Parliamentary Energy: Launching huge funds to boost electricity production next summer
The Energy and Electricity Committee has confirmed the allocation of necessary funds to the Ministry of Electricity. They also mentioned that the government began developing a plan to improve processing hours during the upcoming summer at the beginning of this year.
During an interview, committee member Dakhel Radhi emphasized the importance of the electricity sector and noted significant improvements in its provision throughout the country.
He stated that the House of Representatives allocated funds for the electricity sector. The government developed solutions to end power outages and increase energy processing hours in various governorates.
The Minister of Electricity, Ziad Ali Fadel, stated in a recent interview with the Maalouma Agency that there will be a significant improvement in the availability of electricity during the upcoming summer season. He further added that the ministry has devised a new plan to ensure an increase in processing hours.
Zimbabwe moves to cushion its economy with gold-backed tokens
Zimbabwe has introduced a new gold-backed digital currency as it battles to stop re-dollarisation, which President Emmerson Mnangagwa’s government fears will spell doom for the country’s fragile economy.
The country’s central bank said the digital tokens, also known as Zimbabwe Gold (ZiG), that are dominated in milligrams, can be used by both individuals and corporates to transact.
They can be bought from banks in local currency and in US dollars while goods and services will also be priced in ZiG.
Bank clients can transact using ZiG accounts through point of sale machines or via online payments.
In May, Zimbabwe unveiled gold coins for peer-to-peer and peer-to-business transactions as well as to act as a store of value as the country’s currency continued to lose ground against major currencies.
Vietnam"s next phase of growth on horizon | VIR (10/31/23)
Vietnam is expected to enter a new phase of growth as the country is looking to unlock its tremendous potential and capitalise on the growing interest of international business leaders and investors.
Within the framework of Vietnam Venture Summit 2023 on October 30, the Vietnam National Innovation Centre (NIC) and Golden Gate Ventures launched a report outlining the country’s growth trajectory. “Road to Greatness: Rewriting Vietnam’s Growth Playbook” pulls back the curtain on Vietnam’s economic resilience and examines what is under the hood of Vietnam’s growth in the next few years.
Unlike many other growth markets around the world and particularly in Asia, Vietnam has written its own playbook for success, capitalising on both a long-term view of growth and an agility to move with the changing economic environment to create a resilience that has withstood the challenges of 2023.
Since 2018, global manufacturers have increasingly shifted production to Vietnam due to escalating global politics, with the momentum building across 2021 all through 2023. This was buoyed by Vietnam’s focus on creating an increasingly supportive business environment, its well-educated workforce, low labour costs and favourable global trade agreements. This five-year track record has positioned Vietnam as the natural answer to emerging global supply chain issues. As the global supply chain shift continues with manufacturing as a key driver, Southeast Asia will be the standout winner, with Vietnam leading its neighbours.
2023 has also marked a new phase in Vietnam’s position as a global economic powerhouse as it strengthened strategic global partnerships with Israel, China, the Philippines and Singapore. Most recently, it elevated its relations with the United States to a Comprehensive Strategic Partnership, marking a new era of enhanced bilateral cooperation. Taken in totality, these trade agreements create a long-term runway for Vietnam not only as a leading manufacturing hub but as a centre for high-value foreign direct investment.
“In a year that has proven challenging for most economies, Vietnam has shifted its economic development into high gear, cementing itself as the new epicentre of Asia’s growth. With a firm hold on the global supply chain, continued investment from multi-nationals, and a thriving startup ecosystem that is feeding the world’s appetite for innovation, Vietnam finds itself in a unique position of writing a new playbook for growth that other markets will follow,” said Vinnie Lauria, founding partner at Golden Gate Ventures.
A testament to Vietnam’s steady rise as an economic power is the country’s biggest line-up of international listings. On the heels of the international listings of Vinfast and Society Pass in 2023, the next 18 months will be dominated by anticipated listings of VNG, TIKI and CrownX.
“Vietnam has swiftly risen to prominence in Asia and continues to be a key area of focus for the NYSE,” said Delano Musafer, Head of Asia-Pacific Capital Markets at the New York Stock Exchange. “I am excited by the number of Vietnamese companies showcasing continued innovation, growth and scalability.”
According to the report, five key sectors are predicted to dominate Vietnam’s growth, including healthtech, fintech, tech-enabled logistics, green economy and edtech. Healthcare spending per capita in Vietnam has tripled over the last five years with the rising consumer class and influx of expatriates into the country. The transaction value of the fintech sector is set to grow at an aggressive 15 per cent CAGR over the next four years to address 70 per cent of the population that still remains unbanked.
Meanwhile, in the tech-enabled logistics segment, asset-light models have become the game-changer. On the green economy front, Vietnam is leading Southeast Asia’s clean energy drive with wind and solar power innovations, while edtech is a natural growth sector with the increased attention that Vietnam has gained as an investment hub.
Parliamentary Financial Committee Denies Rumors of Dismissing Iraq’s Central Bank Governor
In the political corridors of Iraq, a whisper had taken the shape of a rumor. It hinted at the possible ousting of the governor of the Central Bank of Iraq, a move that would have resulted in a significant shift in the country’s financial structure. However, in a recent statement, Atwan Al-Atwani, the head of Iraq’s parliamentary financial committee, has categorically denied these rumors, offering a much-needed respite to the financial stability of the nation.
Quelling the Rumors
The rumor mill had been abuzz with the alleged plans of dismissing the Central Bank’s governor, a move that could have potentially destabilized Iraq’s already fragile economy. However, Al-Atwani, in his capacity as the head of the parliamentary financial committee, solidified the committee’s stance by refuting these rumors. His denial comes as a reassurance for those concerned about Iraq’s financial future, emphasizing the committee’s faith in the Central Bank’s leadership.
Support for the Central Bank
The parliamentary financial committee has been vocal about its support for the Central Bank’s actions, especially in controlling the exchange rate and addressing economic obstacles. The Central Bank of Iraq, under its current leadership, has been instrumental in maintaining exchange rate stability, a crucial factor for the country’s economic health. The committee’s public endorsement of the bank’s actions underscores its trust in the bank’s capacity to guide the Iraqi economy through the hurdles.
A Vote of Confidence
Al-Atwani’s statement not only dispels the rumors but also serves as a vote of confidence for the Central Bank’s governor. It reassures the investing community and the Iraqi public that the financial leadership of the country remains solid and undisturbed. In a nation where political and economic stability is often under threat, such affirmations are crucial for maintaining faith in the system.
This development is a testament to the resilience of Iraq’s financial institutions, which continue to operate and thrive amid political turbulence. It also underscores the role of the parliamentary financial committee in maintaining transparency and stability, acting as a pillar of support for the nation’s financial institutions.
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