"Vietnam News" Posted by Henig at KTFA Thursday 7-13-2023

KTFA: Vietnam

Henig:  US state governor leads delegation to Việt Nam to promote trade

July 12, 2023 - 16:31

A visiting delegation from the US’s Nebraska state led by Governor Jim Pillen visited MM Mega Market in HCM City’s Thủ Đức City on July 11 to learn about what Vietnamese customers look for at the grocery store and distribution networks in Việt Nam.

HCM CITY — A visiting delegation from the US’s Nebraska state led by Governor Jim Pillen visited MM Mega Market in HCM City’s Thủ Đức City on July 11 to learn about what Vietnamese customers look for at the grocery store and distribution networks in Việt Nam.

Other members of the team include Nebraska Department of Agriculture Director Sherry Vinton, Chancellor Joanne Li of the University of Nebraska – Omaha and agribusiness executives, academics, and government representatives.

Bruno Jousselin, managing director of MM Mega Market Vietnam, and his staff shed light on the requirements of Vietnamese people and the prices they are willing to pay.

The delegation also had the opportunity to try some agricultural products, including durian, and was quite interested in the taste of Vietnamese fruits.

They also attended a food demonstration by MM chef brand ambassador Steven Long mainly with ingredients from Nebraska.

Pillen said: “We are in the centre of the United States and agriculture drives our entire economy.”

“Our objective is to help Nebraska businesses and companies make connections in the Vietnamese market. Nebraska has been able to cultivate some great relationships with quality Vietnamese businesses in the last several years, and we are hoping to expand upon that.

“Getting to visit MM Mega Market is a real treat. It is very informative to learn about what the Vietnamese customers are looking for at the grocery store and for us to see how our products are displayed. Understanding the two will allow us to cater more specifically to the desires of the Vietnamese consumers.”

The delegation has a goal of growing trade with a country that already buys goods worth almost US$1 billion from Nebraska.

"We hope to highlight beef from Nebraska, corn gluten, soybean meal and other quality agricultural products. Additionally, we will be promoting efforts to bring high-quality grain storage infrastructure from expert companies located in Nebraska to Việt Nam's fertile agricultural areas.

"Further, we have representatives from our University of Nebraska system that are looking to make connections at the Vietnam National University of Agriculture'" he said.

Nebraska is one of the biggest producers of cattle, pork, dairy, corn and soybeans in the US. — VNS    LINK

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

Henig:  Google works with NIC and US Mission in Vietnam launch Google for Startups Accelerator

July 12, 2023 - 12:33

Việt Nam is becoming one of South East Asia's rising startup hubs as its online economy is forecasted to grow to US$50 billion by 2025.

HÀ NỘI — Google will continue its partnership with the Vietnam National Innovation Center (NIC) and the US Mission in Việt Nam.

The announcement came on Tuesday in Hà Nội as part of the programme "Google for Startups Accelerator".

The programme was conducted following the success of the ‘Google for Startups, Startup Academy-Vietnam’ programme last year.

It aims to extend support for the national digital transformation effort by providing intensive training, resources and mentoring networks for local startups to hasten their business development.

Việt Nam is becoming one of South East Asia's rising startup hubs as its online economy is forecasted to grow to US$50 billion by 2025, according to the "eConomy SEA report 2022".

Việt Nam is home to four unicorns to date and a total of 3,400 tech-savvy startups that are well-poised to develop sophisticated digital products and solutions.

The programme this year is built on the success of the Startup Academy that was first launched and implemented across the country in 2022 for 50 selected local companies from 16 key industries.

This year, the programme will zoom in on six key industries: education, retail, agriculture, fintech, healthcare and smart cities.

The ‘Google for Startups Accelerator, Southeast Asia’ is a three-month programme that starts with a five-day BootCamp followed by five follow-up online workshops leading to Graduation and Demo Day.

The cohort will receive mentoring from Google and leading industry figures throughout the period. Given the intensity, only 20 startups will be selected across the country to participate in the in-person boot camp to ensure Google and NIC will be able to provide in-depth support throughout.

The selected startups will also be inducted into Google’s global alumni network consisting of more than 1,000 startups from various regions.

To ensure more will be able to benefit from the content of the programme, Google and NIC will co-design open-access online workshops and will be accepting up to 200 additional startups.

Speaking at the event, Trần Duy Đông, Vice Minister of Investment and Planning said "The accelerator is solid proof of Việt Nam’s commitment to supporting the innovation and startup ecosystem which is shared by Google’s mission to raise up the startup community in emerging markets.

"By providing startups with essential resources to grow and succeed, we are nurturing the next entrepreneurial generation who would join hands to accelerate economic growth and make the country a global success.

"On top of that, the selected startups will be a part of the inventive startup community working towards a common goal to connect, collaborate and learn from each other.”

Thye Yeow, Bok, Head of Startup Ecosystem SEA said: “The launch of Google for Startups Accelerator today continues our long-term commitment to support this country's economic growth by fast-tracking local startup’s development through intensive training, mentorship, and networking opportunities for Việt Nam’s entrepreneurs.

"We are extremely excited to continue our partnership with NIC and the US Mission in Việt Nam to pool our resources together to help accelerate them to the next level, and eventually expand globally.

"While the accelerator is only accepting 20 startups, we will co-design and make available some of the group training sessions to the startup community. Up to 200 startups can apply to attend the online workshops. Collectively, Google, NIC and the US Mission in Việt Nam hope this will benefit the wider ecosystem.”

Last year's Google Startups Academy successfully wrapped up after 15 workshops and 283 hours of mentoring with experts and renowned mentors. One of the startups that joined the programme last year, Momby has scaled up its app with 35,000 users, while another, BenKon, successfully closed a seed round with their energy-saving solution.

Trương Minh Đạt, CEO and Co-founder of BenKon said after participating in the programme, they successfully secured their seed round with the participation of a venture capitalist.

Nguyễn Hồng Ngọc, CEO of Momby said Google for Startups was not just a leadership programme, it also provided startups with new knowledge and the latest technologies. They have the opportunity to become a part of a dynamic startup community where everyone is willing to collaborate for collective growth and success. — VNS    LINK

Henig:  Việt Nam contributes to global food security: MARD Deputy Minister

July 12, 2023 - 11:24

The target to reach US$10 billion from exports of vegetables and fruits can be fulfilled in the future despite a downtrend in the area due to industrialisation, urbanisation and other factors.

 HÀ NỘI — Việt Nam is contributing to ensuring food security not only for its own people but also for the wider region and the world, according to Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến.

The agriculture deputy minister made this statement at a press conference this week in Hà Nội, acknowledging the agricultural sector as the "firm foundation" of the national economy.

The Ministry of Agriculture and Rural Development (MARD) held the press conference to release official information about the country's agricultural production and exports in the first six months of the year.

Tiến said the agricultural sector implemented a plan for the first six months of 2023 to address challenges, of which, the export market for agro-forestry-fishery products, mainly for wood and aquatic products, was a particular difficulty. 

He said the country still has much potential in agricultural exports and MARD will undertake flexible solutions to boost management, adapting to the new context and meeting the demands of the world market.

While ASEAN countries and the agriculture industry around the world is currently concerned about food security, Việt Nam has achieved impressive results in ensuring food security for its 100 million population while maintaining its standing in the global rice export market. 

"People often believe that over time, rice yield will decrease, but this year the situation did not happen because the MARD has learned from previous experience and promptly provided technical support for farmers," said the agriculture deputy minister.

Nguyễn Như Cường, Director of the MARD's Department of Crop Production identified current development trends, especially the migration of the workforce to urban environments, industrialisation and exploration in different crops, as causing negative impacts on rice production.

However, with the application of scientific and technological advances in seed and seedling cultivation, along with a timely respond to climate change, the country's agricultural sector is fully operational over the next six months of the year and in the next two years, ensuring both exports and domestic consumption. 

A report from MARD shows rice and other crop production in the first six months of the year achieved good results.

The whole country planted about 4.98 million ha of rice with an average yield of 67 quintals/ha, an increase of 1.8 quintals/ha, with output reaching 22.8 million tonnes.

Rice exports in the first six months reached 4.2 million tonnes, earning $2.32 billion, including $300 million in June. The average export price of rice in the first five months of 2023 was estimated at $517 per tonne, up 5.8 per cent over the same period in 2022.

Meanwhile, VNDirect expects the export price of rice to continue to increase in 2023 thanks to the increased demand for food reserves in many countries, and Việt Nam is also focusing on exporting high-quality, good-priced rice.

According to data from the General Department of Customs, in 2022, Việt Nam's rice exports were recovering from the impact of the COVID-19 pandemic, totalling 7.1 million tonnes, equivalent to $3.5 billion.

In the agricultural sector report, VNDirect said that rice demand will remain high in 2023 as political and economic uncertainties push up the demand for rice reserves. Besides this, climate change is still affecting rice supply in many countries, especially the Philippines, due to floods, and China, due to drought.

Analysts also expect rice export prices to continue to increase in 2023 thanks to increased demand for food reserves in many countries.

Việt Nam is focusing on producing high-quality rice to match global consumption trends since many rice-growing areas have switched to other more profitable crops.

MARD reported the area of agricultural land used for the 2022-2023 crop year in the country has decreased by 3 per cent compared to the previous crop.

Cường said although Việt Nam's cultivation area is not large but agricultural export value is not inferior to that of many other countries, with its agricultural products present in all countries and territories in the world.

In the first half of 2023, fruit and vegetable export turnover was estimated at $2.8 billion, including $950 million in June, up 2.6 times compared to June 2022.

The fruit growing area was about 1.22 million ha, up 2.7 per cent with an increase in output of many items such as mango, oranges, rambutan and lychee while the area used for industrial crops expanded to 2.2 million ha, up 0.3 per cent with output raising in pepper, rubber, cashew, and tea cultivation.

"The target to reach US$10 billion from exports of vegetables and fruits can be fulfilled in the future despite a downtrend in the area due to industrialisation, urbanisation and other factors," he said.

Tiến emphasised that fruit and vegetable exports have never been as high as they are now. "According to this growth momentum, it is certain that in 2023, the country's fruit and vegetable exports will reach over US$5 billion and if investment is more focussed on deep processing and market expansion, the figure of US$10 billion from will likely be achieved," he said. — VNS   LINK

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

Henig:  Credit institutions expect positive demand for banking services

July 11, 2023 - 17:21

According to credit institutions, the liquidity of the banking system in the second quarter of 2023 remained solid and was more abundant than in the first quarter.

 HÀ NỘI — Credit institutions forecast the demand for banking services will be buoyant in the remaining months of this year, of which credit growth will reach about 4.4 per cent in the third quarter of 2023 and 12.5 per cent for the whole year, according to a survey of the State Bank of Vietnam (SBV).

SBV’s latest survey on business trends of credit institutions in the third quarter of 2023 released late last week showed the business situation of the banking system in the second quarter of 2023 improved much slower than the previous quarter while pre-tax profits grew slightly but also lower than expected.

According to the assessment of credit institutions, the demand for loans, payment services and cards, and deposits improved in the second quarter of 2023, but the number of credit institutions that saw the improvement was lower than the SBV’s previous survey.

Credit institutions forecast customers' demand for banking services will grow positively in the third quarter of 2023, but the rise will be at a slower rate compared to 2022. The demand for loans is expected to increase more than that of deposits.

Capital mobilisation of the whole credit institution system is expected to increase by an average of 3.2 per cent in the third quarter of 2023 and by 10.6 per cent in 2023.

Outstanding loans of the banking system are expected to increase by 4.4 per cent in the third quarter of 2023 and by 12.5 per cent in 2023, down by 0.6 per cent compared to the 13.7 per cent forecast of the previous survey.

According to credit institutions, the liquidity of the banking system in the second quarter of 2023 remained solid and was more abundant than in the first quarter. Credit institutions forecast the liquidity situation in the third quarter and the whole year will continue to be abundant compared to 2022.

Credit institutions also expect the average deposit and lending interest rates of the whole banking system to decrease by 0.31 and 0.42 percentage points in the third quarter, respectively; and decrease by 0.91 and 0.79 percentage points, for the whole year, respectively.

In the survey, they said the overall customer risk in the second quarter increased faster than the first, with 34.2 per cent of credit institutions identifying the overall customer risk currently being at a high level. A total of 48.2 per cent forecast the customer risk will increase in 2023 compared to last year.

According to the assessment, the ratio of bad debt to outstanding loans of the banking system showed a slight increase in the second quarter, but the rate is expected to decrease in the third.

Regarding the labour and employment situation of the finance and banking industry in the second quarter, although improving compared to the previous quarter, it did not reach the expected level. However, credit institutions expect the labour situation will be more positive in the third quarter of 2023 and the whole year. — VNS        LINK

Goldilocks' Comments and Global Economic News for July 13, 2023

Goldilocks' Comments and Global Economic News for July 13, 2023

RJ: Good morning Dinar Recaps,

Goldilocks posted global financial news links and comments:

SEC is proposing a new rule. They are creating amendments to the Broker-Dealer Customer Protection Rule for customers who have over 250 million in their accounts.

Expanding Capital requirements is now becoming a must-do protocol. The SEC went on to say that they are expecting customers to have such deposits in the future and need protections for them in case a broker-dealer relationship fails.

Net cash owed to customers and PAB account holders must be held in a special reserve bank account.

Given the speed, scale, and volume of today’s market activity, I believe customers would benefit if broker-dealers carrying large credit balances made daily reserve account calculations and deposits."

"The proposing release will be published in the Federal Register. The public comment period will remain open for 60 days following publication of the proposing release on the SEC website or 30 days following publication of the proposing release in the Federal Register, whichever period is longer."

© Goldilocks

https://www.sec.gov/news/press-release/2023-130

~~~~~~~~~~

"The Securities Industry and Financial Markets Association (SIFMA) is a not-for-profit trade association that represents securities brokerage firms, investment banking institutions, and other investment firms. SIFMA represents firms of all sizes in all financial markets in the U.S. and around the globe."

SIFMA has issued a statement in the form of an announcement:

They are preparing to move our Global Economy into the Basel 3 Endgame.

As Basel 4 activation comes into play in the following months, they are here to guide and support our transition into the next economy.

© Goldilocks

https://mondovisione.com/media-and-resources/news/sifma-statement-on-us-implementation-of-the-basel-iii-endgame/

~~~~~~~~~~

"The Securities Industry and Financial Markets Association (SIFMA) is a not-for-profit trade association that represents securities brokerage firms, investment banking institutions, and other investment firms. SIFMA represents firms of all sizes in all financial markets in the U.S. and around the globe."

SIFMA has issued a statement in the form of an announcement:

They are preparing to move our Global Economy into the Basel 3 Endgame.

As Basel 4 activation comes into play in the following months, they are here to guide and support our transition into the next economy.

© Goldilocks

https://mondovisione.com/media-and-resources/news/sifma-statement-on-us-implementation-of-the-basel-iii-endgame/

~~~~~~~~~~

As we have discussed before, July and going forward would be a time of Bridging Technologies together around the world creating seamless and secure transactions at the push of a button.

Our new digital asset-based trading system is taking us to places we have never gone before. These connections for a new banking system will give even the smaller companies access to what larger companies have to offer.

Digital networks are creating pathways into this new monetary system and taking place as we speak.

© Goldilocks

https://www.crypto-news-flash.com/seamless-asset-transfer-across-ethereum-solana-polygon-and-stellar-allbridge-launches-cross-chain-bridge/

https://menafn.com/1106581658/New-Ethereum-Improvement-Proposal-Seeks-To-Prevent-Hacks

~~~~~~~~~~

JUST IN: 🇪🇺 Europe to launch first spot Bitcoin ETF this month.

@WatcherGuru

~~~~~~~~~~

The Shanghai Futures Exchange aims to extend its commodities warehousing network beyond China's borders.

It looks like China is looking to challenge London's standing as the GLOBAL hub for metals pricing.

The pieces are falling into place in front of everyone.

Read: https://twitter.com/GoldTelegraph_/status/1679495694107672576

For the last 9 days, the dollar has been falling, and the Futures Market is indicating more to come.

© Goldilocks

~~~~~~~~~~

Commissioner Pham Announces New Members and Leadership of the CFTC’s Global Markets Advisory Committee and Subcommittees

128 Members in Total Constitute the Largest-Ever Single Advisory Committee Initiative Sponsored by the CFTC

Including Adam Minehardt, Stellar Development Foundation 🎉🎉🎉

And a whole bunch of orgs we have ICO in Stellar 🤭

Again, no one from Ripple team to be found 🤔

https://www.cftc.gov/PressRoom/PressReleases/8740-23

Next meeting 07/17/2023

At this meeting, the GMAC will focus on topics related to ✔️U.S. Treasury market reforms, ✔️swap block thresholds, and ✔️tokenization of assets.

The GMAC will also address procedural matters, including topics of discussion on a forward-looking basis. A formal agenda will be announced before the meeting. The meeting agenda may change to accommodate other GMAC priorities.

Forwarded from ✨Quantum Stellar Initiative telegram room

~~~~~~~~~~

☝️ We just talked about these three items above being implemented today inside our article reflections.

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Iraqi News Highlights Thursday Late Morning 7-13-23

Iraqi News Highlights Thursday Late Morning 7-13-23

Tlm724 Administrator Bondlady’s Corner

The Iraqi Central Bank: The Rise Of The Dollar Due To Trade With Iran, Turkey And Syria

Economy | 10:17 - 07/13/2023 Baghdad - Mawazine News  The Central Bank attributed the reason for the rise in the dollar in the parallel markets to the large volume of trade with Iran, Turkey and Syria and the restrictions imposed on those countries by the Americans.

The general manager of investments in the bank, Mazen Sabah Ahmed, said, "The rejection of Iraqi transfers by the US Federal Reserve via the electronic platform decreased from 80 percent to 8 percent," noting that "the platform system aims to adopt global transfer standards that limit inaccurate paths of money."

He added, "The currently approved platform is the product of an agreement with the US Federal Reserve, and it takes into account the mechanisms of dealing in dollars, as the request for the auction appeared to be through an electronic system that takes into account all the important details included in the transfer, such as the use of funds and the two parties to the process, the importer and the exporter, and are there penalties for the exporting party." https://www.mawazin.net/Details.aspx?jimare=231215

The US Dollar Between The Official And Parallel Rate And The Black Market

Sameer Al-Nusairi  The Central Bank of Iraq set several months ago the official price of the US dollar at 1,300 dinars for the Ministry of Finance, 1,310 dinars for banks, and 1,320 dinars for the citizen. It also issued clear instructions for external transfers for the year 2023 and packages that included facilities and flexibility for citizens, merchants, businessmen, and everyone who needs the dollar at the official rate in daily transactions.

The Central Bank and the banking sector are making great efforts to maintain the stability of the exchange rate and to achieve an exchange rate according to limits close to the official target rate. But so far, there is another price in the dollar trading market that is higher than the official price.

Which is currently dealt with by small traders who are not registered in the Companies Registration Department in the Ministry of Trade and merchants who deal in illegal foreign trade through the unofficial border crossings located in the north, south and central Iraq, which are outside government control in the manner of external transfer through unauthorized exchange and external transfer companies and outside the platform system The electronic system that converts the dollar at the official rate in a proper and real manner and ensures that the amount of the transfer reaches the final (real) beneficiary.

Therefore, it is necessary to distinguish between the official price and the parallel price, which is achieved if we have imports in foreign currency from sources other than oil, which is the main resource for the dollar in Iraq. So there is no parallel price in Iraq, but rather we have a black market that requires the submission of those who deal with it to Iraqi law, as it is an economic crime that harms the economy the National .

It also requires that the competent government agencies focus on following up and monitoring unlicensed exchange companies and outlets (salary exchange shops for retirees and social welfare, which number in the thousands, and they practice dealing in US dollars, contrary to the instructions of the Central Bank and the government, noting that the licensed companies are exclusively under the control and supervision of the Central Bank.  07/13/2023 - https://economy-news.net/content.php?id=35135

215.4 Million Dollars Of Central Bank Sales

Economy News – Baghdad  On Thursday, the sales of the Central Bank of Iraq, in the foreign currency sale window, amounted to more than 215.4 million dollars.

The Central Bank’s website published a table of its dollar sales, which was viewed by Al-Eqtisad News, as it included the participation of 27 banks and 17 exchange companies, and covered external transfer requests of $187.6 million, while cash requests amounted to $27.7 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, and the selling price of transfer amounts abroad is (1310) dinars per dollar, as well as the cash sale price (1310) dinars per dollar.

Views 28   Added 07/13/2023 - https://economy-news.net/content.php?id=35142

The Iraq Market Announces The Weekly Trading Indicators

Money  and business  Economy News – Baghdad  The Iraqi Stock Exchange announced, on Thursday, the weekly trading indicators.

The market stated in a statement that, during the second week of July 2023, it organized five trading sessions, from Sunday 07/09/2023 to Thursday 07/13/2023, and the following indicators were achieved during this week:

1. The number of shares traded during this week amounted to more than (1) billion shares.

2. The value of shares traded this week amounted to more than (4) billion dinars.

3. The trading index in the market closed for the first session of the week at (675.13) points, while the index closed at the end of the week at (695.70) points, achieving an increase of (2.96%) from its closing at the beginning of the session.

4. During the week, more than (3300) buying and selling contracts were executed on the shares of the companies listed in the market.

Views 32   Added 07/13/2023 https://economy-news.net/content.php?id=35147

The Decline In The Exchange Rates Of The Dollar In The Baghdad Markets

Economy   Thursday, July 13, 2023 Baghdad / National News Center

Today, Thursday, the exchange rates of the US dollar against the Iraqi dinar witnessed a decrease in the local markets.

And the Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, an exchange rate of 147,900 Iraqi dinars, compared to 100 US dollars, while the exchange rates recorded yesterday, Wednesday, were 14,900 dinars.    https://nnciraq.com/216042/

Member Of Parliamentary Committee: These Are Iraq's Daily Exports Of Black Oil

Thursday 13, July 2023 13:58 | Economical Number of readings: 186  Baghdad / NINA / - A member of the Parliamentary Oil, Gas and Natural Resources Committee, Representative Zainab Al-Moussawi, revealed that Iraq exports 180,000 barrels per day of black oil, while the rest is consumed internally.

Al-Moussawi said, in a press statement today, Thursday, that "Fuel Oil", which is locally called "black oil", is one of the parts resulting from the process of refining crude oil, and it is used as a very cheap fuel that can be burned in industrial furnaces or generation boilers. heat or the generation of electrical or moving power”.

And she added, "This type of cheap fuel, its value is equivalent to half the value of crude oil, and that Iraq usually sells it near the "hook" in the waters of the Arabian Gulf, as fuel for tankers," noting that "the exploitation of black oil in barter and export maximizes the state's resources." Finance and also contributes to the development of oil policy in Iraq

http://ninanews.com/Website/News/Details?key=1064714

Alia Nassif: The Legislative Authority Today Is At A Crossroads Regarding The Oil And Gas Law

Thursday 13, July 2023  political   readings: 264  Baghdad / NINA / - The State of Law Coalition bloc, the Presidency of the House of Representatives and the Parliamentary Oil, Gas and Natural Resources Committee called for the approval of the oil and gas law, which was postponed 18 years ago, to end the chaos of selling and smuggling oil and gas without referring to the federal government.

The representative of the bloc, Alia Nassif, said, in a press statement today, Thursday, that "the oil and gas law regulates the mechanism for extracting natural resources from the lands of the Iraqi state, including the governorates of northern Iraq, and it also regulates oil revenues in accordance with the articles of the constitution that pertain to the distribution of natural resources, and this law is still repeatedly postponed." And again and again, since the first parliamentary session in 2005 until today, the reasons for the obstruction are known, and the obstructors are also known and their goals are clear.

She added, "Iraq still relies on gas imported from Iran to operate power stations, while the Khormor gas field located in Kirkuk governorate produces more gas than the gas we import, but this field is completely under the control of the Barzani family, and Masrour Barzani has announced that he will not hand over a drop." From it to anyone," noting that "the failure to legislate the oil and gas law gave the green light to the loss of natural resources in northern Iraq and the disappearance of their revenues."

And she stressed, "The legislative authority today is at a crossroads, either to enact this law and preserve the wealth of the people, or it is like its predecessors unable to legislate it, bearing in mind that there is a serious intention among most members of the House of Representatives to approve it."/ End

http://ninanews.com/Website/News/Details?Key=1064690

OPEC Expectations... A Slight Slowdown In Global Oil Demand In 2024

Energy   Economy News – Baghdad  OPEC on Thursday maintained an upbeat outlook for global oil demand despite economic headwinds, raising its growth forecast for 2023 and forecasting a slight slowdown in 2024 as China and India continue to lead growth in fuel demand.

The Organization of the Petroleum Exporting Countries (OPEC) raised its expectations for the growth of global oil demand, during the current year, by 100,000 barrels from last month's estimates to 2.4 million barrels per day, mainly due to the increase in demand in China in the second quarter of 2023.

OPEC had kept its forecast for oil demand unchanged for 4 months in a row.

For the first time, the OPEC report refers to the expectations for the year 2024, as it expected that the global demand for oil would grow at a rate of 2.2 million barrels per day, to reach about 104.25 million barrels per day, which are lower rates than its expectations for the year 2023.

"In 2024, strong global economic growth amid continuous improvements in China is expected to lead to an increase in oil consumption," OPEC said in its monthly report on Thursday.

The report added: "OPEC +'s proactive approach and production cuts "added a great deal of stability to the global oil market, which is expected to extend the strong oil market fundamentals seen this year into 2024."

The report also showed that OPEC's oil production rose by 91,000 barrels per day (bpd) to 28.19 million bpd in June, led by Iran and Iraq, despite production cuts pledged by OPEC+.

On the other hand, OPEC maintained its forecast for the growth of supply from outside it in 2023 by 1.4 million barrels per day, according to the monthly report issued by the organization, Thursday.

OPEC kept its forecast for global economic growth for 2023 unchanged at 2.6 percent, and the organization expected economic growth for 2024 to reach 2.5 percent.

It also revised its forecast for US economic growth for 2023 slightly up to 1.4 percent, followed by 0.7 percent for 2024.

Economic growth in the euro area for 2023 was revised slightly downward at 0.7 percent, while growth in 2024 is expected at 0.8 percent.

The organization maintained its forecast for Chinese economic growth in 2023 at 5.2 percent, and 4.8 percent in 2024.  The OPEC report showed that the average price of oil for OPEC countries amounted to about $75 per barrel, down by 0.8% from May.

Views 18  07/13/2023 - https://economy-news.net/content.php?id=35148

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

https://www.bondladyscorner.com/

Thursday Morning Iraq Economic News Highlights 7-13-23

Thursday Morning Iraq Economic News Highlights 7-13-23

URGENT Cougar: Launching The Work On The Budget After July 18...And These Contested Articles

Time: 07/13/2023 00:19:17  Read: 4,277 times  {Economic: Al Furat News} The Parliamentary Finance Committee considered the delay in launching the budget “normal”, and the Ministry of Finance may launch work on the budget after the 18th of this July.

A member of the Finance Committee, Jamal Cougar, said, in a press statement, that: “Work on the budget will start after the 18th of this month, and the budget may be launched, and then the Finance Committee will start its work by following up on its disbursement process.”

He added, "The government was appealed by 12 paragraphs of the budget, and this is a natural matter and within its powers, and the matter now remains up to the Federal Court to consider appeals and submit a ruling," noting that "the Finance Committee expected that some of the budget paragraphs would be appealed by the government, which was confirmed by the Minister of Finance." However, the committee did its duty and added what it deems appropriate from the point of view of its members.

Yesterday, Wednesday, the Federal Supreme Court issued a state order to suspend six articles in the budget law, one of which deducts percentages from the salaries of state employees, while the other grants financial powers, while the Parliamentary Finance Committee suggested that budget funds be released on July 18.

And the court said, in a statement: It “issued a state order number (153 / federal / state order / 2023) on 7/12/2023 that included stopping the implementation of several articles until the constitutional case filed before this court to challenge its constitutionality registered in the number (153 / federal /) is decided. 2023).

 According to the statement, the federation challenged Article (28/ Fourth: A-B), which obliges the Ministry of Finance to collect one percent of the total salary of state employees, except for the Ministry of Interior, to be placed in the Martyrs’ Fund of the Martyrs Foundation.

 And Article (57/First-C) pertaining to the deduction of one percent per thousand of the total salary of military and civilian employees of the Ministry of Interior in favor of a newly established fund in the ministry called the “Internal Security Forces Development and Support Fund.”

 And Article (65/Second), which stipulates that “university councils may contract with the private sector and hold participation in the field of building hospitals, investment laboratories, scientific productive factories, and agricultural and animal investments in a way that serves primary and higher studies, scientific research, and society.”

 And Article (70/Second) related to adding additional allocations to the completed workloads for the governorates within the regions development plan and disbursed for the period from January 1, 2023 to June 1, 2023. And Article (71) related to obliging the government to end the management of all  institutions by proxy no later than November 30, 2023.

And  Article (75), which stipulates the adoption of the date 12/31/2019 instead of 10/2/2019 by Cabinet Resolution 315 of 2019, related to contract employees.  LINK

A Great Controversy After Al-Sudani's Announcement... Iraqi Oil In Exchange For Iranian Gas Is A "Mysterious Agreement"!!

Political  scene Thursday July 13, 2023 at 13:36 PM (60 views) 

Baghdad / Sky Press  The announcement by the Iraqi Prime Minister, Muhammad Shia' al-Sudani, of an agreement under which quantities of crude oil would be bartered for his country in exchange for obtaining Iranian gas to operate electric power stations, sparked a lot of controversy among economic and political experts and many pioneers of social media platforms.

After the issuance of the decision, some expressed their strong support, especially with the advent of the hot summer in which the need for household electricity increases, while another group denounced that agreement, considering that it prejudices the interests of their country and brings great benefit to Tehran.

Sources reported that the agreement was signed in Baghdad, explaining that "the director of the office of the Prime Minister, Ihsan Yassin al-Awadi, signed the agreement on the Iraqi side, while it was signed on the Iranian side by the ambassador of the Islamic Republic of Iran in Baghdad, Muhammad Kazem Al Sadiq.”

The agency that "the agreement was reached after negotiations that lasted for several days, in which delegations and technical and technical committees from both sides participated."

A report pointed out that the agreement comes "within the framework of the government's effort to address the crisis in the supply of gas that powers power stations, and to avoid financing problems and the complications of US sanctions that prevented the continuity of paying import requirements. "

For his part, Al-Sudani said in a speech addressed to the Iraqi people, "The decision will ensure the continuity of the gas supply, and the current crisis will end with it."

He added, “The supply of Iranian gas has resumed, and the quantities will increase starting this evening (Tuesday evening), as 10 million standard cubic meters will flow, and it will return to the same previous quantities, and an agreement was signed in this respect.”

She claimed that "because of the lack of US approvals to transfer funds to Iran, gas supplies were stopped earlier, and decreased by more than 50 percent."

He stressed that "Iraq has paid all its dues for Iranian gas amounting to 11 billion dollars, and it was deposited in the account of Iranian companies and we transferred 1.8 billion euros to Iran to pay gas dues."

He pointed out that "the current national gas projects represented by the fifth licensing round and our contracts with France's total, as well as the Basra gas projects, will end the need for import after completion within two to three years."

Iraq imports electricity and gas from Iran, which together account for between 33 and 40 percent of its energy supplies, especially during the scorching summer months when temperatures reach 50 degrees Celsius and energy consumption peaks.

For his part, a spokesman for the US State Department refused to comment to Reuters on the barter agreement between Iraq and Iran, and did not address whether such an arrangement might violate US sanctions.

"There has been no change in the US policy towards Iran or Iraq. (US President Joe) Biden's administration continues to implement all US sanctions on Iran," the spokesman said, adding that Washington "strongly supports Iraq's path towards energy independence."

Iraq spends about $4 billion annually on gas and energy imports from Iran, while at the same time burning huge amounts of natural gas as a by-product of its fuel sector.

"necessary need"

Commenting on the benefits that Iraq will reap from the new agreement, the economist, Abd al-Rahman al-Mashhadani, explained that "the details of the agreement are still not clear, pending the issuance of more information from the Ministry of Oil."

The Iraqi expert added, in statements, that "the agreement as a whole will be beneficial for the country, because, according to the prime minister's statements, we still need between three to four years to achieve self-sufficiency, and we may then become exporters of this material, after we were consumers of it.”

Among the most important benefits that Iraq will reap in principle, according to Al-Mashhadani, is that the country "needs, during the peak seasons (summer), more than 50 million standard cubic feet to cover needs, but what we have is no more than 20 million, but that in the past year or that before him, we only had five million.”

Al-Mashhadani believed that the agreement came at the right time, “because the summer, when temperatures sometimes reach more than 50 degrees Celsius, becomes a season of unrest and popular protests fueled by power outages necessary for daily life, especially in the field of refrigeration, food storage and air conditioning.”

On the other hand, the head of the Kolwatha Center for Studies and Measuring Iraqi Public Opinion, Basil Hussein, believes that the agreement concluded is "unfair" and did not take into account the national interests of his country.

Hussein explained in a lengthy tweet that he posted on his Twitter page that the agreement will make Iraq buy energy from Iran at prices many times higher than global rates.  LINK

Parliamentary Finance Sets The Date For Launching The Budget

Money  and business   Economy News _ Baghdad  Yesterday, Wednesday, the Federal Supreme Court issued a state order to stop six articles in the budget law, one of which deducts percentages from the salaries of state employees, while the other grants financial powers, while the Parliamentary Finance Committee suggested that budget funds be released on July 18. 

For its part, the Parliamentary Finance Committee considered the delay in launching the budget "normal", and the Ministry of Finance may launch work on the budget after July 18, calling on the government to end the electricity file by investing in natural gas. 

A member of the Finance Committee, Jamal Cougar, said, in an interview with the official newspaper, followed by "Al-Iqtisad News", that "work on the budget will start after the 18th of this month, and the budget may be launched, and then the Finance Committee will start its work by following up on the disbursement process." 

He added, "The government was appealed by 12 paragraphs of the budget, and this is a natural matter and within its powers, and the matter now remains up to the Federal Court to consider appeals and submit a ruling," noting that "the Finance Committee expected that some of the budget paragraphs would be appealed by the government, which was confirmed by the Minister of Finance." However, the committee did its duty and added what it deems appropriate from the point of view of its members. 

Regarding the electricity crisis, Cougar explained that "the government has put sums in the budget regarding Iranian gas dues, but the blockade on Iran by the United States prevents the money from arriving, calling on the government to invest in associated gas to end the crisis, to bypass the complications away from any external and internal interference." 

The court said, in its statement, that it "issued a state order number (153 / federal / state order / 2023) on 7/12/2023 that included stopping the implementation of several articles until the constitutional case filed before this court to challenge its constitutionality registered in the number (153 / federal / 2023). 

According to the statement, the federation challenged Article (28/ Fourth: A-B), which is related to obligating the Ministry of Finance to collect one percent of a thousand of the total salary of state employees, except for the Ministry of Interior, to be placed in the Martyrs’ Fund of the Martyrs Foundation. 

And Article (57/First-C) pertaining to the deduction of one percent per thousand of the total salary of military and civilian employees of the Ministry of Interior in favor of a newly established fund in the ministry called the “Internal Security Forces Development and Support Fund.” 

And Article (65/Second), which stipulates that “university councils may contract with the private sector and hold participation in the field of building hospitals, investment laboratories, scientific productive factories, and agricultural and animal investments in a way that serves primary and higher studies, scientific research, and society.” 

 And Article (70/Second) related to adding additional allocations to the completed work loads for the governorates within the regions development plan and disbursed for the period from January 1, 2023 to June 1, 2023. 

And Article (71) obliging the government to terminate the management of all institutions by proxy no later than November 30, 2023. 

And Article (75), which stipulates the adoption of the date 12/31/2019 instead of 10/2/2019 by Cabinet Resolution 315 of 2019, which is related to contract employees. 

Views 19  Added 07/13/2023 - https://economy-news.net/content.php?id=35137

Parliamentary Finance: We Expect The Budget To Be Released After July 18

The first  2023/07/13  Shaima Rashid  The Federal Supreme Court issued, yesterday, Wednesday, a state order to stop six articles in the budget law, one of which deducts percentages from the salaries of state employees, while the other grants financial powers, while the Parliamentary Finance Committee suggested that budget funds be released on July 18.

And the court said, in a statement: It “issued a state order number (153 / federal / state order / 2023) on 7/12/2023 that included stopping the implementation of several articles until the constitutional case filed before this court to challenge its constitutionality registered in the number (153 / federal /) is decided. 2023).

 According to the statement, the federation challenged Article (28/ Fourth: A-B), which obliges the Ministry of Finance to collect one percent of the total salary of state employees, except for the Ministry of Interior, to be placed in the Martyrs’ Fund of the Martyrs Foundation.

 And Article (57/First-C) pertaining to the deduction of one percent per thousand of the total salary of military and civilian employees of the Ministry of Interior in favor of a newly established fund in the ministry called the “Internal Security Forces Development and Support Fund.”

 And Article (65/Second), which stipulates that “university councils may contract with the private sector and hold participation in the field of building hospitals, investment laboratories, scientific productive factories, and agricultural and animal investments in a way that serves primary and higher studies, scientific research, and society.”

 And Article (70/Second) related to adding additional allocations to the completed workloads for the governorates within the regions development plan and disbursed for the period from January 1, 2023 to June 1, 2023. And Article (71) related to obliging the government to end the management of all

 institutions by proxy no later than November 30, 2023. .

 And Article (75), which stipulates the adoption of the date 12/31/2019 instead of 10/2/2019 by Cabinet Resolution 315 of 2019, which is related to contract employees.

For its part, the Parliamentary Finance Committee considered the delay in launching the budget "normal", and the Ministry of Finance may launch work on the budget after July 18, calling on the government to end the electricity file by investing in natural gas.

A member of the Finance Committee, Jamal Cougar, told Al-Sabah: “Work on the budget will start after the 18th of this month, and the budget may be launched, and then the Finance Committee will start its work by following up on the disbursement process.”

He added, "The government was appealed by 12 paragraphs of the budget, and this is a natural matter and within its powers, and the matter now remains up to the Federal Court to consider appeals and submit a ruling," noting that "the Finance Committee expected that some of the budget paragraphs would be appealed by the government, which was confirmed by the Minister of Finance." However, the committee did its duty and added what it deems appropriate from the point of view of its members.

Concerning the electricity crisis, Cougar explained that the government has put sums in the budget regarding Iranian gas dues, but the blockade on Iran by the United States prevents the funds from arriving, calling on the government to invest in associated gas to end the crisis, in order to bypass the complications away from any external and internal interference.  https://alsabaah.iq/80596-.html

Parliamentary Finance: Work On The Budget Will Start After July 18. We Will Follow Up On The Process Of Disbursing It

Policy  2023-07-13 | 02:34  1,173 views  Alsumaria News – Politics  The Parliamentary Finance Committee confirmed, today, Thursday, July 13, 2023, that work on the budget will start after the 18th of this month, while it indicated that the government has set sums in the budget regarding Iranian gas dues.

A member of the Finance Committee, Jamal Cougar, said, "Work on the budget will start after the 18th of this month, and the budget may be launched, and then the Finance Committee will start its work by following up on the disbursement process."

He added, "The government was appealed by 12 paragraphs of the budget, and this is a natural matter and within its powers, and the matter now remains up to the Federal Court to consider appeals and submit a ruling," noting that "the Finance Committee expected that some of the budget paragraphs would be appealed by the government, which was confirmed by the Minister of Finance." However, the committee did its duty and added what it deems appropriate from the point of view of its members.

Regarding the electricity crisis, Cougar explained that the government has put sums in the budget regarding Iranian gas dues, but the blockade on Iran by the  United States prevents the money from arriving, calling on the government to invest in associated gas to end the crisis, to bypass complications away from any external and internal interference, according to the official newspaper. .   LINK

"Tidbits From TNT" Thursday Morning 7-13-2023

TNT:

CandyKisses:  Payment of dues of investment projects in dinars only

Baghdad/Obelisk Event: The head of the National Investment Commission, Haidar Makiya, issued a directive to companies investing in the field of housing.

According to a statement by his office, Makiya directed the commitment of the investing companies to the prices fixed in the economic feasibility studies.

He added: Makiya also directed to pay the dues of housing units in investment projects in Iraqi dinars exclusively in Baghdad and the provinces.

CandyKisses:  Parliamentary Finance Likely to Release Budget Funds After July 18

Baghdad - Mawazine News

The Parliamentary Finance Committee is likely to release the budget funds on July 18.
Jamal Kojar, a member of the Finance Committee, said, "Work on the budget will start after the 18th of this month, and the budget may be launched, and then the Finance Committee will begin its work to follow up on the process of disbursing it."
He added that "the government challenged 12 paragraphs of the budget and this is normal and within its powers and it remains now up to the Federal Court to consider the appeals and submit the ruling," noting that "the Finance Committee expected that some paragraphs of the budget will be challenged by the government, which was confirmed by the Minister of Finance itself, but the committee has done its duty and add what it deems appropriate from the point of view of its members."

Regarding the electricity crisis, Kojar explained that the government has put amounts in the budget on Iranian gas dues, but the blockade on Iran by the United States prevents the arrival of funds, calling on the government to invest in associated gas to end the crisis, to overcome complications away from any external and internal interference.

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

CandyKisses:  Al-Sudani confirms that his government seeks to satisfy the citizen first

Baghdad - Iraq Today:

Prime Minister Mohammed Shia Al-Sudani, during his visit to the Amanat Baghdad building, stressed that the satisfaction of citizens is the criterion in the quality and purpose of services.

A statement by Sudani's office said that "Prime Minister Mohammed Shia al-Sudani paid a visit to the Amanat Baghdad building, and was received by the Mayor of Baghdad and the advanced staff in the secretariat."

According to the statement, Al-Sudani held "a meeting with the directors of municipalities in the capital, Baghdad, and was briefed on the progress of the implementation of projects for drinking water, sanitation and infrastructure projects, and followed up with municipal managers levels of achievement and obstacles to the implementation of plans prepared according to schedules, and confirmed his follow-up personally, in order to overcome obstacles facing the progress of project implementation, and to conduct field visits to work sites."

"The meeting witnessed the Sudanese review of a report that includes the views of citizens and their assessment of the level of municipal services provided in different areas of the capital, and in multiple municipal departments," Elian added, stressing that "citizen satisfaction is the criterion in the quality and purpose of services."

The prime minister continued "the work of Amanat Baghdad and its executive programs, which are based on the priorities of the government program in the axis of services, and expressed observations on the progress of its work." He stressed "the need for the capital Baghdad to double service work in its areas and residential neighborhoods, and to be at an exceptional level in terms of implementation and timing," and stressed "the need to exert maximum efforts to serve the people of the capital and provide municipal services, so that Baghdad appears in the best way, and reflects its history and bright heritage."

Al-Sudani also stressed "the importance of the capital Baghdad receiving priority in implementing the slogan of the Year of Services and Projects launched by the government, which came in line with its vision towards providing services throughout Iraq," pointing to "the need to pay attention to the urban and cultural aspect because of its potential in this aspect, as well as developing the entrances to the capital and paying attention to green spaces, in a way that adds aesthetic and environmental elements in its areas and streets."

Al-Sudani pointed to "the government's efforts in fighting corruption, and the utmost importance of this goal, given its direct effects on the level of performance and quality."

The Prime Minister directed to "address all comments on the work of the secretariat that were raised during the meeting, and the steps of treatment will be followed up on subsequent visits to him.

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

CandyKisses:  For the first time since April. Brent crude exceeds the $80 barrier per barrel

Baghdad - Iraq Today:

Brent crude futures surpassed $80 a barrel for the first time since April after U.S. inflation data suggested the cycle of raising interest rates in the world's largest economy was coming to an end.

U.S. consumer prices rose slightly in June, recording the smallest annual increase in more than two years, data showed, as inflation continued to fall.

Markets expect interest rates to rise again, but they also suggest that the U.S. rate hike cycle has peaked.

The International Energy Agency has said that the oil market is expected to witness a tightening of supply during the second half of 2023, attributing this to the strength of demand from China and developing countries, as well as supply cuts announced by Saudi Arabia, Russia and other countries in the past period.

Saudi Arabia pledged last week to extend a production cut of $500 million a barrel in August, while Russia will cut exports by <>,<> bpd.

On Tuesday, the US Energy Information Administration raised its forecast for global oil demand growth in 2023, by 170,1 barrels per day, to 76.<> million barrels per day.

Mot:  .... Karma!! --- Beeee Careful out there ....

Mot:  Love the Internet I Do... Heres Yet another Money saving Idea from ole ""Mot"" of course!!!

MilitiaMan and Crew: 07/12/2023 Update - Iraq Dinar- Live

07/12/2023 Update - Iraq Dinar- Live

MilitiaMan and Crew:  7-12-2023

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Budget News, Kurdistan, HCL (Article 140) and more……

Be sure to listen to full video for all the news……….

https://www.youtube.com/watch?v=9XVycIy4b_4

Goldilocks' Comments and Global Economic News for July 12, 2023

Goldilocks' Comments and Global Economic News for July 12, 2023

RJ:  Good evening Dinar Recaps,

Goldilocks posted news on our new emerging global financial system:

The Gulf Corporation Council (GCC) is forming alliances in the East for trade and political aspirations.

Several bilateral trades are being signed and trade relations are in local currencies.

More demand for local currencies equals rising values for currencies taking place in the East.

© Goldilocks

https://mid.ru/en/foreign_policy/news/1896126/

Are you ready for a standardized digital asset-based economy? Finally, we are about to get those Stablecoins clarified and moved through Congress.

Once these are finished and monetary policies that come with them by Saturday, we will be inside a Gold Standard.

The Lummis-Gillibrand Responsible Financial Innovation Act is finally being introduced in Congress for a vote today.

"The revamped Lummis-Gillibrand Responsible Financial Innovation Act proposes to classify most cryptocurrencies as commodities."

The SEC and CFTC will work together going forward with delineated responsibilities that will define their roles in the new economy.

© Goldilocks

https://beincrypto.com/us-senators-crypto-regulation-proposal/

~~~~~~~~~~

Do you see the significance of this week's events yet?

I guess changing the mechanisms on our economy from Libor to SOFR was a big deal after all.

© Goldilocks

~~~~~~~~~~

Turkish delegation visits Iraq to resume Kurdistan oil exports

https://search4dinar.wordpress.com/2023/07/12/turkish-delegation-visits-iraq-to-resume-kurdistan-oil-exports/

~~~~~~~~~

Protocol 20 is about the mass adoption of the Stellar Network. In our new digital economy, transaction submissions that are scalable and secure are important.

A Scalable Operating System or Network is able to maintain and increase its level of performance even as it is tested by larger and larger operational demands.

Today, there is a single transaction being made to test the system.

The Stellar Network CEO Denelle Dixon has been working with the CFTC in bringing about our new digital economy for some time now.

On August 22, Core version 20.0.0 will be released. It will increase the scalability of digital assets from around the world and does not allow any user to disable it.

In the Fall of 2023, a Protocol 20 vote will take place to move forward.

© Goldilocks

https://www.crypto-news-flash.com/stellar-network-proposes-change-to-transaction-submission-enhancing-scalability-and-safety-for-future-growth/

~~~~~~~~~~

Follow Goldilocks' Roadmap

 Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Wednesday Evening Iraq Economic News Highlights 7-12-23

Wednesday Evening Iraq Economic News Highlights 7-12-23

Parliamentary Finance: The Price Of The Dollar Will Decrease After The Implementation Of The Budget

Information/Baghdad.. A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Wednesday, that the price of the dollar will decrease against the dinar, after implementing the provisions of the federal general budget. 

"The Iraqi dinar will gradually recover and decrease dramatically against the price of the dollar," Cougar said, pointing out that "the government will have to sell large quantities of dollars to secure the salaries of employees in dinars."

He added, "The exchange rate of the dollar in the parallel markets depends on the principle of supply and demand, and the start of implementing the 2023 budget will mean the release of large sums of money that will lead to a greater increase in the purchase." of the dollar.”

He pointed out that "after the implementation of the budget, there will be stability in the dollar exchange market and its arrival at the official price specified by the Council of Ministers." 

A member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed, in a previous statement to Al-Malooma, that there is a road map of 4 axes to curb the parallel market for selling the dollar.  LINK

A Legal Expert Comments On The Federal Court's Decision To Suspend Work On Some Budget Articles[/Rtl]

Policy  2023/07/12 number of readings: 180  Baghdad-Iraq today: Today, Wednesday, the legal expert, Ali Al-Tamimi, commented on the state order to suspend some articles of the Federal General Budget Law.

Al-Tamimi said in a press interview, "After the state decision issued today by the Federal Court to suspend the work of six articles that were challenged by the government, the rest of the articles of the budget law have become effective and applicable."

He added, "The delay in implementing the articles and paragraphs of the budget after its publication in the Official Gazette was due to waiting for the Federal Court's decision regarding the issuance of a state decision on the contested articles by the government."

And the Federal Supreme Court issued, earlier today, Wednesday, a state order to stop some articles of the budget law  A legal expert comments on the Federal Court's decision to suspend work on some budget articles   LINK

The Supreme Court In Iraq Issues An Order To Stop Some Articles Of The Budget Law

WED, 07-12-2023, Tayseer Al-Asadi  Today, Wednesday, the Federal Supreme Court in Iraq issued a state order to suspend some articles of the budget law.

The state order included stopping the implementation of the articles: Article ((28/ Fourth: A-B), (57/ First-C), (65/ Second), (70/ Second), (71) and (75) of Law No. ( 13) for the year 2023 (the federal general budget of the Republic of Iraq for the fiscal years (2023 – 2024 – 2025) until a decision is made on the constitutional case filed before this court to challenge its constitutionality, registered in the number (153 / federal / 2023).

Earlier, the Iraqi Prime Minister, Muhammad Shia' al-Sudani, requested a state order against Parliament Speaker Muhammad al-Halbousi regarding the above articles, according to the Federal Court's statement.

The Iraqi Budget Law for the years 2023, 2024 and 2025 consists of 78 articles.

On March 13, 2023, the Iraqi Council of Ministers approved the draft budget law and referred it to the House of Representatives for a vote on it.

On June 12, 2023, the Iraqi Council of Representatives approved the draft federal budget law for the fiscal years (2023, 2024, and 2025).  The value of the 2023 budget is 197 trillion and 828 billion Iraqi dinars, with a total deficit of 64 trillion dinars.

The Iraqi government relies on international loans and aid to cover the budget deficit, and in the event of an increase in oil prices, 70 percent of the revenues will be allocated to cover the deficit.

The largest budget revenue depends on oil exports, which must export 3.5 million barrels a day, including 400,000 barrels from the Kurdistan Region, which is estimated at about $70 a barrel.

http://non14.net/public/158427

Fuad Hussein: Iraq Will Be A Gas Producer Within The Next 3 To 4 Years

Energy   Economy News _ Baghdad  Foreign Minister Fuad Hussein said that Iraq has been burning gas for more than 70 years in oil fields and wasting it. In this government, we signed a contract with Total to isolate associated gas from oil. Besides, there are large gas fields in Iraq which will become in another 3 to 4 years a gas producing country. 

Hussein indicated, in a televised interview, followed by "Al-Iqtisad News", that the contract concluded with Total Energy, worth $ 27 billion, to produce gas from the gas fields in Iraq, in order to transform it from an importing country to a gas-producing country. 

He continued, "Iraq relies on importing gas from Iran to produce 43% of its electricity. The regions of Khanaqin and Diyala depend entirely on Iranian gas to produce electricity, and 3 other important Iraqi electricity production stations depend on Iranian gas, which means that 43% of Iraqi electricity is imported." From Iran, and if it stops exporting gas, processing hours in Iraq will decrease by about 8-9 hours. 

Fouad Hussein went on to say: "When we decided to rely on our gas and invest in this sector, Total Energy applied for work, and negotiations began during the reign of Mustafa Al-Kazemi's government, but problems were marred. Now those problems have been resolved, and the company will start working in the field of gas production, Whether associated or from gas fields. 

Regarding the oil and gas law, Hussein said, "In the agreement that we signed with the Iraqi political forces to form the government, we included laws that have priority, one of which is the general budget law, the second is the oil and gas law, then the Federation Council and other laws. We have finished the budget law, and we must focus on the oil law." And gas now, and negotiations will begin to formulate this law.”    Views 28 07/12/2023 https://economy-news.net/content.php?id=35124

Rights: America Is Accused Of Besieging Iraq Economically For 20 Years

Information / Baghdad..  A member of the Human Rights Movement, Hussein Ali Al-Karawi, accused, on Wednesday, the United States of America of monopolizing energy and depriving the center and south of electricity to stir up the street against the government, indicating that America is preventing Iraq from linking to the Belt and Road Initiative.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Karawi said in an interview with Al-Maalouma Agency, "The United States of America continues to pressure towards preventing Iraq from obtaining electricity and linking it to the Belt and Road Initiative."

He added that "many international companies are ready to provide Iraq with electricity, including Siemens," noting that "America, since 2003 until now, has contributed twice as much to Iraq."

 He pointed out that "the United States of America is besieging Iraq economically," calling on parliament and the government to "issue a firm stance on America's policies."

The Oil, Gas and Natural Resources Committee called for international action to stop America's influence and open the way for Iran to pay off Iraq's debts.   LINK

An Iraqi Politician Warns Of The Dangers Of "Circumventing" US Sanctions Against Iran

Shafaq News/ The Iraqi politician, former MP Mithal Al-Alusi, warned today, Wednesday, of the danger of the Iraqi government's "circumvention" of the US sanctions directed against Iran.

Al-Alusi told Shafaq News agency, "The issue of the clearing agreement for Iraqi oil in exchange for Iranian gas may be a kind of circumvention of the US sanctions directed against the Iranian Republic," warning that "this matter may have serious economic repercussions."

He added, "The Iraqi government is required to be careful in dealing with trade issues with Iran, due to the presence of an American veto," pointing out that "any violation of this veto is a violation of US sanctions against Iran."

He explained that "circumventing the US sanctions directed against the Iranian Republic by the Iraqi government may push Washington to include Iraq with some commercial and financial sanctions," stressing that "the interest of Iraq and the Iraqis must be given priority over Iran's economic interest, which is largely economically besieged through US sanctions." .

And yesterday, Tuesday, Prime Minister Muhammad Shia al-Sudani announced, in the evening, that an Iraqi-Iranian agreement had been reached to solve the electricity crisis by exchanging gas for black oil, and said that the US Treasury’s measures prevented Baghdad from paying the money owed to Tehran.

 And Al-Sudani said in a televised speech, "The US treasury's procedures are complex, and we were able to transfer one billion and 815 million euros to Iran," adding that we were unable to obtain US approval in order to transfer Iran's money.

Al-Sudani also confirmed, "The release of 10 million cubic meters of Iranian gas to Iraq to supply the country's electrical stations."

Several days ago, Iraq witnessed a noticeable decline in the supply of electricity due to the decrease in the supply of Iranian gas feeding power plants.

This comes at a time when the governing coordinating framework in Iraq held the US administration responsible for the decline in the provision of electric power.  LINK

America Supports The Iraqi Energy Deal With "Total" And Considers It A "Giant Step"

2023-07-12 04:03 Shafaq News/ The US State Department considered, on Wednesday, the deal concluded by the Iraqi government with "Total Energies" as a "giant step" towards energy independence and enhancing its security in the country.

State Department spokesman Matthew Miller said in a statement today: We support Iraq's efforts to achieve energy independence and improve service delivery.

He added that the Iraqi energy deal with Total Energies is a giant step towards enhancing energy security in Iraq and providing economic opportunities for all Iraqis.

The Iraqi Oil Ministry and Total recently signed a $27 billion contract for four oil and gas projects and renewable energy projects.   LINK

"For A Quarter Of A Century" .. Iraq Breathes A Sigh Of Relief, According To The Statement Of The Secretary Of The Organization Of Petroleum Exporting Countries

Baghdad Today - Follow-up  The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said, on Tuesday, during an oil and gas conference in Nigeria, that global demand for energy of all kinds is expected to rise by 23 percent until 2045.

Iraq is the second largest country among the members of the organization in the export of crude oil and depends on its imports by more than 90%.

Oil Minister Hayan Abdul-Ghani said at a meeting in Vienna last week that "5.400 million barrels of oil per day is Iraq's current production capacity, and we look forward to raising it to 6 million barrels," referring to "144.5 billion cubic meters of oil reserves and more than 133 trillion cubic feet of gas."

He pointed out that "the voluntary reduction of oil production contributes to strengthening the stability of the global energy market," stressing that "OPEC + decisions guarantee the interest of the producer and consumer and market balance."

Executives in the oil sector and other officials from OPEC have repeatedly indicated the need to continue pumping investments into the oil sector, warning that stopping it will lead to higher prices.

Al-Ghais also said that calls to limit new oil projects or stop financing them are unrealistic and unwise, but acknowledged the need to use technology to tackle persistent fossil fuel emissions.

He added, "The global demand for energy is expected to increase by a significant rate of 23 percent in the period until 2045, which means that we will need all forms of energy."

He also said, "We will need innovative solutions such as carbon capture and storage, hydrogen projects, as well as the circular carbon economy, which received positive support from the G20."

He added that the global oil sector needs to invest $12.1 trillion during the same period, but it is not yet on its way to reach that level of investments.

Sources close to OPEC said that the organization is likely to maintain its optimistic forecast for oil demand growth for next year in a report to be published this month, as it expects demand to slow compared to the current year, but it will remain above average.

OPEC's forecast for 2024 is likely to be lower than the growth it expects for this year, of 2.35 million barrels per day, or 2.4 percent, a remarkable rate as the world emerges from the emerging coronavirus pandemic.   LINK

"Vietnam News" Posted by Henig at KTFA Wednesday 7-12-2023

KTFA:

Henig:  Vietnam:  Shares move higher as cash flow spurs market

July 11, 2023 - 17:17

HÀ NỘI — Vietnamese markets ended Tuesday higher as the injection of cash flow supported the market and outweighed the sell-off pressure.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 0.24 per cent, to close the day at 1,151.77 points.

The breadth of the market was in positive territory, with 236 stocks up and 197 trading lower.

During the session, investors poured more than VNĐ19.1 trillion (US$803.4 million) into the southern market, equivalent to a trading volume of 936.9 million shares.

The VN30-Index also closed higher at 1,146.67 points, up 0.31 per cent. Sixteen stocks of the VN30 basket climbed, while 12 went down.

The VN-30 group performed positively and bolstered the market.

In the basket, banking stocks gained slightly, including Military Bank (MBB), Saigon-Hanoi Commercial JS Bank (SHB), Vietcombank (VCB), VietinBank (CTG), Tiên Phong Bank (TPB) and Vietinbank (CTG).

However, VPBank (VPB), Techcombank (TCB), and BIDV (BID) were still hit by selling forces, down 0.7 per cent, 0.2 per cent and 0.9 per cent, respectively.

The Vin family trio of Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) - saw differences. VIC lost 0.2 per cent but VHM and VRE gained 0.2 per cent and 1.3 per cent, respectively.

“The market maintained momentum from the previous session and surpassed the resistance zone of 1,140 - 1,145 points of the VN-Index thanks to the low supply pressure in this area,” said Việt Dragon Securities Co.

“However, the bullish candles surpassing the resistance zone are still not really strong. Still, with this signal, it is likely that the market will maintain an uptrend in the near future but the movement will be slow and there will be a state of contention between supply and demand.

Therefore, investors still need to observe market movements to assess the cash flow. Currently, it is possible to hold or exploit short-term opportunities in stocks that are showing good technical signals from the accumulation base. However, for stocks that are still under selling pressure and have not performed well recently, it is still advisable to consider taking profits or reducing the weight to rebalance the portfolio.

On the Hà Nội Stock Exchange (HNX), the HNX-Index closed the trading day at 229.22 points, down 0.37 per cent. — VNS    LINK

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

Henig:  Quảng Ninh Province exceeds investment capital goals six months early

July 11, 2023 - 10:42

Quảng Ninh Province demonstrated its ability to attract both domestic and foreign capital in the first half of this year, solidifying its position as a prominent economic development hub in the northern region.

HÀ NỘI — Quảng Ninh Province has achieved impressive results in both domestic and foreign investment attraction in the first six months of this year, solidifying its position as a prominent economic development hub in the northern region.

The province attracted VNĐ44 trillion (US$1.9 billion) worth of domestic capital, exceeding its target for the whole year by 2.4 per cent right in the first six months. This number also represented an increase of 29.8 per cent year-on-year.

Some notable projects include the Stavian Quảng Yên Petrochemical Plant, situated in the Quảng Yên Coastal Economic Zone, with a total expected investment capital of VNĐ36 trillion ($1.5 billion), and the construction investment project of Yên Hưng Liquid Cargo Port worth VNĐ792 billion.

Apart from domestic investment, Quảng Ninh has also successfully attracted $894 million in foreign direct investment (FDI), reaching 89 per cent of the target set by the provincial Party Committee's Resolution (minimum of $1 billion) and 74.5 per cent of the plan set by the provincial People's Committee ($1.2 billion).

The province has granted nine new FDI projects and planned to issue five additional projects with a total capital of nearly $800 million. Many of these projects belong to the "new generation" category, focusing on environmentally friendly processing and manufacturing industries that aim to reduce resource consumption.

Among the recent FDI projects is the approval of two factories by Foxconn Group in Sông Khoái Industrial Park, valued at $250 million. These projects are expected to create employment opportunities for nearly 2,000 local workers.

Hoàng Trung Kiên, head of the Management Board of Quảng Ninh Economic Zone, has expressed confidence in achieving the target of $1.2 billion from FDI projects.

In addition to traditional investors from mainland China, Hong Kong, Singapore and Japan, the province has attracted investment from Swedish investors for the first time. Autoliv Vietnam Company, with a total investment of $154 million, is establishing a project in Sông Khoái Industrial Park to manufacture safety products for export, with a capacity of 10 million products per year.

In recent years, Quảng Ninh has actively collaborated with ministries and regional leaders to promote investment activities and achieved remarkable results. The province has already implemented its Investment Promotion Programme for 2023 and is working on a scheme to attract prominent FDI investors to the region, with a particular focus on key industrial parks and economic zones such as Quảng Yên Coastal and Móng Cái Border Gate. The province prioritises eco-friendly manufacturing and processing industries.

Quảng Ninh is a leading coastal economic hub in the North. The province ranked fourth nationwide in terms of economic growth during the first half, with its economic growth rate (GRDP) reaching 9.46 per cent. — VNS    LINK

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

Henig:  Carriers prepare to broadcast 5G to the masses

July 11, 2023 - 10:13

Viettel noted that it is on schedule to complete the mass 5G rollout. It has completed the construction of 282 stations, of which 265 are fully deployed.

HÀ NỘI — The Military Industry-Telecoms Group (Viettel) said it will broadcast 5G services on a large scale in the third quarter of this year.

Viettel has reportedly achieved revenue of VNĐ81 trillion (US$), equivalent to 101.2 per cent of its six-month plan.

Its profit reached VNĐ24.1 trillion, or approximately 102 per cent of the plan, and paid VNĐ21.6 trillion to the State budget.

Viettel has actively shifted 2G and 3G subscribers to 4G, bringing the ratio of 4G subscribers to nearly 78 per cent. It has also tested 5G services in 55 provinces and cities.

Viettel noted that it is on schedule to complete the mass 5G rollout. It has completed the construction of 282 stations, of which 265 are fully deployed.

Viettel is currently testing 5G capacity and is expected to broadcast to a wide area in the third quarter of this year.

VNPT, a major competitor of the military's own telecoms company, had a total consolidated revenue estimated at VNĐ26.32 trillion ($1.1 billion), of which the parent company's revenue is VNĐ18.6 trillion ($782 million) equaling 47.1 per cent of the year's plan.

VNPT's consolidated profit before tax was estimated at VNĐ2.2 trillion ($92 million) in the first six months of this year, of which the parent company's pre-tax profit reached VNĐ1.38 trillion ($58 million), equaling 49.7 per cent of the year plan.

MobiFone, another major player in the telecoms industry, saw revenue estimated at VNĐ13.5 trillion ($568 million) in the first six months of this year, reaching 89.3 per cent of the same period last year.

Its profit before tax was VNĐ1.56 trillion ($65 million), with contributions to the State budget estimated at VNĐ1.35 trillion ($56 million).

However, the two carriers have not given information about their 5G development plans for the last six months of the year. — VNS     LINK

Henig:  Hanoi’s economy on path to recovery

13:00 | 09/06/2023 Metropolis

In the first months of this year, Hanoi has focused on removing difficulties to and facilitating industrial production, export-import, public investment, and foreign investment attraction, according to a local official.

Such efforts paid off as the city’s index of industrial production (IIP) expanded 2.1% year-on-year in the first five months of this year. Processing and manufacturing went up 1.7%, electricity production and distribution was up 4.1%, and water supply and waste water treatment rose 8.3%, said Vice Chairman of the municipal People’s Committee Nguyen Manh Quyen.

Some sectors like beverage, tobacco and drug production, wood processing, and metal product manufacturing experienced significant year-on-year increases in the five-month period.

More than 13,000 enterprises were established in the city between January and May with a total registered capital of 125.9 trillion VND (5.35 billion USD), up 8% in number and 17% in capital.

Meanwhile, 1,500 businesses registered for dissolution, down 5%, and 12,600 others registered for temporary suspension, up 22%. Some 4,600 firms resumed their operations, a drop of 22%.

Despite the global economic crisis that has affected foreign investment attraction in general, Hanoi still lured nearly 156.4 million USD in May, with 43 new FDI projects worth 13.2 million USD, and 21 others adjusting their capital by 108 million USD. Foreign investment capital contribution and share purchases were valued at 35.2 million USD.

In the five months, the city attracted 1.86 billion USD in foreign investment, with 146 new projects valued at 48 million USD, and 71 others that had their capital adjusted by 200 million USD. A total of 114 foreign investors contributed capital and purchased shares worth 1.61 billion USD.

Notably, Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) has completed a 1.5 billion USD deal to purchase a 15% stake in Vietnam’s VPBank in the biggest acquisition ever recorded in Vietnam’s banking industry.

Hanoi sees tourism as an economic spearhead. Therefore, it has rolled out various tourism stimulation programmes and built new tours and products, luring both domestic and foreign visitors. At the same time, it has stepped up the communications work to promote local tourism.

The capital city welcomed 1.71 million foreign tourists in the five months, nearly 10 times higher than that recorded in the same period last year, and 8.4 million domestic arrivals, a rise of 31.3% as compared with the same period last year. Total revenues from tourism were estimated at over 37 trillion VND, up 92.4% year on year.

Regarding employment, Hanoi generated jobs for 85,800 labourers, fulfilling 52.9% of the target, but down 11.5% year-on-year. The city decided to provide unemployment insurance for 30,400 people with funding of 855 billion VND.

The municipal People’s Committee is rolling out solutions with priority to the implementation of key projects and public investment disbursement.

Hanoi has urged investors, contractors, departments, agencies and districts to quickly handle obstacles in procedures and site clearance, considering those the leading criteria to evaluate the capacity of officials and performance of agencies and localities.

It has also resolved to decentralize administrative procedures, in an attempt to improve investor confidence.

Source: VNA   LINK

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

Henig:  Vietnam’s economic locomotive begins to gather pace again

The business situation in HCMC is steadily becoming brighter, a senior executive at the Co.opmart supermarket chain says.

Nguyen Ngoc Thang, director of Co.opmart’s operations division, says he was not surprised the city’s economy grew by only 0.7% in the first quarter after seeing very weak sales at Co.opmart.

But it forced the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op), which runs them, to act more vigorously.

Efforts to spur demand since April saw second quarter revenues rise by 6-7% year-on-year and 1-2% from the previous quarter.

The average spending by a shopper in May was VND500,000, nearly 30% higher than a year earlier.

"Promotions were launched at weekends, helping the average invoice value increase to VND0.8-1 million," Thang says.

When retailers such as Saigon Co.op saw sales improve, Ta Chu Van, director of Sen Ta Development & Service Trading Company, which produces and exports agricultural products, breathed a sigh of relief.

His sales to supermarkets in HCMC have improved in the past two months.

"We have run promotions and added many new and unusual products to meet market trends and demands," he says.

The weak global economy notwithstanding, Pham Quang Anh, founder and CEO of Dony Garment Company says, his firm has sustained its operations.

He says: "Our domestic orders have increased since it is the school uniform season. Foreign orders from existing customers have also increased.

Many businesses say they have seen a lot of hope in public investment disbursement, the city’s growth engine.

"There has never been a national-level project in the city that has moved so fast," Luong Minh Phuc, director of the HCMC Traffic Construction Investment Project Management Board, which is building Ring Road No.3, says.

Site clearance for the road is progressing rapidly, and work is ahead of schedule, he says.

The manager of an infrastructure investment company says the city is making great efforts to solicit investment in projects in the form of public-private partnerships.

"The pace of work is getting significantly faster."

These indicate that the city’s economy has basically recovered.

Retail sales of consumer goods and services were worth VND298 trillion (US$12.6 billion) in the second quarter, up 13% and 9% from the previous quarter and a year earlier.

Public spending in the second quarter was estimated at VND10.26 trillion, an 89% increase from the first quarter and 44% higher than in the same period of last year.

The spending in the first half of the year was up 44% year-on-year at VND15.7 trillion.

Thanks to all this, the city’s economy grew at 5.87% in the second quarter, taking the first half growth to 3.55%.

According to economist Tran Du Lich, this is spectacular growth, and higher than the national rate.

Online sales too have prospered in recent months, according to Nguyen Khac Hoang, director of the HCMC Statistics Office.

Thang says Saigon Co.op’s sales through its website rose sharply in both volume and value terms in the first half.

According to analysts, people spent more thanks to two main reasons, decreasing inflation and demand stimulus efforts by businesses and city authorities.

The city’s inflation was just 0.17% in June. The price rise has in fact been easing since the beginning of this year.

In recent months the city has organized a number of trade fairs, linking up with various provinces and cities to sell their goods.

With prices generally being steady, demand stimulus measures have proven effective.

Meanwhile, the services sector has been the largest contributor to growth in the first half, accounting for 86%, as it expanded by 4.96% year-on-year, according to the HCMC Statistics Office.

The city’s tourism revenues were the highest in the country: VND80.8 trillion, up 163% from the same period in 2019, the year before Covid broke out.

Over 18 million visitors came to the city, a year-on-year increase of 48% and 5% higher than in 2019.

"The growth partly came from the synchronicity between the city’s promotion programs," Tran Thi Bao Thu, head of marketing and communications at tourism company Vietluxtour, says.

A study by the General Statistics Office found that for every 1% increase in public spending, there is a 0.06 percentage point increase in GDP.

But in HCMC, the impact could be even greater.

After the economy hit rock bottom in the first quarter, Phan Van Mai, chairman of the city People’s Committee, decided that during difficult times the city has to focus on speeding up public spending.

So priority was given to public spending on key infrastructure projects such as Ring Road No. 3, metro lines 1 (Ben Thanh - Suoi Tien) and 2 (Ben Thanh - Tham Luong), the An Phu intersection, renovation of the Tham Luong - Ben Cat - Nuoc Len canal network, and widening of National Highway 50.

The city also added to its medium-term development plans some other projects such as sections 1 and 2 of Ring Road 2, renovation of the Xuyen Tam Canal, and construction of the Moc Bai - HCMC Highway.

The entire administration has become involved, many working groups have been set up and meetings are held every week to identify and remove obstacles.

These efforts paid off.

Spending in the first quarter had been only 4% of the year’s outlay of more than VND70 trillion. But by June 29 it had risen to 21% and was expected to rise to 23% the next day.

"Though we did not hit the target of 35%, we managed to spend more than VND14 trillion as against less than VND6 trillion in the same period last year," Mai said at a meeting held on June 29 to assess the city’s economic situation.

Along with the increase in public spending, efforts to revive the property market over the past few months have also had a positive effect.

The industry only accounts for 3.7% of the city’s economy, but has spillover effects.

When it is in good health, it has a positive impact on 40 other industries, and drives economic growth, according to the HCMC Real Estate Association.

Some property businesses in HCMC are on the path to recovery after the slump of the last year or so.

"Overcoming difficulties," Nguyen Van Dat, chairman of Phat Dat Real Estate Development Corp., said about the company’s situation at its annual general meeting on June 30.

He said during the difficult period at the end of 2022, facing pressure to redeem corporate bonds it had issued, it decided to sell assets worth VND3 trillion for just VND2 trillion.

Dat himself sold or mortgaged personal assets to raise money to help the company out of its difficulties.

But from now through next year its health would gradually improve because legal issues related to projects and short-term debts would be resolved, he assured.

The same holds true for many other property businesses, which are gradually getting out of the crisis that had engulfed them.

At a recent city government meeting, Mai said the real estate and bond markets had gradually recovered though there was a long way to go.

Fewer orders, weaker exports

Though its economy is recovering, HCMC still has some weaknesses.

The HCMC Institute for Development Studies had predicted that imports and exports would decline from May, and it has come true.

In the first half the city’s trade balance was negative, with both exports and imports decreasing year-on-year.

"Never before have we had such difficulty getting orders as now," the manager of a wood products company laments.

"We spared no efforts but only managed to get a few small orders."

Current production is mainly to meet old orders as global demand remains weak, he adds.

Analysts and business executives agree the city economy is likely to remain troubled since the world’s major economies, which are also its key trading partners, have seen recessionary pressures since the beginning of May.

Differences in monetary policy responses by major economies are causing exchange rate volatility, affecting the city’s trade.

Orders for many industries have decreased by 30-50%, even 70% in some cases. Only a few such as heavy engineering have sufficient orders.

"Orders have dwindled, there are few jobs, workers’ incomes have fallen, life has been difficult," Mai said on June 28 at a meeting with voters in the city’s District 4.

"All of these have put pressure on the city’s social security system."

The lack of exports has caused many workers to lose jobs or be furloughed.

Taiwanese shoemaker Pouyuen Vietnam, the city’s largest employer, said it was preparing to terminate the contracts of nearly 5,700 workers in June and July.

Anh at Dony says it is necessary to retain existing customers while waiting for the global economy to improve.

To achieve this, his company is forced to offer discounts of 5-7% to customers.

"At a good time an export order can fetch a profit of 5-7%. Now it is only 3%, even zero [on occasions], because input prices, transport costs and interest rates remain high."

A recent survey by the HCMC Union of Business Associations found some 95% of businesses faced losses and large inventories.

To achieve growth, companies have had to make tradeoffs.

To achieve its revenue targets this year Co.opmart has had to spend 15-25% more on stimulus programs.

Van at Sen Ta says: "Investment costs have skyrocketed, and so profits are not as expected."

Restaurant chain King Cua’s CEO Doan Thi Anh Thu says there is more footfall now than before, but revenues have not increased because the restaurants are offering new dishes at low prices "for us to sustain the prospects of expanding the chain and reaching the masses."

The city’s business environment is improving month after month, with the number of businesses pulling out of the market being lower than that of new ones since March.

However, in the first half, of every 10 enterprises in the market, six have suspended operations or quit altogether. This rate is high, according to Chu Thanh Tuan of RMIT University Vietnam.

Many businesses have had to settle for lower profit margins, down even to merely breaking even, to get orders or attract consumers. But it is surely not a long-term solution.

Measures and recommendations

According to experts, what need to be done immediately are to stabilize the bond market and help businesses get loans on easy terms.

Nguyen Phuoc Hung, vice chairman of the HCMC Union of Business Associations, suggests that bank lending interest rates should be reduced to below 8% from the unaffordable rates of over 10% now.

To continue to support businesses and sustain the recovery momentum amid the difficult export markets, the HCMC Institute for Development Studies says the city needs to focus on tapping the domestic market with promotions and linkages to stimulate demand and by combining trade and tourism and expanding consumer credit.

Lawmaker Tran Hoang Ngan says: "Stimulating the domestic market is extremely important at this time."

It is necessary to support businesses through a mechanism for linking them with banks and faster processing of tax, customs and fire prevention procedures by authorities.

Acceleration of public spending is also a good measure in the context that the city’s production and exports largely depend on overseas demand.

Nguyen Khac Hoang, director of the HCMC Statistics Office, says it is necessary to further quickly complete new works and projects, especially key ones for regional connectivity and with high spillover effects such as Metro No. 1, Metro No. 2, Ring Road 3, and the HCMC-Moc Bai Expressway.

"The city is actively disbursing public spending monies and soliciting investment. The whole apparatus is running at full speed."

At the meeting on June 29, Mai said if conditions are favorable and HCMC increases public spending, stimulates trade and tourism demand, facilitates exports, and resolves businesses’ problems in the second half of this year, its economy is likely to grow at 7%.

He points out that new policies rolled out by authorities will need time to have an impact, and so the city will have a good foundation to bounce back in the long term by making decisions now.

He wants the city to speed up key programs and projects such as Can Gio Port, the innovation center for startups, finalization of the plan to convert five industrial parks, and the VND10 trillion anti-flood project.

Though difficulties remain, HCMC has opportunities for growth, he adds.

Tuan of RMIT says HCMC should become the country’s economic locomotive by focusing on knowledge, new technologies and sustainable development.

A key to realizing that vision the National Assembly’s recent Resolution 98 on developing the city comprising more than 40 specific mechanisms and policies.

Ngan says these mechanisms will help the city have greater autonomy.

The entire political system is racing to implement Resolution 98 to aid the city’s economy, he adds.

At the meeting on June 29 Mai instructed departments and the city’s various districts to lay the groundwork for the implementation so that they could act immediately when the resolution takes effect on August 1.

Ngan adds: "HCMC contributes more than 25% of Vietnam’s budget, and so its recovery will have an impact on the entire country."

Story by Vien Thong, Duc Minh, Thi Ha
Graphics by Tat Dat    LINK

Henig:  Vietnam, France step up financial cooperation

09:39 | 12/07/2023 Vietnam and EU

Vietnamese Deputy Minister of Finance Vo Thanh Hung held a working session with French Minister Delegate for Industry Roland Lescure in Paris on July 10.

At the event, Hung said the Vietnamese Ministry of Finance (MoF) highly evaluated the French ministry’s role in providing the French Government’s official development assistance (ODA) for Vietnam's socio-economic development.

France is now the biggest bilateral donor in Europe for Vietnam while Vietnam is the second largest recipient of French ODA capital. From 1993-2022, France committed to supplying around 18.4 billion USD in ODA loans to Vietnam through the French Treasury and the French Development Agency (AFD), with a focus on transportation (railway), water supply and drainage, climate change, energy and green growth.

Hung wished to learn from France's experience in the State budget settlement and State financial report making. He believed that the French ministry will work together with the MoF to successfully hold technical support activities for 2023-2024, and France will assist Vietnam in strengthening its capacity and gradually bringing Vietnam's public financial management closer to international practices.

Lescure, for his part, also shared major reforms that France is making, including pension reform (raising the retirement age to 64 by 2030) to ensure a more sustainable pension system for the country and to draw more people to the workforce for economic growth.

He affirmed that Hung’s visit will contribute to further reinforcing close ties between Vietnam and France.

In the afternoon of the same day, Hung paid a working trip to the headquarters of the AFD’s Expertise France.

Receiving the Vietnamese official, AFD Director Philippe Orliange recalled the content of a meeting between the Vietnamese Finance Minister and the French Ambassador in Hanoi last November, which included a proposal related to France's support for the ministry in establishing a green budget.

Orliange pledged to assist Vietnam in the project, considering it a priority of the AFD, and believed that the project will help the ministry with its modernisation efforts to meet the goal of achieving net zero emissions by 2050.

CEO of Expertise France Jérémie Pellet said Vietnam is the only country in Southeast Asia where Expertise France has established an office.

About Vietnam's concerns over challenges in green finance initiatives such as building a carbon market, proper use of public and private funding, and enhancing the Government's action capacity, Pellet said Expertise France is ready to share France’s experience and urge the European Commission (EC) to assist Vietnam in this field, and introduce Vietnam's model to other countries in Southeast Asia.

He expressed the readiness to cooperate with Vietnam in this green finance project and hoped that it will meet the expectation of the MoF for sustainable development.

Hung believed that Expertise France, together with the MoF, will successfully hold technical support activities in 2023-2024, and help the Vietnamese side enhance the capacity of developing green finance policies, thus contributing to delivering on Vietnam's international commitments.

On the occasion, Hung and Orliange signed an agreement on enhancing the capacity of building green finance policies. Accordingly, the two sides will partner in areas such as strengthening the capacity of evaluating green tax policies, supporting the improvement of legal frameworks, improving the capacity of issuing green government bonds in the financial market, and improving research capacity in managing revenue from the carbon market.

During his visit from July 10-14, Hung is also scheduled to hold working sessions with the General Directorate of Public Finances, the French Treasury, the Finance Department of Montreuil city and lay a wreath at President Ho Chi Minh’s statue in Montreau park.

Source: VNA LINK

Iraqi News Highlights Wednesday Afternoon 7-12-23

Iraqi News Highlights Wednesday Afternoon 7-12-23

Tlm724 Administrator Bondlady’s Corner

The IMF Expects Global Growth Of 3% In The Next Five Years

Wednesday 12, July 2023 10:26 | Economical Number of readings: 324   Baghdad / NINA / - The International Monetary Fund expects global growth of about 3 percent annually over the next five years, according to statements by Fund Director Kristalina Georgieva.

The fund manager's new expectations are much lower than the historical averages of around 3.8 percent, which could add pressure on capital inflows.

Speaking during a lecture on economics, Georgieva said governments, especially in emerging markets, would need to tighten fiscal policy to keep debt under control and curb high inflation.

She said that they will also face, in developing countries, further tightening in financial conditions with the continuation of inflation, explaining, "There may be an impact on capital flows."

It is noteworthy that the International Monetary Fund slightly lowered its forecast for global economic growth this year to 2.8 percent, compared to 2.9 percent in its forecast issued last January, and the Fund also lowered its forecast for global growth in 2024 to 3 percent compared to 3.1 percent in His predictions last January./ https://ninanews.com/Website/News/Details?key=1064530

Oil Stabilized After A Larger-Than-Expected Increase In US Crude Inventories

Wednesday 12 July 2023 09:16 | Economical Number of readings: 357

Baghdad / NINA / - Oil prices stabilized to a large extent in early Asian trading today, Wednesday, as hopes of increasing demand in developing countries and the world's largest oil exporters cutting supplies were offset by fears of an economic slowdown leading to a rise in US crude stocks.

According to Reuters: Brent crude futures fell four cents to $79.36 a barrel by dawn today, Wednesday, while US West Texas Intermediate crude fell one cent to $74.82.

Prices were pressured by the rise in US crude stocks by about three million barrels in the week ending July 7, according to data from the American Petroleum Institute. Analysts polled by Reuters had expected an increase in crude stocks by 500,000 barrels.

In the previous session, oil rose by about 2%, supported by the decline in the dollar and expectations of an increase in global demand for crude.

The International Energy Agency expects the current market tightness to continue in the second half of 2023, citing strong demand from China and developing countries as well as recently announced supply cuts, including by major exporters Saudi Arabia and Russia.

At the same time, the US Energy Information Administration expected, yesterday, Tuesday, that demand will exceed supply by 100,000 barrels per day in 2023 and by 200,000 in 2024. Markets are awaiting

US inflation data, today, Wednesday, in search of evidence of interest rate expectations, which could Its rise slows economic growth and reduces demand for oil./

https://ninanews.com/Website/News/Details?key=1064508

A Slight Increase In The Exchange Rates Of The Dollar Against The Dinar In The Local Markets

Wednesday 12, July 2023 | Economical Number of readings: 408  Baghdad / NINA / - The exchange rates of the dollar against the dinar witnessed a slight increase in the stock market and local markets today, Wednesday.

Al-Harithiya and Al-Kifah Stock Exchanges recorded an exchange rate of 147,950 Iraqi dinars for 100 dollars.

The selling price of the dollar in exchange offices and local markets reached 148,750 dinars per hundred dollars, and the purchase price was 146,750 dinars per 100 dollars./ End 9

https://ninanews.com/Website/News/Details?key=1064540

The US State Department Comments On The Iraqi Deal With “Total Energies”: “A Giant Step”

Iraq  Wednesday, July 12, 2023 Baghdad / National News Center The US State Department considered the deal concluded by the Iraqi government with the “Total Energy” company as a “giant step” towards energy independence and enhancing its security in the country.

State Department spokesman Matthew Miller said in a statement today: We support Iraq's efforts to achieve energy independence and improve service delivery.

He added that the Iraqi energy deal with Total Energies is a giant step towards enhancing energy security in Iraq and providing economic opportunities for all Iraqis. https://nnciraq.com/215858/

In The Table .. Central Bank Sales Of The Dollar Today

Economy  Wednesday, July 12, 2023 11:59 am  Baghdad / National News Center  Today, Wednesday, the Central Bank of Iraq’s currency auction sales amounted to more than $231 million.  https://nnciraq.com/215855/

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

Bond Ladys Corner

Iraqi News Highlights Late Tuesday Evening 7-11-23

Iraqi News Highlights Late Tuesday Evening 7-11-23

Tlm724 Administrator Bondlady’s Corner

An Economist Who Explains The Mechanisms Of Supporting The Iraqi Dinar And Reducing The Demand For The Dollar

 July 11 Information / Baghdad... Today, Tuesday, the economic expert, Safwan Qusay, explained the mechanisms of supporting the Iraqi dinar and reducing the demand for dollars in the parallel market. Qusay told Al-Maalouma, "The government can support the Iraqi dinar through industry and agriculture, in addition to the possibility of selling oil to certain countries in Iraqi dinars with the knowledge of the US treasury." 

He added, "The approach to this mechanism would allow Iraqi merchants to import from these countries in dinars, and this opens the way for importing foodstuffs, soft drinks, cigarettes, medicines and other commodities, especially to countries that are allowed to sell oil in dinars, such as Jordan and Egypt.  In return, merchants direct to import commodities from them in dinars." 

And he indicated that "the aforementioned measures would reduce pressure on the demand for the dollar in the parallel market, as confidence must return to the dinar, in addition to that the Ministry of Finance and the Central Bank have to work jointly."

 Qusai pointed out that "some public spending measures are not commensurate with the central bank's policy, and vice versa."

https://almaalomah.me/news/economy/اقتصادي-يوضح-آليات-دعم-الدينار-العراقي-وتقليل-الطلب-على-الدو

An Expert Slaves Any Imminent Decline In The Price Of The Dollar..Why?

Information  / special.. Today, Tuesday, the economic expert, Saleh Al-Hashemi, attributed the continued widening of the dollar exchange rate gap between the official and the parallel to the complex financial system adopted by Iraq, while stressing that solutions do not come from the administrative and security side.

Al-Hashemi said in an interview with Al-Maalouma agency, "The government has not controlled the official trade file under the framework of the state until now," noting that "the problem enables balancing the supply and demand of the dollar in the local markets." 

And he continued, "The government did not work to facilitate the process of buying dollars from the official outlets that were announced," pointing out that "the difficulty of procedures for purchasing dollars exacerbated cases of corruption and bribes for employees in order to increase the percentage of one party over another due."

Al-Hashemi concluded, "All the measures that the government has followed will not contribute to reducing the exchange rate gap between the parallel and the official," calling for "the need to rely on a new financial system that facilitates the process of buying dollars from official outlets, andbalancing between supply and demand in the market."

Member of the House of Representatives, Intisar Al-Jazaery, confirmed in an interview with Al-Maalouma agency, "The central government has not controlled the currency smuggling file until now, adding that one of the main reasons that led to the rise in dollar prices is the smuggling file outside Iraq."

The Central Bank of Iraq is conducting a series of measures aimed at controlling the exchange rates of the dollar in the Iraqi markets and preventing smuggling while providing all the political needs of the Iraqi people.  https://almaalomah.me/news/economy/خبير-يستعبد-أي-هبوط-قريب-في-سعر-الدولارلماذا

Banning Bank Transfers Crushes Fraudsters And Does Justice To The Needy.. An Expert Details The Positives

Economy  |Yesterday, 14:59 |Baghdad today – Kurdistan Economic expert Khaled Haider confirmed today, Tuesday, that the decision of the Iftaa Authority in Kurdistan regarding the movement of bank transfers abroad through bank cards will reduce the momentum on the dollar.

Haider told "Baghdad Today" that "this decision will mitigate the ongoing deception of the dollar by buying large quantities of it at the official price and selling it at the parallel price." 

He added, "The legal sanctity of this process will have very important repercussions in the next stage, as the great demand for dollars will decrease, and this will be reflected in the demand for dollars from the needy only."

Yesterday, Monday, the Supreme Council for Fatwa in the Kurdistan Region issued a clarification about bank cards and cash transfers with the aim of profiting. 

The council said, in a statement received by "Baghdad Today," that "making bank cards in the name of citizens, transferring money on them, withdrawing them outside the country, and bringing them back into the local markets is a prohibited and illegal process."

The council attributed the reason for its fatwa, according to the statement, to "the prohibition of deceiving banking procedures, the law, and government instructions," stressing that

"Muslims must abide by the instructions and conditions set for the transfer of the Iraqi dinar with the US dollar."

https://baghdadtoday.news/225922-تحريم-التحويلات-البنكية-يسحق-المحتالين-وينصف-المحتاجين.-خبير-يفصّل-الإيجابيات.html

Wholesale corruption" in the Rafidain Bank... the most prominent reasons for overthrowing its administration (documents)

Policy    Al-Rafidain Bank  2023-07-09 Shafaq News/ An informed source revealed, on Monday, the reasons for withdrawing the hand of the Director General of the Governmental Rafidain Bank and a number of department managers and bank employees by the Ministry of Finance. 

The source told Shafaq News agency, "The current management of Al-Rafidain Bank, which has been withdrawn, is accused of several cases, including causing waste of public money and mismanagement, and making administrative transfers on the basis of nepotism and nepotism away from the standard of competence and integrity, and the rise of unqualified people to assume administrative positions."

The source also attributed the reasons for withdrawing the hand to "the delay in completing customer transactions and using the position to achieve partisan and personal goals and objectives in order to stay in office for a longer period and challenge the ministry's decisions." 

The source pointed out that "the dollar case is the most prominent file in financial corruption cases, as preliminary investigations revealed that the current administration, along with some department managers and employees of the bank, embezzled large sums of dollars during the process of selling the currency." 

The source pointed out that "there is an important issue, which is the sale of gold bullion, which is no different from its predecessors in terms of corruption in the dollar file," explaining that "new names of defendants will be issued in several cases soon." 

The source explained that "the recommendations of the investigation committee, which will be announced soon, will include directing penalties to all the accused, transferring them outside the bank, and appointing a new general manager who is characterized by professionalism, integrity and efficiency."

And yesterday, Sunday, the Minister of Finance, Taif Sami, decided to withdraw the hand of the director of the Rafidain Bank and more than 20 officials, male and female, and employees.

According to a document signed by the minister, seen by Shafak News Agency, "Based on the provisions of Article 17 of the Law on Disciplining State and Public Sector Employees No. 14 of 1991 as amended, and based on what came in the initial report of the subcommittee No. 1927, which was duly approved and the powers vested in us, it was decided to withdraw the hand of Those whose names are listed below are employees of Al-Rafidain Bank from the job for a period of 60 days, starting from the above date.

The names included the

general manager of the bank, Ali Karim Hussein, the

former director of the risk management department, Anmar Abdel-Razzaq, the

former director of the human resources department, Sana Mazyad Nasser, the

former director of the information technology department, Ahmed Falah Rashid, the

assistant chief craftsman Habib Ahmed Habib, and the

treasurer Azhar Akram Ahmed.

As well as employees Mortada Hashem Falhi, Ban Abdul Ali Ibrahim, Zulfiqar Jabbar Faisal, Ali Abbas Nuri, Youssef Aidan Balm, Haider Abdul Hussein, Mustafa Ali Mahmoud, Issam Hassan Ali, Osama Hammad Abdul, Ahmed Sabah Abdul Wahhab, Mustafa Haider Sahib, and Salman Basil Salman, Mustafa Jamal Sadiq, Karim Adel Karim, and Janan Zamil Zboun.

The order also included "the payment of half their salaries to them throughout the withdrawal period."

https://shafaq.com/ar/سیاسة/فساد-بالجملة-في-مصرف-الرافدين-برز-سباب-ال-طاحة-ب-دارته-وثا-ق

Al-Awadi: The Money Deposited In The Account Of Iranian Companies At The TBI Bank Will Remain In Iraq

Political   Yesterday, Baghdad – conscious Today, Tuesday, the government spokesman, Basem Al-Awadi, confirmed that resolving the issue of importing gas will get Iraq out of a five-year crisis, while noting that  the funds deposited in the Iranian companies’ account at the TBI Bank will remain for Iraq.

Al-Awadi said in a statement to Al-Iraqiya News, followed by the Iraqi News Agency (INA):

"The solution to the gas import crisis is a great achievement that will get Iraq out of an accumulated crisis that has continued since 2018,

which is the gas purchase crisis in which the government pays its money to the account of Iranian companies in the TBI Bank, but the bank He cannot transfer money because of the US sanctions on Iran.” 

He added, "Last year, electricity production at a time like this was 19.5 thousand megawatts, and the immediate solutions developed by the current government raised production to 25 thousand megawatts." 

And he added,  "The agreement included the exchange of Iranian gas for Iraqi black oil," noting that "the optimal solution to the electricity problem, in the opinion of the prime minister, is the implementation of medium and long-term plans through 3 measures:

 the first is agreements with the French company Total through 4 contracts and during 2 or 3 Years will import between 550 to 600 thousand cubic meters of gas, and

the second is the fifth round of licensing in the Basra Gas Company, which has completed the production of 200 million cubic feet, and at the end of the year it will produce another 200 million cubic feet, and

the third: is the linkage with Saudi Arabia, Jordan and the Gulf. 

And he indicated, "These solutions will be completed within 2-3 years, and at that time we will have enough gas and we do not need to import it," explaining,

"The contract with Siemens included the development of the old Iraqi electrical stations over a period of 5 years and returning them to their first production capacity."

 He stressed, "The government aims to reach the rate of electricity production as it was in the month of June, which is 26,000 megawatts, and this is what secures processing hours from 15-16 hours and seeks more than that," pointing out,

"The electricity crisis has been accumulating for 20 years and is not from The creation of the current government, in addition to the dollar crises and lagging projects. 

He pointed out, "After the recent agreement with Iran, the funds deposited in the account of Iranian companies in the TBI Bank will remain for Iraq," pointing out, "These funds will remain an asset for the Iraqi people and can fill part of the budget deficit."   https://www.ina.iq/189218--.html

Political Current: Corruption In Anbar Is 3 Times More Than The "Theft Of The Century"

Policy  |Yesterday, | Baghdad today – Baghdad  Today, Tuesday, a political movement counted the extent of corruption in Anbar province as "three times" more than the sums of tax secretariats known as the "theft of the century."

The head of the Bayariq al-Khair Movement, Muhammad al-Khalidi, told "Baghdad Today," that:

"What has been revealed so far of major corruption files in Anbar is only a limited part, and what remains is terrifying by virtue of preliminary investigations," stressing that "the volume of corruption in the language of numbers is equivalent to 3 times The deal of the century. 

He added, "Fighting corruption in the districts of Anbar will increase its stability, not the other way around.

The people agree that returning to square one through any political escalation is unacceptable, because everyone understands that security is a red line and there is support for ending financial empires that were established with looted money involving multiple political forces." 

Al-Khalidi pointed out that "what happened in Anbar, in terms of opening very sensitive files, must be transferred to other provinces that are groaning from corruption that is eroding institutions and looting large funds allocated for reconstruction," pointing out that "it is not reasonable for areas to suffer from poor services despite spending trillions of dinars."". 

He continued, "Any change in any security or government institution is a natural framework that does not mean targeting, especially since all those who have been changed are mainly from the province."

It is noteworthy that Anbar province, in western Iraq, is witnessing a sharp wave of political disputes, amid an exchange of accusations of corruption, prior to the start of the marathon of the provincial elections, which are scheduled to be held at the end of this year. 

Sassa says, "Corruption in Anbar is completely different from the rest of the provinces, because there is unilateralism and domination by a certain party, and exploitation of all institutions, whether security, administrative or financial, for their partisan interest, and not to provide a service to the Anbari citizen, such as seizing plots of land and the money of the displaced and martyrs." and others, as well as threats and blackmail," they said.

https://baghdadtoday.news/225945-تيار-سياسي-الفساد-في-الأنبار-يزيد-3-أضعاف-عن-(سرقة-القرن).html

Oil: The Agreement With Iran Will Ensure The Smooth Flow Of Gas And End The Stumbling Block Due To US Sanctions

Economy     Yesterday, Baghdad – conscious  Today, Tuesday, the Ministry of Oil confirmed that the agreement with Iran will ensure the smooth flow of the supplied gas and end the previous stumbling block due to US sanctions, noting that

its implementation will take place according to an agreed mechanism according to the pricing of global markets, pointing out at the same time that Minister Hayan Abdul Ghani made contacts to accelerate Implementation of the prime minister's directives for the agreement.

"The agreement with Iran to barter Iranian gas for Iraqi black oil represents one of the most important solutions that the government and the Council of Ministers resorted to to pay dues for the supplied gas," the ministry's spokesman, Assem Jihad, told the Iraqi News Agency (INA). 

He added, "The agreement will ensure the smooth flow of the supplied gas and end the previous stumbling block due to the US sanctions imposed on Iran, according to which  it was agreed on the supply and pricing mechanism approved in the oil markets, and the ministry expressed its willingness to implement the Prime Minister's directives to ensure the smooth continuation of gas flows." 

He continued, "This step is very important, and the Deputy Prime Minister and Minister of Oil, Hayan Abdul-Ghani, held an immediate meeting and contacts with the concerned agents and managers, and directed to expedite the implementation of the directives of the Prime Minister and the Council of Ministers that were issued today."    https://www.ina.iq/189217--.html

Al-Sudani's Office: Signing An Agreement Between Iraq And Iran To Barter Imported Gas For Crude Oil

Tammuz 11 21:33  Information / Baghdad...  The media office of the Prime Minister announced, on Tuesday, the signing of an agreement between Iraq and Iran to barter imported gas for Iraqi crude oil.

In a statement received by the information office, the media office stated that, "Today, Tuesday, an agreement was signed in Baghdad between the Republic of Iraq and the Islamic Republic of Iran, according to which the imported Iranian gas that operates electric power production stations will be exchanged for Iraqi crude oil and black oil." 

He added,  "The agreement was signed on the Iraqi side by the Director of the Office of the Prime Minister, Ihsan Yassin Al-Awadi, while it was signed on the Iranian side by the Ambassador of the Islamic Republic of Iran in Baghdad, Muhammad Kazem Al Sadiq, and the agreement was reached after negotiations that lasted for several days, in which delegations participated." Technical committees from both sides.

 He continued, "This agreement comes within the framework of the government's effort to address the crisis of supplying gas that powers power stations, and avoid financing problems and the complications of US sanctions that prevented the continuity of payment of import requirements.

The agreement will contribute to providing more flexibility to the process of supplying gas, operating stations, and stabilizing electric power production." 

https://almaalomah.me/news/politics/مكتب-السوداني:-توقيع-اتفاق-بين-العراق-وإيران-لمقايضة-الغاز-ا

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

https://www.bondladyscorner.com/