s economy is already recovering very strongly and there’s no need for monetary stimulus at this point in time. “The focus is shifting from supporting growth to containing inflation,” he said.

Việt Nam’s inflation is expected to reach 3.5 per cent this year and drop slightly to 3.3 per cent in 2023. This year, most countries are forecast to see their inflation surpass their targets but in the case of mainland China, Hong Kong and Việt Nam, the expected inflation by year-end will be under the ceiling target.

Regional outlook

For the regional outlook, AMRO revised downwards its short-term growth forecast for the ASEAN+3 region due to the continuing strict dynamic zero-COVID policy and real estate sector weakness in China and potential recessions in the United States and the euro area.

The ASEAN+3 region (ASEAN plus China, Japan and the Republic of Korea) is expected to grow by 3.7 per cent this year – down from the 4.3 per cent growth projected in the July forecast.

China’s growth was revised down to 3.8 per cent in 2022 from 4.8 per cent in the previous forecast. Japan and Korea’s GDP were projected at 1.6 per cent and 2.4 per cent, respectively.

The ASEAN region alone is slated to grow strongly by 5.3 per cent. The region’s inflation rate for 2022 is now projected to be 6.2 per cent – a full percentage point higher than previously forecast. Growth is expected to increase to 4.6 per cent in 2023 as China’s economy picks up, with inflation moderating to about 3.4 per cent.

The prolonged war in Ukraine is deepening Europe’s energy crisis, pushing it closer to recession. In the United States, aggressive monetary tightening to fight persistently high inflation is intensifying fears of a hard landing. “A simultaneous economic slowdown in the United States and euro area, in conjunction with tightening global financial conditions, would have negative spillover effects for the region through trade and financial channels,” Khor said.

In ASEAN+3, inflation is accelerating. Food and fuel prices remain elevated despite recent easing in key global commodity benchmarks. Subsidy cuts in some economies and depreciating currencies have also pushed prices higher. “Central banks in the region are raising policy interest rates to safeguard price stability and support their currencies. However, the pace of monetary tightening has generally been more measured and gradual than in the United States and the euro area,” Khor said.  LINK

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

Samson:  Symposium seeks to foster Vietnam-Korea  co-operation in digital banking

3rd October, 2022

Korea’s digital transformation policy and implications for Việt Nam, Việt Nam’s digital banking transformation policy, the importance of credit information system in digital transformation, the leap towards digitisation and the recent trend of digital banking and payments in Asia were discussed at a symposium in Hà Nội last week.

Organised by Shinhan Bank Vietnam to mark the 30th anniversary of Việt Nam - Korea diplomatic relations, the event discussed the vision for and direction of Việt Nam's digital bank, and sought to foster collaboration between the two countries in investment and development of a secure financial framework.

Attendees included senior officials from the State Bank of Vietnam, the prime minister's economic advisory group, the Korean embassy in Việt Nam, the Korean Financial Services Commission, the Korea Credit Information Service, Shinhan Bank Korea, Shinhan Bank Vietnam, Korean financial companies, and major local banks and fintech companies.

A spokesperson for Shinhan Bank Vietnam said: "This symposium is the driving force for Shinhan Bank to continue its efforts to promote effective digital bank development towards its objective of becoming a leading digital banking in Việt Nam by 2030’. “Furthermore, this is a valuable opportunity for our bank to promote and maintain sustainable financial cooperation between the two countries, contributing to Việt Nam's future socioeconomic growth.”

Shinhan Bank Vietnam established a ‘future bank group’ last May to strengthen internal digital capabilities and respond immediately to the rapidly changing digital financial environment. Since its inception, the future bank group has effectively promoted its capabilities by cooperating with digital enterprises in various industries to provide innovative, safe, and convenient digital banking services.

Its Mobile Banking SOL digital banking application had 800,000 users by the end of August 2022, a big achievement by the bank in its efforts to promote digital banking. LINK

Samson: Việt Nam retains positive economic outlook in short-term: World Bank

28th September, 2022

World Bank experts has forecast Việt Nam's economy to grow by 7.2 per cent in 2022, the highest growth rate among East Asian and Pacific economies. 

According to the East Asia and the Pacific (EAP) Economic Update October 2022 released on September 27, WB experts said the growth will be supported by a strong recovery in domestic demand and continued solid performance by export-oriented manufacturing. However, it would revert to normal rates over the medium-term, with 6.7 per cent for 2023 and 6.5 per cent for 2024.

Việt Nam's inflation rose to 3.1 per cent in July on grounds of higher transport costs, which increased by 15.2 per cent. It is projected to accelerate to 3.8 per cent in 2022 and 4.0 per cent in 2023 due to second-round effects of community price impacts.

Its public debt is estimated at 39.9 per cent of GDP in 2022 and 40.5 per cent for 2023, sustainable and well below the threshold of 60 per cent of GDP set by the National Assembly.

Its poverty is expected to decline from 3.7 per cent in 2021 to 3.3 per cent in 2022. The same goes for lower middle-income poverty, which would fall from 3.7 per cent to 3.4 per cent, before ending up at 3.1 per cent in 2023.

Its public expenditures are likely to speed up in the second half of the year, resulting in a fiscal deficit of 2.8 per cent of GDP in 2022. The deficit is projected to rise to 3.2 per cent next year as the implementation of the 2022-23 support programme picks up.

In the short term, given Việt Nam's ongoing economic recovery and well-controlled inflation, the current accommodative monetary policy remains appropriate whereas a more supportive fiscal policy would hedge against downside risks, including heightened financial risks.  However, if inflation overshoots 4.0 per cent and core inflation hikes up, Vietnamese authorities should consider recalibrating monetary and fiscal policies.

Notably, higher financial sector risks would require intensified prudential supervision, reporting and provisioning on NPLs, and improved corporate insolvency and banking sector resolution frameworks.

In the regional scale, three factors could be a hindrance to regional growth beyond the end of 2022, which are global deceleration, rising debt and policy distortions. The growth is projected to slow to 3.2 per cent this year and accelerate to 4.6 per cent in 2023.

The consumer price index has been on the rise in recent months but remained around target ranges in several major economies. Meanwhile, inflationary pressure is building rapidly in other countries, reflecting mounting energy and food prices, as well as idiosyncratic factors.

In most EAP countries, the rise in public debt during the pandemic was driven primarily by an increase in domestic debt. At the same time, private sector debt remains high, especially household debt in China, Malaysia and Thailand.

Poverty in the region is expected to fall thanks to continued recovery from the pandemic. The pace of poverty reduction returned to pre-pandemic levels in 2022 and the number of poor is projected to reach historic lows.   LINK