Fri. PM KTFA News Articles 9-16-22

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Samson » September 16th, 2022

The Shanghai Cooperation Summit kicks off in Uzbekistan

16th September, 2022

Friday morning in the Uzbek city of Samarkand, the work of the summit of leaders of the countries of the “Shanghai Cooperation Organization”, which is the first summit to be held in attendance since the beginning of the Corona epidemic, began.

Before the start of the summit meetings, the leaders of the eight countries (Russia, China, India, Pakistan, Kazakhstan, Tajikistan, Uzbekistan and Kyrgyzstan) took a group photo.   LINK

With the participation of Arab countries, the Shanghai summit issues the “Samarkand Declaration”

09/16/2022 14:42:24

At the conclusion of the meetings, the leaders of the Shanghai Cooperation Organization issued a statement “Samarkand Declaration”, which included a number of regional and international points and issues.

Here are his main points:

The leaders of the Shanghai Cooperation Organization announced that they would not allow interference in state affairs under the pretext of combating terrorism.

The leaders of the countries of the Shanghai Cooperation Organization condemned terrorist acts all over the world and expressed their determination to continue working to curb terrorism and effectively eliminate the factors of its spread.

– Rapid settlement of the situation in Afghanistan is one of the most important factors for enhancing security in the SCO region.

The member states of the Shanghai Cooperation Organization support the non-proliferation of nuclear weapons in the world and the continuation of nuclear disarmament.

Expanding the Shanghai Cooperation Organization and deepening cooperation with international organizations, which would contribute to ensuring security and stability in the region.

The world is now witnessing global changes accompanied by the exacerbation of conflicts and crises and a serious deterioration of the international situation as a whole.

The member states of the Shanghai Cooperation Organization stress the need to further strengthen international cooperation in combating the spread of the coronavirus.

The Shanghai Cooperation Organization countries work to promote an open multilateral trading system based on the principles and rules of the World Trade Organization, and oppose procedures

Protectionism and trade restrictions threaten the global economy.

The member states of the Shanghai Cooperation Organization are committed to making accurate assessments regarding the current international agenda, and advocate for a more just and shaping world order.

– A common vision of “a community united by a common destiny for mankind”.

– The member states of the Shanghai Cooperation Organization referred to the initiative of the Russian Federation to conduct regular activities to identify and respond to emergencies related to the sanitary and epidemiological situation.

The document emphasized that the unilateral application of economic sanctions, other than those adopted by the United Nations Security Council, contradicts the principles of international law.LINK

Putin: We are optimistic about “Arab friendship” in the Shanghai Organization

16th September, 2022

Today, Friday, Russian President Vladimir Putin touched on the role of the organization and a number of regional and international issues

Putin said, “The Shanghai Organization is open to cooperation with everyone and to help solve the world’s growing energy and food problems,” noting that 90% of Russian food exports go to Asia, Africa and Latin America

He added that “Moscow is ready to give 300,000 tons of Russian fertilizers accumulated in European ports free of charge to developing countries,” calling on the United Nations to influence the European Commission’s decision “to lift restrictions against developing countries, to ensure that Russian fertilizers reach these markets

The Russian President revealed the intention of the Shanghai Organization to “grant Egypt, Qatar, the Emirates, Kuwait and Bahrain the status of a dialogue partner,” explaining that “the reputation of the Shanghai Cooperation Organization is increasing, and it is one of the largest international organizations   LINK

Iraq tops the list of oil suppliers to India within a month

15th September, 2022

Data from industrial and commercial sources showed that Iraq retained the first place in the list of oil suppliers to India last August, while it came in second place, according to data published by “Reuters”.

According to the data, 863,950 barrels per day of crude were shipped from Saudi Arabia to India, the third largest importer and consumer of oil in the world, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 barrels per day.

Despite the rise of Saudi Arabia, the share of oil from the Organization of Petroleum Exporting Countries (OPEC) to India fell to 59.8%, the lowest level in at least 16 years as India cut imports from Africa.

India became the second largest buyer of Russian oil after China, after others reduced their purchases following Moscow’s invasion of Ukraine in late February.

New Delhi has not publicly criticized Moscow for its “special military operation” in Ukraine. Prime Minister Narendra Modi is scheduled to meet with Russian President Vladimir Putin on Friday on the sidelines of the summit of the Shanghai Cooperation Organization, a regional security organization.

India’s monthly imports of Russian oil continue to decline after hitting a record in June, as Moscow reduced the cuts offered on its oil.

Also in August, the UAE remained India’s fourth largest oil supplier, while Kazakhstan displaced Kuwait to become fifth.  LINK

Lebanon’s banks close their doors after an unprecedented wave of incursions

09/16/2022 14:17:17

Lebanese banks decided, on Friday, to close their doors, after a wave of attacks by depositors wishing to extract their savings.

Two bankers told Reuters news agency that Lebanese banks would be closed. For three days next week due to security concerns amid an increase in attacks by depositors.

A member of the Association of Banks, Tanal Sabah, explained that an emergency meeting was held against the background of the intrusions into banks by depositors. He said that the banks will not open their doors, Monday, while he has not yet determined conclusively the length of time during which the banks may remain closed.

Sabah said: “Until things settle down, we don’t know the time yet, but until this chaos is controlled, whose effects are no longer confined to banks only, we are looking into the possibility of moving on the streets,” referring to the association members’ fear for their personal safety. 

Today, Friday, Lebanon witnessed the storming of at least 6 banks in different parts of the country, amid reports of multiple other attacks. 

In Ghazieh, in the south of the country, a man carrying a weapon broke into the “Byblos” bank and poured gasoline into the branch, threatening to burn it, as he was seeking to obtain his frozen savings. The man got about $ 19,000, gave it to someone, and then turned himself in to the security forces.

Reuters quoted a security source as saying that the weapon he had was believed to be a toy. 

In a second similar incident a few hours later, another gunman took hostages inside the BLOM Bank (Blom) New Road branch in the capital, Beirut, where he was also aiming to get his money. LINK

Lebanese Finance Minister: Inflation rates exceeded 100%

16th September, 2022

The Minister of Finance in the Lebanese caretaker government, Youssef Al-Khalil, announced that the inflation rates in the country exceeded 100%, expecting that the year 2023 will be the pioneering year for structural reform in Lebanon

During the general parliamentary session to approve the 2022 budget, Al-Khalil said: “Inflation rates exceeded 100%, and we suffer from economic stagnation for more than 4 years. On this basis, this emergency budget came to correct the impact of distortions resulting from successive crises

He stressed that “the budget must be attached to reform steps,” noting that “the deterioration of the exchange rate and its plurality, the public finances incurred significant losses in terms of revenues, which fell from 22% as an average pre-crisis rate, to 10% of GDP in 2021, while The internal revenues remain the most prominent source of financing expenditures due to the inability to resort to the financial markets after failing to pay the dues to the creditors

He pointed out that “in light of the deterioration of the exchange rate as well and with the shrinking of the available financing possibilities, public spending declined from about 30% during 2018-2019 to 12% of GDP in 2021, the primary spending, i.e. spending outside debt service, including salaries, wages and expenses, declined. operational rates from 20% before successive crises to 9% of GDP in 2021, which negatively affected the productivity of work in public administrations and their ability to meet the needs of citizens and secure public services in the most appropriate manner

He added, “More than eight months have passed since the year 2022 and the budget has not been approved, and therefore the imports that were expected in the draft budget for the year 2022 will not be received in full due to the failure to activate the corrective measures desired in the budget articles,” stressing that “the unification of the exchange rate at the level of the economy.” Overall, it is the pillar of the recovery and stability policy, and the adoption of close exchange rates, in terms of revenue collection and spending, in this context and ensures the control of the fiscal deficit  LINK

Russia And China Conduct Joint Patrols In The Pacific

15th September, 2022

The Russian Defense Ministry announced, on Thursday, that the Russian Navy and its Chinese counterpart are conducting joint patrols in the Pacific Ocean.

A statement by the ministry on the Telegram application said that the two sides are carrying out joint tactical maneuvers and military exercises that include the use of artillery and helicopters.

She added that “the tasks of the patrols include strengthening maritime cooperation between Russia and China, supporting peace and stability in the Asia-Pacific region, monitoring the coasts and protecting Russian and Chinese maritime economic sites.”  LINK

The “Buna” Platform For Arab Payments Holds The Thirty-Sixth Interactive Workshop Remotely To Share The Most Important Achievements And Developments During The Recent Period

16th September, 2022

The workshop hosts leading banks from the United Arab Emirates and the Kingdom of Saudi Arabia

A wide presence that includes more than 200 participants from representatives of central banks, regional and global financial and banking institutions

Abu Dhabi, September 15, 2022: Today, the Buna platform (the payment system operated by the Arab Payments Clearing and Settlement Corporation, owned by the Arab Monetary Fund) is holding a “remote” workshop to share the most important achievements and developments during the recent period.

The workshop program includes a dialogue with officials from both Abu Dhabi Commercial Bank from the United Arab Emirates and the Arab National Bank from the Kingdom of Saudi Arabia to share their practical experience in using the platform to implement cross-border payments. The workshop also includes briefing the participants on a number of important topics about what the platform has achieved in the technical and regulatory fields and the progress in the field of joining banks and their practical use of the platform.

The workshop hosts more than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and beyond.

On this occasion, Mr. Mahdi Manea, CEO of the Corporation, said: “We continue to show progress on several levels and based on four main pillars for Bani which are the satisfaction of the platform users from participating banks, operational and technical flexibility, our compliance with regulatory standards and international principles, and our ability to the sustainability of our business, and I am happy today that we are in a position to share tangible achievements on all these levels during this edition of the monthly workshops.”

He added: “Buna is not just another option to implement payments, but rather represents a transformative solution to improve the effectiveness of all current and future payment options, by enabling banks in the Arab region and the world to provide real value to their institutional and individual customers in the form of flexible and effective cross-border payment solutions for various types of use. In multiple currencies, securely, reliably and in line with international best practices.”  LINK

Source: Dinar Recaps


Samson » September 16th, 2022

Al-Kazemi’s advisor: The foreign exchange reserve represents real monetary stability for the country

15th September, 2022

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, considered that the rise in foreign exchange reserves is a real monetary stability for the country.

Saleh said, “All indicators confirm today that the country’s foreign exchange reserves, which amounted to about $85 billion, including gold, are at a high level of efficiency and represent real monetary stability for the country.”

Saleh added, in a statement to “Nina” news agency, and followed by “Economy News”, that “these reserves are managed according to the internationally approved standard investment guides and in the various main existing currencies, and they are invested in the best international financial instruments with a high credit rating and low risks, and it is one of the actions of the country’s foreign monetary policy.” LINK

Source: Dinar Recaps

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