Vietnam PM meets with IMF Managing Director in Indonesia | Vietnam+ , 4 SEPT

  Vietnam PM meets with IMF Managing Director in Indonesia  | Vietnam+ (9/4/23)

Prime Minister Pham Minh Chinh met with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on the sidelines of the 43rd ASEAN Summit and Related Meetings in Jakarta, Indonesia, on September 4.

Georgieva highlighted the Association of Southeast Asian Nations (ASEAN)’s and Vietnam’s positive economic growth, which, she said, has significantly contributed to spurring the sustainable growth of the global economy.

For his part, Chinh thanked the IMF and the Managing Director for their support to Vietnam in consultancy and policy making, helping the country stabilise the macro-economy and finance-monetary sector, and recover the national economy.

Lauding the fund’s role in promoting economic recovery after the COVID-19 pandemic and setting forth major orientations to remove difficulties and challenges, the PM said Vietnam stays ready to work together with the IMF to implement the agenda, focusing on the three pillars of stabilising the macro economy, supporting vulnerable countries and spurring growth.

Regarding the global economic situation, Georgieva pointed to a range of difficulties and challenges, which have also affected Vietnam.

Chinh also noted that the world economy is being impacted by many factors, including the lingering effects of the COVID-19 pandemic, the conflict in Ukraine, monetary tightening by many economies, supply – demand decline, and production and business stagnation.

To overcome the current difficulties and challenges, the PM and IMF Managing Directoragreed on the need for comprehensive solutions to ensure peace and stability.

They emphasised the importance of strengthening international solidarity, promoting multilateralism and continuing to boost international integration.

They shared the view that countries need to join hands to find new drivers for growth including green growth, circular economy, and sharing economy as well as the need to mobilse resources to expand production and business, create more jobs, promote innovation and start-ups, and not to politicise economic and scientific and technological issues.

The two sides agreed to strengthen the signing and negotiation of free trade agreements, remove trade barriers to facilitate the global circulation of goods; handle issues peacefully and cooperatively; promote the mobilisation of resources for development through public-private partnership.

The PM emphasised that in the context of complex global economic developments and potential risks, Vietnam will continue to implement the above mentioned groups of solutions to maintain macroeconomic stability, control inflation, maintain growth momentum, ensure major balances of the economy, and control public debt.

Vietnam will continue to implement flexible and effective monetary policy and fiscal policy with key focuses, promote both domestic and foreign investment, especially investment from the state sector. Vietnam will also coordinate and call on major economic hubs including ASEAN, to join hands in implementing the solutions.

The IMF Managing Director said that in the coming time, the IMF will continue to have solutions to help member economies increase their resilience against future shocks.

In the current trend of fragmentation in the world economy, the IMF hope that ASEAN in general and Vietnam in particular, on the basis of economic growth achievements,will promote its role in connecting economies and have a stronger voice in promoting global cooperation.

Chinh affirmed that Vietnam is ready to join hands with the IMF to implement measures to promote economic recovery.

Vietnam hopes that the IMF will continue to support Vietnam in policy consulting and making, technical support so that Vietnam can achieve its set development goals.

On this occasion, Chinh invited Georgieva to visit Vietnam soon and the latter happily accepted the invitation.

https://en.vietnamplus.vn/pm-meets-with-imf-managing-director-in-indonesia/267351.vnp

Dinar RV Breaking News 🚩 | Bank Urges Citizen to Deal with Credit/Debit Cards Instead of Cash, 4 SEPT

 

"RV UPDATE" BY MNT GOAT & BREITLING, 4 SEPT

 Mnt Goat 

 Article:  "SPECIALISTS CALL FOR A REVIEW OF THE IRAQI FINANCIAL SYSTEM"  Quote:  "...the financial and administrative system in Iraq needs to be restructured..."  ...of course Iraq does not need all these structural changes to reinstate their currency as the value is already in the dinar with the oil market. Building the economy will only enhance the dinar and bring the rate up even more...

 Yes, there is always the possibility that the CBI could surprise everyone and they could suddenly push this forward. But...They have told me over and over again that when they get ready to do it there will be no secrets to the progress of the project to delete the zeros. This step will be announced and shown to the world... But here is the good news, The “secret” lies...in the redenomination in that the next step afterwards is the reinstatement and the liberalization of the dinar back to its “former glory” . 

...according to my conversation with my CBI contact in Iraq...I was told that there is still concerns about the dollar and the smuggling of dollars out of Iraq...There is still work to be done in this area. It was also confirmed to me that the CBI did intend to conduct the project to delete the zeros sooner than later but there are obstacles to moving ahead that still need work

Breitling  

As far as Iraq revaluing their currency there is no more problems...If they're going to be regional you've got to look at Iran, Saudi Arabia, all these local currencies...and you can average out the value of the currencies of the Middle East...They need to maintain that balance.  Either way it's going to be a major revaluation. 

  There's nothing wrong with cheering the dinar is going to revalue.  There's nothing wrong with being wrong if it doesn't revalue.  BTW I don't think I'm wrong.  It's a principled based investment and there's plenty of future coming for the Iraqi dinar.   Trust me, there     just is...

The President Of The Republic Confirms His Support For All Efforts To Pass The Oil And Gas Law, 4 SEPT

 The President Of The Republic Confirms His Support For All Efforts To Pass The Oil And Gas Law

Monday 04 September 2023 16:41 | political Number of readings: 131  Baghdad / NINA / - The President of the Republic, Abdul Latif Rashid, affirmed his support for all efforts aimed at approving the oil and gas law in a manner that preserves the rights of all Iraqis.   A statement by the media office of the President of the Republic said, "Rashid visited the Sulaymaniyah governorate, and he was received by the governor, Haval Abu Bakr."

During the meeting, the President stressed the need to make efforts to combat all forms of corruption and provide the best services to citizens," stressing his support for "all efforts aimed at approving the oil and gas law in a manner that preserves the rights of all Iraqis.

" The importance of establishing cultural centers known about Kurdish culture and its history, as well as preserving the antiquities in the province and taking care of its museum.

According to the statement, "Governor Haval Abu Bakr expressed his thanks to the President of the Republic for his important visit, stressing that the governorate in all its departments will continue to work to provide services to citizens in a way that achieves their aspirations for stability."/ End

https://ninanews.com/Website/News/Details?key=1075473

Investing Lessons from Rich Retirees

"RV UPDATE" BY MILITIAMAN, 4 SEPT

 Militia Man  

 I wrapped up this week talking about all the progress that has been made. What has been done since January.  Big things like joining the World Trade organization as an observer status...which has been ongoing since 2004...in February to August  we see they are gearing up for full ascension to the WTO and this is a big deal. They will be out in the world economy again and in the global financial system. 

My understanding is they have the security and stability in the country…enough that  we can see  all the countries making deals and doing things with Iraq. …Iraq is going to make a lot of money...once they have an article 8 exchange rate …that is required...For full ascension…all of us will have a different venue in a short period of time.

 Iraq is ready to go international.  What we're hoping and praying for is they show us an Article VIII compliant exchange rate and show us their new currency they're going to be using in the near future.  I think those new small category notes that were printed back in 2018 need to get exposed to the world...

  It hasn't been their job to tell us everything.  It's because we're outsiders.  It's their country and they keep it to themselves as best as they possibly can.  We should be able to understand that that's a big component of this whole process...

Brics aims to prime non-dollar oil trade, 4 SEPT

 Shafaq News/ The potential expansion of the Brics group of developing nations to include Saudi Arabia, Iran, the United Arab Emirates, Argentina, Egypt and Ethiopia has raised more questions about the future of the US dollar's dominance of global energy trade.

The addition of the new members would increase Brics' share of global oil production to 42% from 20%. But while interest in a system that doesn't rely on the dollar may be growing, it is likely years away from being viable — and unseating the dollar's dominance of energy trade could be particularly difficult.

Western sanctions on Russia have already given impetus to the trend, with India settling trades in UAE dirhams, Chinese yuan and, to a lesser extent, local rupees to avoid Indian banks’ concerns about dollar transactions. Pakistan has also settled deals in yuan, and India bought 1 million barrels of crude from the UAE settled in rupees. There has also been speculation that Saudi Arabia could increasingly switch to non-dollar currencies for its huge oil trade — although signs so far are that Riyadh will proceed cautiously.

Given Brics ambitions to “de-dollarize” their growing bilateral trade flows, the “Bricspansion” — as former Credit Suisse analyst Zoltan Pozsar coins it — could increase the odds of emulation. Certainly, more are considering non-dollar payment options. Some like China, Russia and India are testing their own central bank digital currencies (CBDCs), with a view to joining the mBridge project, sometimes dubbed “Brics coin.”

This new payment system — backed by of China, the UAE, Thailand and Hong Kong — aims to create a digital network of corresponding central banks that does not run through the global dollar system.

Sweeping Western sanctions against Russia, particularly the freezing of central bank reserves, have prompted other countries to look at ways of immunizing themselves from such threats. Yet many still hold assets and reserves in US dollars, for lack of viable alternatives.

There’s much talk about the yuan as an alternative currency given the size of the Chinese economy and volume of Chinese trade. Beijing has sought a more internationalized yuan for years, but keeps balking at the trade-offs involved, notably the surrender of capital control. For now, the yuan is largely used for trade between China and counterparties, not in trades between other countries.

The Saudi and the UAE currencies are also pegged to the dollar, limiting their flexibility — holding large volumes of yuan would complicate that peg.

US sanctions have had a more practical impact, forcing both Russia and Iran — existing and potential Brics members, respectively — to shift to alternative currencies for oil trade. Trades are still priced in dollars, but transactions are then converted and settled in other currencies.

China is the largest buyer of Iranian oil at the moment and is reportedly paying for it in yuan. Russia is also accepting payment in Chinese yuan, which, unlike the Indian rupee, is fully convertible to gold. Other steps toward yuan-denominated energy trade have been limited. Two yuan-settled LNG deals with China have involved TotalEnergies and Abu Dhabi National Oil Co., again seemingly converted from the dollar.

Russia's booming oil trade with India also faces currency hurdles that Brics expansion doesn't have an answer for: Russia does not want an influx of rupees, and India is reluctant to trade in yuan, the currency of its regional rival.

Another 14 countries have applied for Brics membership, including oil and gas producers like Algeria, Kazakhstan and Kuwait, potentially providing further momentum to de-dollarization efforts. However, the dollar's position in the oil trade is deeply embedded — hedging, for instance, revolves around the dollar, and alternative hedging mechanisms like in China are in embryonic stages. Still, even if alternative currency deals develop only on the margin, the CBDCs pushed by Brics central banks could lead to a more fragmented and opaque oil market, and creeping regional displacements of the US dollar over time. Argentina, for one, is changing its trade invoicing with China from US dollars to yuan, for example. The yuan became the most widely used currency for cross-border transactions in China in March, overtaking the dollar for the first time. But if Beijing is not willing to liberalize its financial system, it will limit the confidence and ability of other countries to use the yuan more widely in such transactions.

https://shafaq.com/en/Economy/Brics-aims-to-prime-non-dollar-oil-tradev