Wednesday "Vietnam News" Posted by Henig at KTFA 1-11-2023

KTFA:

Henig:  Kiên Giang aims to improve industrial production value by 8%

January, 11/2023 - 08:43

The industrial production value of Kiên Giang Province is more than VNĐ44.6 trillion last year, reaching 105.3 per cent of the plan, up 13.7 per cent compared to 2021.

KIÊN GIANG — The Cửu Long (Mekong) Delta province of Kiên Giang strives for industrial production value to reach more than VNĐ48.18 trillion (US$2.04 billion) this year, a year-on-year increase of 8 per cent.

The industrial production value of Kiên Giang Province was more than VNĐ44.6 trillion last year, reaching 105.3 per cent of the plan, up 13.7 per cent compared to 2021.

Director of the Department of Industry and Trade Trương Văn Minh said that since the outbreak of the COVID-19 pandemic, this had been the first year that the province's industrial growth reached double digits.

It showed that the process of recovering production and business of industrial production facilities in the area has had many positive changes and strong development, he said.

Among them, the processing and manufacturing industry was the main growth driver of the whole industry, accounting for 95.3 per cent of the total structure of industrial production value of the province.

Accordingly, most industrial products have positive growth. Leather shoes, bricks of all kinds, packaging, beer, frozen seafood, and stone mining have a growth rate of over 13 per cent compared to 2021.

This result is due to the fact that the supply chain of goods has been restored after the COVID-19 pandemic, and the purchasing power increased sharply again.

Enterprises have been proactive and have appropriate business solutions, and timely implementation of supply contracts, which have contributed to the overall growth of the whole industry in the province last year.

The vice chairman of the provincial people's committee Lê Quốc Anh said that the province had stepped up the activities of the province's steering group on restoring industrial production to synchronously and effectively deploy solutions to restore industrial production to support enterprises to accelerate the recovery and development of production and business activities.

The province would strengthen support for investors and businesses to soon complete and put into operation investment projects to enhance the capacity of the industry in the new year, especially key investment projects.

— VNS   LINK

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Henig:  The right direction for Lam Dong to break through into the global supply chain

08:58 | 10/01/2023

(VEN) - Lam Dong Province has many breakthrough solutions to develop comprehensive, sustainable and modern agriculture. Vietnam Economic News’ Diep Hien spoke with Dr. Pham S, Vice Chair of Lam Dong Province People's Committee about this issue.

In 2022, Vietnam's economy faced many challenges but the agricultural sector in Vietnam in general and Lam Dong Province in particular still had many positive signs. To achieve this result, what solutions have been implemented?

Having developed hi-tech agriculture since 2004, Lam Dong Province always issues thematic resolutions on hi-tech agriculture. It provides great orientations for farmers and businesses with basic solutions, including synchronously implementing breakthrough solutions close to the practical situation such as high-tech agricultural production planning; always investing intensively in the selection and breeding of crops and animals for high productivity and quality; and scientific and technological research and transfer.

Branding development has always been interested in the province and has organized the implementation of hundreds of research topics and projects for hi-tech agriculture; a great success in practice is that enterprises have invested in, selected technology and equipment suitable for each ecological sub-region and plant and livestock subjects, and developed farming processes according to standards and regulations on hi-tech agricultural production.

In addition, the province has drastically directed the application of mechanization and automation in the entire production process, especially the care and harvesting stages to reduce production costs. At the same time, in the process of organizing production, Lam Dong Province always has a relatively close forecast to the current international integration conditions, on the basis of which it finds strengths to pave the way for the agricultural sector to take off and integrate into international economic communities.

As a result, by the end of 2022, the province was estimated to reach over 65,300 hectares of production meeting the criteria of high-tech production, accounting for 21.8 percent of the province's cultivated land area; the value of high-tech agricultural production reached an average of VND430 million/ha, accounting for over 40 percent of the total production value of the sector.

 Production value per unit of cultivated vegetable area using smart technology is over VND2 billion/ha/year; flower production using IoT technology is from VND3-8 billion/ha/year. In particular, so far, the province has built a brand and established intellectual property rights of 31 brands for typical products of the province, including Da Lat Vegetables, Dalat Flowers, B’Lao Tea, Di Linh Coffee, Arabica Langbiang Coffee, Da Lat Cold Water Fish, and Bao Loc Silk, among others.

In the process of developing high-tech agriculture, what difficulties has Lam Dong encountered and how has the province overcome them?

Despite many innovations, Lam Dong Province is still facing basic difficulties such as agricultural production still lacking stability because the price of materials in recent years has always increased higher than the price of agricultural products. And the province has a solution to produce organic fertilizers, apply mechanization to reduce living labor in order to reduce production costs. In addition, due to the rapid urbanization process, the province has focused on science and technology as the foundation throughout the production process.

In addition, when developing high-tech agriculture, the nuclear factor, the core is enterprises and cooperatives. However, both of these forces are still slow to develop, not commensurate with their potential; production is not yet tied to the market... Therefore, the province has reviewed to direct the development of a practical and synchronous agricultural cooperative.

Another difficulty is that attracting enterprises to invest in agriculture and rural areas is still limited; most enterprises have difficulties in production public land fund when making investment projects; infrastructure for concentrated production planning areas and industrial parks has not been invested synchronously. Therefore, the province is oriented with a long-term vision of agricultural product processing industrial park.

What mechanisms and policies do localities have to attract foreign investors as well as expand international cooperation? Could you share your experience in multinational agricultural development?

In the current and future periods, Vietnam is fully implementing and will implement its commitments to free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); Vietnam-EU Free Trade Agreement (EVFTA); Regional Comprehensive Economic Partnership (RCEP), joining the ASEAN community, and implementing WTO regulations. Therefore, Lam Dong Province always has appropriate policies to attract foreign investment, international cooperation and strategic investors; improve the level of state management, access to scientific and technological knowledge and corporate governance to grasp international regulations.

Firstly, mastering all provincial branches of international cooperation is a requirement for integration; providing authentic data on local natural conditions, potentials and different policies; supporting policies on land, trade promotion and labor force training to meet investor requirements; and at the same time committing to donors on accessibility and effective capital implementation for community development.

Secondly, improving training on knowledge of international integration through continuing to promote economic restructuring, especially restructuring of the agricultural sector in association with attracting foreign investment.

Thirdly, reviewing, adjusting and supplementing the master plan of the agricultural sector and specialized plans in the direction of a multidisciplinary approach.

Fourthly, in the immediate future, focusing on building hi-tech agricultural zones; strongly developing hi-tech agricultural areas; accelerating the project of post-harvest centers and flower trading centers with the participation of Japanese enterprises and a number of advanced foreign enterprises.

Finally, strengthening state management of agriculture, especially quality management of agricultural materials, quality management of agricultural products, ensuring food safety and hygiene, promoting the application of production standards such as VietGAP, GlobalGAP, HACCP, and ORGANIC.

In the upcoming plan, in order to continue attracting foreign investment in hi-tech agriculture, the province has planned to focus on training human resources in parallel with training leading experts and training good managers of the agricultural sector; developing new cooperative models and production connectivity among farmers, cooperatives and enterprises, forming safe agricultural production and supply chains with the participation of FDI enterprises

Attracting FDI projects to develop the potential; attracting official development assistance (ODA) to invest in equipment and technology, improving the level of corporate governance in order to improve labor productivity, and improving product quality and enterprise competitiveness; organizing trade promotion missions in markets with potential advantages to expand agricultural export markets; proactively selecting and applying advanced technologies of the world in a shortcut manner to take the lead for the comprehensive, modern, sustainable development of Lam Dong’s agricultural in order to become one of the agricultural centers in Southeast Asia.

Diep Hien  LINK

Henig:  IMF commends Việt Nam’s macro-economic stabilisation policies

January, 10/2023

The IMF will always accompany Việt Nam in post-COVID-19 recovery and development, Deputy Managing Director of the International Monetary Fund (IFM) Antoinette Sayeh pledged, expressing her hope for stronger cooperation with Vietnamese agencies, particularly the Economic Commission.

HÀ NỘI — Deputy Managing Director of the International Monetary Fund (IFM) Antoinette Sayeh has lauded Việt Nam for its high economic growth and controlled inflation over the past years, despite global uncertainties.

At a meeting with the head of the Party Central Committee's Economic Commission, Trần Tuấn Anh, in Hà Nội on Monday, Sayeh spoke highly of guidelines and policies adopted by the Vietnamese Party and State to stabilise the macroeconomy and reform the growth model in response to climate change.

The IMF would always accompany Việt Nam in post-COVID-19 recovery and development, she pledged, expressing her hope for stronger cooperation with Vietnamese agencies, particularly the Economic Commission.

For his part, Anh said Vietnamese Party and State leaders always attached importance and listened to consultations and recommendations of the IMF, which had helped the country devise more effective macro-economic, fiscal and monetary policies.

He highlighted the IMF’s regular, quality reports on Việt Nam’s macro economy and thanked the fund for its support in personnel training.

Briefing the IMF delegation on Việt Nam’s macro-economic situation in 2019-22, lessons drawn from economic management, and development orientations and policies in the time ahead, the official called for more support from the fund.

VNS   LINK

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Henig:  HCM City’s industry and trade sector aims at new heights

January, 10/2023

The city’s industry and trade sector will deploy a number of measures to enable it to always stay ahead of trends, helping the city maintain its role as the economic locomotive and take the lead in innovation in the country, according to the city Department of Industry and Trade.

HCM CITY — The city’s industry and trade sector will deploy a number of measures to enable it to always stay ahead of trends, helping the city maintain its role as the economic locomotive and take the lead in innovation in the country, according to the city Department of Industry and Trade.

The sector also targets 7.5 per cent industrial growth, 12 per cent growth in retail sales of goods and services and a 10 per cent increase in foreign trade (excluding crude oil) this year.

According to a report at a meeting held on January 9 in HCM City to review industrial production and trade in 2022 and set tasks for this year, the sector recorded a strong recovery last year, with the index of industrial production up by 13.9 per cent, total retail sales of goods and services rising by 30.5 per cent to nearly VNĐ1.09 quadrillion (US$46.5 billion), and total export turnover of city-based enterprises up 5.1 per cent to $47.18 billion.

Bùi Tá Hoàng Vũ, the department’s director, said businesses would continue to face difficulties this year such as lower demand in the country’s key export markets, stricter access to bank loans, raising input costs, unstable global supply chain, high logistics costs and others.

In order to realise the goals set out for 2023, the department would focus on developing the high-tech industrial sector, supporting industries, and the four key industrial sectors comprehensively, he said.

It would pay greater attention to promoting key industrial products and those with potential in 2021-25 to foster development, and encourage and instruct enterprises to enhance digital transformation and green production.

It would step up export promotion to help firms expand markets, especially to countries with which Việt Nam has free trade agreements.

The department would also seek to boost the development of e-commerce to meet consumption trends, and develop the logistics sector into a key service sector.

Other plans included strengthening links between producers, distributors and retailers, bolstering connections between businesses and banks to make it easy for enterprises to access bank loans, and setting up a commodity exchange and large-scale supply and distribution chains with the participation of leading retailers and logistics firms, farms and enterprises, he said.

Speaking at the meeting, Võ Văn Hoan, deputy chairman of the city’s People’s Committee, appreciated the efforts made by the department and businesses last year.

Expecting businesses to continue to face difficulties this year, he asked the department to focus resources to understand the operational situation of enterprises so as to propose measures to help solve their difficulties (if any) in a timely manner.

He urged the department to implement efficiently the investment stimulus policy for the industrial sector and supporting industries and continue to foster trade cooperation with other cities and provinces to help firms expand consumption markets, ensure goods supply and demand and stable prices.

The city's industry and trade sector needed to improve its forecasting capacity to raise its management efficiency and better support the business community, he said.

Lý Kim Chi, chairwoman of the HCM City Food and Foodstuff Association, said the city needed to have support mechanisms and policies for developing cold storage and raw material areas to boost the development of the city's food processing industry in the 2021-2030 period.

She also proposed the city organise many programmes that promote goods made by the city-based businesses in other cities and provinces, and resume direct trade promotion programmes with the city’s key export markets to help businesses expand business opportunities.

— VNS   LINK

Wednesday Morning Iraq Economic News Highlights 1-11-23

Wednesday Morning Iraq Economic News Highlights 1-11-23

Coordination Framework: A Move To Relieve The Director Of The Central Bank Because Of The Dollar - Urgent

Economy    Baghdad today – Baghdad   Today, Tuesday, the leader in the coordination framework, Jabbar Odeh, spoke of a move to relieve the director of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, after recent currency market developments.

Odeh said in an interview with (Baghdad Today) that "the dollar exchange rate crisis is worrisome, especially with its reaching the threshold of 160,000 dinars for every 100 dollars, which leads to strong pressure on the markets and pushes prices up, not to mention its impact on the poor and middle classes through devaluation." It has no liquidity for the local currency because of the price fever.”

He added, "There is an actual move to dismiss the head of the Central Bank of Iraq due to the lack of success in controlling the situation," pointing out that "3 candidates are currently taking over the position, all of whom are from the womb of the Central Bank."

He pointed out that "the framework gave the Sudanese authority to choose a candidate for the position of head of the Central Bank," pointing out that "the change may occur within a short period."

Dollar exchange rates rose to the threshold of 160,000 dinars for every $100, despite government pledges to move to restore the exchange rate to its original price. 145 thousand dinars for every 100 dollars.    Edit: G. F     LINK

The Markets Are Boiling In Dollars, And Parliament Intends To Open Its Session By Discussing The Crisis

Posted On2023-01-11 By Sotaliraq   Baghdad / Hussein Hatem   The House of Representatives intends to open its first session in the new legislative term by discussing the “dollar crisis,” while the Central Bank of Iraq confirmed that the exchange rates are “temporary and will return to normal within two weeks, i.e. 1470 for every 100 dollars.”

Members of Parliament held the Central Bank of Iraq responsible for the rise in the exchange rate of the dollar, especially after it crossed the barrier of 160,000 dinars for every $100 for the first time in the year 2023, yesterday, Tuesday.

A member of the Parliamentary Finance Committee, Nazem Al-Shibli, says, “The House of Representatives has sought more than once and is still trying to reduce the exchange rates of the dollar.”

Al-Shibli added, "The great responsibility lies with the Central Bank of Iraq, and parliament is a legislative authority that does not have a trick in its hands to manipulate prices."

He pointed out, "The Central Bank of Iraq is primarily responsible for financial policy in Iraq," noting, "If there are previous or new mistakes, the bank is the one who bears those mistakes.

Al-Shibli put forward solutions to control the exchange rates of the dollar, represented by “increasing sales outlets, and controlling receipts that were provided fraudulently to banks and the central bank.”

In turn, a member of the House of Representatives, Baqir Kazem Al-Saadi, says, "The first session in the new legislative term of Parliament will be related to discussing and finding solutions to the crisis of the high exchange rate of the dollar."

Al-Saadi added, "The House of Representatives will submit a report and proposals to the Ministry of Finance in order to study the issue of dollar exchange."

He explained, "The work of the parliamentary committees in the previous period focused on finding solutions and proposals in order to work to reduce the exchange rate of the dollar after the speculations it witnessed."

Al-Saadi stressed, "The next session will be an emergency to solve the dollar exchange rate crisis, and all aspects that will contribute to preserving the value of the Iraqi dinar will be studied."

For his part, another member of the House of Representatives, Kazem Al-Touki, says, “Most members of the House of Representatives collected signatures in order to hold an extraordinary session to discuss the rise in the exchange rate of the dollar in the local markets and to find out its causes and repercussions.”

Al-Touki added, "Parliament intends to start its new legislative term by holding a session in which the aforementioned issue will be discussed in order to summon the authorities concerned with financial affairs in order to find out the real solutions to the rise and restore the situation to its predecessor."

And he pointed out, “The government’s treatments regarding the dollar exchange rate did not produce the desired results, despite the distribution of the currency to banks authorized with the same value, as it was temporary and was unable to restore the exchange rate to its previous position.”

In addition, the advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said, “The central bank is committed and compliant with the decisions of the international community, and as long as there are countries that are prohibited from receiving the dollar, then the central bank cannot bypass that and not violate the controls.”

And he emphasized that “the turmoil in dollar prices is a temporary situation, and within two weeks the dollar price will return to its normal stable position of 1470, that is, before the end of this month of January,” noting that “the central bank’s resources are now at their highest levels in decades.”

Al-Yasiri explained, "The state's financial situation is very comfortable," noting that "the controls that were put in place to sell the dollar on the platform came in order for the dollar to go to the real beneficiary, and it is a regulatory process." LINK

"It Has Become Higher Than The Capacity Of The Iraqi Individual." The Dollar Blight Hits Local Eggs And Soars Their Prices

https://media.shafaq.com/media/arcella/1673435275697.png

2023-01-11 05:10  Shafaq News/ Despite the increase in the prices of some imported commodities to about two thousand and five thousand 5 dinars as a result of the increase in the exchange rate of the dollar in the parallel market in the Iraqi local markets, some food products, including "eggs", were also affected by the exchange rate despite being produced locally.

Its rise surprised Iraqi citizens, after it exceeded 10 thousand dinars, which raised some questions about the reasons for that, and the reason for the disappearance of the importer from the market, despite the Ministry of Agriculture’s talk of opening the import of foodstuffs, including table eggs.

The Iraqi government had allowed the import of some agricultural crops, such as tomatoes and cucumbers, in addition to chicken and eggs, from the land border crossings in August of 2021, after their prices increased.

"Khawat" In The Controls

Ahmed Khalil, an egg wholesaler in the Jamila commercial area in Baghdad, told Shafaq News agency, "The box of eggs, which contains 12 layers, has increased during the current week to reach 80,000 dinars, after it was 72,000 dinars at the beginning of the week," indicating The eggs that he sells are brought from the hatcheries of the Rania Company in Qalaat Dizah, Sulaymaniyah Governorate, to Baghdad, but the controls along this road take from them what is known as “khawat”, which amounts in total to 3 thousand dollars, and therefore these amounts are added to The price of the carton, which leads to an increase in the price of eggs, leads to an increase in the price of eggs in Baghdad."

He added, "The local product of eggs is not enough, and some fields were closed due to a loss, as a result of the lack of government support for fodder, which forced some to raise their prices."

Investment Encouragement

The economist, Muhammad al-Hasani, told Shafaq News agency, "The government is unable to manage food security properly, and therefore every food item faces problems from time to time," noting at the same time that "influential parties in the state are among the It manages or participates in these food-producing projects, including poultry fields, with the aim of monopolizing and obtaining large profits at the expense of the poor citizen.

He added, "Opening imports and supporting the national product with fodder at reasonable prices and encouraging local and foreign investors to establish such projects without bureaucracy will certainly lead to appropriate prices far from monopoly as we are witnessing now."    

Citizens: Open The Import  

Citizens whom Shafaq News met demanded to open the import of table eggs, as it was previously, with the aim of making it available and reducing its prices.

The citizen, Muhammad Salim, told Shafaq News agency, "The prices of eggs are now higher than the ability of some families to buy a layer of eggs, which forced them to buy individually by one thousand or two thousand dinars."

He added, "When import was open, there was competition, and thus created suitable prices. But without import, the monopoly will be present by the local producer."

For his part, the citizen, Mazen Muhammad, told Shafaq News agency, "Eggs are considered one of the main foodstuffs on the table, and therefore they cannot be dispensed with," noting that "their high prices in this way will force some to buy smaller quantities."

He called on the government to "provide the product by finding certain measures, such as opening imports and supporting local producers with what they need of fodder and electric energy."

Agriculture.. Quick Solutions

And the Ministry of Agriculture announced "allowing the transfer of table eggs produced in the poultry projects of the Kurdistan Region to the rest of the other governorates of Iraq and vice versa, after the price of a layer of this food item increased to 7 thousand dinars."

The ministry's spokesman, Muhammad Al-Khuzai, told Shafaq News agency, "The reasons for the high price of eggs came as a result of the increased demand for them, as the demand for them is seasonal, which is winter in particular, and therefore they are subject to the laws of demand and supply, and the insufficiency of the local product to cover the market, as well as the high exchange rate." The dollar led to the increase in the prices of this substance.”

Al-Khuzaie pointed out that "the ministry's recent action will lead to the return of the prices of this substance to its reasonable and acceptable levels for all parties, the citizen, the consumer and the producer."

The exchange rates of the dollar against the dinar in the Iraqi local markets are witnessing a continuous rise, reaching during the past two days about 161 thousand dinars, despite the government's measures to open outlets for selling the American currency at the official price, which is 146 thousand dinars. LINK

The Secret Of The Dollar’s ​​Rise In Iraq And The Central Bank’s Failure To Control… The Trade Dollar “Runs Away” From The Official Window To Avoid Taxes

2023-01-11 Yes Iraq: Baghdad  With the Central Bank of Iraq continuing to put the drug in its true place, the dollar continues to rise in the local markets, amid experts and specialists finding that the rise of the dollar in Iraq has nothing to do with cash sales and the demand for dollars for the purpose of travel, while the Central Bank continues to provide dollars for the purpose of travel, there is really no demand Too much for travel dollars, and the high demand for trade dollars continues to withdraw hard currency from the markets, which causes the dollar to rise amid the central bank's inability to do anything.

The Central Bank of Iraq was selling an average of 220 million dollars per day in the previous months, to drop recently to an average of 80-100 million dollars per day only, and sometimes much less than that, with a decrease of about 65%.

As a result, the exchange rates of the dollar in the local markets rose by nearly 10%, so that the Central Bank mobilized its efforts, which did not lead to anything, for one reason, as the bank began pumping money and dollars for travelers whose demand constitutes only a small percentage of the high real demand in the market, resulting from The demand for “trade dollars,” not travel dollars.

Experts point out that the owners of fictitious imports, as well as the real traders, have begun to buy dollars from the parallel market, no matter how high its price is, and prefer that to buying dollars from the central bank.

Where real merchants buy the dollar from the parallel market at its high prices, and thus the prices of the goods they import, only for one thing, which is “tax evasion”, where if they buy from the Central Bank, they will pay entry taxes for these goods that they import.

Economic researcher Mortada Al-Azzawi says, “Many merchants deliberately do not buy dollars from the central bank and go to the parallel market to secure their dollar needs, despite the 10% increase in the exchange rate in the parallel market from the official rate.”

And he adds: “All of this is for the sake of customs evasion by using forged invoices, as these merchants see that buying a more expensive dollar in the parallel market is cheaper for them than buying dollars from the central bank after applying the new mechanism and bearing the customs bill.”

And he considered that “the situation will not continue, and when the market is devoid of the dollar, these merchants will be forced to return again to the central bank.”

For his part, economic expert Abd al-Rahman al-Mashhadani says, “The high price of the dollar in the parallel market currently is not due to travel, because what the traveler needs per month is only 10 million. Banking in China is outside the (Swift) system, which led to the rise of the dollar, and the government cannot control it.   LINK

"Tidbits From TNT" Wednesday Morning 1-11-2023

TNT:

Tishwash:  World Bank: It is time to close the development gap in Iraq

The World Bank confirmed, on Wednesday, that the time has come to close the development gap in Iraq and create a society that addresses the problems and consequences of climate change, which may endanger social stability and prospects for economic development.

"The Iraqi government is more aware of the environmental problems that surround the country," Salim Rouhana, the bank's sustainable development program officer, said in a statement, stressing the need to take measures to close the development gap and create a society that is more responsive to the problems and consequences of climate change.

 Rouhana added, "Iraq has gone through exceptional circumstances during the last stage, but it has become more aware of the dangers of climate change, which are actually linked to the structural, structural and developmental problems of the economy."

It is noteworthy that last November 2022, the Climate and Development Report for Iraq issued by the World Bank indicated that it would need investments worth about $233 billion by 2040 to be able to bridge priority development gaps and embark on a comprehensive green growth path.    link

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CandyKisses:  The President of the Kurdistan Regional Government arrives in Baghdad at the head of a high government delegation

Baghdad / NINA /- The President of the Kurdistan Regional Government, Masrour Barzani, arrived today, Wednesday morning, at Baghdad Airport, at the head of a high-level government delegation.

The Prime Minister and the accompanying delegation will hold a series of meetings with the Presidents of the Republic, Abdul Latif Jamal Rashid, the Council of Ministers, Muhammad Shia' al-Sudani, the House of Representatives, Muhammad al-Halbousi, and the Supreme Judicial Council, Faeq Zaidan./ 

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CandyKisses:  Al-Safadi from Baghdad: We stress strengthening tripartite cooperation between Jordan, Egypt and Iraq

INA-  Baghdad

Jordanian Parliament Speaker Ahmed Al-Safadi stressed on Wednesday the significance of strengthening tripartite cooperation between Jordan, Egypt and Iraq, while expressing his country's readiness to cooperate with Iraq to end terrorism.

Al-Safadi said in a speech from the Iraqi Parliament headquarters, followed by the Iraqi News Agency (INA), "My colleagues and I feel proud of the success of the second Baghdad Conference for Cooperation and Partnership, which was held in Jordan a month ago at the invitation of King Abdullah II and in the presence of Prime Minister Muhammad Shia Al-Sudani, where the first Baghdad Conference was built on providing all possibilities to support the security and stability of Iraq and support it in its efforts to consolidate the constitution and law, strengthen governance and build institutions, capable of continuing progress and reconstruction, protecting the capabilities and meeting the aspirations of its people."

He added, "As the final statement of the Baghdad conference came out, we emphasize the importance of building tripartite cooperation between Jordan, Egypt and Iraq and the economic projects that have been agreed upon, including electrical interconnection projects," pointing out that "what is important in the results of the summits is to go to economic integration, strengthen brotherhood and friendship among the peoples of the region, and establish the spirit of goodwill and tolerance."

He stressed that "Jordan, under the leadership of King Abdullah II, will remain with Iraq an aid and support for the comprehensive elimination of terrorism," pointing out that "we want to work together in coordination and cooperation in the parliamentary field and promote the legislative role in supporting the efforts of our country and providing all joint cooperation."

He stressed "the need to translate the brotherly relation into practical steps that reap the fruits of the two brotherly peoples, pointing out that "Iraq will rise and remain the support and aid to the nation, as it is glory, history and civilization."

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CandyKisses:  Al-Musawi calls on Al-Sudani to strengthen the relationship with China in preparation for an “economic revolution” in Iraq

Baghdad - Mawazine News

Zainab al-Moussawi, representative of the Sadiqun Bloc, praised, on Wednesday, what it called the "service revolution" and the opening of closed roads inside the Green Zone under the guidance of Prime Minister Muhammad Shia'a al-Suadni.

Al-Moussawi said, "Prime Minister Muhammad Shia'a al-Sudani is taking confident steps to restore what was destroyed during the previous government, and that the service effort that spread in all areas of the capital is nothing but a golden imprint that counts for him within a short time of his assumption of the prime minister."

In a statement received by Mawazine News, Al-Musawi called on Al-Sudani to "strengthen the relationship with China in preparation for an expected economic revolution in Iraq."

She added, "Chinese companies can implement road and railway projects and establish new international roads linking Iraq with neighboring countries, in addition to establishing major industrial cities in all governorates and providing vertical housing construction in order to bring them into Iraq to initiate new projects to solve the housing crisis, and that China is one of the first countries." In solving the housing crisis through vertical construction.

Al-Moussawi concluded her statement by saying, "Chinese investment in Iraq in return for a small part of crude oil, which is estimated at 100,000 barrels per day, leads to the transformation of the Iraqi economy from rentierism to the path of great economies." 

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Tishwash:  An economist offers a single solution to overcome the dollar crisis

Economic expert Diaa Mohsen confirmed, on Wednesday, that government measures and the Central Bank will not help in overcoming the crisis of the high dollar exchange rate, indicating that the only and best solution is to close the currency window in front of exchange offices.

Mohsen said, in a statement to Al-Maalouma, that "the merchants' orientation to the parallel market to obtain dollars is the root of the problem in raising the exchange rate, despite their exemption from taxes."

He added, "The recent measures of the government and the central bank, and the latter's promise to solve the problem within weeks, did not and will not happen, in addition to forcing government institutions to deal in dinars is not new because all government institutions originally deal in Iraqi dinars and their accounts are based on the dinar, and the dollar is nothing but travel offices in the private sector, which are It does not constitute any significant importance compared to its daily dealings.
 
Mohsen explained, "The government and the central bank have one solution, which is to close the sale of the currency window in front of the exchange offices to force merchants to resort to opening their foreign trade credits with the Rafidain and Rasheed banks, and thus we will block the way for merchants to go to the parallel market that manipulates the exchange rate, especially since most merchants They fraudulently obtained dollars by opening their own exchange offices. link

Mot:  ....... It’s almost racing season! 

Mot:  How did it go the last time you bowled?

Iraqi News Highlights Tuesday Evening 1-10-23

Iraqi News Highlights Tuesday Evening 1-10-23

Tlm724 Administrator Bondlady’s Corner

The Council Of Ministers Obliges Government Agencies To Sell Goods And Services According To The Exchange Rate Of 1470 Dinars

political| 05:14 - 10/01/2023   Baghdad - Mawazine News  Today, Tuesday, the Council of Ministers obligated government agencies to sell goods and services according to the official exchange rate for the dollar.  Al-Sudani's office stated in a statement, a copy of which was received by Mawazine News, that "the cabinet obligated all government agencies to sell goods and services in Iraqi dinars according to the official exchange rate of (1470) dinars to one dollar."

https://www.mawazin.net/Details.aspx?jimare=216335

The Central Bank Governor Urges Merchants To Deal Directly With Banks

Economie| 03:17 - 10/01/2023  Baghdad - Mawazine News, Governor of the Central Bank, Mustafa Makhaif, called today, Tuesday, on merchants to deal directly with banks.

A statement by the bank's media office, a copy of which Mawazine News received, stated that "Makhaif and the advanced staff at the Central Bank received a number of merchants."

The statement stated that "during the meeting, the most important concerns of merchants and their proposals and the most important challenges they face in dealing with licensed banks were discussed, wishing them to avoid resorting to brokers and speculators, and to deal directly with banks that provide various banking services."

And the statement continued, "The governor of the Central Bank gave an explanation about the procedures and decisions of the Central Bank of Iraq during the past days to enhance stability in the foreign currency market and the mechanisms of the electronic platform's work as a tool for external transfer."

And the Central Bank of Iraq confirmed, at the end of last month, that merchants should review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, noting what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats. In advance, as this will reduce redundant rings, ease procedures, and remove costs resulting from pre-demarcation problems.

He also stressed that the Central Bank continues to work to simplify external transfer procedures through official channels and at the official exchange rate for merchants, in light of the launch of the electronic platform for external transfer at the beginning of this year. He called on other competent government agencies to facilitate merchants' procedures to ensure full disclosure of all transactions and ensure their safety.   https://www.mawazin.net/Details.aspx?jimare=216324

Oil Prices Are Falling Again In The Global Markets

Economie| 08:56 - 10/01/2023   Baghdad - Mawazine News  Oil prices changed slightly, on Tuesday, giving up some of the previous session's gains, as traders await clarification on the Federal Reserve's plans to raise interest rates to measure the impact on the economy and fuel demand.

Brent crude futures for delivery were down 36 cents at $79.26 a barrel, down 0.45% by 04:20 GMT.

US crude also fell 25 cents, or 0.35%, to $74:37 a barrel. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=216294

The Ministerial Council For The Economy Requires State Institutions To Pay Wages For Goods And Services In Iraqi Dinars

Today, Monday, the Ministerial Council of Economy decided to oblige state institutions to pay wages for goods and services in Iraqi dinars.

And the Ministry of Foreign Affairs stated, in a statement, that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the first meeting of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, and with the participation of the ministers (Finance, Trade, Industry, Agriculture, Labor and Social Affairs, the Secretary General of the Council of Ministers and the Governor of The Central Bank of Iraq, the acting head of the National Investment Commission, and advisors to the Prime Minister for economic and legal affairs).

She added, "The council discussed the draft law of the state's general budget and the revenues and expenditures contained therein, and the council also discussed the economic issues on its agenda and took many important economic decisions, including: obligating all state ministries and institutions to pay wages for goods and services in Iraqi dinars, and whoever chooses from the private sector."

That his sales be as mentioned above, provided that the Central Bank of Iraq compensates these amounts in dollars and at the official rate in order to fulfill their obligations and purchases outside Iraq.

And she continued, "The council also agreed that the Central Bank of Iraq would contract with the Zaha Hadid Foundation to design the Central Bank building in Nineveh Governorate."

https://www.radionawa.com/all-detail.aspx?jimare=32940

Iraq Ranks Fourth In The Arab World With Gold Reserves

Economie| 02:10 - 10/01/2023   Follow-up - Mawazine News   Saudi Arabia continued to lead the list of the largest Arab countries in possession of gold reserves, based on the first report issued in 2023 by the World Gold Council.

The following table shows, according to figures issued by the World Gold Council, the ranking of the largest Arab countries in possession of gold reserves:

https://www.mawazin.net/Details.aspx?jimare=216317

Some "Vietnam News" Posted by Henig at KTFA Tuesday 1-10-2023

KTFA: Vietnam:

Henig:  Standard Chartered forecast Việt Nam 2023 GDP growth at 7.2 per cent

January, 10/2023 - 07:31

Standard Chartered Bank expects Việt Nam’s strong growth of 7.2 per cent in 2023 and 6.7 per cent in 2024, following a solid recovery to 8.0 per cent in 2022.

HÀ NỘI Standard Chartered Bank forecasts Việt Nam’s economic growth at 7.2 per cent in 2023 and 6.7 per cent in 2024, following a solid recovery to 8.0 per cent in 2022.

The forecast is highlighted in the bank’s recently published global research report on Việt Nam titled “Việt Nam – Still enjoying high-growth status”.

“We still have a conviction on Việt Nam’s high growth potential over the medium term,” said Tim Leelahaphan, Economist for Thailand and Việt Nam, Standard Chartered. “While macro indicators moderated somewhat in Quarter 4 2022, they remain largely robust. Retail sales posted solid growth in the second half of 2022, implying improved domestic activity.”

According to Standard Chartered’s economists, trade balance has tentatively improved; exports may face global headwinds; imports are at risk of reversal. FDI disbursements have continued to increase, but the outlook hinges on the global economy. Inflation may pose a threat to Việt Nam’s continued recovery.

Inflation is anticipated to rise throughout 2023, potentially reaching 6 per cent in the final months of the year and averaging 5.5 per cent in both 2023 and 2024 (from 3.2 per cent in 2022). Việt Nam’s fiscal deficit may persist and be a source of inflation.

Standard Chartered Bank expects the State Bank of Vietnam (SBV) to hike rates by another one per cent in Quarter 1 2023 and to stay on hold through end-2024 as it shifts to a tightening stance with a view to maintaining stability.

“We expect the central bank to stay vigilant against inflation, a weakening Vietnamese đồng, and financial instability arising from risky loans in the real-estate sector. The SBV may prefer a relatively strong Vietnamese đồng, as long as it does not harm the country’s trade competitiveness,” said Tim Leelahaphan, Economist for Thailand and Việt Nam, Standard Chartered.

According to Tim, the Vietnamese đồng has recovered sharply in recent weeks, however, the pace of Vietnamese đồng appreciation is likely to slow down, as several headwinds persist. The replenishment of FX reserves is likely to be a key priority for the central bank. An improving Current Account backdrop and tourism recovery is likely to be supportive to the Vietnamese đồng. USD-VND is forecast at 23,400 by end-2023 and 23,000 by end-2024.

VNS   LINK

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Henig:  Some shipping companies confront hardship, some benefit

January, 10/2023 - 08:31

In the context of rising interest rates and rising US dollar, many port and shipping companies are confronting difficulties, but there are still beneficiaries.

HÀ NỘI In the context of rising interest rates and the rising US dollar, many port and shipping companies are confronting difficulties, but there are still beneficiaries.

Good growth in 2022

According to the Việt Nam Maritime Administration, in 2022, the total volume of cargo throughput via seaports was estimated at 733.18 million tonnes, up 4 per cent compared to 2021. Exports reached 179.07 million tonnes, down 3 per cent compared to 2021. Imports reached 209.26 million tonnes, down 2 per cent. Domestic goods reached 342.79 million tonnes, up 12 per cent. The volume of container cargo through the seaports in 2022 was estimated at 25.09 million TEUs, up 5 per cent compared to 2021.

At the conference held last month by the Việt Nam Maritime Administration to evaluate the work results in 2022 and deploy the key tasks in 2023, Deputy Minister of Transport Nguyễn Xuân Sang assessed that the Vietnamese fleet has met 100 per cent of the demand for goods transportation. The volume of cargo transported on international routes of Việt Nam's fleet in 2022 increased by more than 10 per cent compared to last year, reaching nearly 1.3 million tonnes of cargo.

"Revenue and profit of shipping companies both increased, possibly partly due to increased freight rates, but fleet quality also continued to improve, so did the fleet structure," Sang said.

According to VNDirect's estimates, in the first nine months of 2022, the revenue of listed shipping companies increased by 73.7 per cent over the same period of the previous year, mainly thanks to the high sea freight rates contracted by the companies. Gross profit margin also improved by 13.0 percentage points due to the increase in scale. As a result, net profit of listed shipping companies increased by 70.8 per cent, in which The Hải An Transport and Stevedoring JSC (HAH) recorded the strongest net profit growth of 171.8 per cent thanks to strong fleet expansion in 2022.

However, in the international market, after a period of rapid growth, sea freight rates suddenly dropped. This is the result of the weakening of global freight demand while the market expects an increase in supply in the near future.

According to Alphaliner, the number of new shipbuilding orders continues to increase, bringing current orders to 27.9 per cent of total market capacity, the highest level since 2012. The global fleet could grow by 4.4 per cent and 8.2 per cent year-on-year in 2022 and 2023 due to new orders being delivered, while global cargo throughput may increase only by 0.9 per cent and 2.7 per cent in 2022 and 2023 due to the global economic recession.

VNDirect forecasts that the oversupply will put great pressure on sea freight rates in the near future. Business results of shipping lines see a certain lag with fluctuations in sea freight rates because charter contracts usually last from 6 to 12 months. Therefore, the impact of the reduction in sea freight rates will begin to reflect on the business results of shipping companies in the 2023-2024 period.

However, analysts still see a number of positive factors that could somewhat mitigate the negative impact of the price reduction. First, China is on track to reopen, which will boost global trade and consumption. Second, the average Brent oil price is forecast to remain around $90 per barrel in 2023, which will help reduce fuel costs for shipping companies.

Stocks

In 2023 - 2024, VNDirect believes lower sea freight rates will support global trade activities. Besides, the shortage of containers – the main factor causing seaport congestion – will be solved thanks to the additional volume of containers. With ports operating at 100 per cent capacity after the pandemic, the number of ships waiting in line has been eased in the main port areas. The reopening of China could offset the weakening global economy, providing a neutral outlook for the global port industry.

Experts also expect that Việt Nam's container throughput will increase by 2.5 per cent year-on-year in 2022 to 24.9 million TEUs after a growth of 2.9 per cent in 10 months of 2022.

In the seaport master plan for the 2021 - 2030 period, among Việt Nam's major port clusters, Hải Phòng port cluster and Cái Mép – Thị Vải port cluster are classified as Việt Nam's special port clusters and will be most developed. Therefore, these two port clusters will have more growth potential in 2023 - 2024

For businesses, VNDirect believes that the interest rate increase will help Port of Hải Phòng JSC (PHP), Việt Nam Container Shipping Joint Stock Corporation (VSC) and Việt Nam Ocean Shipping JSC (VOS) benefit in the near future. Of which, PHP will be the most profitable. In contrast, Hải An Transport and Stevedoring JSC (HAH) and Gemadept Shipping Holding Co Ltd (GMD) may be affected because these companies plan to expand scale in the future.

VNS   LINK

Henig:   Cashew industry expects another tough year amid global demand slump, high raw material prices

January, 10/2023 - 08:28

Last year was a challenging one for the cashew industry, with exports falling from the previous year, but 2023 might be even worse, according to the Việt Nam Cashew Association (VINACAS).

HCM CITY — Last year was a challenging one for the cashew industry, with exports falling from the previous year, but 2023 might be even worse, according to the Việt Nam Cashew Association (VINACAS).

Exports were worth US$3.07 billion against the target of $3.2 billion, a $600-million reduction from the initial target, Bạch Khánh Nhật, the association’s deputy chairman, said.

Thus, 2022 marked the end of a decade during which exports rose steadily, he told a review meeting held in HCM City late last week.

According to the association, there were a number of reasons for exports to fall.

The price of raw cashew stayed very high and processing costs were also high, but export prices were low, meaning exporters were reluctant, it said.

China, one of Việt Nam’s major cashew markets, last year maintained a zero COVID policy, making it difficult to ship to the market, it said.

Nguyễn Minh Họa, the association’s deputy chairman, said the energy and food crisis has driven up inflation around the world, affecting consumer spending.

“So people spent more money on essential needs, and reduced spending on discretionary items such as cashew nuts. The situation is expected to continue this year, cashew demand will be low and it will be difficult for prices to increase.”

According to the VINACAS Information Council, in 2023 cashew production and supply chains will continue to face challenges due to factors such as the Russia-Ukraine conflict, inflation and recession, the State Bank of Vietnam’s credit tightening, USD/VND exchange rate volatility, decline in demand, and increase in processing costs.

So, after careful consideration, VINACAS’ executive board has set a modest export target for 2023 of $3.1 billion.

Delay import of raw cashew

Họa said the number of new export orders signed for this year has fallen to a one-tenth of the normal.

“Usually, at the beginning of the year, businesses signed contracts for at least until the third quarter. But this year most importers in the US and EU do not plan to import cashew until the end of the second quarter.”

Amid lower demand and export prices, the association and businesses at the meeting said there should be no rush to import raw cashew, whose prices remain high.

Họa said last year exports of W320 grade cashew nut (the highest grade based on shape and colour) fetched $2.95-3.1 per pound while raw nuts were priced at $1,200 per tonne.

Now W320 cashew prices have fallen to $2.5-2.6, but Ivory Coast still sells raw cashew at $1,200, even $1,240, he said.

Firms need to carefully study the market and draft appropriate plans for imports, he added.

Last year Việt Nam imported 1.9 million tonnes of raw cashew, slightly lower than in 2021.

— VNS   LINK

Iraqi News Highlights Tuesday Afternoon 1-10-23

Iraqi News Highlights Tuesday Afternoon 1-10-23

Tlm724 Administrator Bondlady’s Corner

20,000 Dinars Denomination.. The Central Bank Talks About Issuing A New Currency: Counterfeiting Is A “Development”

Posted On2023-01-09 By Sotaliraq   The Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed on Sunday that there are 4 benefits for issuing a new denomination of the Iraqi currency, indicating that the methods of counterfeiting the currency have developed.

In statements to Arab media, Makhaif said, “The issuance of the new denomination is a procedure to modify the structure of banknotes and introduce an intermediate denomination that facilitates daily transactions, reduce the presence of old versions of currency denominations in circulation, and adopt modern security specifications in designing the new denomination to reduce counterfeiting.

” That “counterfeiting methods have evolved thanks to technological development.”  Last September, the Central Bank announced its intention to issue a new banknote of 20,000 dinars    LINK

The Cabinet Approved A Number Of Recommendations To Address The Impact Of The Dollar's Exchange Rate Hike

Tuesday 10 January 2023 18:20 | political Number of readings: 74  Baghdad / NINA / - The Council of Ministers approved a number of recommendations to address the impact of the high exchange rate of the dollar.  

The Council also approved in its meeting today to amend the customs tariff to serve the citizen and the stability of the dollar exchange rate./   https://ninanews.com/Website/News/Details?key=1025691

Advisor To The Prime Minister: The 2023 Budget Is In Its Final Touches

political| 12:41 - 10/01/2023  Baghdad - Mawazine News, the Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, set the date for sending the budget to the House of Representatives.

"The general budget for the year 2023 is in its final touches," Saleh said, in an interview with the official news agency, which was followed by Mawazine News.

He added, "The budget will be on the parliament's table at the end of the parliamentary recess and the beginning of the legislative term for the year 2023." https://www.mawazin.net/Details.aspx?jimare=216313

Learn About The Exchange Rates Of The Dollar In The Iraqi Market

Economie| 10:12 - 10/01/2023  Baghdad - Mawazine News  The exchange rates of the dollar witnessed, today, Tuesday, stability in the local stock exchange.   Selling price: 157,500 dinars per 100 dollars  Buying price: 157,300 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=216301

The Central Bank Announces The Return Of The Dollar Exchange Rate To 1470 During The Current Month

Economie| 03:47 - 10/01/2023   Baghdad - Mawazine News   The Central Bank of Iraq announced today, Tuesday, the return of the exchange rate of the dollar to 1470 during the current month, while indicating the tendency to open windows for selling currency in the provinces soon.

The bank's advisor, Ihsan Shamran al-Yasiri, told the official news agency, followed by Mawazine News, that "the central bank is committed and compliant with the decisions of the international community, and as long as there are countries that are prohibited from receiving the dollar, then the central bank cannot bypass that and not violate the controls."

Regarding the return of the dollar's exchange rates, he stressed that "the turbulence in dollar prices is a temporary situation, and within two weeks the dollar price will return to its normal stable position of 1470, that is, before the end of this month of January," noting that "the central bank's resources are now at their highest levels in decades." ".

He continued, "The state's financial situation is very comfortable," noting that "the controls that were put in place to sell the dollar on the platform came in order for the dollar to go to the real beneficiary, and it is a regulatory process."

He stated that "the governor of the Central Bank, Mustafa Ghaleb Makhaif, met with a number of merchants, and advised them to rely on auditing or direct dealings with banks, and it is not necessary to deal with speculators and intermediaries."

He continued, "Direct dealings with banks will reduce additional costs for them, and will also reduce extra links for merchants, in addition to ensuring the arrival of imported goods in a proper way, and this is a service to their trade and the country."

He stressed that "the Central Bank sells excellent amounts of cash daily, as all banks in Baghdad have opened a window for them to sell dollar currency, and very soon they will include banks in the provinces, to facilitate the process of delivering dollars to those in need," pointing out that "some exchange companies were offering Few, so the Central Bank addressed this issue and assigned committees affiliated with it to work with banks to eliminate this phenomenon, as matters are heading towards a solution.

And he indicated that "the crises that afflict countries when they do not have dollars and cannot meet the demand will face a problem, but the central bank now has reserves that exceed 90 billion dollars, and this is the first time that the reserves reach these levels," explaining that "

He pointed out that “the central bank is trying to make it clear to merchants, through the Chamber of Commerce, through the media and the governor of the central bank, the need to deal with banks directly,” noting that “the central bank directed banks to facilitate procedures to enable merchants to access funds, and therefore this The issue witnessed a development day after day for the better, to move towards resolving the crisis while it is on its way to disappearing.” Ended 29/M99

https://www.mawazin.net/Details.aspx?jimare=216327

The Central Bank Sends A Letter To The Banks Participating In The Electronic Platform

Economie| 04:22 - 10/01/2023  Baghdad - Mawazine News, today, Tuesday, the Central Bank of Iraq sent a letter to the banks participating in the electronic platform.

In a document seen by Mawazine News, the bank said, "Given that many inquiries have been received by importers (merchants) regarding the documents that are required to be submitted in return for financing their imports through the electronic platform by the banks participating in it."

The bank confirmed that "the documents required when the bank submits the transfer request via the electronic platform is the commercial list, and then the merchant can submit shipping documents for the imported goods during the post-transfer period." https://www.mawazin.net/Details.aspx?jimare=216333

The Central Bank Agrees To Sell The Share Of Burgan Bank Of Kuwait In The Bank Of Baghdad

Tuesday 10 January 2023 11:08 | Economical Number of readings: 279   Baghdad / NINA / - The Kuwaiti Burgan Bank announced today, Tuesday, that the Central Bank of Iraq has agreed to sell Burgan Bank's stake amounting to 51.8% in the Bank of Baghdad to the Jordan Kuwait Bank.

He said in a statement to the Kuwait Stock Exchange that the completion of this process is subject to fulfillment of legal documents and the requirements of the Iraq Stock Exchange.

The bank did not mention the value of the deal, but it said last September: The sale process will avoid an increase in the bad debt ratio by 60 basis points and achieve a profit of two million Kuwaiti dinars ($6.54 million)./ End3   https://ninanews.com/Website/News/Details?key=1025576

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

KTFA Members "Tuesday News" 1-10-2023

KTFA:

Clare:  The Sudanese government obliges all of its institutions to deal in the Iraqi dinar

The Ministerial Council of the Iraqi Economy took, on Monday, a number of economic decisions, including obligating all ministries and state institutions to pay wages for goods and services in dinars.

This came, during the presidency of the Deputy Prime Minister, Minister of Foreign Affairs, Fuad Hussein, the meeting of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, the Ministers of Finance, Trade, Industry, Agriculture, Labor and Social Affairs, the Secretary General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the Chairman of the Commission The National Investment Agency is an agency, and the Prime Minister's advisors for economic and legal affairs, according to a statement received by Shafaq News agency.

At the beginning of the meeting, the council discussed, according to the statement, the draft law of the state’s general budget and the revenues and expenditures contained therein. It also discussed the economic issues on its agenda, and took many important economic decisions.

Among these decisions is obligating all state ministries and institutions to pay wages for goods and services in Iraqi dinars, and whoever chooses from the private sector to have sales as mentioned above, provided that the Central Bank of Iraq compensates those amounts in dollars and at the official rate, in order to fulfill their obligations and purchases outside Iraq.

The Ministerial Council of Economy agreed that the Central Bank of Iraq would contract with the "Zaha Hadid" Foundation to design the Central Bank building in Nineveh Governorate.   LINK

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Henig:  The full text of the new Cabinet decisions

Time: 01/10/2023 18:57:14

{Local: Al Furat News} Prime Minister Muhammad Shia Al-Sudani chaired today, Tuesday, the second regular session of the Council of Ministers, which discussed the overall general situation, issues and decisions on the agenda.

According to the government statement, which {Euphrates News} received a copy of, that the session witnessed a discussion of the rise in the exchange rate of the dollar, its effects on the market, and on citizens’ purchases from local markets, and the measures required to address that and support the national currency, as the council approved the following procedures:

1- Oblige all government agencies to sell all goods and services inside Iraq in dinars and at the Central Bank rate of (1470) dinars to one dollar.

2- What was stated in paragraph (1) above includes sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of investment residential complexes, and it is emphasized that the prices of goods and services are in Iraqi dinars on the price of the Central Bank.

3- The Central Bank shall sell the dollar to the parties mentioned in Paragraph (2) at the price set by the Central Bank at a price of (1460) dinars per dollar for remittances, and (1455) dinars per dollar to cover documentary credits, after undertaking to sell in Iraqi dinars, and this shall be announced on the official websites of the concerned authorities. on sales outlets.

4- The Central Bank of Iraq issues an easy mechanism, and within one week from the date of the decision, through which the private sector mentioned in paragraphs (2 and 3) above can obtain dollars at the official rate, and the bank also secures private sector transfers outside Iraq and at the official rate to cover their external obligations.

The Council of Ministers also continued discussing the file of confirming contractors in all state ministries, and approved the Ministry of Finance’s creation of titles and job grades within the budget of departments and formations, to install contractors before November 2, 2019, on permanent staffing, within the operational or planning expenses of each formation.

In the same context, the Council of Ministers approved the Ministry of Finance to convert (1,000) social researchers into contractors in accordance with Cabinet Resolutions (315 and 337 of 2019), with the addition of financial allocation teams to them with special schedules.

And within the framework of supporting the winter agricultural plan for the current season, and addressing the existing water problem, the Cabinet approved the recommendations of the meeting of the permanent joint committee between (the Ministries of Agriculture and Water Resources) held on November 30, 2022, regarding adding the two paragraphs below to the recommendations of the committee concerned with preparing A clear study on the winter agricultural plan for this season, and focus on the use of groundwater in promising areas in all governorates approved by the Council of Ministers in accordance with its decision (284 of 2022) according to the following:

1. Adding an area of ​​(one million dunums) so that the total area cultivated on surface water becomes (2,500,000) dunums, only two and a half million dunums, provided that the focus is on the agricultural areas of the winter plan on the main rivers, streams and canals.

2. Forming joint committees from water resources directorates, agricultural directorates, agricultural committees and agricultural associations in coordination with them and the operations room composed of the Joint Operations Command in all governorates to follow up on the commitment of farmers and farmers to the irrigation areas approved by the agricultural plan for the winter season 2022-2023 and to remove the abuses, and the trespassers bear the legal responsibility As a result of their transgression, the aforementioned ministries are not obligated and are not responsible for considering or promoting any requests for compensation, in the event of a transgression of the approved agricultural plan, and for setting bi-monthly meetings whose dates are agreed upon in coordination between the directorates of agriculture and the directorates of water resources in all governorates.

And in implementation of the directives of the Prime Minister to expedite the implementation of the government's plans to remove traffic jams and reduce traffic congestion in the capital, Baghdad, and the subsequent measures represented in raising a number of checkpoints on both sides of Karkh and Rusafa, and opening several roads and tunnels inside the Green Zone, the Council of Ministers discussed The comprehensive government plan to be implemented by the Ministry of Construction and Housing to relieve traffic jams in the capital, Baghdad, where the Council approved the following:

1. Authorizing the Ministry of Construction, Housing, Municipalities and Public Works to conduct contracts with a ceiling not exceeding 1,500,000,000,000

Dinars, only one trillion and five hundred billion dinars for projects included in the government program, by direct invitation method (design / implementation) and acceptance of the only offer within the total cost, provided that the contracts include a clause stipulating that no amounts will be spent until after the approval of the federal budget of the Republic of Iraq for the fiscal year / 2023, and the aforementioned Ministry will finance the required amounts, including contracting with a reputable and reputable international consulting body, as an exception to the instructions for implementing government contracts (2 of 2014).

2. All ministries and agencies not associated with a ministry provide support for the project to relieve traffic jams in the capital, Baghdad, which is being implemented by the Ministry of Construction, Housing, Municipalities and Public Works.

3. Forming committees at each site to address conflicts facing implementation, consisting of ministries (oil, culture, electricity, communications, transportation, finance, and planning), the Municipality of Baghdad and the Baghdad Operations Command. The committees are empowered to implement spare orders, and their costs are added to the project cost.

4. Authorizing the Ministry of Construction, Housing, Municipalities and Public Works, and the public entities that own land or the owner of the allotment, the authority to implement the projects in question within the lands owned or allocated to those entities, provided that the expropriation takes place or the allotment body is changed.

With the aim of implementing what was stated in the ministerial curriculum, and what was included in the government program with regard to the housing axis, and providing the necessary facilities in this regard, the Council of Ministers approved the following:

Approval of the minutes of the consultative meeting held on November 29, 2022 regarding lands belonging to the Ministry of Finance and complexes designated for the construction of residential complexes, and paragraph (Third) of the recommendations of Meeting No. (17) of the National Housing Council, according to the following: 

• Lands belonging to the Ministry of Finance

- Based on the provisions of Article (1/7) of the Amended Law of Ownership of Lands and Emiri Buildings (3 of 1960), the ownership of lands belonging to the Ministry of Finance and previously allocated by the Ministry above, without compensation, shall be transferred to the Housing Department, one of the formations of the Ministry of Construction, Housing, Municipalities and Works. Public housing, on which public housing complexes are built or under construction in accordance with Legislative Decree (39 of 2001).

• Lands belonging to the General Directorate of Municipalities and allocated to the Housing Department.

2- Owning the lands belonging to the General Directorate of Municipalities and allocated to the Housing Department in accordance with Resolution (693 of 1973) without compensation, with what you need from the lands indicated in Article 1 of Law (80 of 1970) in the event that it applies to lands belonging to municipalities.

In the context of implementing the strategic plans set for the development of the electricity system, the Cabinet agreed to authorize the Minister of Electricity to sign a memorandum of cooperation for the energy program in Iraq, the second phase, between the Ministry of Electricity and Siemens Energy AG, as an exception to the contracting methods stipulated in Article (3) of the instructions. Implementation of government contracts (2 of 2014)

It also authorized the ministers participating in the government delegation to Germany to sign memorandums with their counterparts from the German side.

The Cabinet continued discussing other issues on the agenda, and issued the following decisions: 

First / Approval of the recommendations of the minutes of the (twenty-eighth) meeting of the Diwani Order Committee (45 of 2018), concerned with developing ways, mechanisms and solutions necessary for the completion of public hospital projects.

Second / Approving the draft law of the second amendment to the Iraqi Media Network Law No. (26) of 2015, and referring it to the House of Representatives.

Third / For the requirements of the public interest, work requirements and ensuring the continued provision of the media network in the most complete manner, impartiality and independence in accordance with the standards specified by law, recommending to the House of Representatives the dismissal of the president and members of the Board of Trustees of the Iraqi Media Network.

Fourth / Approval of the recommendations presented by the Deputy Prime Minister / Minister of Planning regarding amending the customs tariff

 Fifth / Approval of the recommendation of the Ministerial Council of Economy according to the following:

- Adjusting the prices of petroleum products in the future will be one of the tasks of the Ministerial Council for the Economy, upon a recommendation to the Council of Ministers.

Sixth: Approving the exemption of military shipments belonging to the Ministry of Defense from paragraphs (3, 5) of Cabinet Resolution (65 of 2022).   LINK

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Henig:  Expectations of approving the budget in the middle of next month will be 140 trillion dinars

JANUARY 9, 2023

COMMENTSON EXPECTATIONS THAT THE BUDGET WILL BE APPROVED IN THE MIDDLE OF NEXT MONTH, WITH 140 TRILLION DINARS CLOSED

Parliamentary Finance: The government will resolve the discussion of the law this week and refer it to Parliament

Special – Al-Sabah Al-Jadeed:

The Parliamentary Finance Committee expected that the budget law would be decided during the cabinet meeting this week, in preparation for presenting it in parliament and voting on it in mid-February, stressing that its amounts will be 140 trillion dinars.

Committee member Mueen Al-Kazemi said, "Our confirmed information indicates that the Ministries of Finance and Planning have completed the preparation of the draft budget law and it has been submitted to the Council of Ministers."

Al-Kazemi added, "Last week, a meeting of the Economic Council in the Council of Ministers discussed the draft, and some amendments were made."
He pointed out, "Expectations are that the law will be completed within the government during the current week, in order to then refer it to Parliament."

And Al-Kazemi indicated, "The dialogues between the federal government and the Kurdistan region have reached certain consensuses in this regard, so there is a real desire among the political blocs to pass the law."

And he reported, “The blocs promised the street to hold elections for the provincial councils in the month of October, and that proceeding with this entitlement requires financial allocation.”

And Al-Kazemi indicated that “these blocs, in order to obtain the approval of the street, must provide something to the street by completing service projects, which in turn need financial allocations through the budget.”

He explained, "Efforts come to approve the law during the first half of next month, and after completing the first and second readings, in order to implement it next March."

Al-Kazemi pointed out, "The law has so far set a price for a barrel of oil estimated at 65 dollars, with exports of 3.5 million barrels allocated to Iraq from OPEC, provided that the exchange rate for the dollar is 1450 dinars."

And he warned, "These figures bring us to the conclusion that this revenue will be in the next budget is 120 trillion dinars, and it constitutes oil revenues, in addition to another 20 trillion dinars for taxes and border crossings."

And Al-Kazemi went on to say, “The entirety of the law will carry sums of money estimated at 140 trillion dinars, with an estimated deficit of 10 trillion dinars.”

For his part, committee member Jamal Cougar said, "The exact information regarding the budget law is still vague, whether in terms of amounts or even when it will be sent to Parliament."

Cougar added, "Discussions within Parliament on the law need at least two months in order to resolve all differences."

But he came back to clarify, "The State Administration Alliance, which formed the government, has the overwhelming majority in parliament and can pass the law, even with objections from other blocs."

And Cougar went on to say, “What we can say is that the political blocs agree that this year a budget should be legislated for it in order to benefit from the surplus that has been achieved from oil revenues.”

The Parliamentary Legal Committee had warned against spending all the surplus during the current year, calling for it to be placed in an emergency fund in order to face any exceptional situation in the country and not to repeat the weak financial position that occurred during the decline in oil prices to very low levels.   LINK

Henig:  Including activating the productive sectors.. An expert shows the mechanisms for developing the Iraqi economy

Today, Monday, the economist Nabil Al-Tamimi explained ways to develop the Iraqi economy in light of the rapid changes, while stressing the importance of implementing economic reforms, some of which reach “fundamental” change.

Al-Tamimi said, in a press interview seen by Taqaddam, that “despite the financial abundance achieved from the rise in oil prices during the last two years, it is very necessary to start implementing economic reforms, some of which may lead to fundamental change.”

 He added, "Decision-makers must develop a plan for economic reform by achieving policies with different short, medium and long-term dimensions, through which the identity of the Iraqi economy will be determined."

The economist explained that “starting with reforms will be with steps aimed at diversifying the economy, activating the productive sectors, and drawing the space for the private sector to work in various sectors, leading to the stage of securing the state’s revenues from resources in a way that guarantees the sustainability of its operational and investment spending.”

And Hadith continued, saying: “Also, expanding economic activities in order to achieve a rise in the Iraqi gross domestic product, ensuring the provision of sufficient job opportunities to absorb unemployment and reduce poverty.”  LINK

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Henig:  Interior Minister: The electronic passport will be launched in Baghdad as a first stage next month

Baghdad / Obelisk: Interior Minister Abdul Amir Al-Shammari said, on Monday 1/9/2023, in a televised interview, that the electronic passport will be launched in Baghdad as a first stage next month, and in 5 governorates in the second stage.

The Obelisk publishes clips from the meeting:

I congratulate all employees of the Ministry of Interior on the 101st anniversary of the founding of the Iraqi police

- The Prime Minister outlined in brief words his support for the Ministry of Interior and its affiliates

-Since we assumed the task, we have worked to automate work in the Ministry's joints to alleviate the suffering of citizens and facilitate their obtaining identity documents.

The electronic passport will be launched in Baghdad as a first stage next month, and in 5 governorates in the second stage

We are working on an electronic visa for arrivals to Iraq

We contracted with a company to develop and modernize the unified electronic card system and provide us with raw cards

We have received the security file in Wasit, Muthanna and Diwaniyah, and in the second phase we will take over Babylon and Najaf, then the other provinces.

We will rely on cameras and intelligence efforts to secure cities

- The changes that took place in the ministry, in which we relied on the principle of integrity and efficiency, and a large number of officers and associates were expelled on charges of bribery.

We will not allow any affiliate or officer to take bribery, and our doors are open to citizens.  LINK

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Henig:  The dollar is falling and Wall Street indices are rising strongly

Economy News-Baghdad

 The US dollar weakened in early European trade on Monday, as traders re-evaluated the path of US interest rate hikes in the wake of last week's jobs report while risk appetite benefited from China's reopening of its borders.

The dollar index is now falling by 0.77%, to record 102.852 against a basket of foreign currencies, while the US market indices are rising at this time, as the Nasdaq index rose by 2.11%, to record 10,792.12 points, while the Dow Jones rose by 0.63%, adding 210 points, and the S & S index jumped. B500 by 1.16%, to record now 3940.10 points.

Traders are now considering an easing of monetary policy by the US central bank, with a broadly expected 25bp increase in February, down from a 50bp increase in December.

This followed the release of the official US monthly jobs report on Friday, which showed non-farm payrolls increased by a relatively healthy 223K in December, while average hourly earnings rose 0.3%, less than expected and lower than the previous month's figure. 0.4%.

In addition, service industry activity in the US contracted for the first time in more than two and a half years in December, which is further evidence of a calm economy.

Bets against the US dollar also swelled to 30,457 contracts last week, the most since August 2021, according to CFTC data on eight currency pairs compiled by Bloomberg.

This puts US CPI for December on Thursday into sharp focus, as any sign of price pressures continuing to ease will reinforce the view that the Fed is nearing the end of its most aggressive tightening cycle in decades.

Elsewhere, USD/CNY fell 0.9% to 6.7748, with the Chinese yuan reaching a four-month high after the country reopened its borders to international travel over the weekend.

The move marks the country's biggest pivot away from its strict anti-coronavirus policy, which has contributed to the sharp decline in its economic growth over the past three years.

EURUSD also rose 0.5% to 1.0692 supported by data showing German Industrial Production rose 0.2% m/m in November, an improvement from the revised 0.4% decline seen in the previous month.

Also, GBPUSD rose 0.6% to 1.2159, after rising 1.5% on Friday, USDJPY rose 0.1% to 132.25 and the risk-sensitive USDJPY rose 0.8 % to 0.6930.

USD/BRZ is yet to trade Monday, but the Brazilian real will be in the spotlight later in the session as traders react to news that supporters of former far-right President Jair Bolsonaro stormed key government buildings over the weekend, echoing Echo of the United States in January. 6. The 2021 Rebellion.   LINK

"Tidbits From TNT" Tuesday Morning 1-10-2023

TNT:

Tishwash:  The government finishes the draft budget and it is likely to send it to Parliament within 48 hours

The deputy of the Al-Fateh Alliance, Madiha Al-Moussawi, confirmed, on Tuesday, that the Ministry of Finance has finished preparing the draft budget law for the current year, and it is likely that the draft law will be sent to Parliament during the next two days.  

Al-Mousawi said, in a statement to Al-Maalouma, that "confirmed information indicated that the Ministry of Finance's review of the draft budget law for the current academic year ended on Monday."  

She added, "The government will send the budget to the House of Representatives during the next two days," indicating that "if the draft law reaches the House of Representatives, it will be presented to the Finance Committee for study, and then it will be presented to the House of Representatives, where it will be read first, and in the second reading, notes will be presented by members of the parliament.” Council to adopt them in proportion to the interest of ministries and provinces. 

Al-Moussawi indicated that "the House of Representatives has a great determination to approve the budget as soon as possible, in order to start the real implementation of the government program for the Sudanese government."   link

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Skinman:  Besides the announcement and the budget being passed, can anyone tell me what else is required for the RI/RV to take place?

Babysmom:  Skinman that's it

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CandyKisses:   Government movement to complete the requirements for Iraq’s accession to the World Trade Organization

Economy News - Baghdad

The Ministry of Commerce  detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization.

The media center in the ministry told the official news agency that "the committee on Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and the membership of representatives of ministries and bodies as well as representatives from the private sector, is working to complete the requirements of Iraq's accession to the organization."

He explained that "the ministry's plan during the current year includes the completion of technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization."

He pointed out that "the plan includes holding official meetings at the organization in Geneva, and to have high coordination with member states that carry an economic weight in the organization to mobilize support, accelerate accession procedures and make Iraq an active member and a partner in making economic decisions and formulating trade policies that enhance Iraq's integration into the global economy."

He pointed out that "the Minister of Commerce confirmed - within the prepared plan - the preparation of the Iraqi negotiating team, which will conduct negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of members and benefiting from the experiences of countries."

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Tishwash:  Including Iraq .. Learn about the 5 largest Arab countries in possession of gold

Saudi Arabia continued to lead the list of the largest Arab countries in possession of gold reserves, based on the first report issued in 2023 by the World Gold Council.

The order was as follows:

Saudi Arabia 323.1 tons

Lebanon 286.8 tons

Algeria 173.6 tons

Iraq 130.3 tons

Egypt 125.5 tons

Globally, the report data showed that the United States topped the world with reserves of the precious metal, amounting to 8133.5 tons, followed by Germany in second place with reserves amounting to 3355.1 tons, while Russia came in fifth place with reserves amounting to 2298.5 tons.     link

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CandyKisses:  One of them is involved in "stealing the century." Arrest warrants for employees of the Commission of Integrity

Baghdad Today - Baghdad

The Federal Integrity Commission revealed on Tuesday that two arrest warrants have been issued against former employees of the Commission on charges of bribery, inflated funds and illicit gain.

A statement by the Investigations Department of the Commission, received by (Baghdad Today), stated that "the Karkh Investigation Court, which is competent to consider integrity cases, issued an arrest warrant against a former employee of the Integrity Commission in accordance with Resolution (160 of 1983) on charges of impersonating a capacity in order to obtain sums of money in violation of the law."

She continued, "The same court issued an arrest warrant against the fugitive defendant and his wife, a former employee of the Commission," indicating that the order was issued in accordance with the provisions of Article (19/II) of the Integrity and Illicit Gains Commission Law No. (30 of 2011), as amended, on the charge of failing to prove the increase in their funds.

She pointed out that "Judge Haider Hanoun confirmed, during a press conference held on the fourth of this month, that many appeals were received from the Commission's employees to speed up the process of retrieving this "disabled son" from the Turkish side;

On January 3, the head of the Federal Integrity Commission, Haidar Hanoun, announced the recovery of 4 billion dinars from one of those accused of what was called "theft of the century."

Hanoun said in a press conference followed by (Baghdad Today), that "4 billion dinars have been recovered from one of the accused," noting that "the amount is part of the 17 billion dinars that must be paid by the accused, which is part of the money of the theft of the century."

"Also, within days, Iraq will recover more than $80 million from the United States, which is part of the former regime's smuggled funds," he said.

Mot:  at least its early in the Day... so I Might get some Sleep anyways!! 

Mot:   ... guess its a Marital Thingy! ~~~~ 

Monday Evening Iraq Economy News Highlights 1-9-23

Monday Evening Iraq Economy News Highlights 1-9-23

Al-Nusairi: The Return Of The Exchange Rate To Its Target Rates Will Be Achieved By Revitalizing And Stabilizing The Economy

Money and business   Economy News-Baghdad  Samir Al-Nusairi, advisor to the Association of Banks, affirmed, on Monday, that the return of stability in the exchange rate to its target rates from the central bank is achieved by stimulating and stimulating the economy and overcoming the challenges of achieving economic stability,

which means achieving stability in the financial system and the monetary system, and this is not only the duty of the central bank alone, but rather a duty Fundamental to fiscal policy and the government's methodology in managing the economy and activating non-oil sources of national income.

Al-Nusairi explained to "Al-Iqtisad News": "Before the end of 2022, the money market entered with a new challenge of monetary policy, which is the rise in the exchange rate of the dinar against the US dollar from the specified and targeted price from the Central Bank, which is 1470 dinars for sale to the public, to traders, businessmen and importers due to international and local technical requirements that led to the decrease in the daily rates of foreign currency sales in the window and the exploitation of speculators and the yellow media by trying to benefit personally and harm the relative stability of the economy that was achieved during 2022.

And the expectations of the Central Bank and specialists hope for a decrease in the price during the coming days due to the measures taken by the Central Bank to increase the supply of dollars through banking outlets Governmental and private, and during all days of the week, including Fridays and official holidays, and under field control and supervision of the Central Bank.

He pointed out that "the criterion approved and confirmed by the Central Bank and the specialists in achieving this is the availability of cash reserves of foreign currency exceeding 96 billion dollars, and the continued flow of dollar revenues from oil sales on a daily basis, according to the planned quantities and the current high prices of the product, which are expected to continue to rise during 2023, as expected by energy experts." to exceed $100.

Al-Nusairi saw through economic analysis that "the decisive solution to control the money market is to find immediate and strategic solutions to the complex and accumulated challenges and repercussions that the Iraqi economy suffers from for systematic and structural economic reasons and the failure of the concerned government agencies to stimulate and activate the productive economic sectors,

which official data indicate that the percentage of the contribution of The agriculture and industry sectors in the gross domestic product do not exceed 4.77% and 1.67%, respectively, which are very weak percentages, just as the 2022 budget has not had its features and indicators clear yet,

and we expect that it will not be approved before the end of the first quarter of this year.And the statistics announced by the Ministry of Planning on the numbers of the population and their classifications, especially the youth group within the working age,

which constitutes about 60% of the total population, the high poverty rate at a rate of 25% and exceeded 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, and the high unemployment rate at an average rate exceeding 31% of Those who are able to work with a clear deficit in the balance of payments,

which led to a state of stagnation and economic contraction, is considered one of the most prominent challenges of monetary policy and requires support and support for the plans and procedures of the Central Bank, clarity of financial policies and continuous coordination with monetary policy.

Al-Nusairi concluded his speech that "the methodology of advancing and reforming the Iraqi economy and achieving economic growth and stability in 2023 requires exceptional efforts, programs, mechanisms and governmental procedures in partnership with the private sector and specialized national competencies, and the most important thing is sincere and true intentions for change towards the desired economic advancement with an emphasis on supporting the banking sector as the main link first in economics.   Views 89   Added 01/09/2023 - 11:19 AM   Updated 01/09/2023 - 2:00 PM  https://economy-news.net/content.php?id=31772

Deputy: The House Of Representatives Will Summon The Responsible Authorities Regarding The Exchange Rate Of The Dollar

Iraq  11:49 - 2023-01-09   Independent MP Kazem Al-Touki confirmed that the House of Representatives will summon, during its next session of its new legislative term, the authorities responsible for the exchange rate of the dollar and its repercussions, and the most important real solutions to ensure the return of the price to its previous state.

Al-Touki said that many members of the House of Representatives worked on all signatures in order to hold an extraordinary session, with the aim of discussing the issue of the rise in the exchange rate of the dollar in the local markets and identifying its causes and repercussions.

He added that Parliament will begin its new legislative term by holding a session in which the issue of the exchange rate will be discussed, in order to summon the concerned authorities in financial affairs with the aim of knowing the real solutions to the rise and restoring the situation to its predecessor.

And he indicated that the government moved and took measures to reduce the exchange rate of the dollar, but this did not bring the desired results despite the distribution of the currency to the banks authorized with the same value, but the treatment was immediate and it was unable to return the exchange rate to its previous state.    https://kirkuktv.net/AR/Details/12271

The 2023 Budget Is Awaiting "Final Touches" Before Discussing It In The Corridors Of The Council Of Ministers

2023-01-09 02:08   Shafaq News/ The Parliamentary Finance Committee announced, on Monday, that the completion rate of the 2023 draft budget amounted to more than 95%, indicating that "final touches" are delaying its discussion in the corridors of the Council of Ministers.

Committee member Muhammad Nouri told Shafaq News agency, "The Ministry of Finance is about to complete the final draft of the draft general budget law for the year 2023," explaining that "the ministry needs some additions to finalize it from the financial allocation contracts that have proven permanent staffing in ministries and state institutions."

He continued, "The budget has been completed by more than 95%, and it needs final touches before it is sent to the Council of Ministers."

Al-Nouri indicated that "the total amount of the budget law is more than 140 trillion dinars. It may not be sent this week due to the recent additions, and that the Ministry of Finance will send the final draft of the budget law to the Council of Ministers next week."

On Tuesday (3/1/2022), Prime Minister Muhammad Shia al-Sudani announced an increase in the amount of salaries in the general budget for the year 2023, realizing that the draft law needs a lot of time.

"The amount of salaries in the budget increased from 41 to 62 trillion dinars," Al-Sudani said, in a press conference attended by Shafaq News Agency's correspondent, explaining that "the budget needs a lot of time."   LINK

Baghdad Stock Exchange: The Dollar Jumps To 160,000 Dinars

2023-01-09 05:09   Baghdad Stock Exchange: The dollar jumps to 160,000 dinars   LINK

An Urgent Recommendation To The Iraqi Government And Parliament: Price A Barrel Of Oil In The Budget At $45

2023-01-09 02:36   Shafaq News/ On Monday, oil expert Hamza Al-Jawahiri called on the Iraqi government and parliament to set a price of $45 per barrel of oil in the 2023 budget, warning that the proposed price of $65 per barrel in the budget "benefits the thief."

Al-Jawahiry said in an interview with Shafaq News agency, "The confrontation between OPEC + and the major industrial countries in the world has become public and is not hidden from anyone. general, should be taken into account.

He added, "OPEC + has tools to keep oil prices at a fair price for both parties, which is around $80 a barrel. As for the Western countries, led by America, they find that the fair price is around $60, which is the same price that America and the European Union set on Russia as a ceiling for the oil price."

He pointed out that "OPEC + is not as strong as the West in general and the major industrial countries, meaning that it is a struggle between two parties, a very strong party and a relatively weak one, and this means that the price will settle at $60 a barrel sooner or later."

He pointed out that "Iraq, according to these prices, will sell its oil at an average price of no more than 55 dollars per barrel, because the bulk of Iraqi oil is heavy or medium, and the sulfur content is high."

And he indicated that "the default price of oil in the budget should be 45 dollars, and what is more than that in terms of funds must be transferred to the Sustainable Development Fund through the legislation of a text in the budget that requires the transfer of these funds to this fund monthly, but if the price is less than 45 during any month, the deficit must be covered by the savings of this fund.”

Al-Jawahiry pointed out that "setting a price of $65 per barrel in the 2023 budget is incorrect," noting that "insisting on this price benefits the thief because the volume of money in the budget will be large, and the larger the size of the budget, the greater the stolen money will be."   LINK

How Can Iraq Benefit Economically From The Gulf 25?.. An Expert Answers

Money and business   Economy News-Baghdad   Economic expert Nabil Al-Marsoumi considered, on Monday, that the Gulf Championship is an economic opportunity for Iraq, indicating that the Gulf countries have large capitals that can be invested in the country.

Al-Marsoumi told "Al-Eqtisad News" that "the championship opened new relations between Iraq and the Gulf countries, and it represents a strong starting point for the Iraqi-Gulf rapprochement," noting that "its effects are not limited to the sports side only, but also have very important economic effects."

He added, "About 34,000 Gulf nationals entered Iraq, which encouraged local demand and became a large supply of foreign currencies, and the tourism, hotel, restaurant, transport and market sectors were active, and therefore the championship created great opportunities that could be invested away from direct revenues that contribute to stimulating the Iraqi economy."

He pointed out that "the tournament could have been better invested if the government had organized commercial exhibitions to promote Iraqi heritage industries and local popular dishes," noting that "the tournament represents a great promotion of the trade and investment movement between Iraq and the Gulf, and the government was supposed to invite Gulf businessmen to work a kind."

From the partnership between the Gulf and Iraqi private sectors, and then attracting Gulf capital and opening new trade and investment partnerships between Iraq and the Gulf countries.

He pointed out that "the Gulf countries have a large surplus in capital, and Iraq can attract it to the country through such activities, because the tournament gave an impression of Iraq's security and political stability and could provide protection for foreign capital."

Views 90   Added 01/09/2023 - 11:40 AM   Updated 01/09/2023 - 1:47 PM

https://economy-news.net/content.php?id=31773

Some "Vietnam News" Posted by Henig at KTFA 1-9-2023

KTFA: Vietnam News

Henig:  Hanoi tourism meets recovery targets

06:00 | 09/01/2023

(VEN) - An estimated 17.02 million tourists visited Hanoi in the first 11 months of 2022, over five times the figure in the corresponding period last year. That includes 1.27 million foreign tourists, meeting the minimum target set for the year.

According to the Hanoi Department of Tourism, in November alone, Hanoi hosted 1.61 million visitors, including 1.35 million domestic tourists and 255,000 foreigners, and earned VND4.39 trillion from tourism, five times higher than in the same period last year.

Director of Hanoi Department of Tourism Dang Huong Giang said that in December 2022, the department will complete a report to the city People’s Committee on tourism planning to 2030, with orientation to 2050, and submit a cooperation program with CNN on 2023 promotion.

To attract more tourists, the department will coordinate with other localities, focusing on key markets in the north, Ho Chi Minh City, the southern provinces, and Central Highlands in order to build attractive and professional tours imbued with the capital city’s cultural identity. Plans also call for training in tourism management for grassroots-level staff and orientations for investment in agricultural and rural tourism for organizations, individuals and households.

Hanoi was honored recently as the World's Leading City Break Destination 2022 - an important category in the World Travel Awards that evaluates the attractiveness of short-term resort tourism and urban experience for cities around the world.

Earlier in September 2022, Hanoi was also honored as “Asia’s Leading City Tourism Destination in 2022”. Giang said that the “World's Leading City Break Destination 2022" is an opportunity for the capital to affirm its position, image and brand in the international arena, and to promote a “Safe - quality - friendly – attractive” Hanoi to tourists after the COVID-19 closure. “The award is clear proof of the efforts and achievements by Hanoi's tourism industry, showing the dynamism and daring, and promising breakthroughs in its tourism recovery and development,” said Giang.

In the last months of 2022, the Hanoi Department of Tourism will continue to direct travel agencies and destinations to develop attractive and unique tourism products focusing on the city’s advantageous products. It will also advise the city People's Committee on tourism events like the Hanoi Ao Dai Festival, a contest to select Hanoi tourism ambassadors and compose songs about Hanoi tourism.

Thanh Tam  LINK

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Henig:  HCM City to develop as regional centre of specialised medical care

January, 08/2023

HCM City is striving to become a centre of medical care for the ASEAN region, a leader of the city’s Department of Health said.

HCM CITY — HCM City is striving to become a centre of medical care for the ASEAN region, a leader of the city’s Department of Health said.

The health sector will also focus to improve the capacity of disease control and prevention, strengthen grassroots healthcare networks and intensive care ambulance services this year, said Tăng Chí Thượng, director of the department.

Development of human resources, proper investment in infrastructure and medical equipment are priority areas in order to fulfill these tasks, he said at a meeting late last week to launch the tasks for 2023.

Digital transformation and the application of advanced techniques will be fostered as part of measures to realise these tasks, he said.

A project to set up a hi-tech screening and diagnostic centre at Oncology Hospital No.1 is being developed as part of efforts to develop a specialised medical care centre for the ASEAN region.

The hi-tech screening and diagnostic centre will help locals and foreigners, especially expats living in Việt Nam, access high-quality health check services and examinations.

It is expected to reduce the number of patients travelling abroad for medical examinations and treatment and boost medical tourism.

Dương Anh Đức, deputy chairman of the city People's Committee, said that the health sector must be one of the pioneers of digital transformation to improve the quality of health services and promote the city as a centre of high quality medical care in the region.

He asked the department to coordinate with the University of Medicine and Pharmacy and Phạm Ngọc Thạch Medical University to train high-quality human resources.

— VNS     LINK

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Henig:  Positive news lifts the market's sentiment: expert

January, 09/2023

The smooth beginning raises hope that the market will run more actively, creating disbursement opportunities for short-, medium-, and long-term investors.

HÀ NỘI — The Vietnamese stock market witnessed a strong performance with an improvement in liquidity in the first trading week of 2023. The positive news was attributed to the bullish trend, according to experts.

The smooth beginning raises hope that the market will run more actively, creating disbursement opportunities for short-, medium-, and long-term investors.

According to experts from VNDirect Securities Corporation, the market focused on several internal and external factors in the first week of 2023, including China officially announcing the opening of international flight routes on January 8; phase 2 of the East North-South Expressway Project being officially launched on January 1; and draft amendments to Decree 65 amending and supplementing several articles of Decree 153 on the offering and trading of a private placement of corporate bonds in the domestic and international markets being submitted to the Ministry of Justice.

Indices all posted outstanding performances. Of which, the VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) soared by 4.4 per cent to 1,051.4 points last week, while the HNX-Index on the Hà Nội Stock Exchange (HNX) increased by 2.6 per cent to 210.6 points, and the UpCOM index jumped by 1.5 per cent to 72.7 points.

The market’s liquidity improved, with the average trading value of the three exchanges rising 9.3 per cent to over VNĐ11.7 trillion (US$499.5 million). Last week, foreign investors continued to be net buyers due to a stable macro-economic backdrop and appealing stock valuations.

Specifically, at the beginning of the new year, foreign investors net bought more than VNĐ1.6 trillion on HOSE, VNĐ87 billion on HNX, and VNĐ2 billion on UpCOM.

VNDirect said that after the positive week, the market’s benchmark VN-Index is heading to a strong resistance area of around 1,070 points.

Although there have been some positive macro signals, such as a cooling of exchange rates and a slowdown in rate hikes, cash flows are unlikely to improve dramatically as the Lunar New Year (Tết) is coming near.

Traditionally, investors tend to lower the margin ratio to reduce interest expenses ahead of the long holidays. Therefore, it is difficult to expect the market's momentum to be maintained in the weeks leading up to Tết.

Therefore, short-term investors should consider reducing their holdings of stocks when the market enters strong resistance areas around 1,070 points and buying them back once it corrects.

Long-term investors, on the other hand, can continue to hold stocks and wait for stock indices to break out when cash flows improve post-Tết holidays.

Meanwhile, Saigon-Hanoi Securities JSC (SHS) said that the market had sent many positive signals at the end of 2022 and the beginning of 2023, given the net buying streak from foreign investors and positive movements of some pillar stocks, including bank stocks.

At the current state, the VN-Index is expected to escape the downtrend shortly. Previously, the market fell for four consecutive weeks.

Even if the VN-Index exits the bearish trend, the market is unlikely to enter the bullish phase immediately. Instead, it will move in recovery waves with narrowing ranges to accumulate more before the uptrend occurs. Therefore, at the moment, investors can participate in the market with a short-term position, as SHS recommended.

From a medium- and long-term perspective, SHS said that it is clear that after a year of trading in the downtrend, the stock price levels have dropped sharply and become more attractive, even though the market still faces many challenges this year.

Many obstacles exist, such as rising interest rates, diminishing cheap money sources, and the gloomy global economy.

The discounted stock prices to the current levels will open up new attractive medium- and long-term investment opportunities.

— VNS    LINK

Henig:  Key traffic projects poised to enhance HCM City’s infrastructure

January, 07/2023

Major transport projects are expected to create infrastructure breakthroughs for HCM City.

HCM CITY — Major transport projects are expected to create infrastructure breakthroughs for HCM City.

Ring Road No 3, identified as one of the city’s key and urgent traffic projects in the 2021-25 period, runs through HCM City and the southern provinces of Đồng Nai, Bình Dương and Long An.

With an investment of VNĐ75.4 trillion (US$3.2 billion), the Ministry of Transport is the investor of the project.

The project has a total length of 76.34km, including 47.51km in HCM City’s Thủ Đức City and the districts of Củ Chi, Hóc Môn and Bình Chánh.

Construction on the project restarted on the Tân Vạn - Nhơn Trạch section in September last year after prolonged delays due to a lack of funds and difficulties in site clearance.

The Tân Vạn - Nhơn Trạch section consists of a 1.92km segment in HCM City, and a 6.3km segment spanning across Đồng Nai.

The project is expected to be completed in 2025 and put in official operation in 2026.

The second key project is Metro Line No 1 between Bến Thành Market in District 1 and Suối Tiên Theme Park in Thủ Đức City.

The line has a total length of nearly 20km, including 2.6km underground, running through 14 stations, with three underground stations.

It has a total investment of more than VNĐ43.7 trillion ($1.9 billion)

The project has received investment of over VNĐ43.7 trillion ($1.85 billion), VNĐ38.2 trillion ($1.62 billion) of which is from loans.

Construction on the first metro line began in August 2012 and is 93 per cent complete, according to the city Management Authority for Urban Railways.

A test run was conducted on an elevated section from Suối Tiên Station to Bình Thái Station in Thủ Đức City on December 21 last year.

The line is expected to be put into operation at the end of this year.

Metro Line No 2 will connect Bến Thành Market in District 1 and Tham Lương Depot in District 12, with an investment of VNĐ47.9 trillion ($2 billion).

With a total length of 48km, the second metro line will run across districts 1, 3, 10, 12, Tân Bình and Tân Bình.

Its first phase will be 11.3km, including a 2km elevated section and a 9.3km underground section, with 11 stations, including 10 underground and one elevated.

The city strives to start the project in 2023 and finish it in 2028. It will connect with the first metro line.

Crossing the Soài Rạp River, Cần Giờ Bridge is expected to connect Nhà Bè and Cần Giờ districts, and replace the Bình Khánh ferry.

The Bình Khánh ferry is currently the only way to reach Cần Giờ from the city and is badly overloaded.

The new bridge will have a total length of more than 3.6km, with four motor vehicle lanes and two mixed lanes.

It will cost nearly VNĐ10 trillion ($424 million).

The city is carrying out investment preparation to start construction in the following year, and complete it in 2028.

The HCM City-Mộc Bài Expressway will connect HCM City with Mộc Bài, which is an international border gate between Việt Nam and Cambodia in Tây Ninh Province.

Currently, the only road connecting HCM City and Tây Ninh Province is National Highway 22, which has become overcrowded.

The expressway will have a total length of 53.5km, including 23.7km in HCM City, with total investment of VNĐ16.7 trillion ($707.8 million).

It is the beginning of the Ring Road No 3 project and connects with the Ring Road No 4 project.

The project’s first phase is expected to start next year and be completed at the same time as Ring Road No 3 in 2026.

HCM City and Tây Ninh signed a cooperation agreement for the road in 2019.

The authorities of the two localities are also building shopping malls and service facilities along the project to raise revenue for construction of the expressway.

HCM City and Tây Ninh Province are among eight provinces and cities that make up the southern key economic zone.

The new HCM City-Tây Ninh Expressway is expected to ease congestion and facilitate economic growth in the southern region, especially in industrial parks, export processing zones and the Mộc Bài Border Gate Economic Zone.

It will enhance transport connectivity and promote trade between Việt Nam and neighbouring countries.

A number of key transport projects began construction at the end of last year such as upgrading and expanding National Highway No 50 in Bình Chánh District, building the third passenger terminal at Tân Sơn Nhất International Airport in Tân Bình District and An Phú Intersection in Thủ Đức City.

— VNS   LINK

Iraqi News Highlights Monday Afternoon 1-9-23

Iraqi News Highlights Monday Afternoon 1-9-23

Tlm724 Administrator Bondlady’s Corner

Economist: Iraqi-American Talks Are Expected Regarding The Exchange Rate Of The Dollar

Monday 09 January 2023 10:18 | Economical Number of readings: 334

Baghdad / NINA / - The expert in economic affairs, Salam Sumaisem, announced: "There are expected discussions that will be held between Finance Minister Taif Sami and the US Treasury Secretary to develop solutions for the price of the dollar."

Sumaisem said in a statement to the National Iraqi News Agency / NINA /: "The approval of the budget faces great challenges that the government must expedite in resolving."

And she explained: "The budget faces the challenges of monetary instability due to the discrepancy in the exchange rate of the dollar and the discrepancy in the price of a barrel of oil and other political issues, in addition to the absence of prior financial planning," noting: "This chaos needs a serious political decision to expedite the approval of the general budget to implement discontinued service projects. / finished8     https://ninanews.com/Website/News/Details?key=1025312

The Central Bank Stresses The Importance Of Exchanging Experiences In The Field Of Electronic Payment With India

Drains Economy News-Baghdad   Today, Monday, the Central Bank of Iraq stressed the importance of exchanging experiences in the field of electronic payment with India.

And the Central Bank stated, in a statement received by the Iraqi News Agency, that “the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, received the Indian Ambassador to Iraq, Prashant Bisai, and during the meeting, they discussed strengthening bilateral relations, especially economic between the two countries, and providing banking services to the Iraqi community present there for the purpose of treatment, study and trade.” And others, as well as the exchange of banking experiences.

He added, "The efforts of the Central Bank of Iraq focus on strengthening its relations with its counterparts in various countries, and global financial and banking institutions, in a way that serves the interest of the Iraqi banking sector."

The governor stressed "the importance of achieving the exchange of experiences in terms of electronic payment and banking technologies between the two countries in particular," explaining that "India is an advanced country in this field."  He pointed to the "development initiatives that achieved success after their launch."   Views 105  Added 01/09/2023 - 12:22 PM   Updated 01/09/2023 - 3:57 PM

https://economy-news.net/content.php?id=31776

Deputy: The Operating Budget Rose From 42 Trillion To 60 Trillion Dinars

Money and business   Economy News – Baghdad   A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said, on Monday, that the Ministry of Finance “has accomplished what it has to do” and transferred the budget, in its operational and investment parts, to the Council of Ministers for a vote on it.

Al-Kazemi added, "The cabinet met last week with the Ministerial Economic Council and put in place the amendments and final touches on the budget estimated at 140 trillion dinars, at 80 trillion for operational and 60 trillion for investment," according to the official newspaper.

He pointed out, "If the budget reaches Parliament early next week, the Finance Committee will study it, and there will be two first and second readings and some amendments to be approved at the end of next February."

And he continued, "The operational budget, which includes the salaries of state employees, has increased from 42 trillion to 60 trillion dinars, which will exhaust the general budget in the future, and will mean serious problems in the event of a decline in global oil prices, and it is necessary to find resources other than oil, by supporting the private sector, investment and advancement." agricultural and industrial realities.   Views 35   Added 01/09/2023 - 4:28 PM   Updated 01/09/2023 - 4:47 PM

https://economy-news.net/content.php?id=31782

The Rise In The Exchange Rates Of The Dollar Against The Dinar

Economie| 10:04 - 09/01/2023   Baghdad - Mawazine News  Today, Monday, the exchange rates of the dollar witnessed an increase in the local stock exchange.  Sale price: 157,500 dinars per 100 dollars  Sale price: 157,200 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=216227

Al-Hakim: The Growing Percentage Of People Living Below The Poverty Line Is A Warning Bell For The Present And Future Of Iraq

Monday 09 January 2023 12:24 | political Number of readings: 278  Baghdad / NINA / - The head of the National Wisdom Movement, Ammar al-Hakim, affirmed: "The growing percentage of people living below the poverty line in Iraq represents a warning bell for its present and future."

Al-Hakim said in a statement: "The official reports and statistics, the latest of which are issued by the Ministry of Planning and Development Cooperation, which confirm the growing percentage of people living below the poverty line in Iraq and reaching more than 25% of its total population, represent a warning bell with serious repercussions for the present and future of our country." And our people."

Al-Hakim called on Parliament, the government, and relevant institutions to expedite addressing this challenge and make it a top priority. He also urged all political, economic, and media actors to support government efforts to prepare a strategy to support the poor, improve living requirements in the areas of health, education, housing, and improve the income of the Iraqi individual./ End

https://ninanews.com/Website/News/Details?Key=1025344

Al-Mandalawi: Iraq Has Overcome Its Crises And Is Looking Forward To Advancing Its Reality In The Fields Of Development And Economy

Political | 01:23 - 09/01/2023   Baghdad - Mawazine News, First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, affirmed, on Monday, that Iraq has overcome its crises and is looking forward to advancing its reality in the areas of development and the economy.

Al-Mandalawi's office stated in a statement, "The head of the parliamentary delegation, First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, delivered Iraq's speech today, during his participation in the thirteenth general meeting of the Asian Parliamentary Assembly, which is being held in the state of Antalya, Turkey, from January 8-10, 2023." ".

During his speech, Mandalawi called on "the member states of the Asian Parliamentary Assembly to expand joint cooperation to build a true partnership in accordance with the principle of respect for sovereignty," noting that "the world is going through changes at the political and economic levels, and that it is possible to place the continent of Asia at the forefront of the countries of the world economically and militarily if everyone cooperates." among themselves, given the vast human and natural resources.

He stressed, "The Iraqi parliament has come a long way in overcoming political crises and is in the process of approving the necessary and important legislation," noting that "Iraq was able to overcome its security problems and has become stronger today after its victory over terrorism, and recently it succeeded in hosting the 25th Gulf Championship after more than 42 years." A year has passed since the organization of the last tournament in the country, and this is evidence of the state of stability it is going through.”

He continued, "Iraq is looking forward to cooperation with brotherly and friendly countries to advance its reality at all levels, especially in the areas of development and economy."

He explained that "Baghdad's hosting of the meeting of the Standing Committee for Planning and Budgeting in 2019 is evidence of Iraq's interest in the Assembly, and the importance of Asian parliaments," reiterating at the same time "Iraq's firm and supportive position on the Palestinian cause and the right of the Palestinian people to establish their independent state with Jerusalem as its capital." https://www.mawazin.net/Details.aspx?jimare=216243

The Central Bank Opens An Outlet For Selling Dollars At Baghdad International Airport

Economie| 02:05 - 09/01/2023  Baghdad - Mawazine News  The Central Bank of Iraq announced today, Monday, the opening of an outlet for selling dollars at Baghdad International Airport.

The bank stated, in a statement received by Mawazine News, that it had opened a new outlet for selling dollars in cash to travelers at Baghdad International Airport through the Trade Bank of Iraq (TBI), stressing that the sale will start as of tomorrow, Tuesday, for travelers with a maximum of (5000). US dollar.

The statement added, "The Central Bank of Iraq had earlier expanded the number of bank outlets for selling foreign currency from 20 banks to include all covered and willing banks, after the success achieved by its initiative to enhance the stability of the currency price in the local markets."

The statement indicated, "The rise in the exchange rate is a temporary situation." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=216247

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