Samson » March 20th, 2022
The Arab Monetary Fund organizes an extraordinary meeting of the high-level dialogue between the heads of the institutions of Regional Financing Arrangements and the International Monetary Fund
20th March, 2022
The attendees are discussing Building Back Better after the COVID-19 Pandemic: Steps Taken and Lessons Learned
Climate change challenges and the restructuring of financial frameworks to align with environmental and social responsibility goals
Discussing ways of cooperation between the Regional Financing Arrangements Network and the International Monetary Fund to support the recovery phase in light of current developments and challenges
Saturday, March 19, 2022, the Arab Monetary Fund will organize an exceptional meeting for a high-level dialogue between the institutions of the Regional Financing Arrangements Group and the International Monetary Fund, with the participation of heads and senior officials of the member international and regional financial institutions, which include in addition to the Arab Monetary Fund: The Reserve Fund for the States of America, Latin America, the Office of Macroeconomic Research, the European Stability Mechanism, the Eurasian Stabilization and Development Fund, the BRICS Standby Arrangements, and the European Commission.
The International Monetary Fund will also participate in the group meeting. Speaking at the meeting, in addition to the heads of delegations of the above institutions and the Director-General of the International Monetary Fund, the chairmen of the G-20 working group on cooperation between international financial institutions from the French Ministry of Economy and Finance, and the Korean Ministry of Economy and Finance
The meeting comes as a continuation of the periodic dialogue undertaken by these institutions to discuss policies related to strengthening the global financial safety net, with a focus on the role of the network of regional financing arrangements, cooperation among them and their interaction with the International Monetary Fund on priority issues within the framework of the Group of Twenty
The meeting will discuss the steps taken to build back better after the Corona pandemic crisis to support sustainable recovery, in addition to the proposed initiatives and lessons learned from the Regional Financing Arrangements Network and the International Monetary Fund, to enhance their role as key actors in light of the current conditions and challenges.
The discussion will also address the issue of enhancing the resilience of the global financial system in the face of risks arising from climate change, restructuring financing frameworks to support the transition towards a sustainable economy and advancing the social responsibilities of the financial sector
On this occasion, His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi expressed his happiness at hosting the meeting in Abu Dhabi and the importance of continuing dialogue between the institutions of regional financing arrangements and the International Monetary Fund, noting the important role of the group’s institutions in achieving recovery from the Corona pandemic and the need to work on setting the priorities required for economic reforms and policies and financial.
His Excellency also pointed to the importance of developing and implementing appropriate measures and procedures to limit the repercussions of climate change on financial stability, looking forward to continuing dialogue on priority issues and topics with various parties LINK
MilitiaMan » March 20th, 2022
Add this into the picture. GLOBAL and REGIONAL DIGITAL TAXATION plans.. They clearly are gearing for GLOBAL TAXATION.
136 countries per the UST signed on board for it back in mid October 2021. There is nothing that stopping this from happening.
USING CLIMATE CHANGE and the COV-19 Pandemic, as excuses to TAX the population of the GLOBE for our Governments et al “” spending habits has foolery all over it.
I am not one to not want to pay my fair and legal right of taxes. I don’t like the guise they use in getting them. The underlying debt from the COVID -19 pandemic is a mere shot in the ARM compared to the hundreds of trillions in fraudulent Mortgage Backed Securities that went upside down since 2008 that are likely still needing to get sorted.
They look to be telling us they have a way to let us (we the citizens of the globe) pay it all back collectively around the world regardless of who is actually responsible for the debts.
That is my underlying view of the matter in a broader scheme of things and those that are scheming this are going to laugh all the way to the bank on our dime / dinar or what have you.. .. jmtc & imo.
Here is to a safe exit and lets hope and pray this synchronization they are doing is the finale needed to see the exchange rate of the Dinar changed.
That may be all that is needed to be applied for the big day that appears to be upon us in short order.. lol ~ MM
“His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, delivers a speech at the opening of the “Fourth Regional Forum for Taxes in the Arab Countries” 2022-03-19 Tax policies to promote economic recovery and drive inclusive and sustainable growth For the post-Corona crisis period
The role of tax policies in promoting the process of recovery and comprehensive and sustainable economic growth, in parallel with strengthening financial conditions during the next stage The importance of adopting a gradual strategy that takes into account the synchronization with the economic recovery plans applied in the Arab countries for a safe exit from the short-term tax measures and measures that were taken within the fiscal and monetary stimulus packages launched by the Arab countries, amounting to 389 billion US dollars, to mitigate the unfavorable repercussions resulting from the pandemic.
Inflation is expected to rise by at least three percentage points more than previously estimated rates for 2022 Focusing efforts on reforming indirect taxes and addressing structural challenges to enhance their effectiveness in increasing public revenues and supporting inclusive growth, in light of the relatively high contribution of tax revenues to the total public revenues of Arab countries by more than 35 percent.
Building on the reforms achieved in the field of tax administration and continuing efforts to digitize tax services, leading to the development of a modern tax administration Preparing local tax frameworks, in line with the development of reforms of the global tax system With the participation of experts from regional and international financial institutions and the presence of officials in the ministries of finance and tax authorities and authorities in the Arab countries
His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, delivered an opening speech at the Fourth Regional Forum on Taxes in the Arab Countries, which is held under the title “Tax policies to enhance economic recovery and advance comprehensive and sustainable growth for the post-Coronavirus crisis,” organized by the Arab Monetary Fund, in cooperation with the International Center for Taxes and Investment, yesterday, Thursday, March 17, 2022.
At the beginning of his speech, His Excellency stressed that the forum this year came in the context of supporting economic recovery efforts and advancing comprehensive and sustainable growth in parallel with strengthening financial conditions, in light of recent economic and financial challenges that have increased due to the deep and broad effects of the Covid-19 pandemic, foremost of which are financial imbalances. Internal and external levels in light of the high levels of the fiscal deficit, the public debt that reached around the world at the end of September 2021 to about 296 trillion US dollars, the weak external financial situation, and high inflation rates due to the escalation of food prices and basic materials and interruptions in supply chains, in addition to expectations of continuing risks Surrounding the trajectory of the economic recovery, in light of the uncertainty about how quickly the pandemic will recede, and concerns about the prospects for a slowdown in the looming growth momentum.
His Excellency indicated that the path towards full economic recovery from the repercussions of the Covid-19 pandemic has become tainted by a great deal of uncertainty in light of these challenges and risks, despite the early support provided by the economic measures taken, and the improvement in health conditions thanks to the availability of vaccines.
In this context, His Excellency highlighted the importance of tax policies in promoting the process of recovery and comprehensive and sustainable economic growth, in parallel with strengthening financial conditions during the next stage. He indicated that the challenge lies in how to balance the achievement of these overlapping goals, whose achievement requires selecting the appropriate mix of available alternatives for fiscal and tax policies.
His Excellency indicated that in light of the current international developments, it is estimated that the global economic growth forecast for 2022, which was previously estimated at 4.4 percent, will drop by 4.4 percent, and the inflation rate is estimated to rise by at least three additional percentage points from the previously estimated rates for the same year.
In a related context, His Excellency pointed out the importance of a “safe exit“ from the short-term tax measures and measures taken to mitigate the unfavorable repercussions resulting from the pandemic, indicating that the value of the financial and monetary stimulus packages launched by Arab countries since the beginning of the pandemic until January 2022 amounted to about 389 billion. US dollars, of which about 121 billion dollars (representing 31 percent) are financial packages launched by the ministries of finance in the Arab countries.
He pointed out that getting out of these packages requires adopting a gradual strategy, taking into account the synchronization with economic recovery plans. He also touched on a number of tax policy options that can be relied upon to drive economic growth in parallel with the strengthening of financial conditions.
His Excellency indicated that in light of the contribution of tax revenues in Arab countries exceeding one-third of public revenues to reach about 35.8 percent (about 10.3 percent of GDP), there is a need to focus efforts on continuing indirect tax reform and addressing structural challenges by simplifying and expanding the value-added tax and selective tax systems and expanding their base, focusing taxes on environmentally unfriendly activities, and activating taxes on digitization-based transactions, in addition to the importance of Building on the reforms achieved in the field of tax administration and continuing efforts to digitize tax services, leading to the development of a modern tax administration that enhances tax compliance.
His Excellency also referred to the need to prepare local tax frameworks, in line with the evolution of the reforms of the global tax system, and to benefit from the positive developments that have occurred recently in addressing the challenges of taxation on the digital economy.
Finally, His Excellency affirmed the Arab Monetary Fund’s keenness to organize the Regional Tax Forum annually”
Source: Dinar Recaps
Samson » March 20th, 2022
Saudi Arabia And China Are About To Abandon The Dollar.. An Expert Lists The Reasons For The Move
19th March, 2022
An economic expert explains the reasons that prompted Saudi Arabia and China to consider abandoning the dollar in their oil transactions and relying instead on the Chinese yuan.
The Wall Street Journal reported earlier this week that Saudi Arabia is in talks to price some of its oil sales to China in yuan.
This potential move could highlight the concerns of many about dependence on the US dollar, and also could be taken as an indication of how well Beijing can develop its currency in other parts of the world.
Both countries could benefit from the dollar’s decline in importance on the world stage, economist and associate professor at Boston College Alexander Tomek tells Business Insider. “While any deal would be symbolic, the Chinese are not the only ones looking for an alternative currency other than the dollar,”
Tomic added. “Other countries’ need for dollars makes them dependent on the American financial sector, thus granting political influence to the United States.”
Some analysts downplayed the chances of the yuan’s deal with Saudi Arabia, noting that the Saudi riyal is pegged to the dollar, which helps protect its economy from fluctuations. But Tomic believes that the effectiveness of the sanctions imposed by the West on Russia has served as a wake-up call for countries seeking to reduce their dependence on the United States, while other regimes fear that they may be next if they violate Washington.
Tomic explains that “the potential deal between Saudi Arabia and China is a sign that the world is looking for some counterweight to the US dollar.” Tomic continues, the Saudis do not expect the dollar to be stable in the future, especially if the United States increases the money supply in response to economic challenges.
Meanwhile, Business Insider notes that China has long been pushing for the yuan to replace the dollar. But the collapse of major financial institutions in Russia as a result of Western sanctions imposed as a result of its invasion of Ukraine has increased the chances of a fundamental change, according to Tomek.
He points out that “China believes that the move to adopt the yuan will reduce the impact of any similar sanctions that the West may impose in the future if it does something that the United States and its allies oppose.” However, the Chinese yuan needs two important factors in order to establish itself as a reserve currency.
First, global faith in the dollar must wane, and this could happen if the US Federal Reserve fails to control inflation, according to Tomek.
Second, China has to ensure the yuan’s long-term stability to gain the trust of other countries, especially given that Beijing devalues its currency from time to time to boost exports, and this makes other countries unwilling to hold such a currency.
However, Tomic notes that China has high ambitions for the future of the yuan, as it believes that Africa is the most likely place to replace the dollar in trading. LINK
Cleitus » March 20th, 2022
Moving away from the fiat currency and towards gold-backed currency. Which direction would you take?? IMO, of course!
Samson » March 20th, 2022
Lavrov: The Cooperation Of Russia And China Will Be Strengthened, And The West Has Lost Its Credibility As An Economic Partner
19th March, 2022
Russian Foreign Minister Sergei Lavrov accused the West of “undermining the foundations of the world order,” stressing that Moscow and Beijing’s cooperation will be strengthened in these circumstances.
Speaking about the prospect of cooperation between Moscow and Beijing, Lavrov said, in a speech he delivered today, Saturday, to the participants in the international track of the “Leaders of Russia” competition: “This cooperation will be strengthened, and in conditions of the West flagrantly undermining all the foundations on which the world order depends, we, as two countries, must think about how to continue our lives in this world.”
“We have a lot of work to do, and our leaders and other members of our two governments and foreign ministries are actively working within the framework of the traditional, regular dialogue,” he continued.
The minister pointed out that the West at the current stage presents itself the goal of “eliminating Russia and moving to confront China,” noting that the West sees Beijing as a danger because of its economic growth, which began after China agreed to the rules of the international economic game.
Lavrov addressed the West by saying: “It (China) is in your court at the moment and it is winning against you according to your rules. Does this mean to you that it is time to change the rules of the game? It appears to be so.”
The minister stressed that the West’s behavior in the Ukrainian file and its sanctions against Russia and other issues confirms “the absence of credibility for it, either as a region in which the main reserve currencies arise, or as economic partners, or as countries in which gold reserves can be stored.” He continued, “They will just steal it” (these reserves). LINK
Cleitus » March 20th, 2022
Are you paying attention, anyone! What does Russia and China have in common that the US does not…at this time!
Samson » March 20th, 2022
Russia : Our economy will not collapse
19th March, 2022
Deputy Chairman of the Russian National Security Council Dmitry Medvedev stressed Saturday, that the Russian economy will not collapse, stressing that Moscow has many reliable partners in different parts of the world.
“Russia has many reliable partners, not only in the post-Soviet space, but also in China, Southeast Asia and Africa, and these are huge markets,” Medvedev said.
He added, “We have experienced crises, sanctions, threats and political pressures more than once, in 2008, 2014 and 2018, as well as various sanctions that were imposed on the Soviet Union more than a dozen times, but we stopped fearing for a long time, and then soon our opponents themselves came to us, demanding Back to the negotiating table on all issues.”
He continued, “Previous sanctions forced us to actively develop import alternatives in all industries and the Cabinet has already taken practical decisions to support the people and the economy. This is happening now.”
Medvedev said that the US State Department gradually began to retreat from its “unshakeable” positions, when officials in Washington made cautious statements about the possible lifting of most sanctions imposed on Russia. LINK
Report: Al-Kazemi is still the strongest candidate to head the next government
19th March, 2022
Bloggers wrote on social media that the outgoing Prime Minister, Mustafa Al-Kazemi, is still the most prominent candidate to head the new government, to complete the achievements of the current stage. And they said that (Al-Kazemi’s government succeeded during two years in distancing Iraq from external conflicts, and facing the crises that afflicted the country as a result of the economic conditions that the world witnessed as a result of the outbreak of the Corona pandemic), and they added that (Al-Kazemi is in the political race, and that his chances are strong to win the second term).
In turn, the political expert Essam Al-Faili said that (when Al-Kazemi took over the administration of the government from his predecessor, Adel Abdul-Mahdi, the state was boiling on a hot tin due to the outbreak of the October uprising as a result of the absence of services, and the state treasury at that time was empty in light of the presence of political forces racing to seize the state and a regional environment turbulent trying to settle his accounts in unstable areas, and therefore the stage required a surgeon who could deal with crises with a mentality), and added that (Al-Kazemi and his government team, they succeeded in crossing the challenges that faced Iraq, and dealt with crises calmly).
For his part, the academic Haider Hamid confirmed that (Al-Kazemi took over the government and the state was on the verge of collapse, and I think that during this stage he was able to absorb the challenges and succeeded in restoring relations at the regional and international levels, and keeping Iraq away from the conflict of the axes), noting that (international trust what Iraq gained in Al-Kazemi’s government was great, in addition to the fact that he dealt with everyone in the spirit of citizenship). LINK
Source: Dinar Recaps
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