KTFA Monday Night CC "What Did I Say For March?" 3-6-2023

KTFA

Monday Night Conference Call

Frank26:  3-6-23…..WHAT DID I SAY FOR MARCH?

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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=faSSpXXcbAk

KTFA Members "News and Views" Monday PM 3-6-2023

KTFA:

Clare:  Parliamentary Finance expects to approve the budget in the month of Ramadan

  3/06/2023

The Parliamentary Finance Committee expected the approval of the draft financial budget law for the year 2023 during the holy month of Ramadan.

Committee member Mueen Al-Kadhimi told {Euphrates News} agency, "The draft general budget law for the year 2023 will reach parliament next week, and it will need to be presented for voting between a month and 45 days," that is, during the month of Ramadan.

He added, "The price of oil will be approved in the budget, in which it will be $65 per barrel."

Al-Kazemi stressed, "There are no job grades in the budget, but there is deletion, creation and confirmation of contracts and lecturers."

And the Minister of Construction and Housing, Bankin Rikani, announced that "the budget will be passed by the Council of Ministers in the next week [current]," pointing out that "the share of the Kurdistan region in the budget will reach 12.64%."

It is noteworthy that the Parliamentary Finance Committee announced last Tuesday that the total value of the budget will be 195 trillion dinars, and its deficit is 60 trillion or less, and the price of a barrel of oil was set at 65 dollars.

Raghad Daham LINK

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Clare:  Government directives to facilitate merchants' access to the electronic transfer platform

3/06/2023

Baghdad - Conscious - Nassar Al-Hajj

Today, Monday, the Federation of Chambers of Commerce announced the directives of Prime Minister Mohamed Shiaa Al-Sudani to facilitate the entry of merchants to the electronic transfer platform .

The head of the union, Abd al-Razzaq al-Zuhairi, told the Iraqi News Agency (INA), that "according to the Prime Minister's directives, there should be meetings between businessmen, merchants and relevant authorities, including the central bank, tax and customs, and to facilitate the entry of merchants to the electronic transfer platform.

The union established, in cooperation with the Association of Banks Al-Iraqiya, a forum and exhibition of banking and commercial services for merchants and businessmen, which lasts for three days.

He added, "The first day has been set for banks, the second for companies, and the third for customs."   LINK

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Henig:  Parliamentary Finance stresses the introduction of the new salary scale before the budget legislation

 10 hours ago

A member of the Finance Committee stressed the need to submit the new salary scale bill before the fiscal budget for 2023.

Jamal Kojar said in a press interview seen by Taqadum, that "the law of unifying the salary scale cannot be linked to the budget law, as each law is different from the other."

He added, "The only relationship that binds them is the financial dues that are allocated to the salary scale law to be guaranteed in the budget law."

"Either an amount is allocated to this file or the salary scale is re-legislated, because if the law is submitted after the budget, it will not have a financial allocation for the new scale," Koger said.

It is noteworthy that in July 2022, the previous government sent the amendment of the salary scale to the House of Representatives for approval, and there has been no development in it since that time.LINK

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DeepWoodz:  Imo  God morning KTFA! I I picked this article to pontificate on for two reasons. The first is because it isn’t highlighted.

The second is because I’ve often thought about some of the things they would have to do BEFORE changing the rate.

One of those things was to change the salary scale. Why? Google shows the national minimum wage to be 250,000-350,000 dinar per MONTH. Not much income at 1460 or even 1310, but if you plan on going through a major change, it would behoove you to change the scale accordingly. Don’t ya think?

I would like to note that it states that has been the going rate since 2018. Which one can also confer that during the rate change in Dec. 2020, they did not make an adjustment. They also did not make an adjustment BEFORE going back to 1310. So……

Why do they need one now would be the next question I would ask, with a grin on my face?!

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Suzie:  With this news of the budget coming forth and all the other info being brought to us and especially with the Kurds being happy with the HCL I can see no way Iraq won't pull this off in the month of March, I mean, what else could get in their way at this point????  Just MY opinion....  

DeepWoodz:  imo   Hi Suzie! It seems it’s down to getting their internal economy geared up for their new currency and rate and I don’t mean the 1300 ilk either. 

The article out today on the salary scale to me is big. They have also mentioned pricing of commodities recently. These are the kind of things I’m looking for.

Who am I to say but the kind of change we are expecting would require a complete overhaul of pricing of everything in the country.

This is one reason I believe the electronic POS are a must. As well as the border ports being on electronic platforms and of course clearing their currency on the BUNA concerning trade with other countries.

They can then pull it off with the “push of the button” simultaneously.

Clare:  The Council of Ministers approves the draft budget tomorrow... The decision will be in April

3/06/2023

Today, Monday, the Finance Committee in the Iraqi Parliament suggested that the Council of Ministers approve the draft federal budget law for the year 2023, tomorrow, Tuesday.

Committee member Moeen Al-Kazemi said, in an interview with Al-Sumaria, that "the cabinet will approve tomorrow, Tuesday, the draft budget law."

He added, "The draft will reach the House of Representatives early next week, for study, discussion, and amendments, then read, ratify, and approve it in April, so that the government of Muhammad al-Sudani can start implementing its program."

Al-Kazemi indicated that "the size of the budget will be 170 trillion Iraqi dinars," stressing the need for "the deficit to be reasonable."

A member of the Finance Committee revealed that "the estimated share of Kurdistan from the budget will amount to more than 12%, provided that the region provides clear statements of its previous and current revenues regarding oil exports, outlets and the number of employees." LINK

KTFA Wednesday Night CC "March 1st, 2023: with Frank26

KTFA

Wednesday KTFA Conference Call

Frank26:  MARCH 1st 2023

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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=V4CiUdsAMt0

Some "Vietamese News" Posted by Henig at KTFA Tuesday 2-28-2023

KTFA:  Vietnam:

Henig:  January surplus signals good foreign trade year

06:00 | 27/02/2023

(VEN) - Vietnam’s total import-export value in January 2023 was estimated at US$46.56 billion, with imports reaching US$25.08 billion, and exports US$21.48 billion, yielding a trade surplus of US$3.6 billion.

Vibrant foreign trade

Positive signs of import, export activities in the first month of the year promise satisfactory results of foreign trade throughout 2023.

The border crossings with China in Quang Ninh, Lao Cai and Lang Son provinces have resumed busy operations after the week-long Lunar New Year (Tet) holiday (January 20-26). On the morning of January 28, 120 trucks carrying import, export goods passed Bac Luan 2 Bridge and pontoon bridge Km3+4 Hai Yen of the Mong Cai International Border Crossing in Quang Ninh Province.

A representative of the Customs Division of the Lao Cai Border Crossing said that during the seven-day Lunar New Year holiday, some 285 customs clearance declarations were received at the Kim Thanh Border Crossing. Given these positive signs and easing of China’s COVID-19 prevention policy, import-export activities through the Lao Cai crossings are expected to thrive in 2023.

On January 28, China resumed customs clearance for import-export activities through five Lang Son Province border crossings: Huu Nghi, Tan Thanh, Chi Ma, Dong Dang, and Coc Nam.

Business confidence

In terms of business activities after the Lunar New Year holiday, the Hoa Phat Group Joint Stock Company, for example, received orders for exports to the US, Canada, Mexico, Puerto Rico, Australia, Belgium, Malaysia, Hong Kong (China), and Cambodia.

Businesses have set export targets for 2023. Vu Duc Giang, President of the Vietnam Textile and Apparel Association, said the textile and garment sector expects its export value to reach US$47-48 billion. According to him, this target is based on the following factors: 1) businesses have begun to shift production from knitting to shuttle weaving; 2) businesses are seeking small orders with quick delivery; and 3) export markets have been diversified, including those in the former Soviet Union, Africa, and the Middle East. China is also a major export market of Vietnamese textiles and garments.

Do Ha Nam, Vice President of the Vietnam Food Association (VFA), said rice exports are forecast to yield satisfactory results in 2023, especially in the winter-spring crop.

However, experts are urging farm produce exporters to tighten controls and use suitable preservation technology to ensure product quality and origin traceability, and to harvest and transport fresh farm produce to processing factories during the shortest possible time.

The Ministry of Industry and Trade is prioritizing major exports with significant competitive advantages, such as electronics, textiles, garments, leather, footwear, and wood products, along with diversifying and improving product quality.

Phuong Lan    LINK

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Henig:  EU manufacturers eye offshore wind turbine plants in Vietnam

09:28 | 28/02/2023

European manufacturers are considering investing hundreds of millions of dollars in Vietnam to build wind turbine plants as the country gears up to exploit its large untapped potential in offshore wind, Reuters cited sources familiar with the situation as reporting.

According to the World Bank Group, Vietnam is seen as a potential major player in the sector because of its strong winds in shallow waters near coastal, densely populated areas.

Three industry sources, who declined to be named because the matter was confidential, named Danish turbine maker Vestas as one of the potential investors. The companies were looking for sites near ports but talks with local authorities and industrial parks were still preliminary as investors were waiting for the country to approve clear rules on offshore wind farms.

"We expect important investments to be decided this year by major global players in the offshore wind sector for the manufacturing of wind turbine components and Vietnam stands a good chance to welcome these," said Bruno Jaspaert, director of DeepC, an industrial zone in northern Vietnam.

Speaking on the sidelines of a wind conference in Hanoi on February 23, Erik Kjaer of the Danish Energy Agency said Vietnam has a strong steel output, therefore it would make sense to invest in the country as steel is key to making turbines.

Source: VNA     LINK

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Henig:  Vietnam, Belgium step up scientific-technological cooperation

06:00 | 28/02/2023

Vietnam wants to step up cooperation with countries that have strengths in science-technology like Belgium, Minister of Planning and Investment Nguyen Chi Dung has said.

Vietnam wants to step up cooperation with countries that have strengths in science-technology like Belgium, Minister of Planning and Investment Nguyen Chi Dung has said.

At working sessions with Belgian partners, including Hub.Brussels, Interuniversity Microelectronics Centre (IMEC) and John Cockerill Group in Brussels on February 20, Dung said Belgium has substantial potential to cooperate and support Vietnam in new technologies and renewable energy, especially circuit manufacturing.

Dung led a delegation from ministries, innovation centres, research institutes and universities to Belgium from February 18-21, aiming to concretise the outcomes of Prime Minister Pham Minh Chinh's visit to the European country in December 2022 regarding innovation cooperation.

Hub.Brussels, the Brussels Agency for Business Support, offers a wide range of free advice, services and tools to help projects be successful.

Dung lauded cooperation between the agency and the Vietnam National Innovation Centre (NIC), which have agreed on experience exchange in order to raise innovation and startup capacity of Vietnam and the European Union (EU).

He suggested Hub.Brussels help NIC in operations, and opened its representative office at NIC Hoa Lac to step up the bilateral cooperation in innovative startup ecosystem development.

The minister assigned NIC and the Vietnam Innovation Network in Europe (VINEU) to partner with Hub.Brussels in devising an exchange programme for Vietnamese startups this year.

Annelore Isaac, Deputy Chief Executive Officer at Hub.Brussels, expressed her belief in cooperation between the two sides, which would cover health care and construction, and affirmed that the agency stands ready to support Vietnamese startups.

On this occasion, Hub.Brussels, NIC and VINEU signed a memorandum of understanding on cooperation in innovation and startup.

At another working session with IMEC, a leading R&D and innovation hub in Europe in nanoelectronics and digital technologies, Dung stressed that his ministry wants to promote cooperation between IMEC with Vietnamese organisations and enterprises, especially in the semiconductor R&D, thus helping Vietnam join the global semiconductor supply chain.

He suggested IMEC join hand with NIC and Vietnamese educational institutions to organise cooperation programmes for students and engineers in the semiconductor industry.

A MoU on collaboration in the semiconductor industry was also inked by IMEC and NIC on this occasion, under which IMEC will consider building an R&D centre in the Southeast Asian nation.

Driven since 1817 by the entrepreneurial spirit and passion for innovation of its founder, the John Cockerill Group developed large-scale technological solutions to meet the needs of its time.

Meeting with John Cockerill representatives, Dung emphasised that Vietnam hopes for comprehensive cooperation with the group in energy, saying it should become Vietnam’s strategic partner through cooperation programmes as well as R&D and investment projects.

John Cockerill's leaders said the group wants to make comprehensive and strategic investment in Vietnam, thus further serving the Southeast Asian and Northeast Asian markets.

The group expects to focus on solutions regarding energy transition, including biomass, hydrogen and low-carbon ones, they noted.

John Cockerill and NIC reached a MoU on this occasion, under which the Belgian group would invest in green hydrogen R&D at the Vietnamese centre and labs for biomass fuel products, and develop products relating to cooling technology in power plants and industries.

Source: VNA     LINK

Henig:  Q1 economic growth drivers

06:00 | 28/02/2023

(VEN) - Investment, domestic consumption and foreign trade were the three drivers of Vietnam’s economic growth in February and the first quarter of 2023. The Government, ministries, sectors and localities are taking action to promote these forces.

Opportunities and challenges

According to the Ministry of Planning and Investment (MPI), by the end of January 2023, the Vietnamese economy continued to show positive signs with the macroeconomic situation remaining stable. Specifically, the consumer price index (CPI) grew 0.52 percent compared with December 2022 and 4.89 percent year-on-year; in the monetary market, credit grew 0.65 percent by January 17 compared with the end of 2022; the banking system’s liquidity was ensured.

In January, State budget revenue reached 11.3 percent of yearly projection, foreign direct investment reached US$1.2 billion, triple the result of January 2022, and trade surplus was estimated at US$3.6 billion.

Production and trade continued recovering thanks to high consumer demand during the Lunar New Year holiday (late January). Agricultural production remains stable. Total retail sales of consumer goods and services grew 20 percent year-on-year. The supply of goods is abundant with almost no major price changes.

However, due to the week-long Lunar New Year holiday and the impact of the global economic uncertainty, industrial production and import-export activities faced numerous difficulties. The January index of industrial production (IIP) equaled 92 percent of that in January 2022, while total foreign trade value was lower compared with December and January 2022.

Three growth drivers

According to the MPI, given the increasing difficulties challenging Vietnam’s efforts to control inflation and maintain macroeconomic stability, Vietnam should focus on promoting investment, domestic consumption and foreign trade.

To promote investment, the prime minister has ordered the acceleration of major national projects and the improvement of the investment and business environment to create a new space for socioeconomic development. At the same time, the Government has applied fiscal policies to provide businesses with support, helping them reduce input costs and output prices in order to control inflation. Appropriate monetary policies are helping manage credit and keeping interest at a reasonable level to facilitate investment in production and trade. The disbursement of public investment capital will also be accelerated.

To promote domestic consumption and foreign trade, the industry and trade sector will facilitate business access to capital and credit, and strengthen domestic purchasing power through effective implementation of trade promotion programs. The distribution of goods on digital platforms and e-commerce will be expanded to boost domestic sales.

At the same time, the Ministry of Industry and Trade will accelerate negotiations on bilateral and multilateral cooperation mechanisms, bring into play the role of overseas Vietnamese trade offices, and support localities, associations and businesses in taking advantage of free trade agreements to increase exports. Technical barriers will be removed to facilitate business access to new markets.

Digital transformation in the field of trade promotion will be accelerated to connect supply and demand, as well as to build and develop Vietnamese brands in foreign markets. Attention will also be paid to logistics services, e-commerce, and especially cross-border trade.

Nguyen Hoa     LINK

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Henig:  Bond issuers seek solutions to delay bond debt payment

February, 28/2023 - 09:06

The volume of mature bonds of businesses will peak in the period of 2023 - 2024 and bond issuers are taking different actions to proactively remove difficulties.

HÀ NỘI — The volume of mature bonds of businesses will peak in 2023 - 2024 and bond issuers are taking different actions to proactively remove difficulties.

NoVa Real Estate Investment Group Joint Stock Company (Novaland, HOSE: NVL) has just announced that it has reached an agreement with its "bondholder" Dallas Vietnam Gamma Ltd. The companies have negotiated and reached an agreement to reduce the number of outstanding bonds and warrants through a swap agreement.

Accordingly, Dallas Vietnam Gamma Ltd will receive a portion of shares in two member companies of Novaland, namely Thành Nhơn Real Estate Investment Company Limited and Mũi Né General Investment Joint Stock Company in exchange for the cancellation of a corresponding number of bonds and warrants.

Previously, in mid-2022, Dallas Vietnam Gamma Ltd bought 4,435 convertible bonds and 185 warrant-linked bonds from Novaland. Novaland's consolidated financial statements for the fourth quarter of 2022 showed that Dallas Vietnam Gamma is Novaland's bondholder with a long-term debt of VNĐ4.62 trillion (US$193 billion) as of December 31, 2022.

BCG Energy Joint Stock Company – a member of Bamboo Capital Group Joint Stock Company (HOSE: BCG) also recently said that it had reached an agreement with investor Hanwa Energy Corporation Singapore Pte Ltd on changing the bond payment term.

According to BCG Energy, considering changes in market conditions, the two parties have negotiated to convert part of the bonds into debt with the final payment term being changed to June 30, 2023, instead of September 4, 2022.

As of December 31, 2022, BCG Energy had paid all the interest and VNĐ45 billion of the principal to Hanwa Energy Corporation Singapore Pte. The remaining principal debt, equivalent to $3 million, has been agreed by BCG Energy and Hanwha Energy to be settled under a joint agreement of both parties. Previously, on September 4, 2019, BCG Energy privately issued a convertible bond package to Hanwa Energy Corporation Singapore with a value of VNĐ115.75 billion.

In addition to actively negotiating with lending partners, some businesses also actively increased coupon rates for bond lots to stabilise investor sentiment. In addition, many businesses also plan to repurchase the issued bonds before maturity.

According to a recent report by Vietcombank Securities Company (VCBS), by January 2023, out of VNĐ1.19 quadrillion of corporate bond outstanding loans, the largest amount of outstanding loans belonged to the real estate industry which is accounting for 37 per cent, followed by banks making up 32 per cent.

VCBS also added that the volume of corporate bonds maturing in 2023 is estimated at over VNĐ250 trillion, a significant decrease compared to the third quarter of 2022 due to the proactive repurchase by issuers before maturity. The acquisition value of the banking and real estate industries in the fourth quarter of 2022 reached VNĐ35 trillion and VNĐ24 trillion, respectively.

Experts from VNDirect Securities Joint Stock Company said that in the context of tightened monetary policy and increasing financial costs, some bond issuers have few opportunities to access capital for financial restructuring and meeting short-term debt obligations. Liquidity risk is concentrated in a number of volatile sectors such as real estate.

Cấn Văn Lực, a member of the National Financial Monetary Policy Advisory Council, said that businesses need to step up negotiations with investors to extend the debt payment maturity.

The Ministry of Finance (MoF) has also recently proposed that the Government consider allowing enterprises to pay principal and interest on bonds in shares and real estate products.

According to the ministry, if an enterprise cannot pay the bond principal and interest in cash, they can negotiate with investors to use other assets on the principle of complying with the provisions of civil law. This payment method must be approved by the bondholders and the enterprise must disclose information and take responsibility for the legal status of the assets used to pay the principal and interest of the bonds.

To assist enterprises in mobilising capital for production and business activities and debt restructuring, the Ministry of Finance shall propose to the Government to allow previously issued bonds with an outstanding balance to be changed in expiration term, the maximum time is two years.

— VNS     LINK

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Henig:   Door wide open for processed, manufactured products to enter UAE

February, 28/2023 - 10:31

Dubai is stepping up urbanisation and infrastructure development, leading to higher demand for electricity and energy in industrial and trade sectors. The development of smart grids and upgrade of transmission lines will also boost the UAE’s electrical cable market.

 HÀ NỘI — Products of the processing and manufacturing industry of Việt Nam now have great chances to enjoy stronger export to the UAE, which has high demand for imports.

Dubai is stepping up urbanisation and infrastructure development, leading to higher demand for electricity and energy in industrial and trade sectors. The development of smart grids and upgrade of transmission lines will also boost the UAE’s electrical cable market.

The UAE’s electrical cable market was valued at US$192.48 billion in 2021 and is forecast to grow by some 4.2 per cent on average between 2022 and 2030. Therefore, electrical cables are a highly potential product for Vietnamese enterprises to invest in and export to the middle eastern country, said Trương Xuân Trung, an official of Việt Nam’s Trade Office in the UAE, as cited by the Công Thương (Industry & Trade) newspaper.

Among other processed and manufactured products, Việt Nam can also boost the shipment of handbags, suitcases, and wallets, he suggested.

In 2022, footwear exports to the UAE brought home $185 million, rising nearly 50 per cent from a year earlier; textiles and garments $132 million; timber and wood products $27 million, statistics show.

The Handicraft and Wood Industry Association of HCM City has registered to take part in a woodworking fair in the UAE in 2023. This event, which will gather many international exporters and importers, will be a good chance for Vietnamese firms to seek partners, Trung said.

In addition, some agricultural and fishery products of Việt Nam are holding a big market share in the UAE and can be exported more to this market.

Data in 2022 show that fishery exports to the UAE increased by over 18 per cent year on year. Việt Nam is currently the biggest exporter of frozen tra fish fillet there, with an over 50 per cent market share. Such fruits as dragon fruit, watermelon, and seedless lime from the Southeast Asian country are also dominating this market.

However, the UAE is a market with fierce competition in terms of prices and quality, the official noted, adding that the Islamic country requires food and beverage imports to have Halal certificates, and also imposes high import tariffs, up to 50 per cent, on sugar-sweetened beverages.

Despite considerable challenges, Trung held that the UAE is attractive enough for Vietnamese firms to capitalise on since it is a highly open market, has few tariff barriers, and serves as a point of transit for goods to reach the Middle East, Africa, and Southern Europe.

Besides, the UAE is a party to the Gulf Cooperation Council (GCC), whose members share a common customs law system, so when Vietnamese goods are exported to this market, they can enter other GCC members without having to pay more taxes.

The UAE has asked Việt Nam to consider the early signing of a bilateral comprehensive economic partnership agreement so as to further facilitate Vietnamese products’ entry into the Middle Eastern country, according to Trung.

— VNS     LINK

KTFA Members "Tuesday News" 2-28-2023

KTFA:

Henig:  Seven members of the Kurdistan Regional Parliament submit their resignations

| Today, 18:02 | 

Baghdad Today - Baghdad

On Monday, a number of members of the Kurdistan Regional Parliament submitted their resignation from the Council.

An informed source told Baghdad Today that "seven deputies in the Kurdistan Regional Parliament submitted their resignation from the Council against the background of extending the life of the regional parliament."

The source added that "the deputies who submitted their resignation are (Shirku Jawdat Mustafa, Abu Bakr Abdullah Saeed, Ismail Ali Taha, Sargnar Ahmed Mahmoud, Halz Ahmed Muhammad Hassan, Ali Ham Saleh Taha, Kazem Farouk Namiq)."

The Kurdistan Regional Parliament plans to hold a session next Wednesday to discuss a number of draft laws and present the resignation of the 7 deputies to a vote.   LINK

Clare:  urgent... The Secretary-General of the United Nations arrives in Baghdad today on an official visit

2/28/2023
The Ministry of Foreign Affairs announced the visit of the Secretary-General of the United Nations, Antonio Guterres, today, Tuesday, to Baghdad.

The ministry's spokesman, Ahmed Al-Sahhaf, said in a statement, which Al-Furat News received a copy of, that: "The Secretary-General of the United Nations, Antonio Guterres, arrives today in Baghdad on an official visit."   LINK

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Clare:  Al-Mandalawi calls on ICAO to help lift the European ban on Iraqi flights

2/28/2023

Today, Tuesday, First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on (ICAO) to help lift the European ban on Iraqi flights, after its commitment to international aviation standards.

The media office of the First Deputy Speaker of Parliament said, in a statement received by the Iraqi News Agency (INA), that "First Deputy Speaker of Parliament Mohsen Al-Mandalawi met in his office today, the Secretary-General of the International Civil Aviation Organization "ICAO" Juan Carlos Salazar, and his accompanying delegation, in the presence of the President. The Iraqi Civil Aviation Authority, Imad al-Asadi.

Mandalawi called on the International Civil Aviation Organization to "help return Iraq to its normal position at the level of air transport, and lift the European ban on the green bird, especially after its commitment to security audit controls, standards and contexts of international civil aviation, and an emphasis on developing national capabilities and developing air transport efficiency in accordance with standards." international".

The First Deputy affirmed "the support of all presidencies for the Civil Aviation Authority, and the Parliament's keenness to legislate laws and approve international agreements and treaties that would improve air transport work, and provide the required support
for the success of the goals of this visit."   LINK

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Henig:  Oil rises after Russia's plans to cut oil exports

2023-02-27 20:39

Oil prices rose on Tuesday, after Russia's plans to reduce its oil exports, this comes after oil prices fell on Monday on concerns about rising interest rates, which led to a decline in demand, and expectations of an increase in US crude inventories.

At 04:25 GMT, April Brent crude futures were up 82 cents at $59.14 a barrel, and U.S. West Texas Intermediate crude futures were up 24 cents at $75.92 a barrel.

Russia announced a plan to cut its oil exports from its western ports by as much as 25% in March versus February, exceeding previously announced production cuts of 5% of its output during the month that provided an opportunity to raise oil prices.

The threat of further interest rate hikes in the United States after stronger-than-expected new orders for basic capital goods manufactured in the United States in January limited oil prices.

A number of oil industry specialists expect crude inventories to grow in the week to end, which will mark the tenth consecutive week of increase and thus affect oil prices.   LINK

Henig:  With anticipation of the results. Chinese yuan chases dollar in Iraq's foreign trade

 3 hours ago

New transactions in Iraq's foreign trade through the use of the Chinese yuan currency to help strengthen its dinar and to relieve pressure on the dollar after the latter witnessed large booms against the Iraqi dinar in the parallel market, which caused major economic problems and revived the black market.

The Central Bank of Iraq revealed that the move to pay in Chinese yuan comes within the second package of transactions, which includes the regulation of foreign trade from Beijing, by providing facilities for financial transfers to the United States and Europe, with the same mechanism later.

A number of specialists in fiscal and economic policy agreed that the use of the Chinese yuan currency comes to relieve pressure on the dollar and reduce the time period for cash transfers for trade purposes.

Payment is subject to compliance

The financial adviser to the Prime Minister and former Deputy Governor of the Bank, Mazhar Muhammad Saleh, said in a press interview seen by "Taqaddum" that "the step of payment in yuan comes to be the mechanisms that are in dollars lighter," adding that "this does not mean that it is not subject to compliance rules, as all foreign transactions and financing foreign trade, whether in dollars, yuan or euros, are subject today to the compliance platform, which must be correct papers and the last beneficiary is present and the goods enter Iraq."

He added that "this measure will not extend its application to Iraq's oil trade," explaining that "this measure only covers private sector imports."

He pointed out that "Iraq's trade with China is large and in order not to be hindered, the Chinese yuan has been adopted as an intermediate currency to finance foreign trade for the private sector only, but this does not prevent the existence of audit, compliance and knowledge of the last beneficiary."

Ash in the eyes

Economist and oil expert Hamza Al-Jawahiri said in a press interview seen by Taqaddam that "the use of this or that currency in trade exchanges and monetary and financial transactions is not subject to superficial decisions, but to the facts that control the global monetary system."

He added that "many countries previously announced the abandonment of the dollar and the adoption of other currencies such as the ruble and the yuan, but these decisions were often futile and are an attempt to sow ashes in the eyes and achieve fake victories, as it is a matter of confidence in these currencies and the extent of the independence of the central banks issuing them."

He pointed out that "the adoption of the yuan for the foreign trade of any country means narrowing the opportunities for trade exchange to a large extent because the confidence of dealers at the global level is limited, while the dollar still sits on the throne of monetary transactions."

He stressed that "most of Iraq's foreign trade is taking place with China, if Iraq succeeds in converting it into Chinese yuan, this is considered a liberation from the domination of the dollar on global trade and will be in the interest of Iraq."

Conversion is faster

The economist and professor of economics at the Iraqi University confirmed that "the use of the yuan currency in foreign trade with China will be subject to the same previous conditions and not be outside the electronic platform, which is the point that some imagined that it would not be subject to the platform," noting that "in any case you will pay in dollars until you get the other currency."

He added that "a section of traders called on the government to import goods from China in their local currency to facilitate the import process faster, which was approved by the Central Bank of Iraq," pointing out that "the trader can open an account in the Central Bank of China or the Asian Development Bank or even through the American JP Morgan, which will finance Iraqi trade through China by paying in dollars and converting it to the Chinese yuan."

"This process may make traders feel more secure, liberated and fast in transferring after these transfers were made for more than 20 days, which is a long period for them, while relying on the Chinese bank as an agent or the Asian Development Bank will shorten the period because there is a financial balance in these banks," he said.

Iraq witnessed a shortage of dollars after being subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which have been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York imposed last November stricter controls on dollar transactions for Iraqi commercial banks, as a result, the approval of transfers slowed down and eventually prompted traders to buy dollars from exchange offices, which raised the prices of the dollar against the Iraqi dinar to high levels that led to a rise in the prices of basic materials and food in the local markets.    LINK

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Henig:  The citizen in need of the dollar can only find it with speculators

Feb. 28, 2023

Baghdad/Obelisk: Iraqi citizens complain about the lack of smooth dealing in dollars through private banks, forcing them to wait for hours without a breakthrough.

The Central Bank authorized the sale of dollars to citizens at the official rate, by a number of private banks, within the monthly quota of $ 7,500.

Currency traders are accused of acquiring citizens' shares in agreement with banks.

Dollar exchange rates have stabilized in domestic markets. Selling prices were 152,500 dinars per $100, while purchase prices were 152,100 dinars per $1300. The bank decided earlier to amend the exchange rate of the dollar against the dinar, as the price of buying the dollar from the Ministry of Finance reached 1310 dinars per dollar and selling it 1320 dinars per dollar to banks through the electronic platform, and it is sold from banks to the final beneficiary at a price of <>.

Speculators are active on the black market for the dollar, which has kept the dollar exchange rate high in the parallel market and a difference of up to 200 dinars from the official rate.

The bank launched a second package of reforms to push the dollar lower closer to the official rate, and focused on facilitating trade financing from China through the electronic platform, as well as facilitating remittances to the United States and Europe, as well as facilitating citizens' transfer of funds through international companies (Western Union and MoneyGram) and for multiple purposes.

But banks complain about the difficulty of obtaining dollars, and the delay in disbursing funds, which reaches a period ranging from 10 to 14 days from the date of submitting the application, and in limited quantities that do not exceed $ 100,200 per request and do not exceed $ <>,<> per month and do not cover the market need.

Economic advisor Ziad al-Hashemi expects that if banks, companies and traders fail to adapt to the requirements of external transfer controls, the dollar exchange rate will continue to rise, noting that the continued support of the dinar from falling costs the Iraqi treasury millions of dollars per month.

Journalist Ali al-Azzawi believes that the Iraqi government should provide teams and committees to follow up the exchange rate of the dollar in private and government banks and monitor traders and market owners that exploit this situation under the pretext of the rise of the dollar, calling for strict penalties to control the economic situation in markets and banks.

Activist Aziz talks about private banks that have shell companies that withdraw dollars from the currency auction, go to the black market and flee out of Iraq under the pretext of importing from fake companies that do not exist.

The continued work of speculators leads to market confusion, in addition to the backwardness of monetary instruments in Iraq, as the interest rate has not been well invested, and the bonds offered are also ineffective, and even compulsory saving is not a suitable option at the present time as a result of the problems caused by a "living crisis" resulting from the mismanagement that accompanied the process of changing the previous exchange rate, which led to the loss of the citizen about 50% of his real income, according to the economist, Dr. Abdul Rahman Al-Mashhadani, considering that the inactivity of banks and the lack of Providing appropriate financial incentives that enable them to attract the money hoarded by citizens, which is estimated at about 77% of the total issued currency, pointing out that this matter needs real education and hard work by banks.    LINK

KTFA Monday Night CC "We March Into March" 2-27-2023

KTFA

Monday Night Conference Call

Frank26: 2-27-23……WE MARCH INTO MARCH

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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=oioS2nG_N9w

Monday "Vietnam News" Posted by Henig at KTFA 2-27-2023

KTFA:  Vietnam

Henig:  Vietnamese banking brands climb in value

February, 27/2023 - 09:18

Vietnamese banks showed great performance in 2022, consolidated by a credit growth rate of nearly 13 per cent and an economic growth rate of 8 per cent, the highest in the last 25 years.

HÀ NỘI — Vietnamese banking brands are riding high with a growth of 31.3 per cent in brand value in 2023, according to Brand Finance Banking 500 Report.

Almost all the 12 Vietnamese banks featured in the report have climbed in their global rankings. However, Agribank – the second most valuable brand in Việt Nam – runs counter to the trend by dropping two positions. Its brand value grew by just 1.7 per cent to hit $1.4 billion. 

Meanwhile, VIB enters the top 500 most valuable banking brands for the first time, with a brand value increase of 14 per cent year-on-year, reaching $181 million.

The report said Vietnamese banks showed great performance in 2022, consolidated by a credit growth rate of nearly 13 per cent and an economic growth rate of 8 per cent, the highest in the last 25 years.

It was this strong revenue rebound and economic recovery that has given a big push to Vietnamese banking brand value. 

Alex Haigh, managing director of Brand Finance Asia Pacific, remarked that Vietnamese banks are making headway in digital banking by integrating the power of technology into their core business. 

"Vietnamese banks were finding themselves among the best performers in 2022," said Haigh. 

The director was impressed by Techcombank, the second fastest-growing brand in Việt Nam, which rose by 46.7 per cent in brand value to reach $1.5 billion. In two years, the bank moved up by 107 positions to the 163rd among the top 200 valuable banking brands in 2023. 

Thái Minh Diễm Tú, director of the Marketing Divison, Techcombank, noted that the remarkable feat of reaching $1.5 billion in brand value represents an important milestone for the bank.

It is an indication that Techcombank has achieved success in improving customer experience, moving one step closer toward its ultimate objective of "Transforming the financial sector and improving the quality of life".   

It is worth noting that the bank made it to many global podiums in 2022 for its effort in digital transformation. Notably, it was recognised as 'Best bank in Việt Nam' by Euro Money and its application Techcombank Mobile was awarded 'Most innovative mobile banking app' by Global Business Outlook.

The bank is currently the first bank in Việt Nam to be assigned a Baseline Credit Assessment score of ba2 with a stable outlook by Moody's. It also gets a rating of BB- from S&P with a similar outlook. 

By late 20222, Techcombank made a pre-tax profit of around VNĐ25.6 trillion ($1.1 billion) and secured a customer base of over 10.8 million.

— VNS    LINK

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Henig:  Bình Dương promotes cashless payment trend

February, 27/2023 - 09:04

The People's Committee of Bình Dương Province’s Dầu Tiếng District plans to establish a pilot project that uses cashless payments at traditional markets, grocery stores and other businesses.

BÌNH DƯƠNG — The People's Committee of Bình Dương Province’s Dầu Tiếng District plans to establish a pilot project that uses cashless payments at traditional markets, grocery stores and other businesses.

Dầu Tiếng is located at between HCM City and the provinces of Tây Ninh and Bình Phước and has Dầu Tiếng Lake, a place that attracts many tourists.

The plan of Dầu Tiếng District aims to promote the implementation of digital transformation and digital payment, and promote local businesses and enterprises to use digital platforms to make non-cash payments, which would provide convenience in payment for tourists.

Non-cash payment methods include QR code, internet Banking, Mobile Web Payment and cards.

By the end of 2022, Bình Dương strived to achieve 50 per cent of schools, educational institutions, hospitals and medical facilities using non-cash payment methods.

Up to now, Bình Dương is one of the localities where consumers can use modern payment methods to pay for online transactions as well as at stores, schools, hospitals, administrative services and shopping centers.

Cashless payment and transaction channels are increasingly popular in Bình Dương, with commercial banks, e-wallets and fintech companies promoting the application of technology for online payments.

Many customers now choose cashless payments, the most popular being a payment card, followed by scanning a QR code and transferring money.

Card payment sales at many goods and service suppliers have also increased significantly. Commercial banks and e-wallet companies in Bình Dương said that cashless transactions are even more popular now than during the COVID-19 pandemic.

Enterprises are ready for infrastructure with low investment costs that bring convenience to people. The outstanding method that meets the above factors and is likely to explode next year is paying via QR codes.

Customers can open banking applications or e-wallets to choose a source of money to scan the code and make payments.

— VNS   LINK

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Henig:  Rice exporters to benefit from tight supplies, lower costs

February, 27/2023 - 08:17

Việt Nam is very likely to benefit from the upward trend in rice prices which is fueled by limited supplies and a shift away from the Indian supply.

HÀ NỘI — Decreasing input costs as Europe eases sanctions against Russia and increased fertiliser supply will benefit rice export businesses, said Vietcombank Securities Company (VCBS).

A recent report on the rice sector from VCBS showed that the global rice output is estimated at 519.7 million tonnes at the end of the 2021/2022 crop. China, India, and ASEAN are key consumption markets, while India, Việt Nam, and Thailand are the largest rice exporters.

Rice prices witnessed an uptrend in global markets last year as the Indian government's ban on rice export, floods in Pakistan, and adverse weather in China and the Philippines caused reductions in rice output in these countries.

While depleted inventories in the Philippines will result in higher imports in 2023, rice production will drop due to prolonged droughts in China and India. On the other hand, due to heavy rain in Việt Nam over the past year and gradually neutral weather in the first half of 2023, the country's rice output is forecast to be stable this year, according to the US Department of Agriculture (USDA).

Therefore, VCBS said that Việt Nam is very likely to benefit from the upward trend in rice prices which is fueled by limited supplies and a shift away from the Indian supply. 

Meanwhile, input costs are also expected to go down in 2023 as Europe eases sanctions and welcomes back Russian fertiliser exporters, increases reservations, and aggressively reduces gas consumption.  

The availability of fertiliser on a global scale is anticipated to rise, boosting rice industry profit margins.

According to VCBS, the business growth prospects of Lộc Trời Group are positive thanks to the promotion of rice exports to the European market, starting with the French market. The merger with Lộc Nhân Food also increased the company's capacity. 

With three production facilities under its control, Lộc Nhân can now dry more than 12,000 tonnes of rice per day and export 6,000 tonnes of rice a day. Its projected revenue for 2022 was close to VND8 trillion ($336.8 million).

This company also has a wide partner network. In particular, it has signed contracts to supply up to 350,000 tonnes of rice to Vinafood 1 in 2023. 

VCBS said that the food segment will be the main growth driver for Lộc Trời this year, making up for the decrease in revenue in the pesticide sector. However, it noted that the company still struggles with the plan for issuing private placement bonds and transferring from the current listing exchange - UPCoM - to the Hồ Chí Minh Stock Exchange (HoSE).

The securities firm expects that Lộc Trời's net revenue and profit after tax will grow by 28 per cent and 15 per cent year-on-year, respectively, this year to VNĐ14.9 trillion and VNĐ475 billion. The growth for 2024 is projected to advance 1 per cent in revenue but fall by 17 per cent in profit.

Meanwhile, Vietnam National Seeds Group posted a positive growth in business results in 2022, mainly boosted by the rice segment, with a gross profit margin of about 40 per cent. 

VCBS believes that the company's rice and fruit crops will grow well in the next five years. 

In the national key product development project, the government plans to increase the rate of high-tech cultivation from 70 per cent to 75 per cent, the rate of using certified varieties from 78 per cent to 90 per cent, the area of ​​fruit trees from 1,067 million ha to 1.2 million ha, and the yield from 10 tonnes/ha to 12 tonnes/ha.

Vietnam National Seeds also has an ambitious business plan to double its size in the next five years, with an annual growth rate of approximately 20 per cent/year. 

By doing so, the market share of plant varieties across all fields can rise from 21 per cent to 25 per cent of the entire nation. The market shares will rise to nearly 60 per cent of the national market, particularly for grain corn.

It is forecast that the company's net revenue and profit after tax will rise by 11 per cent and 25 per cent on-year, respectively, this year, to more than VNĐ2.09 trillion and VNĐ282 billion. 

— VNS    LINK

Henig:  Real estate market to recover by Q3: experts

February, 27/2023 - 08:59

With the Government’s drastic measures to address problems related to legal bottlenecks, lack of capital access, and challenges in corporate bonds, the real estate market is expected to recover from the third quarter, experts have said.

HCM CITY — With the Government’s drastic measures to address problems related to legal bottlenecks, lack of capital access, and challenges in corporate bonds, the real estate market is expected to recover from the third quarter, experts have said.

Experts have also called for continuing market restructuring by diversifying products, especially affordable housing, and addressing the mismatch between supply and demand.

Speaking at a talk on how to remove challenges in the real estate market last Saturday, Prof Dr Trần Đình Thiên, a member of the Prime Minister’s Economic Advisory Group, said the real estate market was facing serious problems such as a lack of capital access, credit tightening, and legal bottlenecks.

The market has faced unprecedented hurdles in the past five years with a huge inventory and a sharp drop in liquidity, he added.

It has seen a significant imbalance between supply and demand with an oversupply in the high-end segment but a shortage of affordable housing products, he said. 

Fortunately, the market would have positive signals based on Việt Nam’s economic prospects in 2023, he added.

He attributed to the promulgation and amendment of the three laws related to the real estate market, including the Law on Land, the Law on Housing, and the Law on Real Estate Business.

“The key is to remove the legal and capital bottlenecks, including real estate corporate bonds,” he noted.

It’s good that the Prime Minister has already issued four directives to remove difficulties for the economy, especially the real estate market, according to Thiên. 

Dr. Cấn Văn Lực, a member of the National Monetary and Financial Policy Advisory Council, said the Government has focused on improving mechanisms and policies (both short- and medium-term) related to the real estate market, aiming at improving the cash flow, which is important to regain the confidence in the market.

Removing roadblocks for the corporate bond market is also important to unlock capital sources, Lực said.

“The decree amending Decree 65 issued in September 2022 on corporate bonds is being urgently revised, which is expected to remove difficulties for the corporate bond market.” 

The Government has also taken measures such as rescheduling, deferring debt, tax, and land rent for real estate businesses, he added.

The Ministry of Construction has recently proposed a credit package worth around VNĐ110 trillion (US$4.6 billion) similar to the VNĐ30 trillion package implemented in the 2013-16 period to finance social housing projects and housing projects for workers, he said.

Dr. Nguyễn Văn Đính, vice chairman of the Vietnam Real Estate Association, said: “The real estate market will become warmer by the third quarter of 2023 as the government has made drastic moves to create conditions to help the market develop sustainably.”

The government has also established a working group to propose solutions with ministries and local authorities, and will review and work with localities, projects, and investors to remove bottlenecks, he added.

Speaking at a recent meeting, economist Võ Trí Thành said there remained high hopes this year for the real estate market, especially in segments of real estate tourism, industrial parks, and retail, following drastic actions of the Government. 

Once the Land Law and Law on Real Estate Business are finalised, they would provide opportunities for investors to come back to the market, he added.

Experts also recommended the Ministry of Finance implement measures to develop the corporate bond market transparently, safely and sustainably. 

The event aimed to discuss ways to address challenges in the real estate market and promote its sustainable development.

— VNS  LINK

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Henig:  Poland seeks to promote exports of food products to VN

February, 27/2023 - 09:05

Việt Nam and Poland both grow a lot of agricultural products, but they are complementary to each other, offering them the opportunity to tie up, a bilateral business matching heard in HCM City on February 24.

HCM CITY — Việt Nam and Poland both grow a lot of agricultural products, but they are complementary to each other, offering them the opportunity to tie up, a bilateral business matching heard in HCM City on February 24.

Nguyễn Hữu Nam, deputy director of the VCCI in HCM City, said: “Poland has high demand for Vietnamese products such as rice, basa fish, shrimp, mango, pineapple, passion fruit, coffee, and cashew, while Poland is capable of supplying Việt Nam with various EU-standard fresh and processed foods and fruits, beef, lamb, pork and others.”

Their trade and investment relations have made solid progress, but are still not commensurate with their traditional friendship and potential, partly due to the lack of information about each other's markets, he said.

Alexander Nowakowski, second secretary of Economic Affairs at the Polish embassy in Việt Nam, speaking at a press briefing held before the meeting, said after COVID many business delegations have come to each other markets to seek co-operation opportunities.

The EU-Việt Nam Free Trade Agreement has also helped boost trade ties between the two countries.

Poland’s Deputy Minister of Agriculture and Rural Development Lech Kołakowski told the press briefing that his country is one of largest producers of food products such as pork, beef, chicken, fruits and vegetables, and dairy products in Europe, and exports them to more than 200 markets.

“Poland’s foods not only have high quality, but are also are absolutely safe.”

The Government of Poland is paying great attention to expanding export portfolios to Việt Nam, he said, adding that his ministry is now working with its Vietnamese counterpart for finalising procedures to allow Polish exporters of beef, goose and duck access to the Southeast Asian country.

He hoped that beef, duck, goose meat from his country would soon be available in Việt Nam.

At a meeting with the Ministry of Agriculture and Rural Development in Hà Nội on February 23, he asked that Việt Nam should also open up Polish barley and wheat, he said.

He said the agricultural products of the two countries do not compete with each other.

Việt Nam could become an important destination for the distribution of Polish agri-food products to the Asian region, and Poland is ready to do the same for Vietnamese products headed Europe, he said.

Executives from 70 Vietnamese food companies and eight Polish companies met and exchanged information to seek business opportunities at the business matching.

— VNS    LINK

Sunday "Vietnam News" Posted by Henig at KTFA 2-26-2023

KTFA:

Henig:  Vietnam, China’s Hainan province strengthen trade ties

06:10 | 26/02/2023

Minister of Industry and Trade Nguyen Hong Dien and the visiting Secretary of the Party Committee of China’s Hainan province, Shen Xiaoming, reached consensus on measures to strengthen trade ties at a meeting in Hanoi on February 22.

The host official expressed his belief that as the world’s biggest free-trade port, Hainan will play an increasingly important role in trade between Vietnam and China, helping increase Vietnam’s exports and reduce the trade imbalance.

He suggested establishing a trade promotion office of Vietnam in Hainan’s Haikou city; accelerating the opening of the Chinese market to Vietnam’s agricultural products, especially fresh coconut which is in high demand in the province; and cooperating in agricultural processing.

Dien asked Hainan to give assistance and preferential treatment to Vietnamese enterprises to capitalize on e-commerce incentives and take part in major international expos in Hainan.

For his part, Shen voiced his support for Minister Dien’s proposals and affirmed that he will order relevant agencies and localities of Hainan to coordinate with the Vietnamese side to step up the establishment of a trade promotion office in Vietnam.

He also pledged to assign his province’s agencies to work with the Chinese General Administration of Customs to promote the market opening to fresh coconut from Vietnam.

Regarding the upgrade of a memorandum of understanding (MoU) on cooperation between the Vietnamese Ministry of Industry and Trade and the Hainan administration, the Secretary showed his support for negotiations to sign the MoU to help facilitate Vietnam’s trade ties with Hainan and China as a whole.

In 2022, trade revenue between Vietnam and Hainan reached 1.35 billion USD, up 56% year on year. That comprised 695.2 million USD in Hainan’s exports and 658 million USD in Vietnam’s exports, respectively rising 171.9% and 7.5%, according to data from the Chinese province.

Source: VNA    LINK

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Henig:  197 enterprises receive High Quality Product - Global Integration Standards certificates

February, 24/2023 - 13:03

Amid international economic integration, it is vital for farm producers and retailers to meet internationally recognised standards to gain access to local and international markets, experts said.

HCM CITY — Amid international economic integration, it is vital for farm producers and retailers to meet internationally recognised standards to gain access to local and international markets, experts said.

The Vietnamese High Quality Product - Global Integration Standards programme initiated by the Business Association of High Quality Vietnamese Products helps farmers and enterprises gradually adopt good agricultural practices to access demanding markets, said Vũ Kim Hạnh, chairwoman of the association.

Launched in 2016, the programme has so far granted certificates to 197 enterprises, including 135 enterprises in the food sector and the remaining 62 enterprises in non-food sectors, Hạnh said at a conference held on Wednesday to review the implementation of the programme over six years.

A set of criteria for Vietnamese High Quality Product - Global Integration Standards based on Vietnamese and global Good Agricultural Practices (VietGAP and GlobalGAP) has been developed by the programme to improve the competitiveness of local firms.

The programme has frequently provided training and updated information to enterprises, with a focus on food safety, consuming trends, capacity building, digital transformation, and standards for exporting products to demanding markets.

Nguyễn Quân, president of the experts council of Vietnamese High Quality Product -Global Integration Standards, said local enterprises must achieve local and international quality management systems and standards to access global supply chains and regional markets.

He encouraged enterprises to participate in the programme to take Vietnamese products into the global markets.

—VNS    LINK

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Henig:  HCM City People's Committee to remove bottlenecks for foreign businesses

February, 26/2023 - 11:18

The People's Committee of HCM City held a meeting to resolve obstacles for foreign enterprises.

HCM CITY — The People's Committee of HCM City held a meeting to resolve obstacles for foreign enterprises.

Đào Minh Chánh, Deputy Director of the Department of Planning and Investment, reported that by 2025 the city aims to be a modern, smart, service and industrial-oriented city, maintaining its role as the economic locomotive with a per capita GRDP reaching US$8,500. 

To achieve this goal, the city authority proposed five solutions.

The first solution is to develop the economy rapidly and sustainably by transforming its hi-tech parks, industrial parks, and export processing zones into centers for high technology, creativity, digital economy, green economy, and circular economy, and concentrate on high value-added products and stages that can join regional and global value chains.

The second solution is to focus on the synchronous development of economic sectors, promoting the private economic sector, building large enterprises with national and global brands. 

The third solution is to promote its role as a driving force and leader of public investment, combining capital sources from the private sector, foreign investment, sponsors, and international financial institutions.

The fourth solution is to improve the quality of planning, management, and implementation, develop urban sustainability, and promote the construction of modern infrastructure. 

Specifically, the city will complete the construction of national highways, which include completing and putting into operation urban railway line No.1 by 2024, and completing Ring Road No.3 by 2026 and Ring Road No.4 by 2030. In addition, the city will also invest in the HCM City-Mộc Bài Expressway and the HCM City-Chơn Thành Expressway, among other projects.

The fifth solution is to emphasize the development of culture, society, education and training, healthcare, and the improvement of people's quality of life.

James Ollen, Managing Director of the American Chamber of Commerce in Vietnam (AmCham) in HCM City, said the southern hub’s authorities need to have policies to develop high technology and industries with high-added values, improve local supply chains, develop digital economy services, and develop lifelong education. 

HCM City should also have a consistent policy on simplifying administrative procedures related to visa issuance for foreigners, he noted.

Chairman of the municipal People's Committee Phan Văn Mãi affirmed that the city is focusing on improving the investment environment, clarifying the administrative responsibilities of agencies and the public duties of each public servant. 

The city will pay heed to speeding up digital transformation in connection with improving the investment environment, thus creating the most favorable conditions for businesses, he said.

Basic activities of the local authorities are expected to be operated on a digital platform by 2025, Mãi said, adding that the city has officially implemented digital economic development and increased the proportion of the digital economy in its economy in 2023.

VNS    LINK

Henig:  UK’s joining CPTPP will benefit agreement members: Vietnamese minister

February, 24/2023 - 17:59

Việt Nam's hosting the next round of talks in Phú Quốc late this month will contribute to accelerating the process

HÀ NỘI — The UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will bring about wonderful trade and investment opportunities to each CPTPP member, while affirming the deal as a model of economic cooperation in the region in the 21st century, a Vietnamese official has said.

During his phone talks with Kemi Badenoch, Secretary of State for the Department for Business and Trade of the UK, on February 23, Minister of Industry and Trade Nguyễn Hồng Diên stressed that Việt Nam would continue its coordination with other CPTPP members to soon conclude the negotiations on the UK’s joining the agreement.

For her part, Badenoch said joining the CPTPP was one of her top priorities as the Secretary of State for the Department for Business and Trade of the UK, and thanked Việt Nam for its cooperation and support for the process.

Việt Nam's hosting the next round of talks in Phú Quốc late this month would contribute to accelerating the process, especially in the context of the two countries celebrating the 50th anniversary of the bilateral diplomatic ties this year, she noted.

Badenoch expressed her hope that CPTPP members and the UK would handle the pending issues during the meeting to end the negotiations in principle.

After the four rounds of talks held online in 2022, the next meeting is scheduled for February 27 in Phú Quốc, off the Mekong Delta province of Kiên Giang.

— VNS   LINK

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Henig:  MoF proposes decree amendment to allow bond payment conversions

February, 25/2023 - 09:34

Converting the bond debt into properties will help realty enterprises reduce inventories and the pressure of cash flows.

HÀ NỘI — Due to the stagnant bond market, the Ministry of Finance (MoF) has proposed a decree amendment to allow enterprises to convert bond payments into assets, including real estate.

The corporate bond market remained quiet in the first month of this year, with a large number of maturing bonds. Of which, half of the bonds - VNĐ104 trillion (US$4.37 billion) maturing out of around VNĐ205 trillion - were issued by property developers.

According to FiinRatings, only one batch of private placement bonds worth VNĐ110 billion was successfully issued by Phan Vũ Investment Corporation in January. These bonds' term is five years, with a nominal rate of interest of 10.5 per cent a year. And Asia Pile Holdings is the batch's sole bondholder.

Nguyễn Tùng Anh, head of the Credit Analysis and Green Financial Services Department of FiinRating, said that low demands and supplies on the market were attributed to the steep reduction in the size of bond issuance. 

In the midst of the market's stagnation, Novaland recently proposed a solution for its two batches of bonds that are to due by extending the principal payment date for an appropriate period of time or converting the principal with the company's real estate.

According to the property developer the solution is force majeure as the market still has many unpredictable fluctuations which is in line with the document relating to bond issuance. 

It assured that the proposal was legal and in accordance with the decree's directives.

Therefore, it was expected that the decree amendment would help the bond market recover.

"The new decree is required due to the high liquidity pressure enterprises faced at the end of last year when 12 issuers in the real estate and energy industries breached debt obligations such as late payment of interest and/or principal," Tùng Anh said.

Similarly, Dr. Lê Đức Chí of the University of Economics HCM City's School of Finance stated that the conversion of bond debts into properties would be a necessary solution because it would help companies reduce inventories, relieving pressure on cash flows.  

Risks in bond payment by properties

However, bondholders may refuse to agree to convert bond debts into real estate debt, according to Phạm Đức, an attorney of the HCM City Bar Association.

He said that with this kind of payment, bondholders would be at a disadvantage because they would not receive interest, while assets have extremely low liquidity, especially when the property market is merely frozen and the volatility of realty prices is unpredictable in the future. 

"If bondholders insist on cash payments but the enterprises are unable to settle, the enterprises' bank loans will become bad debts. They, then, can't access capital to retain and develop their projects," he said. 

"Bondholders and enterprises still can reach consensus on the payment method for real estate if businesses pay both principal and interest, then offer a reasonable price for the converted property," Đức suggested. 

Analysts said that the payments in real estate meant switching from financial transactions of borrowing and paying in cash to buying and selling assets. Therefore, the transaction must satisfy regulations, including legally completing and meeting the criteria of an agreement to buy and sell.

Bondholders were recommended to learn about and choose reputable enterprises. 

If the enterprise proposed exorbitant prices for the properties, bondholders should resolutely demand payment in cash. If the enterprise was three months behind on bond payments, bondholders could sue and ask the court to initiate bankruptcy proceedings against it.

Experts also suggested that the Government should take effective measures to solve the problems of real estate and bonds at their root, such as transparency or legal problems with projects. Only then could the bondholders accept the bond payment in real estate.

— VNS    LINK

Saturday "Vietnam News" Posted by Henig at KTFA 2-25-2023

KTFA: Vietnam:

Henig:  Swiss daily: Vietnam becomes a new destination for foreign companies

13:15 | 25/02/2023

Swiss daily Tribune de Gèneve has recently published an article hailing Vietnam as a new destination for foreign companies.

The article said two-way trade between Switzerland and Vietnam hit about 3.2 billion USD in 2020. Switzerland is well-positioned to leverage advantages brought about by the Vietnamese economy.

Hundreds of Swiss companies have been among the most important European investors present in Vietnam. In particular, the Swiss industrial equipment sector should fully tap the growing trend of "Made in Vietnam" products.

According to the article, the industrial boom in Vietnam could be clearly felt when entering the Van Trung Industrial Park, which is an hour's drive to the north of Hanoi. Early in the morning, many people were lining up in front of recruitment office of Foxconn - the most famous subcontractor for Apple. In front of a large dormitory for workers, there is also a large poster with a notice that Foxconn is recruiting 10,000 employees with favourable working conditions.

Foxconn is not the only factory hiring a large number of workers. Not far away, LuxShare, a competitor, is announcing that it will recruit 13,000 new employees. An automobile supplier is seeking 700 eligible positions while a solar panel manufacturer is announcing the recruitment of 6,000 positions.

Large industrial zones are being built and taken over by advanced electronics manufacturers, said the article.

The Republic of Korea's electronics conglomerate Samsung inaugurated a brand new research and development centre in Hanoi in December 2022. It also plans to invest around 3.2 billion USD to produce semiconductors in a neighbouring province. The US’s semiconductor equipment company Amkor Technology will soon open a factory near the airport. And Pegatron of Taiwan (China) that produces components for electric carmaker Tesla and assembles iPhones, has recently begun operations near Ha Long Bay.

The article attributed Vietnam's above-said attraction to various factors such as a stable investment environment, 15 free trade agreements, including one signed in 2020 with the European Union (EU), helping Vietnam become a hub of industrial production at affordable costs.

Vietnam is being rated by foreign investors as a top priority for investment. Therefore, the country will continue to witness the emergence of super factories in the future, it concluded.

Source: VNA   LINK

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Henig:  Falling interest rates facilitate production and business sectors

06:05 | 25/02/2023

Many banks have just launched credit packages with preferential lending interest rates that decreased by between 0.5-3% per year for customers in the fields of business and production, including real estate.

Most recently, the Vietnam Bank for Agriculture and Rural Development (Agribank), one of the largest banks in Vietnam, announced that as of January 31, the interest rates for real estate business is likely to be reduced by up to 3% per year from the interest rates that are being applied. The adjusted interest rates will be applied from January 31, 2023 to December 31, 2014.

Agribank said it will also spend more than 100 trillion VND in 2023 on preferential loans for businesses, import - export firms, and those operating in the healthcare and education sectors; and reduce interest rates for enterprises meeting difficulties in production and business.

Previously, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Joint Stock Commercial Bank for Industry and Trade (VietinBank) also launched incentive credit packages to support business and production firms.

The wave of reducing lending interest rates has been also recorded in many other commercial banks such the Viet Capital Commercial Joint Stock Bank (Viet Capital Bank), Orient Commercial Joint Stock Bank (OCB), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), and Southeast Asia Commercial Joint Stock Bank (SeABank).

According to Nguyen Huu Trung, Acting General Director of the Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank), the capital demand of businesses still remains high, so banks need to have appropriate policies to support their customers.

Banks continued to lower deposit interest rates early this month, thus cutting lending rates in general, and those for the real estate sector in particular.

According to a report of Bao Viet Securities (BVSC), the deposit interest rates have showed signs of dropping since late January 2023, raising the hope of a fall in lending rates.

Source: VNA   LINK

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Henig:  Vietnam to have 16 more railway lines by 2030

08:00 | 25/02/2023

Vietnam’s railway network planning expects to have 16 new national lines with a total length of about 4,802km by 2030.

According to the Ministry of Transport, the planning for 2021-2030 will also upgrade seven existing lines, whose total length amounts to 2,440km.

By 2050, the number of new rail lines will be 25, which together are 6,354km long.

The completely upgraded and expanded network following the planning will connect strategic economic areas and corridors, urban centres, international sea ports, border gates, and airports nationwide, said a leader of the ministry.

Rail transport boasts several advantages. It requires less land areas, leaves little impact on the environment, and carries a large amount of goods and passengers. It is also fast, safe, and low cost.

However, the railway investment budget is enormous, while the State budget resources are limited. Due to the low financial efficiency of railway investment, it is difficult for the sector to attract capital from society.

Source: VNA   LINK

HCM City gains considerable achievements in sci-tech development

06:30 | 25/02/2023

Ho Chi Minh City has recorded significant achievements in scientific and technology between 2012 and 2021, greatly contributing to the local economy, the municipal Party Committee said.

The HCM City Party Committee held a conference on February 16 to review the 10-year implementation of the 11th-tenure Party Central Committee’s Resolution 20-NQ/TW, issued on November 1, 2012 on the development of science and technology toward international integration. The resolution was issued in service of industrialisation and modernisation amid the socialist-oriented market economy.

It reported that over the last 10 years, the southern metropolis has strongly applied science and technology to public administration, especially using information technology in public services. The technological level of industrial production businesses has also been improved gradually.

The general speed of technological and equipment reform in the city was about 18.85% annually during 2016 - 2020, an increase from the 15% before 2016. Meanwhile, total spending on machinery and equipment averaged 20.6 trillion VND (870.3 million USD at the current exchange rate) each year.

This could be seen in the high total factor productivity (TFP), 35.62% on average, with science and technology contributing to 74% of the TFP growth. Between 2011 and 2021, the social labour productivity in HCM City was 2.7 times higher and the productivity growth was 1.7 times higher than the nationwide figures.

However, Vice Secretary of the municipal Party Committee Nguyen Ho Hai pointed out that there remain many challenges to the development of science and technology, which has yet to meet socio-economic development and urban management demand or truly become momentum toward development.

Deputy Minister of Science and Technology Le Xuan Dinh said HCM City is home to thousands of startups that account for about half of the total in Vietnam. Meanwhile, total investment in science, technology and innovation needs to make up at least 2% of the local GRDP, but it is hard for the state budget to cover the rate.

Therefore, HCM City should pay attention to attracting investment from venture funds to startups and innovation, he suggested.

The municipal Party Committee said in the coming time, HCM City will focus on reforming the system of science and technology organisations, and enhance connectivity with businesses in developing and reforming technology. They will also work to train manpower, offer preferential treatment to attract science and technology personnel. The committee plans to expand cooperation with international partners, and attract overseas Vietnamese scientists and technological experts.

Source: VNA   LINK

KTFA Members "News and Views" Thursday 2-23-2023

KTFA:

Clare:  Historic collapse.. The Iranian currency records 5 million per 100 dollars

2/23/2023

Bonbast data revealed, on Wednesday, that the Iranian currency fell to a record level against the US dollar, recording 501,300 riyals.

The price of the US dollar in the Iranian free (black) market is witnessing a record high, with the continuation of unrest and the increasing isolation of the country amid Western criticism of the strict security measures taken by Iran and its relations with Russia.

The unrest poses one of the biggest challenges to the ruling regime in Iran since the 1979 Islamic Revolution.

The decline of the Iranian currency comes despite the recent steps taken by the regime, including the appointment of Muhammad Reza Farzin as the new governor of the Central Bank on December 30, 2022, after the value of the local currency reached its lowest level ever against the dollar, in the midst of mass protests and continuous Western sanctions.

After years of Western sanctions over Iran's nuclear program, the riyal was trading at 315,000 riyals to the dollar when anti-government protests erupted in mid-September.

The protests erupted with the death of a young Kurdish woman in the custody of the country's "morality police". The demonstrations escalated quickly and turned into calls for an end to more than 4 decades of mullahs' rule.   LINK

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Clare:  POC cash withdrawal machines

February 23, 2023

For supervisory and regulatory purposes, the Central Bank of Iraq has decided not to transfer the ownership of the agents / cash withdrawal outlets (POC). The above mentioned are the legal consequences according to what is stated in (Chapter Three/First/1) of the work controls of agents of electronic payment services providers.

https://cbi.iq/news/view/2246  

Calandlq:    KTFA Family,

Frank, Tink, Admins and teams thank you all so much for your tireless efforts to bring us to the transition point. I say transition because as Frank has stated countless times this isn’t over. Rather, it’s just about to get started.

This article is both astounding and brilliant all at once. Allow me to share (strictly in my own opinion) my understanding of the financial use of POC (in this instance). POC Point Of Cash is a feature that was made standard on a POS/Card Swipe Machine some years ago.

If I understand correctly the process is exactly like using an ATM except the citizens/customers swipes their card at any register terminal, i.e POS/Card Swipe Machine.

The citizens/customer then tells the shopkeeper/store mgr or attendant what denomination (possibly NSCNs) they would like to receive back.

If I’m right what makes this brilliant is that as F26 and teams have repeatedly told us “this must not fail with the citizens “, so this means the citizens /customers can make an ATM like transaction with an actual human attendant so that they can ask and have any/all questions answered so that they will know exactly what to do when the ATMs go live.

Again, ONLY if I’m correct…MIND BLOWN!!!

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Clare:  Al-Nusairi: The Central Bank's electronic platform for external transfer is the beginning of the solution to banking reform and the stability of the exchange rate

2/22/2023

Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed that the central bank's electronic platform for external transfer is the beginning of the solution for banking reform, and that bridging the gap between the official and parallel exchange rate actually begins with applying the instructions and controls of the external transfer platform, which were issued the day before yesterday by the Central Bank of Iraq, which are new instructions for external transfer for the year 2023 to licensed banks and based on Central Bank Law No. 56 of 2004 as amended.

Al-Nusairi said in an interview with "Al-Iqtisad News", that the instructions aim to strengthen the role of the banking system and non-bank financial institutions in securing foreign currency to the final beneficiaries and controlling its movement internally and externally, which leads to controlling and maintaining the stability of the exchange rate and adhering to the requirements of the law on combating money laundering and financing.

Terrorism No. 39 of 2015, which included entry controls for the platform, transactions, entities allowed to be financed by law, procedures and obligations of banks that enter this platform, mechanisms, flexibility, facilities, and expansion of inclusiveness with the aim of allowing financing all economic, commercial and investment activities, and achieving legal interests related to funding citizens in dollars in buying and selling, treatment, study, and travel. .

He explained that the application of entry controls to the platform for the year 2023 confirms that Iraq is strictly committed to international standards by ensuring that the dollar reaches the final beneficiary, preserving Iraqi funds from foreign currency from illegal behavior, adhering to international compliance rules and international standards adopted within the global financial system, as well as adhering to the decisions of the international community.

Related to international banking transactions, and this confirms that there is no going back because economic reforms cannot be fully carried out without reform starting first with the banking sector as modern banking systems, policies and contexts, and in accordance with internationally disciplined and monitored standards.
Pointing out that the Central Bank of Iraq aims mainly to achieve economic stability by achieving stability in the monetary system and the financial system through its programs and plans that aim to maintain stability in the exchange of the dinar against other foreign currencies, provided that it cooperates with the financial policy that must take into account financial discipline in addition to combating Economic crime and activities that violate local and international laws in force, such as financial crimes of all kinds, in addition to building sufficient foreign cash reserves to cover our local currency in circulation and control stable rates of inflation and interest rates.

Al-Nusairi urged the Iraqi media to be accurate and non-extremist economic and media analyzes of the reality of monetary stability in Iraq, and so as not to take expectations of media intimidation and create a state of fear among the public and the banking sector.

And he indicated that, through an insight into the state of the money circulation market from a neutral and transparent point of view, I am certain that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves amount to more than 100 billion dollars on average, and with regard to what determines its adequacy to cover the monetary mass in circulation and to cover imports, the Central Bank He will make exceptional efforts in accordance with monetary policy applications, and he will preserve the real purchasing value of the dinar, its recovery, and the stability of the target rates of exchange rates in the short term.   LINK

Clare:  During a parliamentary hosting.. Al-Alaq: The rise in the price of the dollar was caused by some traders who were afraid of the electronic platform

2/22/2023

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Wednesday that the electronic platform for selling the dollar will contribute to limiting the rise in its price in the parallel market, indicating that the current rise is caused by some merchants evading the electronic system and resorting to the market to buy the dollar.

A member of the Parliamentary Economy Committee, Yasser Al-Husseini, told Shafaq News agency, that his committee hosted today the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss a number of important axes, most notably "what are the negatives and positives of the new electronic system approved by the bank's management and the extent of its impact on the exchange rate of the parallel dollar, the market and life Economic".

And he indicated that "according to the words of the governor of the central bank, there are minor effects, but there are positive benefits that will contribute to the stability of the exchange rate and the prices of foodstuffs and consumer goods in the market."

"The hosting discussed controlling ports, taxes and customs to raise the state's financial revenue, reduce smuggling of the dollar and not affect foreign trade," he added.

Al-Husseini indicated that "the bank's governor stressed that proceeding with the procedures will contribute to a decrease in the exchange rate of the parallel dollar, and the need to adopt the official rate only in commercial transactions."

And the governor of the bank, according to Al-Husseini, stated that "some merchants are trying to escape from the electronic system and resort to the market to buy dollars, which causes an increase in the exchange rate of the dollar."

Al-Husseini explained, "The governor of the Central Bank confirmed that approximately 25% of merchants relied on the system and the electronic platform to buy the dollar, but the rest are among those wary and afraid of entering the electronic system, and that the new electronic system limits the smuggling of the dollar abroad and contributes to the stability of the exchange rate." dollar in the market.   LINK

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Clare:  Saturday begins.. Shafaq News is unique in publishing the details of the 34th Conference of Arab Parliaments in Baghdad

2/23/2023

Shafaq News Agency is unique in publishing the details of the thirty-fourth conference of the Arab Inter-Parliamentary Union and the accompanying committees, with the participation of the heads of the councils and parliaments of the Arab member states of the union.

The activities of the conference, which will be hosted by the Iraqi capital, Baghdad, will begin next Saturday.

Iraq chaired the Arab Parliamentary Union, on January 15, 2023, and Parliament Speaker Muhammad al-Halbousi was assigned to head the union, as of January 9.

An informed source told Shafaq News agency, "The heads of parliaments and councils, heads of delegations and observers will arrive in Iraq next Friday and hold a consultative meeting before the start of the conference's activities."

The opening session, according to the source, will be in (Baghdad Hall - Government Palace) and will include the speech of Muhammad al-Halbousi, President of the Conference, Speaker of the House of Representatives in the Republic of Iraq, and the speech of Ahmed bin Salman Al-Musallam, President of the Arab Inter-Parliamentary Union, Speaker of the House of Representatives in the Kingdom of Bahrain, in addition to a speech Ahmed Aboul Gheit, Secretary General of the League of Arab States.

The source added, "The conference's vice president and conference secretary will be appointed by the president based on the provisions of Article (10) of the rules of procedure of the Arab Inter-Parliamentary Union, after which committees will be formed."

The first working session, according to the same source, will be in (Baghdad Hall - Governmental Palace), during which the agenda, the report of the president, the report of the Secretary-General, and the reports of sessions 29-30-31 of the Executive Committee of the Arab Inter-Parliamentary Union will be approved for approval, in addition to the speeches of the heads of parliaments and councils and heads of delegations. .

And the source added, "Saturday afternoon will be dedicated to committee meetings, while the third working session will be held in Baghdad Hall - the government palace on Sunday, and it includes completing the speeches of the heads of parliaments, councils and heads of delegations, in addition to the meeting of the Drafting Committee to prepare the final statement after it is formed."

The closing session will be held in Baghdad Hall - the government palace on Sunday evening, according to the source.    LINK

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Clare:  Finance Minister: Iraq looks forward to the support of the World Bank to implement the national strategic goals

2/23/2023

Finance Minister Taif Sami Muhammad confirmed today, Wednesday, Iraq's aspiration to support the World Bank to implement the national strategic goals. 

A statement by the ministry, received by the Iraqi News Agency (INA), said, "The Minister of Finance, Taif Sami Muhammad, received a delegation from the International Finance Corporation for the Middle East and Asia region (IFC), affiliated with the World Bank Group, headed by the investment official, Julie Kalos, and Bilal Rabah, the resident representative of the institution in Iraq, in the presence of the general manager of the fund." Iraqi Foreign Development Brain Abdel Salam.

The statement added, "The importance of the role played by the International Finance Corporation alongside the Iraqi government in advancing sustainable development projects in Iraq, including supporting renewable energy projects and electrical interconnection with neighboring countries, and enhancing opportunities to involve the private sector alongside the public in implementing the reform national economy strategy, was discussed." ".

According to the statement, the minister stressed the importance of the studies and consultations provided by the International Finance Corporation in the field of capacity building and technical cooperation to achieve the goals of sustainable development, especially with regard to environmental rehabilitation projects, the reconstruction of liberated cities and economic reform, stressing the keenness of the Ministry of Finance to enhance the work process and coordination with the International Finance Corporation. To stimulate private sector growth and job creation in Iraq.

She added, "Iraq is looking forward to more support from the World Bank Group to implement the national strategic goals in addition to the structural reform programs adopted by the new Iraqi government, calling for" strengthening cooperation and coordination between Iraq and the World Bank and expressing the necessary assistance to overcome the obstacles facing the institution's work in Iraq. .   LINK

KTFA Wednesday CC "The Currency Reform Starts" 2-22-2023

KTFA

Monday Night Conference Call

Frank26:  2-22-23…….THE CURRENCY REFORM STARTS

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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=bz9Z3doyEm4