Tues. AM TNT News Articles 6-29-21



Parliament hosts the Governor of the Central Bank

Baghdad – Mawazine News

The Parliamentary Government Program Monitoring Committee hosted, on Tuesday, the governor of the Central Bank and managers of government banks, and a source told / Mawazine News / that “the Committee to monitor the implementation of the parliamentary government program hosted the governor of the Central Bank and managers of government banks today.”

The source added, “The hosting comes within a series of hostings to discuss several files, including the continued rise of the dollar.” Ended 29/A43

Parliament hosts the Governor of the Central Bank

Source: Parliament is actively seeking to resume sessions to avoid embarrassment

A parliamentary source confirmed, on Tuesday, that the Presidency of the House of Representatives is seeking strongly to resume parliament sessions, especially the session scheduled for Tuesday, to avoid embarrassment with its audience in light of the approaching date of the legislative elections.

The source said in a press interview, “The Presidency of the Parliament demanded, during its meeting with the leaders of the political blocs yesterday, that they put pressure on the representatives of their blocs for the purpose of attending the remaining sessions in the age of the current legislative term of the Council.”

He pointed out that the presidency began to feel embarrassed and pressured because of its failure to hold parliament sessions for a long time, although many laws are still waiting to be read and passed during the current legislative term of Parliament, which is the last with the approach of the parliamentary elections.   link

Finance Minister: The white paper includes 600 changes in laws

Deputy Prime Minister and Minister of Finance Dr. Ali Abdul-Amir Allawi said: {Iraq is dealing seriously with issues that have hindered and distorted the economy,’ pointing out that “the Prime Minister and his reform team took a bold decision to implement a reform agenda, and any reform must have great political support.” and recognition of its necessity, and there was support from political leaders and important parliamentary groups for reforming the state’s economic policy. 


He pointed out that {the decision to devalue the currency is necessary to improve competitiveness within the Iraqi economy and improve public finances, and a number of necessary infrastructure projects that have suffered interruption for years have been completed, and we have also worked on reforming the banking system, and establishing an anti-corruption squad. 

He stressed that {the white paper is the most important achievement of the government and a serious plan to reform the economy, as it calls for the issuance of more than 600 changes in laws aimed at reforming the economy}. 

Investment efforts

The head of the National Investment Commission, Suha Al-Najjar, confirmed that “investment is an absolute necessity to develop the reality of the national economy and move it to a better stage, and that the commission is supportive of investment efforts that wish to enter the Iraqi labor market. 

The speech of the Minister of Higher Education and Scientific Research was read out by Dr. Yassin Al-Ithawi, in which he emphasized “the ministry’s continued investment in human capital,” pointing to “the establishment of training units that will be transformed into specialized centers, aimed at developing students and putting them in the labor market after rehabilitating them.” “, pointing to a breakthrough in the reality of e-learning during a record period, despite the lack of infrastructure in the country.”

International Conferences

Member of the Board of Directors of the Union of Arab Banks Ziad Khalaf said: {The issue of the reconstruction of Iraq began to be planned immediately after the end of the war, as the first preparatory meeting was held in New York, during which the United Nations, the World Bank, the International Monetary Fund and the Iraqi side identified the main sectors involved in reconstruction, including education. And health, transportation, transportation and electricity, as well as many other international conferences, which were devoted to the reconstruction and held in Japan, China, Spain, Belgium, Egypt, Kuwait and other Arab countries, up to the white paper that was officially supported by {the International Contact Group for Iraq IECG. Which includes the seven 7G countries, the European Union, the World Bank and the IMF 

He said: {As a matter of national responsibility, I appeal to all distinguished Iraqi businessmen at home and abroad to participate in the development of the private sector to enable it to assume an important role in the responsibility of reconstruction and to play a greater role in the economic arena and to supply the necessary supplies for everything the country needs, to reflect the real capacity inherent in Iraqi society and attracting national immigrant capabilities to rebuild the country.

Achieve goals

As for the Deputy Governor of the Central Bank, Ihsan Al-Shamran, stressed that rebuilding Iraq requires the ability to build and follow it, and to achieve the goals seriously. 

He referred to the initiatives of the Central Bank and the support it provides to small and medium enterprises in addition to the housing sector, especially vertical housing with comfortable installments, and the Central Bank is also working to enhance the role of women in economic life.

He pointed out that “the evaluation oversight on the banking system to be an actual supporter of the development process and assigning it with possible financing.”

Put forward an initiative

Communications specialist Alaa Jassem said: “The world has become closely linked to the Internet, which requires us to provide advanced services in the country,” noting that “the coming period will witness the launch of an initiative (Education in Iraq), and this supports electronic universities.” 

The representative of Frontier Exchange Company, Ahmed Al-Jader confirmed that {the volume of international participation in the conference by major international companies reflects the importance of the Iraqi market for international companies, as it is keen to be present in the economic forums organized inside Iraq}.  link

Vietnam’s Economic Growth Picks Up as Global Demand Revives

Economy expanded 6.61% in the quarter, statistics office says
Consumer prices rise 2.41% in June from a year earlier

Vietnam’s economic growth accelerated in the second quarter, despite the country’s worst Covid outbreak yet, as global demand regained momentum.

Gross domestic product rose 6.61% in the second quarter compared to a year earlier, up from a revised 4.65% in the first quarter, the General Statistics Office said Tuesday. That compared to the median estimate of 7.2% in a Bloomberg survey of six economists.

Growth picked up on increases in industrial output as demand recovered in global markets, and as favorable weather boosted agricultural products, Nguyen Thi Huong, head of the General Statistics Office, said in a briefing in Hanoi. Increased government spending also helped drive the expansion, she said.

Staying Alive

After Covid Slowdown, Vietnam Set to Accelerate

The country’s benchmark stock index was up 0.3% as of 9:42 a.m. local time.

The economy expanded 5.64% for the first six months of the year, below the government forecast of 5.8% growth for the first half, which was already revised down from January’s 6.22% outlook. The government expects GDP to grow 6%-6.5% for the full year.

Virus Outbreak

Vietnam was successful at limiting infections during the early months of the pandemic, but an outbreak that began in late-April forced the temporary closure of industrial parks housing key electronics manufacturing hubs. Tenants included units of Foxconn Technology Group and suppliers of Samsung Electronics Co. and Apple Inc.

“Looking past the jump in year-on-year growth due to a weak base for comparison, GDP data suggest that Vietnam is facing a heavy economic toll from its efforts to control the virus,” Gareth Leather, senior Asia economist at Capital Economics Ltd., wrote in a research note. “With sporadic outbreaks continuing, the economy is likely to suffer further in the months ahead.”

The State Bank of Vietnam said last week it will hold policy rates stable in the second half of the year and pursue flexible monetary and currency policies, as it remains vigilant about rising inflation. The monetary regulator is seeking to shore up the economy amid Vietnam’s worst coronavirus outbreak and slow vaccine rollout.

Consumer prices rose 2.41% in June from a year earlier. The government aims to cap average inflation at 4% this year.

“Rising inflation reduces the likelihood of further interest rate cuts, in our view. We also do not expect rate hikes, despite improving economic and credit growth,” Standard Chartered Plc economist Tim Leelahaphan said in a research note. “However, the possibility of a rate hike may gradually emerge if inflation and growth accelerate faster than expected.”

Other details from the report:

Exports rose 17.3% in June compared to a year earlier, while imports climbed 33.5%. For the first half of the year, exports were up 28.4% and imports rose 36.1%

Manufacturing expanded 11.4% in the first half of the year

Disbursed foreign direct investment rose 6.8% in the first half, while pledged FDI fell 2.6%  link

Source: Dinar Recaps


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