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Still number one story on Iraqi Dinar news search.
http://www.zawya.com/story.cfm/sidZW20100315000097/Iraq%20Ctrl%20Bank%20Plans%20To%20Rebase%20Dinar;%20No%20Time%20Fixed%20Yet
If the rebase decision is taken it means a current 25,000 Iraqi dinar banknote will become IQD25, and a dollar will equal only 1.17 dinars.
Not the kind of news I was looking for but it does peak my interest. The article if you noticed was a bit vague and brief.
Keep in mind that in no way is the IQD a get rich quick scheme. This is the longest of the longs. Any "major" jumps in value won't happen for several years.
IMO It's going to require ME and MY counterparts to be sent home from Iraq. Iraq will then have to stabelize it's government and infrastructure. After that takes place (if not before) then it must produce. It doesn't do much good to sign deals with major oil companies if they can't stay alive long enough to get the oil to market. It also doesn't make much sense to pump it into a corrupt bottomless pit. There's a lot of work to be done.
I see way too many people over here and back home salivating over the possibilites. It's good to dream yes, but at what cost. Never spend more than you are willing to lose!
IMO
GLTY
The election buzz has begun. I'm looking forward to seeing the effect it will have on the Dinar. This could go either way. If it dips I'll load up. If it upticks I'll start to smile an uptick or two. Although a major increase is unlikely for a few years it's still a good time to get in!
Reports
Monetary policy to delete the zeros of the Iraqi currency
02/02/2010
Mohammad Karim
Iraqi Central Bank is working on a strategy to delete the zeroes of the Iraqi currency in and out of their face value while maintaining the values of cash and purchasing power.
Central Bank of Iraq adviser to the appearance of Mohammed Salih said that this year will witness the launch of this strategy, stressing that the bank has completed 50% of the preparations that are working on since 2005.
Salih said the strategy was based on the principle of gradual substitution of the Iraqi currency with another is lower than in the nominal value, and pointed out that the positives of this strategy is that it will be less expensive and easier to trade.
For his part, sees Dr. Hilal Al-Tahan, that the application of such a strategy will not cause economic turmoil, or damage to the local market at the present time, while the economic analyst is willing to find satisfaction ????? that the timing of the launch of this strategy is not appropriate, noting that the country's economy must be in a position of strength before the application of such changes.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.iraqhurr.org%2Fauthor%2F20785.html
has their been any news of the dinars going up in value any time soon?
Deputies from the Kurdistan Alliance claiming the government to wait to sign oil contracts
By SR By SR
Published 13.7.2008, 14:18 Published 13.7.2008, 14:18
نيوزماتيك/ أربيل Uzmatik / Erbil
دعا عدد من نواب البرلمان العراقي عن قائمة التحالف الكردستاني، الحكومة العراقية إلى التريث في توقيع عقود نفطية جديدة، لحين صدور قانون النفط والغاز الاتحادي، من قبل مجلس النواب لتجنب المشاكل والثغرات في العقود. Some deputies from the list of Iraqi Kurdistan Alliance, the Iraqi government to wait to sign new oil contracts, pending the issuance of the law on federal oil and gas, by the Chamber of Deputies to avoid problems and loopholes in the contracts.
وقال النائب محمود عثمان إن "العقود التي تريد وزارة النفط توقيعها لن تكون قانونية تماما، لعدم وجود إطار قانوني أو مجلس اتحادي للنفط والغاز، ليدرس العقود ويرى ملائمتها للمعايير المتعارف عليها". The deputy said Mahmoud Othman said that "contracts, which wants the Ministry of Oil signed will not be perfectly legal, there is no legal framework or the federal oil and gas, to examine the contracts and finds relevance to generally accepted standards."
وأضاف عثمان في حديث لـ"نيوزماتيك"، أن "من الأفضل الانتظار لحين سن قانون النفط والغاز وتشكيل المجلس الاتحادي للنفط والغاز وشركة النفط الوطنية، لتكون هناك أسس قانونية لإبرام العقود". Uthman added in an interview with "Uzmatik", that "it is better to wait until the enactment of the oil and gas and formation of the Federal Council of oil and gas and oil company, to be no legal grounds for concluding contracts."
وأشار النائب الكردي إلى "وجود جهود سياسية تبذل من قبل الحكومة العراقية وحكومة إقليم كردستان لحل الإشكالات حول قانون النفط والغاز وعقود إقليم كردستان"، مبينا أنه "إذا لم تثمر الجهود السياسية في معالجة مشكلة عقود كردستان، فإن الأمر سيحال للمحكمة الدستورية للنظر في دستوريتها". The Kurdish deputy pointed out that the "political efforts being made by the Iraqi government and Kurdistan Regional Government to solve problems on the law of oil and gas contracts and the Kurdistan region," noting that "if political efforts did not bear fruit in decades to address the problem of Kurdistan, it will be forwarded to the Constitutional Court to consider the constitutionality" .
وأعرب عثمان عن اعتقاده "بشرعية عقود نفط كردستان، لان النفط والغاز ليس من الصلاحيات الحصرية للمركز في الدستور، وهناك حق للأقاليم في إبرام العقود". He Osman expressed his belief "the legitimacy of the Kurdistan oil contracts, because oil and gas is not the exclusive powers of the Centre in the Constitution, and there is a right of provinces to conclude contracts."
وكانت وزارة النفط العراقية قد أعلنت مؤخرا عن نيتها التفاوض مع عدد من الشركات الأجنبية لتوقيع عقود خدمة فنية وإسناد وشراكة لتطوير بعض الحقول النفطية. It was the Iraqi Oil Ministry had recently announced its intention to negotiate with a number of foreign companies to sign contracts and assigning a technical service and partnership to develop some oil fields.
أما المتحدث باسم قائمة التحالف الكردستاني في مجلس النواب العراقي فرياد الرواندوزي فقال إن "موضوع العقود النفطية ما زال مجرد حديث ولم يدخل مرحلة التنفيذ بعد". The spokesman for the Kurdistan Alliance list in the House of Representatives Iraqi pioneering Rawanduz, said "The issue of oil contracts is still just talk did not enter the implementation stage yet."
وأعرب الرواندوزي في حديث لـ"نيوزماتيك" عن اعتقاده بأن "الحكومة المركزية تريد أن تستعد وتهيئ الأجواء لتوقيع العقود، لكن ذلك سيكون بعد صدور قانون النفط والغاز وتشكيل المجلس الاتحادي للنفط والغاز وهو المفضل". He Rawanduz in an interview with "Uzmatik" expressed his belief that "the central government wants to create an atmosphere and is preparing to sign contracts, but this will be after the issuance of the law of oil and gas and formation of the Federal Council of oil and gas is preferred."
واستبعد النائب الكردي أن يصدر قانون النفط من مجلس النواب في الدورة التشريعية الحالية، وتوقع أن "تجري مناقشة القانون في الدورة المقبلة التي ستبدأ الخريف المقبل، في حال أزيلت العوائق الموجودة حاليا بوجه الاتفاق على صيغة محددة للقانون". He dismissed the Kurdish deputy to issue the law of oil from the House of Representatives in the current legislative session, and the expectation that "the law is being discussed at the next session which will begin next fall, if removed barriers existing in agreement on specific wording of the law."
ورأى رئيس لجنة النفط والغاز في مجلس النواب العراقي علي بلو أن "قطاع النفط العراقي بحاجة ماسة إلى التطوير، وتأخر ذلك يلحق ضررا بالاقتصاد العراقي، وهو ما يستدعي توقيع بعض العقود مع الشركات"، إلا أنه اشترط "أن تكون مدروسة بعناية ويجري اطلاع البرلمان على تفاصيلها". The Chairman of the Committee on the oil and gas in the House of Representatives Iraqi Blue, "the Iraqi oil sector in dire need of development, delayed damage to the Iraqi economy, which requires signing some contracts with companies," he stipulated "to be studied carefully and being informed by Parliament Details. "
وتابع عضو قائمة التحالف الكردستاني "نسمع بأن نوعية العقود التي تريد وزارة النفط العراقية توقيعها ستلحق ضررا بالاقتصاد العراقي على المدى البعيد، ولا ادري من سيتحمل الخسارة، لذا نفضل أن يصدر القانون حتى نتجنب أية مشاكل أو ثغرات في توقيع العقود". He continued, a member of the Kurdish Alliance List "to hear that the quality of the contracts that you want the Iraqi Oil Ministry signed the detriment of the Iraqi economy in the long run, I do not know of the loss will have to bear, so we prefer to pass the law in order to avoid any problems or gaps in signing contracts."
وأعربت النائبة رابحة حمد عبد الله في حديث لـ"نيوزماتيك"، عن تأييدها "لصدور قانون النفط والغاز الجديد، ومن ثم توقيع العقود مع الشركات"، لكنها في الوقت نفسه تأسف لان هناك تأخيرا في "الاتفاق على إرسال القانون إلى البرلمان لدراسته"، ثم تساءلت عبد الله "هل يمكن أن يؤجل تطوير البلد وتحسين حياة الناس لوقت غير معروف، بسبب عدم الاتفاق على قانون النفط". Her winning MP Hamad Abdullah in an interview with "Uzmatik," expressed support "for the issuance of the law the new oil and gas, and then sign contracts with companies," but at the same time regretting that there are delays in "the agreement to send the law to parliament for consideration," then Abdullah asked, "Can postpone the development of the country and improve people's lives for a time unknown, due to a disagreement over the oil law."
واختتمت عبد الله حديثها بالقول أن "على الجميع إبداء اهتمام بالغ بالموضوع، سواء بتسريع وتيرة الاتفاق على نسخة من القانون، أو بحث توقيع عقود بشرط أن تكون غير مخالفة للدستور وأن تكون شفافة ويجري اطلاع الشعب عليها". Abdullah concluded her speech by saying that "everyone show keen interest in the topic, whether to accelerate the pace of agreement on a copy of the law, or research sign contracts provided that they are not in violation of the Constitution should be transparent and being informed by the people."
يذكر أن مجلس الوزراء العراقي كان قد صادق بالإجماع مطلع شهر شباط من عام 2007 على قانون النفط والغاز، لكن التحالف الكردستاني اعترض على القانون بعد إجراء مجلس شورى الدولة تعديلات على بعض فقراته، التي اعتبرها التحالف الكردستاني غير دستورية، كما أدى احتواء القانون على بنود تسمح للإقليم والمحافظات غير المرتبطة بإقليم، بتوقيع عقود استثمار نفطية دون الرجوع إلى المركز، إلى رفض الكتل السياسية الأخرى في البرلمان العراقي الذي اعتبرته خطوة لتقسيم العراق. It is noteworthy that the Iraqi cabinet had unanimously endorsed the beginning of the month of February in 2007 to the Law on oil and gas, but the Kurdistan Alliance objected to the law after the state council amendments to some paragraphs, which was deemed unconstitutional Kurdistan Alliance, has also contain clauses allowing law Of the province and provincial-related province, have signed contracts for investment of oil without reference to the centre, to reject the other political blocs in the Iraqi Parliament, which viewed it as a step to partition Iraq.
In two months the Iraqi Dinar will go international???
POSTED BY BAMBABOO>>>>>
I don't make it a habit to post in the speculation section, but I found a curious comment on another forum (not a dinar forum) that I found interesting. The poster was listing all the good things that have taken place since the surge. He listed fact after fact then made the dinar comment like it was fact also. I thought I would post it to get thoughts on it. Again bear in mind this did not come from a dinar site, his post was more for congratulating Bush for the surge success, on an election forum. He is so informed about Iraqi news it does make me wonder if he is a dinar holder though.
By: Darkrepublican
Since the surge has taken place all sorts of good things have happened in Iraq.. The United Arab Emirates have forgiven 7 ½ billion dollars of Iraqi debt. This is a huge development. Not only do the seven sovereign countries of the UAE acknowledge Iraq as a country on the way of healing but forgiving this debt is like giving the country a loan. The Iraqi government is up and running more efficient than the Democrats running our Congress. On top of moving to transfer the oil wealth to its citizens in a program that rivals how the State of Alaska distributes its wealth, it has proposed to use its oil wealth to send 10,000 high school students to study abroad. This is how the tiny country of Great Britain controlled the whole world at one time. Candidates will be selected by their grades not by sect. This is huge as it points to a situation that will be ruled by progress instead of family position.
Last week the Iraqi Prime Minister proclaimed that terrorism has been defeated. The number of foreign fighters killed of captured have dwindled down from 120 per month to just 20. The Iraqi citizenry, feeling comfortable with their army, is leading their soldiers to the bad guys. The Bagdad Airport has purchased four new Boeing 747 jets to revive a cornerstone of their economy that was the jewel of the Arab world. The last of the 550 metric tons of yellowcake uranium purchased from Africa to form the crust of the nuclear program under Saddam has been transferred to the Savannah River plant for safekeeping. From there the uranium will be sold to Canada to make electricity…Three U.S. brigades have been released because of the reduced violence. 15 of the 18 Benchmarks have been met. The Iraqi government has put in an order of 1.8 billion dollars of weapons from factories in the United States. The Iraqi government has issued no bid contracts to Exxon, Chevron, BP and Shell to upgrade their oil fields with a target to raise their production from 2.5 mil bbl to 4.5 mil bbl. Because of the high price of oil the Iraqi government has put in huge orders of durable goods from American companies and has promised to help us by not only increasing the oil on the international markets, but to dispatch direct shipments to us, bringing down the price. In two months the Iraqi Dinar will go international competing with the Euro, Yen, and other currency, credit cards and personal checks are to be issued as electronic money transfers take hold. The Iraqi stock market up since last year is offering it stock to its citizens and personal investments have increased…..
The disappearance of 300 million dinars the University of Mosul
The disappearance of 300 million dinars, the University of Mosul, the explosion of a patrol of the multinational forces
16/07/2008
Unidentified gunmen attacked a building of the Faculty of Administration and Economy at the University of Mosul, and stole more than 300 million Iraqi dinars from the treasury college before running away.
A source from the University of Mosul asked to remain anonymous, reported that unknown armed men who robbed last night, evening the building of the Faculty of Administration and Economy at the University of Mosul, and beat two guards and broke the college safe containing the salaries of college professors and employees of the College, and stole more than 300 million Iraqi dinars .
The spokesman added that the fight against terrorism and Iraqi police surrounded the college and some associate detained for investigation and know the circumstances of the incident. It is worth mentioning that the University of Mosul under heavy guard by the guards (FPS), and surrounded by high walls interspersed with five gates Chairperson of the entry and exit of students and associate members, experienced in the past few days a number of security incidents and assassinations affected some students and university professors.
Arabic...
http://www.burathanews.com/news_article_45833.html
check out the last sentence....hmmmmm
An economic expert: The coming period will witness a greater investment in securities
--------------------------------------------------------------------------------
BAGHDAD / Hussein Hashem
Said Yahya Al expert in securities that invest in securities in place in Iraq for a long time .. But today directed the State Economic there will be investment in the securities sector wider than before, because we believe there are many companies willing to contribute and do this activity in the area of investment securities from here, there was a need to establish a consortium of investors, whether individuals or companies, investment .. And then began a series of specialists to establish the Union of investors in securities sponsor of the works in the area of investment in this area ..
The main objectives of the Union in protecting members and preserve the value of the shares and avoiding losses of national wealth may be obtained in future stock market. And reducing the effects of speculators, including creating economic crises in the market as well as reducing the effects of the mediators, emergency and expand market activity in the area of securities dealings to include the expansion of the Iraqi and attract foreign investors .. It is then upgraded the stock market performance levels in Iraq to the world market ..
-- How can we promote a culture of the bourse in Iraq and what is their role in supporting the national economy?
* Governing Council put in front of the Russian plan of cooperation and coordination with all relevant local and foreign countries to benefit from their experiences and develop training courses and rehabilitation to improve understanding of fixed assets investment activity ... As one of the joints economy task to attract the national economy and I think this part of a continuing need to educate and inform the investors of all developments in this area .. And the Constituent Assembly a plan the event begins to complete the legal requirements of incorporation we will start to communicate with non-governmental civil third Arab and international levels. Our goals are determined in the field of securities may meet exclusively with our unions in a particular area and there will be cooperation for the economic advancement of the process. We also have cooperation with the specialized associations such as the Iraqi businessmen and the Federation of Iraqi Chambers of Commerce and the Federation of Iraqi Industries and other unions and economic organizations in Iraq to protect investors in securities. The first objective is to give real value of shares traded in the market ..
http://www.almadapaper.com/paper.php...page&sid=46770
An economic expert: The coming period will witness a greater investment in securities
--------------------------------------------------------------------------------
BAGHDAD / Hussein Hashem
Said Yahya Al expert in securities that invest in securities in place in Iraq for a long time .. But today directed the State Economic there will be investment in the securities sector wider than before, because we believe there are many companies willing to contribute and do this activity in the area of investment securities from here, there was a need to establish a consortium of investors, whether individuals or companies, investment .. And then began a series of specialists to establish the Union of investors in securities sponsor of the works in the area of investment in this area ..
The main objectives of the Union in protecting members and preserve the value of the shares and avoiding losses of national wealth may be obtained in future stock market. And reducing the effects of speculators, including creating economic crises in the market as well as reducing the effects of the mediators, emergency and expand market activity in the area of securities dealings to include the expansion of the Iraqi and attract foreign investors .. It is then upgraded the stock market performance levels in Iraq to the world market ..
-- How can we promote a culture of the bourse in Iraq and what is their role in supporting the national economy?
* Governing Council put in front of the Russian plan of cooperation and coordination with all relevant local and foreign countries to benefit from their experiences and develop training courses and rehabilitation to improve understanding of fixed assets investment activity ... As one of the joints economy task to attract the national economy and I think this part of a continuing need to educate and inform the investors of all developments in this area .. And the Constituent Assembly a plan the event begins to complete the legal requirements of incorporation we will start to communicate with non-governmental civil third Arab and international levels. Our goals are determined in the field of securities may meet exclusively with our unions in a particular area and there will be cooperation for the economic advancement of the process. We also have cooperation with the specialized associations such as the Iraqi businessmen and the Federation of Iraqi Chambers of Commerce and the Federation of Iraqi Industries and other unions and economic organizations in Iraq to protect investors in securities. The first objective is to give real value of shares traded in the market ..
http://www.almadapaper.com/paper.php...page&sid=46770
Iraq's Kurds to make Baghdad new offer on oil law
--------------------------------------------------------------------------------
Iraq's Kurds to make Baghdad new offer on oil law
DUBAI, June 3 - Iraq's Kurdish regional government will make fresh proposals to Baghdad in two weeks to iron out differences over the federal oil law, the region's prime minister said on Tuesday.
Disputes between the largely autonomous northern region of Kurdistan and Baghdad have delayed the law for over a year. Iraq needs billions of dollars to modernise the oil industry and raise output after decades of sanctions and war, but uncertainty over the law has stalled international investment.
"Very soon, about two weeks from now, we will start negotiations to finalise the agreement," Barzani told reporters at a news conference in Dubai.
The two sides will discuss a package of proposals covering the oil law, revenue sharing, the functions of the oil ministry and the national oil company, Barzani added.
"It is important for all of Iraq," he said. "Without that law oil companies cannot come into Iraq."
Earlier, the Kurdish region's top energy official Ashti Hawrami said he hoped Iraq's parliament would pass the law this year.
Barzani said he would also hold talks with the federal government over Baghdad's decision to halt oil exports to Austria's OMV and South Korea's SK Energy after the companies signed oil deals with the Kurdish region. Baghdad claims the deals were illegal.
"We don't think they have the right to stop these deals," Barzani said.
Baghdad controls Iraq's export pipelines, and until the Kurdish region reaches an agreement with the federal government it is unable to produce more oil.
The Kurdish region was ready to pump 150,000 barrels per day of oil, Barzani said. Actual output is just a few thousand bpd for the local market.
Norwegian producer DNO is producing from wells in the Kurdish region and has built a pipeline to hook up to Iraq's main northern export route to Turkey, but has yet to receive an export license from Baghdad.
Barzani said that the region was not exporting oil without Baghdad's consent. "We are not selling oil to anybody," he said.
The Kurdish region aims to raise output to 1 million bpd in around five years.
Iraq has the world's third largest oil reserves at around 115 billion barrels, although the country's deputy prime minister Barham Salih said in April reserves could be as much as 350 billion barrels.
Little exploration has been carried out in areas such as the Kurdish region. Hawrami estimated potential oil reserves in the region at around 45 billion barrels
http://malaysia.news.yahoo.com/rtrs/...w-955c2a1.html
CBI SITE DOWN---IQD -35 PIPS? IS THIS TRUE ???? LOOK AT THIS.....
http://www.wcrane.com/iraq/
Economic event: Economists call for the speedy establishment of the Fund generations
2:46 pm
BAGHDAD / long
Economists researchers called those responsible for expediting the founding generations fund, which was mentioned in the draft law of Iraqi oil and gas in order to work towards securing a share of oil wealth for future generations .. They pointed out in conversations that oil wealth is the wealth of everyone young and old and this requires the formation of investment funds manage this fund and invested in projects guaranteed, long-term. Finds a researcher at the Centre for Studies and Economic Research at the University of Baghdad, Amir Abdul Karim, these projects will be successful if a funeral Programme paves the ideal to start a fund through generations based on data reported that economic returns of these projects oil revenues exceeded the same in other States.
He says that the idea of fund future generations a good idea as it would be a solid base can be relied upon in time of economic crisis but the process must be very precise establishment of the fund through a Preview of the structures which will consist of all of them in addition to the establishment of committees affiliated operate under the management of specialized high Because it represents a base on which the entire project as well as material resources which I believe that the fiscal surplus enjoyed by provided by Iraq. He stressed the need to eliminate the administrative and financial corruption to ensure greater financial resources for future generations.
Abdul Karim pointed out that the state can also invest the fund to buy shares of major international companies and encouraging foreign investment and provide substantial funds to the Fund.
He continued, it is necessary to look at the experiences of other countries in this area where Russia had established four years ago stabilization fund, who devoted primarily to save money resulting from the increase in oil prices and not included in the general budget to make available to future generations in anticipation of the depletion of oil wealth. He asked government agencies in the composition of the investment funds administered by the Fund and its investment in strategic projects guaranteed.
For its part, noted professor of economics at the Faculty of Administration and Economy at Mustansiriyah University Inas unitary that natural resources regardless of their size, they impose on the government save some resources now available to meet the needs of future requirements. And say that I agree with everyone in Iraq and the enormous wealth but there is no unanimity on that wealth can To maintain the same level, which is not pessimistic, but the economic base has shown that traffic can be measured pace to achieve success and that savings is the basis of happy life. Adds must be the amount allocated to the fund from surplus budget of the State Assembly, and I think it is very difficult to determine the percentage of Certain allocated to this fund is speculative, but the amount must be calculated accurately privatization after a specialized economic studies conducted in this area, but should not overlook the development of human resources that need to kind of development, and capacity utilization. Led to the idea of future generations fund raised in the draft law of oil and gas without the see the light of day until now, a reserve designed to repel the forces working against the wall of future crises in the state's resources or in the case of oil revenues decline as it is applied in some Arab and foreign countries. Stressing it clear that the Fund's simply a place where the spare funds, but rather learn from the experiences of a global pioneer in the management of investment funds in projects generate financial returns. As Dr. Nabil al-Saidi says that a good idea as it works to serve the citizens for a long period of time, where the Fund on a scientific basis The idea clearly defined to avoid confusion in the process of development, and therefore must be a fund based on solid ground services in the future to overcome any obstacles or impediments This is the first stage, but in theory into force must entrust this process to the government alone and in cooperation with the specialized banks. He added: The state living abundance in the economic rates of high oil prices which reached the state general budget of $ 70 billion, according to government spokesman on Skinner, and therefore we can use this abundance to serve such a fund. He explained that the post-phase idea is to build the construction phase, implementation and went on I think that the Ministry of Planning and Development Cooperation Fund can supervise the body through the development of the Fund to operate all their potential and their cadres to serve this idea. Saidi pointed out that it should be emphasized that this program is not a short-term It is a strategic programme for the coming years, the government should identify the amount of financial draw of the Fund annually to operate without a stable pace influenced by economic changes. It is noteworthy that the fund generations mentioned in writing in the draft law of oil and gas Iraqi funds help to ensure future generations to cope with living conditions.
http://www.almadapaper.com/paper.php?source=akbar&mlf=interpage&sid=46710
WHAT NEEDS TO BE DONE FOR $$$$$ RV $$$$$
Re: What is necessary for RV?
1) HCL
2) SOFA
3) Article 140
4) Old debt settlement
5) IMF sign off
6) M2 reduction
7) Inflation to "true" single digit
3.5MM barrels/day
9) Complete soveignty
10) Near complete reconciliation
11) Forex acceptance
12) WTO acceptance
13) Iraqi military and police control
14) Functioning parliment
15) All UN sanctions against the prior regime dropped
These should lead to:
1) Realistic monetary control
2) Huge Oil infastructure investment
3) 7.5mm barrels/day
4) Economic opportunity increasing for average Iraqi
5) Employment increases substantially
CBE: to deal in the sale or purchase of securities by the desire of banks
The Central Bank of Iraq that it will not deal in the future sale or purchase of securities by the desire of banks. An official source at the bank: "vulnerabilities were closed facilities and advances granted by the bank rather than solving the list of new facilities of lending and deposits adopted by the bank. He said:" We have entered Showing the legal reserve requirements may force the bank buys or sells according to the principle of competitive needs and purposes of monetary policy called open market operations. The source noted that the wording of the World previously served monetary policy tools in enhancing the ability of banks to manage liquidity short-term, continued: In terms of the bank monetary policy required to be evaluated according to variables, including the variety of intermediate curve returns.
http://www.almadapaper.com/paper.php?source=akbar&mlf=interpage&sid=46708
Maliki in a hurry, hhmmm......by Adster Today at 1:47 pm
English: Three documents of security agreement with US
Next
few hours seem decisive for many local issues, because its political
developments, as PM Noori Almaliki provides his candidates to fill
vacant ministries to Parliament today
while the political council of national security will hold emergency
session tomorrow to discuss three important documents about the
security agreement. After an important meeting of the executive council
(Presidency and PM) that held yesterday, Almaliki said that the meeting
discussed the ministrial candidates, under secretaries and ambassadors
issues.Presidency Devan's head, Naseer Ala'ni, disclosed that the
executive council discussed three documents about the security pact
with US and it include many ideas and options and keep to Iraq's
sovereignty and national interest
Most recent occurences---STILL ON TRACK !!!!!!!!!!!!
CBI site under maintenance
No auctions updated on their site since Thurs
Republic Day today, a public holiday
Cabinet reshuffle this week
Recess cut to 1 month
Marshall Plan 60 year anniversary this month
Election Law vote tomorrow
HCL supposedly to be passed before recess
Security improving, Al Qaeda rumoured to moving to other countries and being driven out of the North of Iraq
Negotiations between the US and Iraq are reaching a conclusion for a shorter term agreement that suits all parties
Maliki handing out money in the streets
Jabr stating 'We have a lot of money
outside the budget ... We have more money, but it is a secret," said
Solagh, adding that the 2009 budget was expected to range between 80
and 90 billion dollars.
"We have a strategic plan for the next three years. Iraq has a vision"
for its future, he stressed. "The ministry of planning has focused on
investments and we are focusing on executing the budget."
Shabibi stating 3 months ago: Dr.
Sinan Alshabibi Governor of the Central Bank exchange rate stability of
the Iraqi dinar against the dollar, and that the bank encourages
citizens to buy dinar and handling and keeping it
Where currencies began his confidence day by day and became keen on the
conduct of the dollar and the dinar rather buy it as it saw Amian
revealed dinar return to power, which led to the elimination of
inflation, which we suffer from in the past.
He said Alshabibi told the (morning) during his participation in the
Arab banking conference in 2008, held in Cairo under the slogan (the
role of banks in financing investment projects in Arabic) sponsored by
the Arab League, we
aspire in the near future to the return of Iraqi dinar to what it was
in the seventies and the beginning eighties against the dollar and
other foreign currencies and we are endeavouring and serious in this
regard, but added that this process is not easy and simple and depends
on the supply and demand of Iraqi dinars.
UAE forgiving debt of $7 billion
GOI handing out Dinars in the Streets!!!
Sat Jul 12, 2008 6:57 pm
http://news.yahoo.com/s/ap/20080712/ap_on_re_mi_ea/iraq_money_as_weapon;_ylt=AsiaKdjqFV6vkMEndnbSj_YUewgF
BAGHDAD - It is a politician's dream: Handing out cold, hard cash to people on the street as they plead for help. Iraq's prime minister has been doing just that in recent weeks, doling out Iraqi dinars as an aide trails behind, keeping a tally.
The handouts by Prime Minister Nouri al-Maliki and a handful of other top officials are authorized — as long as each goes no higher than about $8,000, and the same people don't get them twice. Aides say they are meant merely to ease the pain a bit, and are motivated by a belief that better conditions will lead to more security.
The cash handouts are just one small — if eye-catching — part of a major investment push this summer by Iraq's government. The aim is to rebuild basic services and jumpstart Iraq's damaged economy by quickly distributing as much of the country's glut of oil revenue as possible.
U.S. officials and a fed-up American public are urging exactly that — for Iraq to spend its own money, not America's, to rebuild the country now that violence has eased.
Yet the new Iraqi effort runs a high risk of failure: The government is disorganized, fears of favoritism remain and the shadow of corruption haunts every step.
"Money is not a problem," al-Maliki told a recent gathering of tribal chiefs in the southern city of Basra, after government forces had defeated Shiite extremists there. "But we must put it in honest hands to spend..."
Controversial draft law on Iraqi oil and gas
Fri Jul 11, 2008 3:09 am
Controversial draft law on Iraqi oil and gas
The seminar: Mohamed Abdel-Azim
Guest seminar: Ali Hassan Blue / Chairman of the Committee on the oil and gas in Iraqi parliament
The scene / oil expert
Date Seminar: 6/7/2008
The draft law of oil and gas new and planned endorsement after endorsement of the Parliament over the items, the difference mainly on the three supplements that have detailed regulations for the Law of the oil, gas and came to focus on The issue of investments that will be given to foreign firms and the issue of private Kurdistan Regional Government of Iraq to grant this kind of investment and signing oil contracts without reference to the central government in Baghdad, but the main obstacle that stands in the way of exporting oil from the Kurdistan region is the work of transporting oil as the sole access Of the oil region is the Turkish port of Ceyhan, which makes the administration of the territory under Turkish pressure no agreement yet on the descent to be submitted by Baghdad to the Government of the Territory of oil revenues, is still ongoing controversy between the parties about the eligibility of each contract in the oil deals in private, and there are dissenting opinions believes that the timing was not the law serves the interests of Iraqis, especially as the country is suffering Under the weight of the occupation, which controls the joints Iraqi economy. The increased concern at the grassroots level in Iraq following the decision of the Iraqi Oil Ministry to allow 41 foreign companies investing in six oil fields in various regions of Iraq under the pretext of lifting production rate to one and a half million barrels a day, the new law gives the right for foreign companies to invest in accordance with the profit-sharing system, production and achieve this As the economists say the interest of those companies at the expense of the interests of the countries and peoples.
After that we have highlighted on the latest developments on the law of oil and gas begin with you from Baghdad, Dr. Blue this law is more than a year in Iraqi parliament Of controversy and debate has not been ratified so far, why?
Ali Hussein I would like to clarify that the law of oil and gas had been received after the Iraqi parliament to debate until it was delayed while the law in the corridors of government and the Iraqi Oil Ministry so far has not received a copy Of the draft law certified by the cabinet so that we in the House of Representatives and discussed the Iraqi offer to a vote.
Abdel-Azim: How good Doctor talks if Iraqi Oil Minister to give contracts to certain companies for exploration and development? There are six companies assumed that there is now discussion and negotiations with them, how the negotiations take place and the law has not been originally presented to the parliament?
Ali Hussein Blue: the truth as I believe I'm in the 7 / 6 rule was oil minister in the Iraqi parliament at a special meeting of the Committee, we raised the oil and gas a detailed report on this subject and we hold the responsibility of the Government and Minister of Petroleum lack of seriousness in the completion of draft Law because the law there is almost a copy agreed since February 2007 but was disagreement on some points, including four appendices attached with the law, was supposed to be avoiding such contentious points as soon as possible because the country, Iraq urgently need this legislation law to regulate and develop oil fields and so can not conclude Decades without the presence of law and a model of contracts can be agreed upon beforehand by the House and by the Iraqi Commission on oil and gas in the House of Representatives of Iraq.
Abdel-Azim:Anyway, if this law was not presented to the parliament, it was reported in the media. I want to hear the opinion of Dr. Ali scene, Dr. what's the problem with this new law? There are many objections raised by a lot of controversy, what are the salient points contained in this Act, which was raised by the controversy?
Bismillahir Rahmanir Rahim, a matter of fact, Professor Abdel-Azim that the draft petroleum law was discussed as also the brother knows discussed before the House and I personally presented a paper at 17 pages in Dubai, to meet with the Chamber of Deputies with the executive government Pena our view that this draft where many obstacles and mines and requires Even examination Monday that the group of experts who put our colleagues on this draft Parings mean criticized the fact and asked for the removal of much of the material and can recall many of these articles of Article 2 and a 4 and Article 5 and Article 6 a b, 8 a, 8 and 9 T. Thus mean so much material that experts say Iraqis put their hands I recommend that this wealth depleted by the King of the Iraqis and I speak not fervent mind, but I hope that this consultation heard ruler and the ruled, treasure the nation's wealth among Iraqis now many possibilities now there is controversy there is no rule of non-parties ..
(Hashim): Dr. framers of this law said that the objective of this law is to attract large investments of money and will serve the country?
Ok these investments Many Hattha what I treasure exists in my country now found in Iraq mean the minor nominal Iraqis now in Iraqi funds, whether or existing international officials in the legislative and executive authority and I when he addressed representatives of the people are good when they bore the responsibility that these funds now invested in services In establishing security leave this treasure is now in order not to go and burn because they depleted the wealth of what we have a lot of money, but create the environment required for the disbursement of funds, which in their hands and not Sttbdhir this wealth and this wealth I speak on a friendly level Iraq and the level of Oil Exporting Countries but kept in the theatre When we say the Iraqi northern Iraq, say central Iraq and southern Iraq in order to increase the pockets of mercy for its people and for yourselves and wealth management because the wealth of human and natural wealth and then controlling spending ways are the objectives of the draft law, how to preserve this wealth? Now that I am recommending an oil knowledgeable in this matter and heard from in Iraq and outside Iraq who now hold the decision to use the power of wealth survey for the giant fields to conduct measurements on wells to provide petroleum products for the Iraqi people, leaving export-General of the money we have enough Iraqis , Use this word and deed, saying that oil is the property of Iraqis, Bush said, dismissing the Muslim Brotherhood, as they say in the Constitution and the House of Representatives and approved by God acetic Iraqis benefit from this ..
(Hashim): Dr. mean if allowed to hear the opinion of Dr. Blue at this point, Dr. listened to what Dr. scenery, the current government The new law would give foreign firms the right of the Iraqi funds?
work shop 2007 For what prefer Dr mean there was a seminar or work shop, as they say in Dubai in April 2007 on the draft law and was attended by a group of Iraqi experts and professionals to discuss the content of the draft law But the law did not come formally to the House of Representatives Iraqi Here I am responsible for the oil, gas and natural wealth in the Iraqi parliament say very clearly, we have not received an official copy ..
(Hashim): I mean, why wait until the government presents to parliament this law? Is waiting to be consensus and Parliament gives legitimacy only?
Ali Hussein waiting to resolve differences within the cabinet and the Ministry of Oil and not delay the bill in the House of Representatives and the Iraqi letter as my professor, Dr. take on the political side takes a more technical aspect of the draft Law and legislation in the field of law serves the oil because the Iraqi people without law and the entire oil and gas will probably be no misconduct or failure to set limits on the disposal of experts or politicians to behave in this great treasure, Iraq's economy, which depends more than 90% of it, so I say that the acceleration in Legislation Law of the oil and gas very necessary and delayed impact negatively on the Iraqi economy, we in the oil and gas legislation with the law as soon as possible not imagine delaying serve any person or any individual in Iraqi society.
Dr. Overall this law mean when a lot of points that he fears them Iraqis and experts that money goes to non-Iraqis Iraqis. We will complete more talk on this subject, but after that we stopped short, Dear viewers kept us after this short break.
Welcome Dear viewers once again with us in the Iraqi scene in this episode that we are talking about the law of oil and gas. Ensure the proposed text of the law of oil and gas several new articles raised the rancor of many experts and politicians Moscow Iraqis although as indicated by some of the fears that may be true in secret supplements that may be followed Adoption of this law. The urgency of follow some of the salient points in the law of oil and gas.
MP says KC gave thumbs down to oil & gas draft
Sun Jul 13, 2008 3:26 pm
BAGHDAD, July 13 (VOI) – An Iraqi legislator accused the Kurdistan Coalition (KC) of blocking the adoption of a draft law on oil & gas in the Iraqi Parliament, adding "this is a flagrant excess of the Iraqi Constitution."
"We believe that the KC is trying to delay the adoption of the draft law on oil & gas for the ensuing effect of rescinding the contracts concluded by the Kurdistan Regional Government with the foreign corporations, consequently causing great embarrassment for the autonomous KRG with those companies, let alone the immense financial loss," Abdul-Hadi al-Hassani, a lawmaker from the Shiite Unified Iraqi Coalition (UIC), told Aswat al-Iraq – Voices of Iraq – (VOI).
The oil & gas draft, still a bone of contention between the autonomous Kurdish and central governments particularly as far as conclusion of oil contracts was concerned, provides that the ownership of oil and gas belongs to all Iraqi people in all provinces and regions.
"If these contracts signed with foreign companies were repealed, the KRG would have issues with these companies, a matter that prompts the UIC to look forward to having politicians, including the Kurds, to broker a deal in the interest of the Iraqi economy," Hassani said.
The UIC is the largest bloc in the Iraqi Parliament with 83 out of a total 275 seats, followed by the KC with 55 seats.
"Article 39 of the oil & gas draft clearly stipulates that all oil contracts concluded prior to the adoption of the law shall be considered null and void," Hassani said.
The government of Iraqi Kurdistan region had signed 15 contracts with foreign corporations last year whereby it granted concessions to those companies plus tax exemptions, a step considered then by the central government as serious.
A political crisis popped up between the two sides. Baghdad's oil ministry then decided to deny all the companies that have signed these contracts with the KRG chances to invest in the rest of Iraqi areas.
The adoption of the oil & gas draft by the Iraqi parliament, approved by the government of Prime Minister Nouri al-Maliki and referred to parliament in July 2007, was postponed due to the opposition of many influential parliamentary and political powers.
The opposition argued that the draft law would grant unprecedented "concessions" to foreign investors in the construction of oil facilities and refineries as well as their investment for a period up to 50 years.
MP's demand oil law speed up of oil and gas law to House of Reps
Asked parliamentarians from different blocks for oil and gas committee in the House of Representatives to speed up the extradition of Parliament amended version of the draft law of oil and gas. Explaining that the draft presented to member contradiction with the constitutional texts in addition to that there are three copies submitted to Parliament to correspond with each other.
The deputy said Abbas Al-Bayati: There is a tendency to adopt the draft law of oil and gas that were raised in February last month and will be the foundation and will open to opinions and observations of the masses for their opinion on the creation of political consensus of all parliamentary blocs, adding that have been sent a copy of the Code of oil and gas to the state council The Board registration (13) points to this law, but these points rejected by some of the bloc must find a compromise that has been the law to be final and without taking observations from any bloc, pointing out that we are looking forward to initiate this law before the Constitutional holiday Because we were able to settle all contentious points, and we have no objection to the version presented at Chehrchaabat If put to the vote we will vote them.
For his part, member of the Committee of gas and oil MP Abdullah Iskandar Al-Juburi, there are three versions, including a proposed law department of the executive and a section of which it supplements and others are not, and supplements that are not adopting any copy so far there is no political consensus by the parliament blocs are , And there is a problem between the authority of the Kurdistan region and the current government on contracts and exceeded the powers, where've determined to stop all drafts to be amended after consensus from all the blocs, adding that after sending copy to the legal committee and then sent to parliament for debate and voting, saying that this Law concerns all the sons of the Iraqi people, as it defined that all companies are trying to obtain material profit and other concessions There is also a parliamentary bloc against this law and I think that if this law came formula participate in the contracts it will will not succeed.
Shows the deputy Noureddine life: that the draft law of oil and gas wrote in February 2007 and arrived copy of it to the House of Representatives unofficially, then signed a number of ministers but it has not been adopted, at the date of the third month of July last year we received a copy of the second This draft law, but without the four supplements have been challenged by the Commission on oil and gas, and X of the same month reached the third version, which supplements the four but they differ in terms of language and a certified copy No way. He added that the Commission on oil and gas have reservations about the latest version because it calls for providing Projects and laws among the four and one for study and report on a draft Law on the Ministry of Oil and bill of fiscal revenue and royalties that come from oil and the national oil bill and the bill of oil and gas as well as resolving differences between the central government and the Kurdistan Regional Government of Iraq on contracts entered into by the Government of the territory without coordinating with The Ministry of Oil and adopted by the contracts involved in production and this controversial among a large number of deputies and parliamentary blocs, pointing to the difficulty of this debate only after the four bills that have not submitted so far. Meanwhile, Abd El overlooking Nation: The law of oil and gas contains very important questions need to be a quick solution for example the issue of entry of investment companies and investment system would be a partnership based on the companies or services and development fields should be any short-term work is necessary to determine the duration of survival in Iraq and also the issue of the powers of the centre and regions and imports oil from his deputy, Abdul Hadi ABOLHASSANI: The oil and gas law is long overdue and discussed in the corridors of the House of Representatives for several times and the reason is because the current constitution is not clear in its terms to learn from the first authority owns Is the Federal Government or Governments of the Territories.
The MP Salim al-Juburi the absence of a draft special law of oil and gas could then stand to determine whether valid, adding that the parliament to shoulder any responsibility for this law, and the day when the government gives us one copy can identify points of agreement and disagreement but that it gives the government Three copies This is surprising, since all the deputies waiting for the version that will determine our positions and it was important to finish the points of the oil and gas to come back to this law
http://iraqmc.com/modules.php?name=News&file=article&sid=2032&mode=thread&order=0&thold=0
Disparate views of economists on a basket of currencies Iraqi
by Bambaboo on Fri Jul 11, 2008 2:33 am
Disparate views of economists on a "basket of currencies Iraqi"
Jul 8 2008 8:38 AM
Lighthouse / Voices of Iraq
At a time when Economists agreed on the importance of diversifying the basket of currencies of Iraq, the opinions varied on the mechanism and the time needed to be followed between waiting for the repair defect in the structure of the Iraqi economy, and the duty to take a quick decision so, another view is likely the futility of the whole matter. Manaf says goldsmith From the Institute of economic reform for the Independent News Agency (Voices of Iraq) that "a basket of currencies is the best solution to deal with the devaluation of the dollar against other currencies" explanation that it "will enable us to deal with the exchange rate of the dinar as the real value to him."
Afterthought but pointed out that "there are procedures that must be taken prior to a basket of currencies in the forefront of not adopting the economy on oil but on all economic activities so that all of one block."
The basket of currencies means that are selected group of currencies with average weights measure of value. The normally used in contracts as a way to avoid or minimize the risk of currency fluctuation. Goldsmith and finds that "Iraq must begin now translate the words of Prime Minister Nouri al-Maliki that in 2008 in reconstruction, so as to activate other economic sectors such as agriculture, industry and services"
He expressed his conviction that this would "activate these sectors to be an impact on the recruitment of gross national product of Iraq" indicating that "this can be achieved only through the support industries and agriculture in all its aspects, in addition to" support small primers. "
And that this support "will generate economic movement in the market and will give new tributaries," pointing out that "in case the interaction of all sectors .. then we disengagement dinar dollar."
Goldsmith promised "Iraq is made entirely on oil revenues and put it in the future fund or cash reserve, are not enough."
He said "we must give ourselves a chance until a year or two sectors to interact and Iraq due to an active regional and international level then say the link has been there and make a basket of currencies."
The Adviser to the Prime Minister Abdel Hussein Al-Anbuge was called to expedite that there will be a basket of currencies "on the grounds that this would flotation of the Iraqi dinar with the dollar for import case if other currencies"
He expressed his objection to talk about the dominance of the dollar on the Iraqi economy because "the dollar is not dominant in Iraq, but in all regions of the Middle East, a major task done."
He stressed that "this decision (the basket of currencies) requires time and effort, and it needs a decision by the Central Bank of Iraq because it is primarily responsible for this matter."
It is noteworthy that the last five years witnessed a continuous decline of the dollar against the various major international currencies such as euro, which is the second most important international currency after the dollar and the pound sterling and Japanese yen. And encourages the U.S. administration devaluation of the dollar in order to increase U.S. exports and reduce the trade balance deficit, which means reducing the escalating external indebtedness of the United States of America and on this basis, the phenomenon of decline in the dollar as a means intended to strengthen the competitiveness of American exports at the expense of exports of competition for foreign markets, especially European exports The Japanese and Chinese. The magnitude of the dollar trading around the world, amounting to about three trillion in the year one of the most important reasons that make any fluctuation in the rate of exchange, preferring to evaluate the rest of currencies, as reflected by any disturbance and fluctuation in the dollar exchange rate on prices of goods and services.
For his part, said economic researcher Hossam Osama out that "we should as a country that does not rely on only one coin, because the insistence and determination of the Central Bank to keep cash reserve of Iraqi thirty billion dollar only occurred in heavy losses"
Sam finds that it must "hasten also hastened the Gulf States and China, which maintains a reserve of up to about half a trillion and the diversification of the majority of their currencies"
He pointed out that Sam "The United States itself maintains currencies other than the currency comes from the factory inflation from the company General Motors in Korea and Japan."
He denied Sam told (Voices of Iraq) that "there will be no complicated procedures to diversify currencies, since anyone can now transfer any amount to any currency needed" and wondered "what prevents access to a basket of currencies of Iraq?"
He pointed out that "the rejection was coming from if monetary policy remains CBE can the House of Representatives and the government have decided that the usefulness of economic attached resolution, the process does not need to lift only one telephone stock exchanges to buy other currencies"
He concluded by saying "Whenever diversified basket of currencies of any country given more options in dealing with all economic countries."
Regarding the impact of fluctuations that occurred in the U.S. dollar exchange rate on the movement of import and export in Iraq says scientist's name Abdul Hadi, "The fluctuations that occur at the level of major currencies (dollar, euro) have a major impact on every country in the world in different proportions and this applies particularly to Iraq and that is Economic relations with the European countries dealing in euros and other states dealing in dollars. "
He told (Voices of Iraq) that "Iraq affected the global exchange rate fluctuations increased after the lifting of the siege, and his return to the international arena in view of the existing international economic relations through imports, exports and cash reserves to be maintained." Increased "in the last year of Iraq's reserves rose from 22 Billion dollars to about 30 billion dollars, and if we learned that "the euro exchange rate has risen by 10% during the same period, we will find out that Iraq's dollar reserves decreased the same percentage," adding that the scientist that this matter is "economic loss for Iraq, especially under the current circumstances and needs For every dollar to rebuild the Iraqi economy.
He added: "The trade volume between Iraq and EU countries rose to more than 40% during the last years of the total import while its exports increased to more than 20% "and added that" the size of the increase This in-interest of the Iraqi trade balance surplus that for the European Union and the deficit in relation to Iraq and if it continues, the euro exchange rate to rise and the dollar decline, the imports from EU countries of Iraq will go down in the future and turn to other destinations may be the Southeast Asian countries to compensate. "Confirmed Abdul Hadi that the best solution to compensate for these losses lies in the "diversification of reserves by Iraq, is now larger than they are to retain currently worth only four percent of the total reserves in euros," calling for "lift this ratio to 40% or more to keep abreast of developments in trends Iraqi trade "as well as the importance of" diversify investments to reduce losses occurring.
"The economic researcher Najem Aboud, referring to the" ineffectiveness of the basket of currencies of countries which is linked to its economy as a major oil export so as to link their exports in dollar. "He added, a researcher told (Voices of Iraq) that" This policy would be acceptable if the export diversification and thus enter the diversity implications. "He considered that" the problem of dependence on oil in the state budget is the main obstacle affecting the feasibility of the policy of the basket of currencies. "The reason for this" because we sell oil directly in dollars and then we Transforming it into other currencies such as euro, sterling or yen, which meant that the basket of currencies that there is only after passing on the dollar. "
The comprehensive study by the University of Qatar on inflation and the dollar linked currencies in the GCC countries, and exchange rate policy followed in those countries confirmed that the Gulf states do not need to link their currencies to the dollar break, but needs to be greater flexibility in dealing with the exchange rate. And the most prominent effects Implications of linking the economies of the Gulf States dollar study sees it is that United States policy towards its currency and economic interest to them may not be compatible with the economic situation that with the Gulf states, and the depreciation of the dollar against other currencies will exacerbate the problem of inflation, especially if topped Without currency-denominated imports dollar a large segment of the overall value of imports. Therefore put on the arena idea of a policy shift to a basket of currencies or to adhere consistently to link the local currency dollar, as it exists for the current situation in the Gulf states except Kuwait.
No agreement is expected to be signed with the current U.S. administration – Iraqi cabinet's spokesperson
by GottaDash Yesterday at 8:11 pm
BAGHDAD, July 14 (VOI) – The Iraqi cabinet's spokesperson on Monday expected that the long-term security agreement between Iraq and the U.S. would not be signed by the end of July 2008
He estimated that this issue would be postponed until a new U.S. president is sworn into the White House.
"There is a large possibility of postponing the signing of the long-term agreement between Iraq and the U.S., until a new U.S. administration is elected," Dr. Ali al-Dabbagh told Aswat al-Iraq - Voices of Iraq - (VOI).
"Both sides have not yet reached a final outline for the agreement's items," he said.
"The two countries delegations' involved in the negotiations for the agreement are still debating, yet there is no mutual agreement on the important items, such as timetabling the Multi National Forces' (MNF) withdrawal, how these forces operate in Iraq, and how operations are conducted by those forces in coordination with the Iraqi government," he added.
"Both teams aim at achieving the maximum benefits for their countries," he explained.
"The Iraqi team considers Iraq's sovereignty as a priority in the agreement's items, especially in the field of security," he clarified.
"The U.S. side in return stresses items that we may disagree with," he said.
"The Iraqi and U.S. delegations have disputed on the nature and time period required for the MNF to remain in Iraq," he added.
[size=15]"The U.S. side refers to a number of years, while the Iraqi side talks about short period and then depends on the abilities of Iraqi security forces," he noted.
"It is not important to sign the agreement on time (end of July 2008); the important things are the aims that the Iraqi government seeks to accomplish by signing this treaty with the U.S.," he asserted. [/size]
Nuri al-Maliki has promised to allocate the amount of one million dinars for each family displaced
by Kiny0625 on Sat Jul 12, 2008 9:24 am
Iraqi Economic News
by KCANBS Today at 4:10 am
Example al-Umma Party secretary-general of Iraq
(Voice of Iraq) - 12-07-2008
Example al-Umma Party secretary-general of Iraq:
BAGHDAD - Iraqi Information Nation Party
The deputy secretary-general example of al-Ummah Party that the State of the Iraqi Prime Minister Nuri al-Maliki has promised to allocate the amount of one million dinars for each family displaced and
added that this promise came during a visit by Deputy al-Premier of the
State late last week and confirmed the Prime Minister said that
security agencies would ensure the return of Wishing to protect their
homes and after return.
At the same al-MP revealed that the
Minister of Displacement and Migration had been blessed in a telephone
talk with the bold step of the return of displaced families from the
district justice and Hittin and green and red, and the university to
their homes and remove illegal occupants of their homes, and added the
Minister of Immigration and displaced people to turn that the ministry
will be handed each of the leaves The role of illegal occupants of the
rental grant for six months at (300) thousand dinars per month for the
purpose of arranging outside their houses in order for immigrants, some
of whom Estbdl Mazlumian others unjustly.
He thanked the
deputy al-wise steps undertaken by government agencies at the same time
stressing that the Iraqi Nation Party, which works with everyone for
the return of the displaced in turn supports the work to shoulder its
responsibilities in not to abandon both come voluntarily from the house
in which operated illegally from areas Justice and the university
district, Hittin and green and red and declares its readiness to assume
full file to ensure their return to their areas, which also abandoned
them.
The Secretary General of the Iraqi Nation Party to a
huge demonstration of motor vehicles will be launched across Baghdad
today to emphasize the need for the return of the displaced to their
areas, including displaced by sectarian and will participate in the
demonstration, the huge collection of large families displaced and
invited supporters of the party members and citizens stressing that he
would be at the forefront of the demonstrators involved in Campaign
return.
It is worth mentioning that hundreds of displaced
families in the neighborhood of Justice and the University has
demonstrated a month ago led by deputy al demonstrators have decided to
define a date for their return ends on 15 / 7 / 2008 day next Tuesday.
Iraqi Nation Party
The Information Office
12/8/2008
Iraq says petrodollars hold key to peace
By Jacques Charmelot AFP - Monday, July 14 03:42 pmBAGHDAD (AFP) - Finance Minister Bayan Jabr Solagh said on Monday that Iraq's booming oil wealth holds the key to peace and urged foreign investors to take part in huge projects planned by his war-ravaged country.
(Advertisement)
With state revenues quadrupled since the US-led invasion of 2003 and amid soaring world oil prices, "from my point of view, money is key to peace, it is the main key," Solagh said in an interview with AFP.
Iraq's oil revenues for 2008 are set to jump to more than 75 billion dollars, earmarked for running expenditure and development projects.
"It is the first year since 2003 that we have access to that kind of money," said the upbeat finance minister who boasted a vision for Iraq with a more prosperous and secure future.
The army of jobless needing money to feed their families has created a pool of recruits for Al-Qaeda insurgents or the ex-Baathists of toppled dictator Saddam Hussein, he cautioned.
But the government's aim was to "bring peace to Iraq" by creating jobs and rebuilding the country, said the minister in the Shiite-led government.
No official figures have been issued for unemployment in Iraq, a country of 26 million people, but it is estimated to affect half or more of the potential working population.
Solagh, who spoke in English, said the government has decided to set up a strategic fund, apart from the state's general budget and an additional finance law, to fund priority projects.
He invited "the French, the Europeans, the Americans to share in this project directly or indirectly through joint ventures" to build refineries, roads, railways, 15 ultra-modern hospitals and ports, and to purchase aircraft.
The 2008 state budget of 48.3 billion dollars has already been achieved in the first six months of the year, the minister said.
A supplementary budget of 21 billion dollars was set aside at the start of July to finance operations in the oil, electricity, security, public services and housing sectors.
Baghdad also plans to set aside five to 10 billion dollars for strategic projects.
Oil accounts for 93 percent of Iraq's revenues, with the 2008 budget calculated on the basis of a conservative estimate of 57 dollars a barrel for crude, in sharp contrast to last week's peak of more than 140 dollars.
"We have a lot of money outside the budget ... We have more money, but it is a secret," said Solagh, adding that the 2009 budget was expected to range between 80 and 90 billion dollars.
"We have a strategic plan for the next three years. Iraq has a vision" for its future, he stressed. "The ministry of planning has focused on investments and we are focusing on executing the budget."
The minister said Baghdad was committed to fighting corruption and to transparency. But "it is not easy and it will take time. I am not telling you that we will do it tomorrow," Solagh acknowledged.
"We have to go around the world and choose the most efficient process for public tenders," he said. "We are studying all the processes in the world and we will choose the best one."
The government has used its new wealth to shower its 18 provinces with allocations of between 100 and 150 million dollars for emergency programmes.
The funds are being poured in to meet urgent needs of local populations after security operations against insurgents, and aim "to show that after the security, there is something new," said the finance minister.
The Executive Board discussed the latest developments in the Iraqi arena
Office of Dr. Adel Abdamahdi
. The Executive Council met all its members, the era of today, Monday, 14-7-2008, at the residence of President Talabani in Baghdad to discuss the affairs hub in the country and access to a shared vision about the pressing issues in the Iraqi arena.
. During the meeting, and discuss the latest developments of the ongoing negotiations between Iraq and the United States of America on a strategic Convention between the two countries, and the positions of leaders united to this issue. و في تصريح صحفيالبرلمان". In a press statement of the President Office of the Presidency of the Republic Naseer Ani in this regard, he said: "There are three important papers examined at the meeting and there is an invitation for the meeting of the political council of national security next Wednesday for the purpose of discussing and what these papers contained by representatives of political blocs and other constituencies in order to be ready for presentation Parliament ".
المرشحين،الخارجية. As was discussed to provide the names of ministers, and ministers and ambassadors agents of candidates to the parliament for endorsement on them in light of the positive atmosphere witnessed by the political arena in the country and opening up drive in Iraq's foreign relations.
وتشهدها البلاد في المجال الأمني. And the leaders also discussed during the meeting, Iraq's economic policies and ways to develop the Iraqi economy in light of positive developments taking place in the country in the security sphere.
. And attended the meeting President Jalal Talabani and his two deputies, Dr. Adel Abdel Mahdi and Professor Tariq Hashimi and Prime Minister Nouri al-Maliki and Prof. Dr. Rose Noori Shaways representative of the Chairman of the Kurdistan region.
The high number of private banks in Iraq
2008-07-15 16:31 2008-07-15 16:31
The number of private banks in Iraq to 32 banks after Also in 2002 their number not exceeding 12 banks increased their capital to the اکثر trillion dinars after Also in 2002 not to exceed 80 billion dinars.
The FamilyMartyrs Associate Director-General of banking and credit control in the Iraqi Central البنک epics Idi Walid Abdel-Nabi said in a statement that the number of Islamic banks has risen from one bank in 2003 to seven banks in 2007.
The epics Abdel Nabi, the number المشارکات in banking Iraqi capital has risen to seven مشارکات by banks and financial institutions, Jordanian, Lebanese and Gulf, British, Iranian, had reached the minimum مشارکات 23.2% in Mansour Bank for Investment and 73% in the Islamic Bank of regional cooperation.
The epics Abdel Nabi, the number of branches has risen from 350 branches in 2003 to 620 branches in 2007 to become الکثافه bank limits one bank لکل (40) thousand people and is the ratio of good practice in monetary and financial.
. The epics Abdel Nabi that these developments achieved in the banking sector were the result of the Iraqi Special his البنک Markazi of scientific thought and effort Also a pioneer in providing legal and procedural environment to attract capital from Arab and foreign countries for the establishment of foreign banks or branches or مکاتب representation in parts Iraq.
; Central to the capital of Iraqi banks through the issuance of the special law for 56 Gravy in 2004, and the Banking Act No. 94 of in 2004.
He stressed epics Abdel Nabi المشارکات that this helped to improve the performance of Iraqi banks concerned, and including the issuance of credit cards, and use ATMs at work, and preparation of budgets according to international accounting standards and carry out investment, and opening of documentary credits and issuing Letters of guarantee, and the conduct of foreign transfers for various purposes.
And between the Central البنک prepared a draft law to ensure Samin deposits as well as the establishment Samin loan guarantee along with his now reconsidering the law of the banks towards the re-drafted according to a national vision of Iraqi banks and granting greater investment opportunities and credit.
Central banks of a fund investments ; independent مکون a capital investment of units in various denominations, and managed by the investment manager has obtained the approval of two of the Bank of the Islamic country to establish such a fund.
The FamilyMartyrs Abdel Nabi that البنک Central adopted CAMEL global system for assessing the performance of Iraqi banks, and Iraq is the third Arab country that have applied this system for the purpose of improving the performance of banks and urged them to abide by laws and regulations and create competition and provide advanced services.
2007 He pointed out that the united efforts of Central and the Ministry of Finance has been allocated percentages of the total appropriations for the departments of State, which amounts اکثر of two million dollars and a total of 500 million dollars and entrusted implementation of the Trade Bank of Iraq, according to Hamas and the desire of the Service or Welcome IOA, and Has reached a number of these banks after 16 banks to provide special Welcome or department IOA assessment according to the bank system adopted by the Central Bank in 2007
A More Confident Iraq Becomes a Tougher Negotiating Partner for the U.S.
By STEVEN LEE MYERS
Published: July 10, 2008
WASHINGTON — The Bush administration’s quest for a deal with Iraq that would formally authorize an unlimited American troop presence there well beyond President Bush’s tenure appears to be unraveling. The irony is that it may be a victim of the administration’s successes in the war.
Prime Minister Nuri Kamal al-Maliki of Iraq and his senior aides are now openly demanding a timetable for the withdrawal of American troops, at least on paper. That is partly a nod to Iraqi political realities, since Iraqi politicians must call for the end of American occupation. No one in Iraq realistically expects to throw out the Americans anytime soon — and few in Iraq believe that it would be safe to do so immediately.
But Mr. Maliki’s once enfeebled government, emboldened by several recent military successes, is eager to assert its sovereignty.
The Iraqi demands have put Mr. Bush in a politically awkward spot.
The president has explicitly opposed any binding timetables — either from the Iraqis or from the war’s critics here at home — but he also pledged less than a month ago to abide by the will of Iraq’s leaders.
“You know, of course, we’re there at their invitation,” Mr. Bush said in Paris during his recent European tour. “This is a sovereign nation.”
This new Iraqi confidence is easy to overstate, and many of the statements simply prove that Iraq’s democracy has matured to the point that elected leaders there must pander to important constituencies, even if they quietly acknowledge the need for American military support for the foreseeable future.
Still, even senior American commanders now say that Iraq is taking on more responsibility for security after years of halting and uncertain progress. Lt. Gen. James M. Dubik, who until recently oversaw the training of Iraqi forces, told Congress on Wednesday that Iraq’s ground forces could be fully functional as soon as the middle of next year.
That, along with Iraqi military successes in Basra, Sadr City in Baghdad and Mosul, has made Mr. Maliki’s government seem far less vulnerable than it once did.
As a result, officials and analysts say, Iraq is far less willing than it once might have been to accept every American demand in negotiations now under way to establish the legal status of foreign troops in Iraq after the end of this year.
Iraq’s negotiators have already rebuffed the administration’s initial demand that all American contractors in Iraq, including the security guards of companies like Blackwater, receive blanket immunity from prosecution, one administration official familiar with the talks said.
On Monday, Mr. Maliki also suggested that Iraq might prefer a less sweeping, shorter-term agreement than the long-term one he and Mr. Bush signed off on last November, when his government was nowhere near as stable or assertive as it is today.
The failure to reach a robust agreement would be a rebuke to Mr. Bush in his waning months in office just as his strategy to send thousands of extra troops to Iraq beginning last year — the “surge,” as it became known — is bearing fruit. That could force the administration to compromise even more.
While the administration almost certainly will not accept a rigid, written timetable for withdrawal, one American official said on Wednesday that the White House might have to accept some language in any agreement that reflected Iraqi desires for an end of the American military presence.
Another American official in Baghdad said an accord could even include a statement like Senator John McCain’s campaign proposal envisioning an end of the war in 2013, without setting a meaningful timetable. Iraq’s national security adviser, Mowaffak al-Rubaie, on Wednesday clarified his remarks about a timetable for ending combat operations and withdrawing foreign troops to say that Iraq was seeking “planning time horizons.”
The White House sought to play down the significance of the differences.
“I know people are looking at this as a sign of a split between the United States and Iraq,” a spokesman, Tony Fratto, said Wednesday. “I think these are signs of encouraging developments in Iraq. They want to and are becoming much more adept at providing their own security.”
Beneath the public statements of officials on both sides lies a more complicated reality, involving difficult diplomatic and legal questions.
Published: July 10, 2008
(Page 2 of 2)
Once the current United Nations mandate for the American-led military operation in Iraq expires at the end of the year, for example, something has to replace it. That is largely why administration officials remain confident that they will ultimately be able to reach an agreement, though the shape of it appears increasingly uncertain.
So, too, does the deadline. The White House initially hoped to reach an agreement by the end of July. Some officials in Washington now acknowledge that an accord is increasingly likely to slip to later in the year.
At a minimum, the White House has lost control of the stagecraft of the pending agreement — if not yet a deal itself — as the question of the future American role in Iraq becomes a fixture of election campaigns in both countries.
Democrats in Congress have intensified their objections to the negotiations because they would prefer to see a President Obama complete them. Mr. Maliki’s government has to sell any agreement to a fractured and restive alliance of political parties with varying degrees of patience for any American military presence.
“Even the technical and mundane becomes a potential political issue,” the administration official familiar with the talks said.
The official noted that the discussions involved everything from the broadest question of authorizing combat operations to the minutia of whether American soldiers will need to have Iraqi driver’s licenses.
All of the main Iraqi parties, the officials and analysts said, share the goal of at least minimizing the American footprint, reflecting Iraq’s desire to be sovereign and free. Although much remains uncertain, and the improvements potentially fragile, the drop in violence in Iraq — to the lowest levels since February 2004, according to the latest report by the American command in Baghdad — has made it possible to consider Iraq free and sovereign sooner than most anyone expected.
“In one sense,” said Michael E. O’Hanlon of the Brookings Institution in Washington, “the best thing will be the United States getting booted out of Iraq once the Iraqis can provide their own security.”
Article 140 of the Iraqi Constitution is related to the normalization of the situation in Kirkuk city and other disputed areas.
UN official in Arbil, meets Kurdish parliament's speaker
Arbil - Voices of Iraq
Thursday , 10 /07 /2008 Time 6:58:54
ARBIL, July 10 (VOI) - The Special Representative of the United Nations Secretary General for Iraq Staffan de Mistura arrived in Arbil on Thursday to discuss the disputed districts issue and his recommendations within this context, a source from Kurdistan's Parliament said.
"De Mistura met with Adnan al-Mufti, speaker of the Kurdish Parliament, and will hold a press conference later," the source, who preferred to remain anonymous, told Aswat al-Iraq - Voices of Iraq - (VOI).
In early June, de Mistura presented a number of recommendations on four disputed districts to the Iraqi government. The UN official recommended that Akra and Makhmour districts be administered by the Kurds, and al-Hamdaniya and Mandali districts by the central government.
Article 140 of the Iraqi Constitution is related to the normalization of the situation in Kirkuk city and other disputed areas.
Kurds seek to include the city in the autonomous Iraq's Kurdistan region, while Sunni Muslims, Turkmen, and Shiites oppose the incorporation. The article currently stipulates that all Arabs in Kirkuk be returned to their original locations in southern and central Iraqi areas, and formerly displaced residents returned to Kirkuk, 250 km northeast of Baghdad. The article also calls to conduct a census to be followed by a referendum to let the inhabitants decide whether they would like Kirkuk to be annexed to the autonomous Iraqi Kurdistan region or having it as an independent province.
These stages were supposed to end on December 31, 2007, a deadline that was later extended to six months to end in July 2008.
Mohammed Ihsan, the Iraqi Kurdistan Region's minister for disputed areas' affairs, said last month "De Mistura's suggestion is unfair, and was amended without first informing us."
"The proposal which suggests annexing Qaraj district (14 km north of Makhmour suburb) to Mosul instead of Arbil is unjust," he added.
Makhmour, 68 km southwest of Arbil, is one of the districts administratively disputed by Arbil, 349 km northeast of Baghdad, and Ninewa, 405 km northeast of the Iraqi capital.
Iraqi gov't approves 2008 supplementary budget-statement
Baghdad - Voices of Iraq
Thursday , 10 /07 /2008 Time 2:19:04
BAGHDAD, July 8 (VOI) - The Iraqi government spokesman on Tuesday said the Council of Ministers approved a supplementary budget of 21 billion Iraqi Dinars (ID) for the calender year 2008.
"The Council of Ministers endorsed the transference and amendments of Iraqi ministries and offices, bringing the total for the 2008 budget to 70 billion ID, the highest in Iraq's history," Ali al-Dabagh, spokesman for the Iraqi government, said in statement received by Aswat al-Iraq - Voices of Iraq - (VOI).
Earlier, the spokesman noted "the Finance Ministry had tabled the 21 billion supplementary budget for 2008."
The announcement pointed out "7.4 billion was allocated as investment budget, while 13.6 was appropriated as an operational budget for the Iraqi government ministries and provinces." .
"The supplementary budget will be debated at the economic committee of the Council of Ministers to incorporate any necessary amendments and adequate transference in cooperation with the concerned ministries," he added.
The spokesman highlighted "the final version of the budget would be presented to the Council of Ministers for a special voting session before its referral to the Parliament for debate and endorsement."
Al-Dabagh attributed "the rise of the total Iraqi budget to extra revenues from oil exports in the global markets."
He expected "the rise would make positive changes in Iraq's economy and services."
Oil experts put Iraq's oil reserves at 115 billion barrels—10 percent of the world's total—and it is estimated as the third oil-richest in the world after Saudi Arabia and Iran. The most important resources are in the Majnoon and West Qurna fields, close to Basra in the south of the country, which contain nearly a quarter of Iraq's proven reserves.
AM/SR
Lower demand for the dollar on Thursday
Baghdad - Voices of Iraq
Thursday , 10 /07 /2008 Time 2:19:04
BAGHDAD, July 10 (VOI) - Demand for the dollar was down in the Iraqi Central Bank's auction on Thursday, reaching $157.245 million compared to $161.375 million on Wednesday.
"The demand hit $61.955 million in cash and $95.290 million in foreign transfers outside the country, all covered by the bank at an exchange rate of 1,194 Iraqi dinars per dollar," according to the central bank's daily bulletin, which was received by Aswat al-Iraq - Voices of Iraq - (VOI).
None of the 19 banks that participated in the auction offered to sell dollars.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.
U.S. embassy’s report about Iraq between reality and exaggeration
Baghdad - Voices of Iraq
Thursday , 10 /07 /2008 Time 4:04:58
BAGHDAD, July 5 (VOI) - Iraqi politicians from differing political blocs and movements have varied perceptions regarding the U.S. report about progress in Iraq.
Their views vary between “realistic, or close to that,” “positive, due to improcvements in the security circumstances,” or “exaggerated and coming as political propaganda.”
Sheikh Jalal al-Deen al-Sagheer, a senior member of the Unified Iraq Coalition (UIC), told Aswat al-Iraq – Voices of Iraq – (VOI), “The periodical report prepared by the U.S. embassy in Baghdad is a realistic scene of what occurs in Iraq.”
“Anyone monitoring Iraq over the last three years will find big progress taking place, despite the problems that the country has been experiencing,” he said.
“But Iraqis are not interested in international evaluations, compared with the evaluations made by the Iraqis themselves,” he added.
“If the evaluation comes from external sides that does not deal tolerantly with the Iraqi government, then that represents a progress in the Iraqi issue by itself,” he noted.
The Shiite bloc from the UIC is the biggest parliamentary entity with 83 seats out of 275.
On Wednesday, The Washington Post U.S. daily reported that the U.S. embassy in Baghdad issued a report, evaluating progress in Iraq.
The Post mentioned that the report indicated 15 out of the 18 conditions designated by Congress were accomplished in Iraq, in the fields of politics, security, and economy.
Legislature Foad Maasom of the Kurdistan Alliance agrees with Sheikh al-Sagheer that there is “a tangible progress” in the security and political levels Iraq.
“Restoring the Iraqi Accordance Front in the cabinet proves the political success,” he told VOI.
“Within the economic level, we are expecting to approve the complementary budget that will exceed 20 billion U.S. dollar within the coming days, and this will have positive effects on both political and security situations,” he said.
“We recognize how state-owned institutions work to develop services in the country, in addition to many projects that hopefully will be executed soon,” he added.
From his side, Lawmaker Methal al-Alousi, head of Iraqi Umma Party, perceives the evaluation as “close to reality.”
“Arab countries’ intention to open their embassies in Baghdad, and the visits of high ranking regional officials to Iraq prove my point,” he told VOI.
Al-Alousi referred to some of the successes, such as “omitting loans that were given to Iraq under the former regime, increasing oil production, security stability, and the Iraqi forces’ military successes in imposing law at a number of Iraqi cities and provinces.”
Iraqi Umma party holds one parliamentary seat.
But Osama al-Nujaifi, a lawmaker from the Iraqi national list, described the U.S. report as “for electoral purposes.”
He marked the situation in Iraq as “difficult.”
“Talking about progress in Iraq is an electoral propaganda of the U.S. Republican Party to convince the U.S. public that situation in Iraq has reached high levels of stability and success,” he told VOI.
“The security situation is brittle, displaced people have not returned home, and the economic circumstances are very difficult,” he said.
“The Americans think that ‘simple security achievements’ would fulfill their project in Iraq,” he noted.
The Iraqi national slate (secular entity) has 19 parliamentary seats.
Lawmaker Harith al-Obaidi of the Iraqi Accordance Front (IAF) echoes al-Nujaifi’s tone.
He considers the report “exaggerated,” estimating that it comes due to electoral purposes.
“The political situation did not reach the desired level, as many political forces have not yet joined the cabinet, and others withdrew from it,” he told VOI.
“Concerning the security situation, there are successes, but they have to reach high levels of satisfaction in this regard,” he said.
“The economic side requires a lot of effort and work,” he added.
“Behind this report, there are electoral purposes to support the Republican Party’s presidential nominee,” he asserted.
The IAF (Sunni entity) holds 44 parliamentary seats.
MH/SR
BAGHDAD: 2009 budget focuses on investment and services
Having focused over the last four years on security
She said the Iraqi government that the state public budget in 2009 to focus on the economy, investment and services after that focused during the last four years on security confirming that it took into account the reasonable expectations of the price of crude oil and petroleum products exporter, taxes and fees also included proposals on financial resources and government spending, both operational and investment.
He said government spokesman Ali Al-Iraqi Skinner in a press statement to "Ilaf" The cabinet today discussed the strategy for the general budget in 2009 and prepared by the Finance Ministry in coordination with other concerned ministries in order to start preparing next year's budget in its final on time. He explained that the Commission has prepared the budget includes representatives of the Ministries of Planning and Development Cooperation, oil, trade, agriculture, water resources, industry and minerals, and Construction and Housing, Education, in addition to the Central Bank of Iraq in order to develop a strategy for preparing the federal budget, according to a scientific concept of modern, reflecting the content Financial policies adopted in Iraq, where the strategy took into account the reasonable expectations of the price of crude oil and petroleum products exporter, taxes and fees, also included proposals on financial resources and government spending sense (operational and investment).
. He pointed out that the proposed strategy relies on multiple factors including the economic challenges facing Iraq and the international obligations which it must meet the new principles of economic policy of decentralization and granting a greater role for local officials and the gradual withdrawal of government from direct management of economic institutions and focus instead on providing infrastructure to The growth of the economy and provide conditions for the advancement of the private sector and the rationalization of government support and policy support conversion to support totalitarian wave in addition to building the operational capacities of ministries and government institutions.
Skinner said that next year's budget aims to focus on the economy, investment and services that focus was in previous phases focused on security suggests the strategic interest in the oil sector, human development and rebuilding of basic infrastructure (transport, health, water, electricity, education and housing) and the shortest period of time, where would invest in These sectors to create jobs and events in the evolution of human development and enhance the investment environment for the private sector.
. He added that the strategy focused on the development factor, linking growth rates, where the state is aware that any process of economic growth will not be credible unless the human factor of human development present at all joints where economic development is to achieve high rates of economic growth necessary condition for lifting the rate of income Individual but did not indicate the value of the proposed budget next year.
At the same Skinner announced that the cabinet had ratified the supplementary budget in 2008 and the total amount of 21 billion dollars. He explained that the budget was ratified after the transfers and adjustments between the ministries and Iraqi institutions where the total amount of the budget in 2008 to nearly 70 billion dollars, the highest budget in the history of Iraq.
Skinner was announced last Wednesday that the Ministry of Finance submitted to the Cabinet to draft a supplementary budget in 2008 amount to 21 billion dollars.
Skinner explained that the budget for Iraq in 2008 and approved by the House reached over 48 billion dollars, an increase of 18% over the 2007 budget and with the addition of this supplementary budget, the total budget for the current year had reached about 70 billion dollars. ووصف . He described the increase as an important breakthrough in the history of the budgets of the Iraqi state and was the result of the rise of Iraq's resources from oil exports and that will effect positive changes in concrete economic movement and services in the country.
Inflation in the Gulf: the dire clear and disagreement about the reasons
The CNN
Thursday, 26 June 2008 Thursday, 26 June 2008
Continue messing around causes massive inflation in the Gulf region and its implications, especially as he started causing erosion of local levels of growth, has increased disagreement on the real phenomenon, which he repeated some of the currencies of the region linked to the dollar Staggerer, while others insisted that they related to domestic factors, in the forefront Real estate prices and food.
Has not forgotten the role of experts from the minds of the enormous financial flows that feed the Gulf states due to high oil prices increase in indicators of inflation, but they dismissed the injury situation of the region's economy "inflationary recession" because of reduced growth and continued high prices.
" He said Marius Marathiftis, research director of the Middle East to Standard Chartered in an interview with CNN: "with increasing indications weakness of the U.S. economy and the increasing pressure on the dollar shows the impact on the region with the devaluation of local currencies and this problem directly linked to rising inflation."
. By contrast, the IMF vision for file demonstrator reasons for the high real estate prices and housing and food, during the intervention by Mohsin Khan, regional director of the IMF last May in Dubai to offer the Fund's vision to the situation in the region has emerged a clear focus on these factors.
" Khan said: "There is the impact of food prices, according to the index basket, which prepared, we saw that prices were rising normally, but starting in 2007, there was a price jump because of high demand and supply stability."
." Khan also pointed to the role of liquidity due to high oil revenues in the high inflation, saying: "If oil prices reached 200 dollars per barrel or even $ 150 during this year, this will prompt a lot of money to the Gulf producing states, and if this happened it would yearn to see the levels of inflation which People complain about them now. "
". He dismissed expert international situation improves in the Gulf unless it addresses the real estate side, saying: "pending plans to move about real estate prices and rental values Inflation will remain at record levels."
". But the surprise came dismissing any impact of currencies in the region linked to the dollar on inflation through its emphasis on studies conducted by the Fund: "revealed the presence of influence, but not big and can not be compared to the impact of housing prices and food."
The local experts on what is stated in touching Khan, for reasons of inflation, said Ahmed Shawl, Chairman of the Finance Bank in Dubai in an interview with CNN site in Arabic that studies conducted locally also show real responsibility for a minimum of 60 per cent of the total indicator of inflation.
Asked about the potential exposure of the region's economy to a case of "inflationary recession" by the continued rise in prices with the stagnation or decline of growth impact of global conditions Chal view that scenario possible in theory, but practically ruled out, given the continuing financial flows to the region.
". The views of some of Khan had summoned an official response from the UAE, especially in terms of his warning that the imposition of VAT will be inflation at nearly 2 per cent, Dubai Customs hastened to issue a statement, which denied that the health and said that the tax "will enhance the national economy," and that Applied in the UAE in particular, and in the Gulf region in general, "will have an effective impact in raising the standard of living."
;". He said Abdul Rahman Al Saleh, Executive Director of the institutional support of Dubai Customs that the transfer of the International Monetary Fund that the application of VAT in the UAE and the Gulf states at this time will increase the inflation rate to reach 2 per cent, is "Building On speculation. "
By contrast, the company issued a "proud religion" before the real economic report, which she said that fuels "contribute one third levels of inflation," and that with the spread of loans increased 12.5 billion dirhams within a year.
" Akbar said Fakhreddin, the chairman of the company that three points core inflation rose to its highest level since 1990, when 12 per was "unprecedented rise in the prices of real estate and rental housing units, in addition to some banks raising the ceiling for consumer loans About 25 times the average salary terms will contribute to pump more liquidity into the market the highest level of inflation. "
". He added: "We also believe that the escalation of prices of fuels - not at the Emirates but at the international level - contributing to 36 per cent of inflation in the economy Emirati result of direct impact on production processes in the energy sector, transport and construction."
He called Fakhreddin, which his company is one of the largest real estate development companies in the country to control the escalation of rents through the development of more housing projects, Msttrda market will prove that with the introduction of new units within 3 to 5 years.
The loans, Fakhreddin expectations that the central bank has identified the roof, after increased in one year almost 12.5 billion, including easing the flow of liquidity in the market, while fuel sector should be supported to contribute to the development process by reducing production costs, especially that the state owns Like all other ingredients support the Gulf states.
Haideri: Adoption of the election law the end of July this might make the organization a difficult time
By ES By ES
Published 7.7.2008, 21:22 Published 7.7.2008, 21:22
Uzmatik / Baghdad
The Chairman of the Independent Electoral Commission in Iraq, Faraj Al-Haideri, that "Adoption Act provincial council elections at the end of the month of July present, will organize the elections on schedule difficult to some extent."
He added Haideri, in an interview with "Uzmatik", "The passing of the bill in late July or early August of next month, although it would put UNHCR in a short period of time to organize the elections did not exceed sixty days, but the UNHCR to make every effort to organize in time" .
He pointed out that "there must establish law fifteenth of the month of July present, so that UNHCR can work to complete the preparations in helping to organize the elections on schedule and without delay."
Haideri confirmed that "there are difficulties facing the work of UNHCR and lead to the obstruction of their work in organizing the elections, which is not to give UNHCR budget in full, which led to the delay in implementing some of the work necessary prelude to the holding of elections."
On the other hand, the President announced the Independent Electoral Commission in Iraq, on the arrival of three planes to airports in Baghdad, Basra and Arbil in the last few days, carrying supplies necessary to conduct such elections, ballot boxes, registers voters, and election forms. "
It is noteworthy that the differences between the political blocs are still on the list of district councils election law, which hindered more than once the electoral law introduced by the Iraqi government sent to Parliament for discussion and approval may lead to the postponement of elections to several more months.
Deputy expected to get surprises at the meeting next Tuesday in the absence of agreement on electoral law
By WK By WK
Published 8.7.2008, 00:44 Published 8.7.2008, 00:44
;According to a member of the legal committee in the House of Representatives MP Khalid Sichuan to the Presidency of the Parliament decided to postpone the vote on the law of provincial council elections due to differences over some paragraphs, to next Tuesday, and expected that surprises in the absence of political blocs to reach a solution before this date.
He said Sichuan deputy Kurdistan Alliance in an interview with "Uzmatik" on Monday, that "the postponement decision came after the outbreak of a disagreement over some paragraphs of the law, and the lack of consensus among the political blocs holistic about the law, which led to obstruct the vote".
The Sichuan that "the current differences are the paragraphs on religious symbols and the existing open and closed and the share of women's representation in provincial assemblies and minority representation on boards in addition to the issue of Kirkuk," asserting that "in case of failure to remove these differences before next Tuesday, failed to vote on the law, The first elections in October this year, will not take place. "
. He stressed member of the Legal Committee that "the meeting will vote next unexpected surprises, if no agreement is reached between the political blocs outside the parliament, before next Tuesday," without clarifying the nature of these surprises, unlikely at the same time, "obtain political deals between Some political blocs to vote against the law. "
. Chua stressed the "necessity of holding elections on schedule," pointing out that "before the maturity schedule if we can not vote on the law quickly, it will not be able to complete the preparations with the Electoral Commission to create an overdraft in the election."
The head of the Independent Electoral Commission in Iraq, Faraj Al-Haideri, in an interview with "Uzmatik" stressed the need for Adoption Law fifteenth of the month of July present, so that UNHCR can work to complete the preparations in helping to organize the elections on schedule and without delay "Warning that otherwise" will be the task of organizing the elections on schedule rather difficult. "
. He said a member of the Legal Committee that "the Commission Territories copy of the extradition law, amendments and the outstanding issues to the presidency of parliament, before the fifteenth of July next", recalling the importance that "the wording of the law in conformity with the Constitution, does not contravene its laws democracy in Iraq" as he put it .
It is noteworthy that one of the departments responsible in the House of Representatives, asked to remain anonymous, said in an interview with "Uzmatik" on Monday, "The political blocs agreed to give a time limit, among them, until next Tuesday to resolve all problems," stressing that " No choice but to vote blocs of political compromise version of the law, in any event in any way ", according to him.
Kurds and Turkomen meet in Kurdistan Parliament on Kirkuk
Debate electronic newspaper
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The Deputy Speaker of Parliament Kamal Karagoki in the regional meeting of parliamentarians Kurds and Turkoman independent personalities in the governorate of Kirkuk, university professors and clergy to bridge binational and work toward unifying positions on the normalization of conservation and source described in the parliament of Kurdistan, told (ICAO) reported that the meeting "was positive where Debate in an atmosphere of cordiality and frankness which the parties exchanged views on prospects for the relationship of Kurdish and Turkmen ways to solve the problem of Kirkuk brotherly understanding. " ; The parties agreed to the meeting "serious work to overcome obstacles to the process of normalizing the situation in Kirkuk and break the deadlock in the relationship between the sons of binational, and it was agreed to continue such meetings to get the results serve the political process and peaceful coexistence between the components to maintain Kirkuk", according to the source
It is noteworthy that this is the first time sponsored by the Kurdistan parliament binational meeting between Kurdish and Turkmen in Kirkuk province in light of the ongoing Kurdish leaders before any dialogue with the Turkmen Front, which put itself legitimate representative of the Turkmen nation in Iraq
The implementation of article 140 of Iraqi constitution regarding the normalization of the situation in Kirkuk source of disagreement between the political forces in the country.; The Kurds refuse to adopt consensus solutions to the problem of Kirkuk and insist on the implementation of article full normalization
SHARM EL-SHEIKH, Egypt (AFP) - Iraq's deputy prime minister said on Monday that his country was the world's largest-ever emerging market, with foreign companies lining up to invest in the war-ravaged economy.
"Iraq is the largest ever emerging market that you can think of," Deputy Prime Minister Barham Saleh told journalists at the World Economic Forum on the Middle East in Egypt's Sharm el-Sheikh.
"There is nothing in Iraq that doesn't require investment, but the state cannot solve it and so we look seriously to the private sector."
He said that Iraq was predicting 70 billion dollars oil revenue in 2008, with reserves that "could well exceed" 350 billion barrels, and the International Monetary Fund slating eight percent growth this year.
"It hasn't taken off yet, but when it does take off, it will be very fast," Saleh said of the ravaged economy.
Vaunting Iraq's investment opportunities, Saleh said that a tender to turn a large former army garrison in Baghdad into housing had seen "applications from 30 major international companies, mostly from the Gulf and Egypt".
But Saleh, a former prime minister of the Patriotic Union of Kurdistan-run region of Iraqi Kurdistan, stressed that the private sector would have to do what the state was unable to do.
"After decades of mismanagement we need to call a spade a spade and admit that the state can't do it," he said of the oil sector.
He admitted that confusion remained for foreign companies wanting to invest in oil exploration and exploitation in the north of the country over which authority to sign the contracts with, Baghdad, or the Kurdistan regional government.
The government in Baghdad and authorities in the autonomous Kurdish region of northern Iraq have been at loggerheads over contracts signed between the Kurds and foreign oil companies for months.
And Saleh said a national oil law to resolve the problem would not be finalised any time soon.
Oil ministry says picked corporations to up production to 3m. bpd
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Baghdad, 18 May 2008 (Voices of Iraq)
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The Iraqi Oil Ministry picked a number of corporations to sign contracts with in order to up oil production by 500,000 barrels per day (bpd) to reach 3 million bpd, the ministry's official spokesman said on Saturday.
"The ministry has hatched a new plan as talks are now underway with six global corporations on Iraqi oil contracts. More than 120 companies have presented offers, but only 35 were selected," Aasem Jihad told Aswat al-Iraq – Voices of Iraq – (VOI) by telephone.
"The ministry seeks to attain the objective of adding 500,000 bpd to the current production rates of 2.500 million bpd within the next year and a half," Jihad said.
He had told VOI on Thursday that the volume of Iraq's oil exports has reached 57 million bpd in April 2008 compared to 59.400 bpd in March 2008, a registered decrease of 2.5 million bpd.
"The decrease is actually blamed on the security conditions in Basra during last month and the vandalizing of several pipelines," he explained.
The export rates of last month were put at 1.460 million bpd from the southern fields via the ports of Basra and Khour al-Amiyah while the oil exported from the northern fields via the Turkish port of Ceyhan was 442,000 bpd, he added.
"The planned production during the month of June 2008 would hopefully reach 2.5 million bpd – 1.800 million bpd from the southern oil fields and 600,000 bpd from the northern fields in Kirkuk, 250 km north of the Iraqi capital Baghdad," Jihad said.
The oil-rich port city of Basra, 590 km south of Baghdad, had witnessed last March a military campaign under the name Saulat al-Forsan (Knights' Assault), which aimed to impose the state power on the city and hunt down "outlaws".
The operation left hundreds dead or wounded on the sides of both the government forces and gunmen believed to be loyal to Shiite leader Muqtada al-Sadr.
Dana Gas investing over $500m in 2008
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19 May 2008 (AME Info FZ LLC)
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Dana Gas PJSC, the Middle East’s first and largest regional private-sector natural gas company, has announced investments of over $500m this year in the Company’s projects in Northern Iraq, Egypt and the UAE.
Dana Gas posted revenues of over Dhs1bn in 2007 which was its first year of operations, and also saw the Company add to its UAE positions with major new entries into the gas upstream business in Egypt and the Kurdistan Region of Iraq, while raising $1bn in an international sukuk offering that had to be increased in size due to strong investor demand.
The Company’s announced investments for 2008, covering all sectors of the gas industry from the upstream through to the downstream, are expected to realize the value of these strategic positions and further boost revenues over the next stage of Dana Gas’s development.
“This year is an important year for the Company, as we will be building upon the important milestones and solid foundations achieved last year, and making major investments that will rapidly take Dana Gas to a new level in its growth and development,” said Mr. Ahmed Al-Arbeed, Dana Gas Executive Director, Upstream.
“Dana Gas has already established strong positions in all areas of the natural gas business in the UAE, Egypt and Iraq, and we will continue to build upon these as well as expand into new countries in the GCC Region and North Africa, especially in view of the record oil prices currently witnessed. Our focus this year will be implementing the important projects in the UAE and the Kurdistan Region of Iraq, while significantly expanding the drilling programme of new wells in Egypt in light of the encouraging new discoveries we have already achieved,” Mr. Al Arbeed added.
Dana Gas is currently implementing a major integrated gas project in Iraq’s Kurdistan region on a fast-track basis in a record time of just one year, in a 50:50 joint venture partnership with Crescent Petroleum, at a combined investment of $650m.
The project, which involves gas development, production, processing and pipeline construction, is the largest private sector energy project in Iraq, and is already over 80% complete.
First gas production from the project is on target for the middle of this year, building up to a production of 300 million cubic feet per day by the year-end, approximately twice the Company’s current production in Egypt.
Dana Gas’s agreements with the Kurdistan Regional Government of Iraq were signed in April 2007, and cover a range of energy-related services and the building of substantial infrastructure to process and transport natural gas, as well as the development of the first “Dana Gas City”, a unique industrial complex that will leverage external economies of scale by powering several industrial operations concentrated in the same area using natural gas.
Dana Gas is proudly behind the largest private sector project in Iraq, which will provide jobs, training, infrastructure and savings on fuel imports to the region, as well as an important long-term strategic position for Dana Gas in an area with high growth potential.
In the UAE, in addition to preparing for start-up for the processing and supply of imported gas, Dana Gas has recently signed a 25-year concession agreement for exploration and development of gas in an area of over 1,000 sq km offshore Sharjah, including development of the discovered Zora Gas Field.
The development plans are being finalized with the tenders for offshore oilfield services soon to be awarded for fast-track implementation to produce gas in 2009.
Another region in which Dana Gas has established itself in the past year is Egypt, where the company now produces 140 million standard cubic feet per day of gas and 6,000 barrels per day of propane, butane and condensate, making the Company the sixth largest producer of gas in the country.
All products are sold in Egypt for use in the local markets and there are extensive plans to drill 19 more development and exploration wells in the country this year at an investment of $170m, following positive exploration results by Dana Gas including new gas discoveries and the first commercial discovery of oil in the Upper Egypt region.
Last year also saw the acquisition of DANAGAZ Bahrain, an affiliate company owned jointly by Dana Gas and local partners.
Its first investment project will be to build and operate the Gulf of Suez Liquids Plant in Egypt, a facility that will be capable of processing 55 billion cubic feet of natural gas per year.
Dana Gas’ strong portfolio of assets and projects will expand further in 2008 with the Company developing the unique “Dana Gas City” concept in several new locations across the Middle East and North Africa Region, as well as actively pursuing new opportunities and projects in the Region’s rapidly growing natural gas sector, in upstream, midstream and downstream activities.
With energy prices and demand on the increase across the Middle East Region, a recent report by the APICORP has estimated over $210bn of required investments in the region’s natural gas industry in the next five years alone.
Announcement No.(1168)
D.G. of Foreign Exchange Control
The 1168 daily currency auction was held in the Central Bank of Iraq day Monday 2008/5/19 so the results were as follows :
Details Notes
Number of banks 14 -----
Auction price selling dinar / US $ 1199 -----
Auction price buying dinar / US $ 1197 -----
Amount sold at auction price (US $) 74.155.000 -----
Amount purchased at Auction price (US $) 2.500.000
Total offers for buying (US $) 74.155.000 -----
Total offers for selling (US $) 2.500.000 -----
US House Speaker visits Iraq "unannounced"
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Politics 5/17/2008 1:48:00 PM
BAGHDAD, May 17 (KUNA) -- US House Speaker Nancy Pelosi arrived to Iraq on Saturday in an unannounced visit.
A spokeswoman of the US Department of State told KUNA here Saturday that Pelosi is heading a large US delegation visiting Iraq.
Pelosi met with officials in the American embassy, military chiefs, and Iraqi officials, the spokesman added.
Iraqi Parliament Speaker Mahmoud Al-Mashhadani was among the officials that received the US speaker, a source from the Iraqi parliament pointed out.
Iraqi Prime Minister Nouri Al-Maliki arrived to Baghdad from Mosul on Saturday, probably to meet Pelosi, the source added.
http://www.kuna.net.kw/NewsAgenciesP...48&Language=en
I agree with you...I think the news is going in the opposite direction from it's interpretation...It could be smoke but if it's true...woah, not good for investors..
Do you understand what he, the experts, are saying? This is not a good thing.
He is saying that due to the CBI tightening the monetary and changing the exchange rate as they have been lately, it has resulted in a budget deficit.
He was also complaining in the article about the CBI spending millions of Dollars at the auctions.
Here's what's happening that he's unhappy with. Iraq makes money by selling oil. They get dollars for the oil. They then use those dollars to buy back dinar to fund the budget. Well.. as they have changed the exchanged rate, their oil dollars buy back LESS dinar now, so they have to spend more dollars to buy back the same amount of dinars. That's causing the budget shortage he is referring to.
The other complaint he makes about the tight monetary policy is it's effect on the economy. A tight monetary policy makes it harder to get money. It is encouraging the banks to just deposit their money with the CBI for the high interest rates. That means they are not loaning it out. No loans, no investing in public sector, that's not good for the Iraqi economy and that's what he's pointing out.
This is not a good article. This guy , the experts, want Iraq to adopt a looser monetary policy, let the banks start loaning money and sounds like he wouldn't mind seeing the exchange rate go back up to 1300, 1400 or maybe higher.
I am amazed at some have interpreted this.
Experts had called on Iraqi economy, at a symposium organized, last Monday, the Central Bank to abandon its adoption of tight monetary policies, because of their negative impact on the national economy, by changing the value of the real exchange rate of dinar and causing a deficit in the general budget.
WUUUUUUUUUUUUUUUUT?????
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