Mon. AM/PM TNT News Articles 1-10-22



Economist: The 2022 Budget May Approve $90 Billion

Economist Safwan Qusay said that the 2022 budget may be approved at an amount of 90 billion dollars, pointing out that public spending approaches 130 trillion dinars.

Qusay told Al-Maalouma, “The next government must adjust the dollar exchange rate at the level of items that were imported for the Ministry of Agriculture as well as industry, with a smart exchange rate that distinguishes between operational and investment spending, and it is possible to allocate a certain amount to support the federal ministries that It imports some goods, in order not to raise costs on the vulnerable classes.”

He added that “the oil price may be placed between (60-65) in the 2022 budget, and public spending may approach 130 trillion, but if the next government succeeds, it will put a window to support the Iraqi dinar, whether through Kuwait compensation, or the inclusion of employees with direct taxes from the total income. And not toxic, as it is possible that part of the savings that the government may be able to reduce will go to support the dinar.”

Qusay ruled out a return to the previous exchange rate, where it is possible that there will be a subsidized dinar for import, or there will be a total price set at 1,340 dinars against the dollar, if the new government manages to reduce public spending, and it is likely that the 2022 budget will be approved at an amount of 90 billion dollars   link

Governmental banks between reform and restructuring

The concept of structuring in the banking sector includes measures that include developing work tools through automating banking operations, developing the skills of employees, and raising the level of the capital of these banks, towards reducing slack rings in performance, so that those banks are qualified to compete with foreign banks that are expected to open It has branches in the trading arena local. 

While the concept of reform in the government banking sector, which is dependent on the government’s orientation in the budget implementation instructions regarding its monopoly on about 75% of the trading arena, is mixed with the concepts of structuring and paving the way for privatization in awareness.  Administrative.

And often this confusion employs a context in the official discourse, so the intention appears clear as in Article I – A- of the white paper on the banking sector, towards assigning the responsibility of the Iraqi economy file to the private banking sector, as stated in the text of the article “Reform government banks towards working with commercial standards.” , and reduce its dominance over the banking sector and give way to private banks to ensure the development of the sector and take its role as a lever for the Iraqi economy and end the role of government banks as an arm for financing government spending.

This explains the current procedures in some government banks, as the reform process that is intended to restructure seemed more clear to embody what was stated in Article 4 – A – related to “structuring self-financed public companies,” which stipulates “legislating a law to restructure public companies, Transforming them into private companies and subsidiary companies, and regulating their establishment, operation, management, liquidation and bankruptcy in line with what is applied to private sector companies.”

This means that the structuring or reform of government banks has become identifiable with the stage of preparation for the privatization of these financial institutions, with the aim of removing them from the trading arena as public companies, in light of the procedures and steps followed by the relevant authorities regarding what is called “reform of government banks.”

The matter seems clearer in the specialized banks, as some of them were taken out of the context of the goal for which they were established and turned into commercial banks after being exhausted by the data of the past eighteen years. Economic freedoms, guarantee and property rights for foreign capital in macroeconomic management, and therefore it is important to activate the role of alternative funds for government banks, specifically specialized ones.  link

The European Union Ambassador congratulates Al-Kazemi for removing Iraq from the list of terrorist financing risks

Prime Minister Mustafa Al-Kadhimi received, on Sunday, the Ambassador of the European Union to Iraq, Filli Variola, and his accompanying delegation.  

During the meeting, Al-Kazemi said, “The partnerships that bring Iraq together with the European Union open more opportunities for cooperation in the future, and his sovereignty described relations with the European Union countries as long-term strategic relations.”  

The Media Office of the Prime Minister stated in a statement, of which “Nass” received a copy, (January 9, 2022), that “Ambassador Variola congratulated His Excellency on Iraq’s success in removing its name from the list of high-risk countries in the field of terrorism financing and money laundering, and considered that This achievement is evidence of the success of his anti-corruption policy, the soundness of Iraqi financial and banking procedures, and the effectiveness of reform efforts.”  

Variola stressed that “this step will pave the way for a greater degree of trade and investment exchange between Iraq and European countries.”  

The Ambassador of the European Union pointed to “the growing positive regional role of Iraq, pointing to a European plan that extends for seven years aimed at providing institutional support to Iraq, assigning programs to develop financial competencies and the work of the Central Bank of Iraq.” link

Source: Dinar Recaps

Vietnam Could Be Asia’s Next Startup Hub, VC Says | Bloomberg


Vietnam’s nascent startup sector is on pace to be the region’s next tech hub, according to Binh Tran, co-founder of Ascend Vietnam Ventures.

Venture funding for startups in Vietnam reached $2.1 billion last year, up from just $48 million in 2017, he said on Bloomberg Television’s “AseanAhead” segment. The sector is now attracting top tier Silicon Valley venture capitalists, including Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc, said Tran, co-founder of Klout Inc. who relocated to Vietnam from the San Francisco in 2020.

“Vietnam has early seen tremendous amount of maturity and growth that is going to put it as a very important hub for the region,” he said. Tran is also co-founder and general partner of 500 Startups Vietnam, now called 500 Global Vietnam, which has invested in about 70 companies in areas such as e-commerce, fintech and healthcare.

The country is forecast to have the second-largest digital economy in Southeast Asia by 2030, he said, citing research from Google, Temasek Holdings Pte and Bain & Co.

Source: Dinar Recaps


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