Sudanese: We Are Proceeding With Financial And Banking Reform Steps, 20 JAN

 Sudanese: We Are Proceeding With Financial And Banking Reform Steps

Posted On 01-19-2024 By Sotaliraq  01/18/2024   Prime Minister Muhammad Shiaa Al-Sudani said that Iraq is proceeding with financial and banking reform steps, while the World Bank announced its support for the government’s measures in the field of modernizing and developing the banking sector, especially with regard to implementing the electronic payment system.

On the sidelines of his participation in the Davos Economic Forum, Al-Sudani met with the President of the World Bank Group, Ajay Banga, and discussed with him the cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans towards more investment and development opportunities in Iraq.

The meeting also witnessed, according to a statement by the Prime Minister’s Office, a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.

Al-Sudani pointed out “the importance of World Bank reports reflecting, realistically, the new government’s policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.”

For his part, Banga praised the government's measures in the field of modernizing and developing the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system.

The Prime Minister also met in Davos with Khaled Hoballah, the regional CEO of JP Morgan for the Middle East and North Africa.

The meeting witnessed the discussion of prospects for cooperation in the financial fields, and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government’s efforts to adopt electronic payment applications in the Iraqi markets.

They also discussed coordinating technical efforts between the Central Bank of Iraq and J.P. Morgan in establishing Ideas related to trading central bank digital currencies.

Al-Sudani pointed to “Iraq’s aspiration towards the bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq,” stressing that “Iraq is proceeding with financial and banking reform steps, in a way that helps develop this vital sector.”

For his part, Hoballah expressed JPMorgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector, confirming the bank’s intention, as a first stage, to open accounts for three private Iraqi banks.

The Prime Minister, Muhammad Shiaa Al-Sudani, met in Davos with the Secretary-General of the North Atlantic Treaty Organization (NATO), Jens Stoltenberg, and during the meeting, they discussed the prospects for cooperation between Iraq and the alliance and ways to strengthen the partnership in the security field, exchange information, track terrorist networks, and reveal their sources of funding.

The meeting also touched on the file of ending the presence of the international coalition forces in Iraq, which the government included in its ministerial curriculum, after the development achieved by the Iraqi forces in terms of preparation and full readiness, and the importance of agreeing on executive steps to arrange the end of its mission through bilateral dialogues, ensuring a smooth transition of its duties. .

The Prime Minister appreciated “the efforts of the NATO countries and their support for Iraq, through military operations in the war against ISIS terrorist gangs, and in the field of providing advice and training to the Iraqi security forces.”

Al-Sudani added, “Iraq does not mind cooperating with the countries of the international coalition in the field of armament, training, and equipment, within the framework of bilateral relations that bring together Iraq and the countries of this coalition.”  LINK

"RV UPDATE" BY BRUCE, 20 JAN

  Bruce

   ...we heard from...one of our contact in Iraq...that not only do we have an international rate and an in country rate - which are different – for Iraq - but we also have Iraq trading that rate on the Iraqi dinar internationally...about when markets close ...Friday...banks close around six o'clock -  somewhere in that timeframe  the Iraqi dinar - the new Iraqi dinar rate will be trading internationally -  and that we should see it here...in the US...

Now we know where the dinar closed [Thursday] we know where it was a couple of days ago on Tuesday and it's still really strong ...trading range way above the international rates and way above the in country rate for Iraq...One of our very strongest highest banks and sources is saying that we will have our notifications by or before Saturday - this coming Saturday...I think we're we're almost home.

One of our strongest sources is saying that we will have our notifications by or before  Sat. 20 Jan, or they could start on Mon. 22 Jan as that is what the Redemption Centers are preparing for. 

We heard from our source in Iraq that not only do we have an Intl and In-country rate but we also have Iraq trading that rate internationally about when markets close tomorrow Fri. 19 Jan. About 5 – 6 pm ESTwe should see it in the US. Some time Sat. 20 Jan. 

Bond Holders should receive access to funds – in about 48 hours time Bond Holders will be able to see what is in their accounts and get access to 10%. So today we heard that there was an Iraqi Dinar In-Country Rate of a little over $3. But our rate is going to be higher. Back in 2012 Dr. Shabibbi said it would be well over sixteen. Well, we’re well over that, and we should be in good shape in terms of what they offer us.

Iraq International - Central Bank of Iraq - IMF - WTO - Stability - Iraq...BY MILITIAMAN

Vietnam poised to become financial hub, 20 JAN

 Henig:  Vietnam poised to become financial hub

NGOC MAI 12:17, 2024/01/18

International organizations recognize Vietnam as a potential financial center with many factors converging for developing a modern financial market with high connectivity.

 Vietnam is among the countries with highly favorable conditions for developing a financial center, presenting a unique opportunity to undergo a transformative shift through technology and potentially avoid the pitfalls of poor choices made by countries that preceded it.

UBS Bank representative Claudio Cisullo shared the view at a roundtable discussion on Vietnam's financial market potential and investment opportunities held in Davos on January 17, attended by Prime Minister Pham Minh Chinh, experts and leaders of major financial conglomerates.

These factors include maintaining stable macroeconomic and political conditions, a strategically advantageous geographical location, and a significant time zone difference with 21 major global financial centers. This unique advantage is particularly significant in attracting idle capital from these financial hubs during non-trading hours.

Vietnam is progressively refining its legal framework, restructuring its financial markets (banking, insurance, securities), and attracting the attention of many investors, especially foreign investors entering the financial market, he noted.

Dr. Philipp Rösler, former Deputy Prime Minister of Germany, acknowledged Vietnam as one of the fastest developing countries in the world in recent years, emphasizing that while this is just the beginning, many nations are looking toward Vietnam with interest.

Assessing Vietnam's potential to become a financial hub and make significant strides in this field, representatives from conglomerates and banks expressed admiration for Vietnam's achievements post-Covid-19. They focused on analyzing Vietnam's potential, advantages, and the model and experience in building an international financial center.

Recommendations for Vietnam included creating the conditions and platforms necessary for building a financial center, attracting investment through legal frameworks, tax policies, energy infrastructure, information technology, transportation, skilled labor, and maintaining economic stability.

Cho Huyn-sang, Vice Chairman of Hyosung, stated that many South Korean companies are eager to establish a presence in Vietnam. With an annual revenue of US$25 billion, Hyosung has already invested $3.5 billion in Vietnam and employs around 9,000 local staff.

Considering Vietnam's investment environment as one of the most reasonable and effective, Hyosung plans to increase its investment in Vietnam by $540 million by 2024, he said.

Cho also highlighted Vietnam's strengths, including strong leadership and efficient governance from the central government, positive support from local authorities, and the diligent and serious work ethic of the Vietnamese people.

Don Lam, CEO of VinaCapital, mentioned that the Young Presidents' Organization (YPO) plans to organize a business delegation to Vietnam in February 2025, with 200-member companies interested in various fields.

At the discussion, delegates raised various questions regarding Vietnam's regulations and policies related to foreign investor ownership of credit institutions, workforce training, talent attraction, the timeline for opening the financial market to retail companies, and the implementation of the Just Energy Transition Partnership (JETP).

Minister of Planning and Investment Nguyen Chi Dung emphasized Vietnam's need for the guidance, initiatives, and collaboration of major financial institutions to build a financial center in Ho Chi Minh City.

Chairman of the Ho Chi Minh City People's Committee Phan Van Mai outlined the city's plan to become a regional financial center by 2030. The legal framework for this center will be submitted to the National Assembly this year and will be continuously updated and supplemented. The city will also enhance infrastructure, especially in District 1 and Thủ Thiêm, and focus on training and attracting high-quality human resources to meet the requirements of an international financial center.

In response to delegates' interest in the foreign investor ownership ratio, the Governor of the State Bank of Vietnam Nguyen Thi Hong stated that the ownership ratio of a foreign individual in a Vietnamese credit institution cannot exceed 5% of its charter capital. The limit is 15% for a foreign organization and 20% for a foreign strategic investor. The total ownership ratio of foreign investors cannot exceed 30% of the charter capital.

However, in special cases to restructure weak credit institutions facing difficulties and to ensure the safety of the credit institution system, the Prime Minister will decide on the ownership ratio of foreign investors on a case-by-case basis. Governor Nguyen Thi Hong pointed out that, in reality, foreign investors currently only hold around 15% of the charter capital of some banks, indicating a significant gap with the prescribed limit.

Facilitating favorable conditions for foreign investors

 For his part, Prime Minister Pham Minh Chinh highlighted that, by the end of 2023, Vietnam had attracted a total of over $468 billion in registered FDI, with around $300 billion disbursed. In 2023, individuals and economic organizations deposited around VND13,500 trillion ($550 billion) in banks, the highest so far, indicating improved incomes and people's trust.

The Prime Minister reiterated Vietnam's commitment to rapid and sustainable development based on science, technology, innovation, and digital transformation.

He added that Vietnam aims to become a developing country with a modern industry and high average income by 2030 and a high-income developed country by 2045.

The country is focusing on three strategic breakthroughs: building and improving institutions and legal frameworks; reforming administrative procedures and high-quality human resource training; and developing strategic infrastructure, especially transportation infrastructure, with a policy of "open policies, smooth infrastructure, smart management."

In addition, Chinh noted that Vietnam is renewing existing motivations such as exports, consumption, and investment, while introducing new ones like the digital, green, circular, sharing, and knowledge economies.

In particular, Chinh said the Government is intensifying efforts to combat corruption.

Vietnam seamlessly combines key policies to create a peaceful and stable political environment, social order and security, and favorable conditions for efficient and sustainable business operations,” he continued.

Chinh also emphasized the importance of international financial institutions supporting Vietnam in policy advice, promoting startups and innovation, restructuring banks, building and enhancing the national brand value, supporting infrastructure development, and training high-quality human resources.

The Prime Minister expressed the desire for global conglomerates and investment funds to share their experiences, advise on suitable development models, and propose appropriate solutions for developing a financial center in Vietnam, enhancing the financial ecosystem, improving national credit ratings, and raising standards in accounting, auditing, and financial reporting.

“The Vietnamese Government is committed to facilitating favorable conditions for foreign investors in general and Swiss investors in particular to invest efficiently and sustainably in Vietnam,” Chinh noted, adding the Government will play a constructive role, providing support, listening to opinions, and working together for mutual development, protecting the legitimate rights and interests of investors under all circumstances, avoiding criminalization of economic relations, and maintaining the spirit of "harmonious interests, shared risks," and "harmonizing interests between the State, people, and businesses."

https://m.hanoitimes.vn/vietna.....25881.html

"RV UPDATE" BY WOLVERINE, 20 JAN

 Fri. 19 Jan. Wolverine:

 Hope you guys are excited as I am. We are definitely close. I received incredible info from various platforms saying they are just waiting to get the Green Light to receive funds. We will be celebrating any time!  If we should go today, we will not get funds released till next week. D1 is done. D2 hoping to get done today.

 Nesara should be happening around Sun. 21 Jan, and hopefully we will get announcement at that time of the Medbeds! Mauricio is under NDA. Lawyer said the funds are to be released in Reno.  I want you to remain in faith. This is going to happen! A lot of Whales are now under NDA. 

Certain platforms are now getting ready. The Pentecostal group is now getting ready to release the funds. The owner has apologized profusely and wanted to tell everyone that this was never scam and to thank everyone for believing in her. It been 24 years since she started this and finally this is ready. Everything is ready to go and just waiting for the Green Light. The RV is definitely coming. God bless you all.

 Wolverine 

🔥Iraqi Dinar🔥Today You Saw 3.04🔥News Guru Intel Update IQD Value to USD🤑💵🤑🎉

$21 Billion Is The Size Of Iraq’s External Debt Until 2028, 20 JAN

 $21 Billion Is The Size Of Iraq’s External Debt Until 2028

Posted On01-19-2024 By Sotaliraq   Baghdad: Haider Falih Al-Rubaie  01/18/2024  The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, suggested that Iraq’s external debt until the year 2028 would not exceed the $21 billion barrier, stressing that the country’s creditworthiness is at a high degree of sobriety and reliability, according to which Iraq’s position is based. It is classified as stable, while he pointed out that the accumulation of debt was the result of the national economy being exposed to two shocks.

Despite the accumulation of internal and external debt, the Parliamentary Finance Committee reassured that there would be no financial deficit in the country’s budget for the current year 2024, while specialists in economic affairs expressed their fear of the continued fluctuation of oil prices, hinting at the possibility that public revenues would be affected in the event of a decline. Global black gold prices.

Saleh said: “The external debt that must be repaid until the year 2028, in my estimation, does not exceed the barrier of 21 billion dollars,” indicating that “the repayment mechanism is subject to the actual current or ongoing allocations allocated in the federal general budget on an annual basis to pay the debt dues.”

The government advisor stressed that “Iraq’s credit record, or creditworthiness, stands at a high degree of sobriety and reliability, which is why international credit rating companies have placed Iraq at rank B of the stable category throughout the last ten years, due to its high financial worthiness and commitment to paying service dues.” his debts on an ongoing basis.”

During a previous press statement, Saleh calculated the size of the country’s internal debt, while confirming that the Iraqi economy was exposed to “two shocks.”

Saleh said: “The internal public debt in Iraq is estimated at approximately 55 billion dollars,” indicating that “the accumulation of this debt came as a result of two shocks to which the country’s economy was exposed between the years 2014 - 2021.”

He added, “The first shock was financial and security, as the country was exposed to the threat of ISIS terrorist gangs, in addition to the war in which Iraq won against ISIS terrorism, which then required financing the budget deficit, due to the growing military expenditures and the sharp decline in oil prices.”

Saleh pointed out that “the second shock, which was financial-health, resulted from the Corona pandemic crisis and the decline in oil price revenues at the same time due to the sharp cycle of oil assets and the loss of a barrel of oil in both shocks of approximately 40% of its estimated revenues as revenues for the general budget,” noting that this This prompted the financial authority in Iraq to borrow from the government banking market, mostly by issuing treasury bonds or annual treasury transfers that carry an average interest of about 3%.

The advisor noted that “domestic public debt has been traded exclusively within the government financial apparatus, without intervention in the banking market except in a very limited manner. That is, domestic debt, with its tools represented by bonds and treasury transfers, is traded at a rate of 95% exclusively within the government financial apparatus.”

In the midst of this, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expected that there would be no financial deficit in the budget for the current year 2024, indicating during a press interview followed by “Al-Sabah” that “the government will submit amendments to the table of amounts, and these amendments are in the process of being completed and sent to the Finance Committee and will be studied there and approved.” It is decided by Parliament and is on its way to implementation.”

Al-Kadhimi pointed out that “last year’s budget, 2023, did not suffer from a deficit, but the current year’s budget, 2024, will not have a financial deficit, especially since oil prices are constantly increasing.”

Contrary to the previous opinion, economic affairs specialist, Ali Al-Defafi, believes that the worsening situation in the region may lead to a delay in the arrival of oil supplies to consuming countries, and thus a decline in the financial revenues of some producing countries, expecting average oil prices to be stable between -75%. $80 for the current year.

Al-Diffai stressed the need to exploit the financial abundance achieved as a result of the increase in oil prices over the past two years, in establishing strategic projects and working to support the productive aspects that can contribute to supplementing the country’s financial budgets, especially the agricultural and industrial sectors, praising, at the same time, the government’s economic moves in Supporting the private sector, which will contribute during the coming period to reviving many local industries that could block the way for imported products.   LINK