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I just don't know anymore....lol
Oil firms line up for contracts in Iraq
Mar 01, 2008 04:30 AM
Mariam Karouny
reuters news agency
BAGHDAD–More than 100 companies including foreign majors are vying for deals to tap Iraq's vast oilfields, but a vital oil law is stalled by tension involving the Kurdish region, Baghdad's oil minister said yesterday.
Hussain al-Shahristani said 115 companies had registered to compete for oil extraction and service contracts to help develop Iraq's oil reserves, the world's third-largest.
Of these, 10 are American, with companies also from Japan, Russia, Britain, Canada and South Korea.
Shahristani said Iraq was close to finishing negotiations with several oil majors for two-year technical support contracts that hopefully would be signed in March.
Those majors include Royal Dutch Shell, BP, Exxon Mobil Corp, Total and Chevron Corp., he said.
Iraq currently exploits only a fraction of its reserves, among the cheapest to produce in the world, and international oil companies have been positioning for years to gain access.
Shahristani said the fields up for grabs under the contracts included Iraq's giant fields in the south along with Kirkuk in the north. He said the qualified companies would be announced in March.
"From announcing the qualified companies to the signing of the contracts will take a minimum one and a half or two years, but we will try to make it within a year," he said.
Shahristani said he hoped the technical support contracts would add 500,000 barrels per day of oil to Iraq's output in a year.
"We are negotiating with these five companies. We are at the end of the negotiations," Shahristani said, referring to the five majors.
"They will study the fields with us, we will put together a plan to boost production, they will help us to select the equipment and deliver this equipment to us."
Iraq produces about 2.5 million barrels of oil a day, dwarfed by its 115 billion barrels of proven crude oil reserves. Only those of Saudi Arabia and Iran are larger.
One oil official said last year that Iraq's oil sector could need as much as $75 billion (U.S.) in investment.
The extraction and service contracts should add 1.5 million bpd to output once they were in place, Shahristani added.
Combined with the additional flows from the technical support contracts, Iraq's output would hopefully rise to 4.5 million bpd in five years, he said. Of this total, 3.5 million bpd would be exported and the rest kept for domestic use.
Shahristani said technical support contracts did not entitle companies to any share in production.
"The benefit is that they will show interest in co-operating with Iraq and supporting us technically. They will have knowledge of the parameters of the fields and then they can ... make us an offer which is better than others," he said.
The service and extraction contracts are also seen as a stop-gap until a crucial oil law is passed, and will not provide the long-term involvement big oil companies crave.
But the draft law remains stalled in parliament.
Yesterday, Addax Petroleum Corp. of Calgary said it had signed a deal with the Kurdistan regional government in Iraq that amends a production-sharing contract with Genel Enerji to bring the Taq Taq project into line with the region's oil and gas law, including royalties, cost recovery and profit sharing.
Shahristani said he believed a major obstacle to Iraq's oil law passing would be the signing of oil deals between the government in the largely autonomous Kurdistan region and smaller foreign energy firms. Those firms, he said, would be prohibited from competing in central government deals.
With files from The Canadian Press
Iraq has ‘more crude oil’ than Saudi Arabia
By Agencies on Friday, February 29 , 2008
An initial investment of $40 billion (Dh146.8bn) is needed to put Iraq’s oil industry back on track, according to a new book.
The country is an oil superpower with the world’s third largest proven reserves – and development programmes could add billions of barrels within a few years, catapulting it to the number one position.
But three major wars and more than 12 years of crippling UN sanctions have reduced the Arab state to a minor crude exporter despite the fact it is one of a handful of countries with super-giant oilfields. Meanwhile, other countries with much smaller hydrocarbon resources have become major oil exporters.
“Plans were prepared in the early 1980s to increase the production capacity to six million barrels per day (bpd) had three wars not taken place in 1980-1988, 1991 and 2003,” say the authors of the book, Hydrocarbon Exploration and Field Development in Iraq.
“The looting and vandalism that followed the two Gulf wars caused great damage to oil installations. UN sanctions against Iraq added further damage due to the difficulties created in getting spare parts and in performing well services. The pre-2003 production capacity has not recovered.”
Between 1980 and 2005 Iraq suffered a loss of more than $400bn in oil revenues as a result of a massive decline in crude exports.
The total loss has risen sharply over the past two years as exports remain far below target, says Fadhil Chalabi, Executive Director of the London-based Centre for Global Energy Studies (CGES), which published the 600-page book. The centre is owned by former Saudi oil minister Sheikh Ahmed Zaki Al Yamanai.
The losses reflect only the decline in oil exports calculated on a monthly price basis since the start of the Iraq-Iran war in 1980 – they do not include damage to the sector caused by conflicts, the UN embargo and looting.
Chalabi, a former senior Iraqi oil ministry official, believes the country has huge undiscovered reserves on the grounds but no major development projects have been undertaken for more than two decades.
The proven reserves were officially put at 112 billion barrels in 2007 but Chalabi believes the final figure could exceed 300 billion barrels. “Iraq could have this figure, there is no exaggeration in this,” he said.
His view is supported by a Western oil analyst who goes even further by saying Iraq’s real oil potential could surpass that of Saudi Arabia, which controls nearly a quarter of the world’s proven oil deposits.
Colin Lothian, a senior analyst at United Kingdom-based energy consultants Wood Mackenzie, says Iraq has many giant oilfields that have remained undeveloped.
“Iraq’s remaining reserves, particularly in the south, are of considerable scale, high quality and most are at a relatively immature stage in their respective development cycles,” said Lothian.
“There are many fields that each contain billions of barrels of oil.
“On the whole their depletion rate is very low and in several cases these fields have never been in production. If you add to that the possible results of exploration in the Western Desert and in established areas, the potential is enormous. As for whether Iraq’s reserves are larger than those in Saudi Arabia, I would certainly not rule out that possibility.
”The new book, written in English, was prepared by a number of oil experts from Iraq and other countries.
The principal author and chief editor is Thamir Uqaili, a senior petroleum engineer with 40 years of experience in exploration and technical management in the Iraqi National Oil Company and at the Iraqi Ministry of Oil (MOO). The study was supervised by Chalbi, a former assistant secretary-general of Opec.
A spokesman for the publishers said: “The importance of this new study on Iraq is that it provides a huge volume of hands-on oilfield and operational information, together with detailed analysis of the country’s present status and business and export policies.
“While most other studies on Iraq emphasise its exploration geology and the oil and gas potential of the country, this one covers many other upstream disciplines such as petroleum engineering, drilling, natural gas and exports, in addition to exploration.
“It contains well-by-well and field-by-field data that provides a wealth of information for those contemplating operating in Iraq.
The study is therefore extremely valuable to all service companies, equipment manufacturers, providers of field facilities, investors, suppliers, engineers and other operators.
“This includes all companies aspiring to have a future market presence in Iraq, those that are seriously considering entering Iraq and those that are planning to expand their existing activities in the country.”
The book is based on direct knowledge of the Iraqi upstream oil industry gained through the use of original data, through fieldwork and numerous visits to oilfields during the past four years.
“In our view the risks taken by the team leader have made it possible to prepare a study that has special features. The grouping of the fields and prospects and the discussions concerning them are based on the exploration and production provinces, taking into consideration the status of the Kurdistan region and the other regions likely to be formed according to the new Iraqi constitution.”
The book says that since the fall of Saddam Hussein, Iraq’s oil sector has been struggling and has just passed the two million bpd production level.
The authors discuss in detail how Iraq could increase production capacity to 3.5 million bpd without waiting for a new petroleum law to be finalised.
They give a detailed technical evaluation of how Iraq’s gas sector could be developed and how gas could be substituted for oil in power generation – making more crude available for export.
The study includes a realistic evaluation of the potential of three unexplored regions: Kurdistan, Jazeera, and the Western Desert.
It is thought that a further 50 billion barrels could be discovered easily and brought into production.
The development of Iraq’s oil industry requires money and expertise that can be provided by foreign companies. An initial $40bn is required to develop already discovered yet undeveloped oilfields and a further $10bn will be needed to fund an exploration programme.
Despite the reconstruction efforts, a great deal of work is still needed, say the authors. Foreign contractors have not been able to provide vital services due to the poor security conditions.
There has been further decline in the production rates of oilfields, though the decline has been partially offset by the addition of pilot production from a few southern fields.
The main reasons for the decline have been insufficient water for injection, the shutting of wells due to water shortages and poor reservoir management.
Field capacity in the north was not affected by the second Gulf war but the continued attacks on the Iraq-Turkey export pipeline have kept production at 30 per cent to 40 per cent of the capacity there.
The oil sector, like everything else in Iraq, has suffered from the poor security environment.
The fact that the nation is composed of different sects and races has contributed less to the problem than politics, the security vacuum post-April 2003 and the slow process of building up and equipping the national army.
The new Iraqi constitution has been passed but some of its articles appear unclear and there is a need to redefine the role of the federal and regional governments in managing petroleum resources.
This problem has delayed the passing of the Federal Oil and Gas Law. Kurdistan has passed its own law but its full implementation is being prevented owing to differences with the central government.
In the absence of an agreement, the oil produced in Kurdistan cannot be exported across the Iraqi border.
This is a limiting factor that forces the regional government to reduce production and restrict transportation by trucks, while trying to refine the rest locally. Most of the discoveries in Iraq have been in the Mesopotamia and Foothill zones.
However, two zones are potential exploration targets. The Rutba-Jezira zone has scarcely been explored although some discoveries were made prior to 1961. The Jezira area north of the Euphrates has over 50 seismic anomalies requiring exploration.
The recent discovery of the Akkas Field in part of Rutba, known as the Western Desert, gave an encouraging signal to look for prospective light oil and gas reserves in the Palaeozoic formations of that part of Iraq. A second point of interest is the discoveries in the Dohuk Area.
Oil and gas were expected in Pila Spi, Shiranish, Qamchuqa and Kurra Chine formations, but not in the amount discovered in Tawake and possibly the nearby structures.
The discoveries by the Norwegian company Det Norske Oljeselskap suggest there is more oil in Kurdistan.
The Foothill zone southeast of the Kirkuk Field down to the border with Iran witnessed several important discoveries during the late 1970s and 1980s.
But many other structures and seismic anomalies await exploration drilling that may turn the area, partly in Sulaimaniya Governorate and partly in Dyala Governorate, into an important production province.
In the south the large reserves of heavy crude oil in Lower Fars, Ghar and Maudud reservoirs need exploration or delineation drilling in order to be quantified.
Although southern Iraq is relatively well explored, formations deeper than the Yamama Reservoir are still under-explored, especially the Najma and Khuff formations where light oil, gas and gas condensate are expected.
Gas reserves will increase with more discoveries in the Western Desert, Kurdistan and the south.
LAWS AND CONTRACTS
The book discusses the draft Federal Oil and Gas Law and Kurdistan Regional Law with a presentation of the main clauses and the model contracts of the two laws.
The current status and the implementation of the Kurdish law in the light of the new Constitution and the role of the federal organisations are discussed in detail.
The proven reserves of the region are expected to double within the next two years.
Although there may be delays in passing the federal law and its proper implementation, Iraq needs several service contracts to upgrade reserves and production of the producing fields.
The ministry may well go ahead with signing such contracts without waiting for the federal law to be established, say the authors.
Both the Kurdistan Regional Government and the Federal Government are awaiting the ratification of the federal law. Iraq has more than 500 prospects to explore.
Oil-Rich Areas
The exploration and development of gasfields in Iraq have lagged behind the development of the oilfields. The proven reserve is 110 trillion cubic feet (TCF) with an upside potential of 50-65 TCF.
New reserves are expected from the north-east, mostly in Kurdistan, the Jezira Area and Palaeozoic and Triassic formations in the
north-west and the western region near the Syrian border.
As a result of the two Gulf wars, the gas processing capacity has been significantly reduced.
There is an acute shortage of production of dry gas and liquefied petroleum gas and natural gas liquids. About 65 per cent of the gas is flared, with oil being used as fuel for power units. This will continue until upgrading is not completed.
Main Players
A number of companies are active in the oil and gas industry in Iraq. The book lists the following major upstream operators:
South Oil Company (SOC) manages the southern fields of Basra Governorate.
North Oil Company (NOC) runs the northern producing fields plus East Baghdad Field.
Maisan Oil Company (MOC) manages the oilfields in Maisan Governorate.
The Iraq National Oil Company will be reconstituted as a holding company to accommodate SOC, NOC, MOC and other companies that will be formed in the next two to three years.
Drilling is carried out by Iraq Drilling Company, while exploration is managed by the Oil Exploration Company, which both fall within MOO.
In Kurdistan, the Ministry of Natural Resources will continue to oversee the work of the companies.
$400bn: Loss of oil revenue suffered by Iraq from 1980 to 2005
112bn: Barrels proven reserves in 2007
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Interesting post from anthr room...
There are a few connections that are interesting around the 3/18-20 2008 date that don't seem to be mentioned, but if it has, my apologies.
1) GW gives an annual address regarding the state of Iraq each year on the anniversary of the war 3/19
2) The Oil (tenders?) were requested by 2/18 - due to be answered on 3/18
3) The GOI parliment (congress, whatever they are called) are due back from vacation on 3/18 or 19
4) The Rafidain Bank in London has called for documents by creditors in January - all due in for a meeting on 3/18......
They will be meeting again on 3/20 to finalize. The exchange rate they will be paid off in is Dinar 0.30 to $1.00 US. It is the same rate as the accounts were seized at in 1991. You can find it in the Scheme of Arrangement documentation. The exchange rate is listed in appendix 5 - currency conversion Table.
http://www.rafidainbank.co.uk/Default.aspx
It would seem reasonable that they would set the exchange rate to be the same for everyone if they are announcing that rate with an effective date of 3/19/08 with the intention of clearing debt to Rafidain creditors
Finance Minister announces resolve the majority of the files of Iraqi debt
PUKmedia بغداد-حيدربدرخان 16:15:04 2008-03-01 PUKmedia Baghdad - Haidarbadrkhan 16:15:04 2008-03-01
استعرض وزير المالية باقر جبر الزبيدي لمساعد وزير الخزانة الامريكي السيد ديفيد ماكرنوك الجهود الكبيرة في مجال اصلاح مصارف العراق مؤكدا "حرصه على تأهيل المصارف الحكومية وخصوصا الرافدين والرشيد والارتقاء بها الى مصاف المصارف العالمية لأن العراق يريد ان يكون جزءا من الخدمة العالمية المصرفية وان نسهم بشكل كبير بتنفيذ افضل الخدمات للمواطن العراقي" Browse Finance Minister Baqir Jabr Zubaidi Assistant Treasury Secretary David American Macrnuk great efforts in reforming the banks of Iraq, stressing "eager to rehabilitate banks, especially the Rafidain and Rasheed, raising them to the ranks of global banks because Iraq wants to be part of the universal service bank and contribute significantly implementation of the best services for the Iraqis "
وقد اوعزت الزبيدي لمصرف الرشيد من اجل ان يقوم بالعمل بنفس النظام خلال المرحلة القادمة واكد بأننا نعمل على نظام بنكي عالمي في المصارف العراقية كما نأمل من المصارف العالمية ان يكون لها حضور في العراق من خلال فتح فروع لها او المشاركة عن طريق الجوين فنجر مع المصارف العراقية للمشاركة في دعم عملية الاعمار والنهوض بالواقع الاقتصادي للعراق. Zubaidi has instructed the Bank for the good work that the same system during the next stage and emphasized that we work on the global bank in Iraqi banks also hope that the banks have a global presence in Iraq through opening branches or participation by Alguin Vnger with Iraqi banks to participate in supporting the reconstruction process and the promotion of economic reality of Iraq.
واشار الوزير الى موضوع ملف الديون والانجازات التي تحقق في هذا المجال مؤكدا " بأنه لم تبقى سوى (اليونان وبولونيا) لم تحسم ملفها لحد الان والجهود متواصلة معهم لانهاء ملف ديونها على العراق وفق شروط دول نادي باريس" اضافة الى الديون العربية واشاد السيد الوزير بدعم الحكومة الامريكية للحكومة العراقية في مجال حسم الديون مؤكدا حرص العراق على انهاء هذا الملف من اجل الانطلاق حيث ان هدفنا الاساس هو اصلاح المصارف وحسم موضوع الديون من اجل بناء قاعدة اقتصادية عراقية متميزة تعود بالفائدة والرفاهية على ابناء الشعب العراقي الذي عانى من ظلم الدكتاتورية المقيتة. The minister pointed to the subject of file debt and achievements in this area, stressing "that not only keep (Greece and Poland) had not resolved the file yet and with continuous efforts to end the file on Iraq debt according to the terms of the Paris Club" in addition to the debts of Arab countries praised the Minister's support of the Government American Iraqi government in resolving the debt confirming Iraq's desire to end this file in order to launch as our basis is the reform of the banks and resolve the debt issue to build economic base Iraqi distinct benefit and welfare of the Iraqi people, who have suffered injustice hateful dictatorship.
واوضح وزير المالية بأن ديون القطاع الخاص حسمت بالكامل ولم يبقى منها سوى 4% وفي طريقه الى الانجاز. The minister pointed out that the financial debt of the private sector has not fully resolved the remains of which only 4% On his way to achievement. واكد ان الاقتصاد العراقي سيتعافى وخير دليل على ذلك تحسن سعر صرف الدينار العراقي وزيادة القدرة الشرائية للمواطن اضافة الى تعظيم موارد الدولة في مجال واردات النفط والكمارك والضريبة والتي ستصب في المحصلة النهائية في دعم موازنة الدولة التي تشهد نموا كبيرا اسهم في تخفيض نسبة التضخم والبطالة كما ان الانفتاح على العالم قد اسهم في خلق حركة اقتصادية واستثمارية واعتماد الحكومة العراقية لقانون الاستثمار ودعم القطاع الخاص وتعزيز اقتصاد السوق سيسهم بشكل فاعل بتنمية الاقتصاد العراقي . He stressed that the Iraqi economy recover and the best proof of that improvement in the exchange rate of the Iraqi dinar and to increase the purchasing power of citizens in addition to maximizing the resources of the State in the area of oil imports and customs and tax, which will be channeled to the final outcome in support of the state budget, which is witnessing significant growth contributed to reducing the rate of inflation and unemployment and openness to the world have contributed to the creation of the economic, investment and the adoption of the Iraqi government to the Investment Law and support the private sector and promote a market economy will contribute actively developing Iraqi economy.
واشاد مساعد وزير الخزانة الامريكي بالتحولات الاقتصادية في العراق مؤكدا "حرص الحكومة الامريكية على دعم العراق بكافة المجالات وخصوصا" الاقتصادية والمالية وخير دليل على ذلك مؤتمر الحوار العراقي الامريكي الذي عقد في 27ـ 28 / شباط في بغداد.. He commended the Assistant Secretary of the Treasury American economic transformations in Iraq, asserting that "the American government's keenness on supporting Iraq in all fields, especially the" economic, financial and the best proof of that Iraqi-American Dialogue Conference held at 27 28 / February in Baghdad .. مثمنا جهد السيد نائب رئيس الوزراء د. برهم صالح والسيد وزير المالية بانجاح المؤتمر . Valuing effort by the Deputy Prime Minister Dr. Barham Salih, the Minister of Finance the success of the conference.
Towards Modernizing the Central Bank of Iraq
Sign an expert in the Central Bank of Iraq for positive impacts in the long perspective in the bank monetary policy, on combating inflation by raising the rate of the Iraqi dinar exchange through the use of the tools available cash, leading to contain inflation pressures generated by the total expenditure.
The Director-General of the Centre for Statistics and Research at the Central Bank of Iraq, the appearance of Muhammad Salih, that the bank seeks to establish a framework of reforms of the banking infrastructure in central Iraq, is more modern and appropriate for future developments in the Iraqi banking climate, through the strengthening of payment systems that link the bank Central banks operating across the system, pointing out that this mechanism works to empower the Central Bank lending banks on a daily basis, when exposed to some of the problems of availability of liquidity, as well as reduce the risk of manipulation and fraud to contain such a mechanism to a high degree of secrecy and confidentiality.
He disclosed for the benefit of other actions relating to the development of auction operations bonds and transfers CBE encourages open-market operations, emphasizing the depth of impact on liquidity ratios and orderly growth in the bloc cash. He explained that the rates of sales in a single auction rose to 200 billion Iraqi dinars each auction, after it was 100 billion dinars for each auction earlier. He called favour in the same context for a fiscal policy consistent with the Central Bank monetary policy, leading to economic stability based on encouraging investment spending and reduce consumer spending to help in the operation of idle capacity for work in the economy, whether material or human, as well as the fight against poverty and care for the poor in the system of social protection, stressing the need to be consumer spending on these sectors, which requires a review of the activities of the support that must be given priority to the production sector, but not at the expense of reality Alkhaddmati, health and education.
http://translate.google.com/translat...-US:unofficial
WHAT IS IRAQ WAITING FOR, F*#K..MISSING THE BOAT...
Dinar makes biggest one-day gain this year
by Daliah Merzaban on Wednesday, 27 February 2008
BIGGEST GAIN: Kuwait has let its dinar make its largest one-day gain against the dollar this year. (Getty Images)Kuwait let the dinar make its biggest one-day gain this year on Wednesday after the dollar slid to a record low above $1.50 to the euro on US data that signalled the world's largest economy is headed for recession.
Kuwait is the only Gulf Arab oil producer whose currency is not pegged to the dollar, which hit $1.5050 against the euro on electronic trading platform EBS early on Wednesday and had hit a record low against a basket of big currencies.
The dinar, currency of the world's seventh-largest oil exporter, has risen 5.95% since Kuwait severed its link to the dollar last May and started tracking a currency basket. It said the weak US currency was fuelling inflation by making some imports more expensive.
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Inflation is a growing concern across the world's biggest oil-exporting region, where price rises hit a 27-year peak of 7% in Saudi Arabia and 13.74% in Qatar in the fourth quarter, just off a record.
Dollar pegs in the two states - as well as the UAE, Bahrain and Oman - restrict their ability to fight inflation by forcing them to shadow US monetary policy at a time when the US Federal Reserve is cutting rates to ward off recession.
By contrast, Gulf economies are surging on a near five-fold jump in oil prices since 2002.
Fed Vice Chairman Donald Kohn said on Tuesday that a weak economy was a bigger worry than inflation risks, suggesting a willingness to keep cutting rates from 3% as the central bank tackles "difficult times".
Gulf Arab inflation would fall "significantly" were the oil producers to drop their dollar pegs, former Fed chairman Alan Greenspan said on Monday.
Some Gulf policymakers have voiced concerns about the status quo. Qatar is studying revaluing its riyal among options to fight inflation, Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr Al-Thani told newswire Reuters on Saturday.
The exchange rate contributes to about 40% of inflation in Qatar, where the currency is 30% undervalued, Sheikh Hamad said.
Kuwait's central bank has not revealed the composition of its currency basket, saying only that it is weighted largely in dollars. The Kuwaiti currency on Wednesday hit its highest since January 15 - which was a near 20-year peak. (Reuters)
If I have 250m free trading shares left aren't your figures off?
Iraq's Debts Deepened Imbalances in the National Economy
A debt incurred by Iraq as a result of the wrong policies of the former regime burdensome and fateful challenge on the prospects for the development of the country because it contributed to the deepening of imbalances in the Iraqi economy.
Perhaps one of the most prominent effects of this size and other debts accumulated interest and growth in the volume of debt service, which was rescheduled in accordance with the terms and instructions international financing institutions (recipe ready), which changed the course of the solutions and remedies needed to reverse what it meant, in this economic curve talked economic researcher Hilal told Ta `( Sabah), said: After long years to move in this direction found himself in the former regime's confused and become unable to repay foreign debt, or even the total internal debt together these astronomical figures and after the events of 9 / 4 / 2003 and the inability to pay debts In response to the pressure of the international institutions in order to restore Iraq (rescheduling its debts), in accordance with the terms of the Paris Club.
Helal added: effects of this trend questions about the need to resort to such actions and the reasons that prompted Iraq to borrowing, and these astronomical figures, some internal such in the state budget, and the impact of inflation in the value of the Iraqi dinar, economic stagnation and the local and global burden of suffocating debt, which is which was reflected in the growth rates in Iraq, reaching in some years to zero and threatened to vital sectors such as food, which occurred a gap of $ 10 billion dollars.
Hilal pointed to a large decline in the levels of income, which amounted to $ 3600 per person in the eighties decreased to approximately $ 600 per year only, and after the events of 9 / 4 / 2003 to become the Iraqi per capita income is not enough to fill the basic needs of food, housing, health services, education and transportation, electricity , and the unemployment rate rose to be reached (30 percent - 40 percent) of the total labour force in Iraq, but the question is whether these structural imbalances in the economy cause of Iraqi debts, or a result?
Ta `explained in the answer to this question whether these structural imbalances in the economy cause of the Iraqi debts or result, Iraq found itself compelled to succumb to the conditions of financial institutions, both international donors, including the International Monetary fund and the World Bank who commit debtor nations through economic and social policies or certain institutions Arab financial subjugation that did not stop it and added to it their own, which is usually careful not to take political positions States borrowed inconsistent with the policies of creditor nations, as happened in Egypt, Jordan and Syria after the second Gulf War in 1991.
He noted that after the Ta `faltering Iraq to repay its debts premiums and benefits accumulated during the former regime impact on the political will, and raises questions about the most effective ways to get out of the debt crisis.
Is resort to rescheduling by the Paris Club and respond to the conditions and responded by the terms of international and Arab financing institutions to rescheduling its debts and dishes breath and trying conditions of the new arrangement, or solution might be to work to create a stable legislative and infrastructure support and improve financial policies and to find healthy climate for investment capital encourages Iraqi immigrant repatriation return bold.
He stressed the need Ta `exploring the horizons of the future and thinking about getting rid of the debt problem and its political and economic, has been Iraq's foreign debt trap event of a number of Arab countries and developing countries, hitting critical levels affected the economic situation and social and political structure of Iraq.
He spoke about the implications of Ta `external indebtedness on the development plans, saying:Perhaps it is ironic that at a time when oil revenues were formed in Iraq in large quantities unprecedented (high crude oil prices in the seventies and beyond, or what is called the surge of oil).
The same period witnessed growth in the volume of external debt Iraqi rates unprecedented because of the Iraq-Iran war, the Gulf War and the economic blockade.
He added Ta `Due to the increased volume of the debt that accompanied the rise in the volume of service payments (Iraq's debt) and became eat up a large part of the proceeds with the goods, services and the form of this restriction, or are a heavy burden on future development plans because of swallowing an important aspect of foreign exchange in the service of the foreign debt.
And the diagnosis of the effects of foreign debt on development plans Ta `explained that through the analysis of the effects of debt on the domestic savings and import capacity and inflation became clear that the relationship between foreign capital and domestic savings produced paintings are:Integration of domestic and foreign resources and supporters of this thesis considers that the foreign capital if exploited economically exploited well lead to increased GNP and high levels of income and therefore higher savings rates as a result fill the shortage of financial resources necessary to finance investment projects.
He continued Hilal: finds supporters of the Second Treatise that these funds are not exploited optimal exploitation and often tends towards financing consumption, especially of imported goods, and a small percentage tends to invest in projects go down repercussions which reduces the chances of creating a new financial surpluses and raising efficiency of the economy and its growth, which adversely affects potential domestic savings.
http://64.233.179.104/translate_c?hl...language_tools
I hear ya...I have alot of Dinar and Dong but I think I will hold it tight and do something with this...even getting out of 50% of it would help...If I can't, I'll hit my Business loc for the time being.
bought at 0001 wanted to go long with it...still would if I didn't need to get liquid...remember, hind sight is always 20-20...
Like I said,I think it will go at some point but I need the cash for a RE closing...sucks
ya I'm sure...transfer
thx teek....enough for one good meal...lol
yeah...I'm blessed
Pin~ata filled with Dinar to hang in Baghdad....lmao
Iraq council approves 'Chemical Ali' hanging
Long-delayed execution of Saddam Hussein's cousin OK'd; no date set yet
updated 3:48 a.m. ET, Fri., Feb. 29, 2008
BAGHDAD - Iraq’s presidency council has cleared the way for the long-delayed execution of Saddam Hussein’s cousin, Ali Hassan al-Majeed, known as “Chemical Ali,” to be carried out, Iraqi officials said on Friday.
The execution of Majeed, once one of the most feared men in Iraq, and two others for the genocidal Anfal campaign against Iraq’s Kurds in the 1980s has been delayed for months by a legal wrangle over who has the authority to green light the hangings.
The presidency council, which comprises President Jalal Talabani and his two deputies, Vice President Tareq al-Hashemi, a Sunni Arab, and Vice President Adel Abdul-Mahdi, a Shiite, has said that the authority lies with it.
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“They approved it two days ago,” a source at the presidency council told Reuters, referring to the execution of Chemical Ali. An adviser to Prime Minister Nuri al-Maliki confirmed this.
No date has been set for the execution to be carried out, they said.
The council source said no decision had been made regarding Saddam’s former defense minister, Sultan Hashem, and a former army commander, Hussein Rashid Muhammed. Vice President Hashemi has said he does not believe army officers should be punished for following the orders of their political masters.
“There are different points of view regarding the others that need to be resolved,” the source said.
The U.S. military, which has custody of Majeed and other former members of Saddam’s government, said it had not received a request to hand him over to the Iraqi authorities.
Pin~ata filled with Dinar to hang in Baghdad....lmao
Iraq council approves 'Chemical Ali' hanging
Long-delayed execution of Saddam Hussein's cousin OK'd; no date set yet
updated 3:48 a.m. ET, Fri., Feb. 29, 2008
BAGHDAD - Iraq’s presidency council has cleared the way for the long-delayed execution of Saddam Hussein’s cousin, Ali Hassan al-Majeed, known as “Chemical Ali,” to be carried out, Iraqi officials said on Friday.
The execution of Majeed, once one of the most feared men in Iraq, and two others for the genocidal Anfal campaign against Iraq’s Kurds in the 1980s has been delayed for months by a legal wrangle over who has the authority to green light the hangings.
The presidency council, which comprises President Jalal Talabani and his two deputies, Vice President Tareq al-Hashemi, a Sunni Arab, and Vice President Adel Abdul-Mahdi, a Shiite, has said that the authority lies with it.
Story continues below ↓
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advertisement
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“They approved it two days ago,” a source at the presidency council told Reuters, referring to the execution of Chemical Ali. An adviser to Prime Minister Nuri al-Maliki confirmed this.
No date has been set for the execution to be carried out, they said.
The council source said no decision had been made regarding Saddam’s former defense minister, Sultan Hashem, and a former army commander, Hussein Rashid Muhammed. Vice President Hashemi has said he does not believe army officers should be punished for following the orders of their political masters.
“There are different points of view regarding the others that need to be resolved,” the source said.
The U.S. military, which has custody of Majeed and other former members of Saddam’s government, said it had not received a request to hand him over to the Iraqi authorities.
GCC unlikely to follow EU model for single currency
BY HASEEB HAIDER
26 February 2008
ABU DHABI — Governor Central Bank of the UAE Sultan bin Nasser Al Suweidi yesterday said GCC might not follow the EU economic model for its economic integration, and a monetary union will be established in three phases, culminating in launching a single currency.
The GCC countries might not follow the example of the European Union and the Euro. Implementation of the monetary union will be in stages. "The first and second stages will bring two benefits to GCC economies as it will reduce or eliminate the foreign exchange transaction cost between our country's currencies and will improve the efficiency of capital flows between our economies", he said, while speaking at Abu Dhabi Corporate Leadership Forum. The Governor spoke on GCC economic growth, future potential, economic integration and issues relating to monetary union.
He said that the single currency is a long-term issue of the GCC and it's too early to discuss it, as the regional nations first have to agree on the very foundations, which could be different from the EU model. On GCC economic integration, the governor said that the regional nations will continue to harmonise their laws, especially company laws to make it possible for regional companies to branch-out from present situation, where it is really difficult for them to setup cross-border businesses. "With the GCC Common Market taking shape, the business potential for the regional firms would grow, after they achieve economies of scale and huge market of 42 million people", he added. He hoped that the tax laws will become more transparent and more harmonised, to benefit businesses. The governor said that once the GCC countries achieve the two stages of the monetary union, they will enter the final stage, which will, require enacting and implementing similar laws in all the GCC countries, to enable the common markets to take its shape.
"Following achieving a high degree of the GCC's common market, plans will be made for the single currency, which can add engines for further growth in an environment of a well functioning Common Market, he told the Forum. He hinted that recession and other fears may affect GCC growth, but China and India, the two Asian economic powerhouses will continue to benefit the oil producing nations, who market their products to those high growth economies.
GCC GDP: Sultan Nasser Al Kuwaiti said that total GDP of the GCC during the year 2008 would touch $805.3 billion up from $760.9 billion, up 5.8 per cent and in year 2012 the GDP will cross $1013.6 billion at a high rate of 6 per cent.
This year Qatar with 14.1 per cent economic growth will lead the regional bloc, followed by UAE by 6.6 per cent and both nations will continue this trend till 2012 growing by 10 per cent and 7 per cent respectively.
Banking: The banking pectoral Kuwaiti said the sector has largely benefited from oil revenues, economic growth and massive infrastructure expansion. "The total deposits will reach $552 billion in 2008 from
$493 billion, growing at a rate of 12 per cent," he added. Total loans and advances will grow to $546 billion, up ten per cent from $417.3 billion during year 2007.
http://www.khaleejtimes.com/DisplayA...ction=business
broker won't take it on pink or bb
Not that I don't believe that this stock at some point may go higher,but I find myself in a bit of a dilemna. I own @ 450,000,000 shares of GEGP and I am in a financial bind. I would be willing to sell at a huge discount to solve my problem...Any takers?
Iraq missing the boat right now at a very opportune time for them....stepping over dollars to make pennies...idiots..currency worth dog s%it and all that liquid gold.
Unemployment reaches 1 million in Iraq
Baghdad - Voices of Iraq
Thursday , 28 /02 /2008 Time 5:39:18
Baghdad, Feb 28, (VOI) – Unemployment levels in Iraq reached over 1 million from 2003-2007, according to figures released by the state's Ministry of Labor and Social Affairs.
"Unemployed men registered in the ministry from 2003-2007 totaled 1,046,141, while unemployed women reached 110,286, all over the country," read a ministerial statement received by Aswat al-Iraq, Voices of Iraq, (VOI).
"Those who were employed during the same period numbered 231,355, including 218,229 men and 13,126 women," the statement explained.
The statement indicated that those who were enrolled in the ministry's training centers during the same period totaled 33,116, including 6,346 who are still undergoing training
US, Iraqi officials pledge cooperation on banking, trade
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US, Iraqi officials pledge cooperation on banking, trade
February 28, 2008
BAGHDAD: Turning their attention to Iraq's damaged economy, U.S. and Iraqi officials wrapped up a broad-ranging, two-day meeting on Thursday with pledges to cooperate on banking and trade, among other issues.
The sessions come as security concerns have lessened substantially in Iraq over the past six months, and the U.S. and Iraqi governments are moving ahead with the next step — kick-starting this country's business sector.
It won't be easy and probably won't be quick. The goal is to establish a thriving market-oriented economy, but recent figures put Iraq's unemployment rate well into double digits, and more than a third of Iraqis are under-employed, according to Iraq's Central Statistical Organization.
"This year is vital," Deputy Prime Minister Barham Saleh said, "2007 was a year for security achievements, but they will not stay in place without Iraq being able to make a quantitative leap in living standards."
Reuben Jeffrey, the Under Secretary of State for Economic, Energy and Agricultural Affairs, said that the U.S. is in a transition phase in its economic relationship with Iraq, moving from an "assistance relationship to a true partnership."
cont..
http://www.iht.com/articles/ap/2008/...aq-Economy.php
Gulf currencies up as dollar sinks
Agencies
Published: February 29, 2008, 00:30
Dubai: Gulf currencies rose yesterday as the dollar hit a new record low against the euro, prompting speculation the region's economies may revalue or drop their pegs to contain inflation.
The dollar plunged to a new record low as the US government confirmed that American economic growth expanded at a sluggish 0.6 per cent in the fourth quarter.
In mid-afternoon deals, the European single currency raced as high as $1.5185, beating the previous high of 1.5144 that was set the previous day.
The greenback also fell to the new trough against the euro after Federal Reserve Chairman Ben Bern-anke signalled the prospect of more cuts to US interest rates on Wednesday, dealers said.
Speculators prefer to hold currencies in countries where interest rates are rising or expected to rise in the hope they can increase their potential returns.
Saudi Arabia's riyal, which has been fixed at 3.75 to the dollar since 1986, hit as strong at 3.74 to the dollar. Investors were betting the UAE dirham would appreciate by 2.8 per cent in one year and 4.1 per cent in two years, according to forward rates.
Kuwait let the dinar appreciate against the dollar for a second time, taking gains since the country dropped its dollar peg in May to more than six per cent for the first time.
Inflation is becoming a growing concern across the world's biggest oil-exporting region, where price rises hit a quarter century peak of seven per cent in Saudi Arabia and 13.74 per cent in Qatar in the fourth quarter, just off a record.
Import costs
Costs of Gulf imports denominated in euros have risen on average more than 20 per cent this year, said Elyas Al Gaseer, Middle East head of capital markets at Calyon. "They have come up with a lot of solutions but it seems that all of them won't stop inflation unless they do something about the currencies," he said.
Oil prices near $100 per barrel would also make it easier for Gulf governments to revalue, adding to speculation they could change policy soon, he said.
Dollar pegs restrict central banks' ability to fight inflation by forcing them to shadow US monetary policy at a time when the Fed is cutting rates in an attempt to ward off recession.
In contrast, Gulf econ-omies are surging on a near five-fold jump in oil prices since 2002.
Meanwhile, US president George W. Bush yesterday reiterated his administration's strong-dollar policy. "We believe in a strong dollar policy," he said at a White House news conference, in response to a question about the weakness of the greenback.
Some Gulf policymakers have voiced concerns about the status quo. Qatar is studying revaluing its riyal among options to fight inflation.
no reval yet? One hand on my Dinar,one on my Dong..he he
I put all my porn and wiskey in a hole in my fallout shelter...lmfao
Fed Chief Signals Another Rate Cut
Wednesday February 27, 11:21 am ET
By Jeannine Aversa, AP Economics Writer
Fed Chief Signals Rate Cut to Help Wobbly Economy, Must Keep Eye on Inflation WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal Wednesday that interest rates will again be lowered to steady the teetering economy."The economic situation has become distinctly less favorable" since the summer, the Fed chief told the House Financial Services Committee.
Since Bernanke's last such comprehensive assessment last summer, the housing slump has worsened, credit problems have intensified and the job market has deteriorated. Bernanke said that the confluence of these factors has turned people and businesses alike toward a more cautious attitude toward spending and investment. This, he said, has further weakened the economy.
Incoming barometers continue to "suggest sluggish economic activity in the near term," Bernanke told lawmakers. At the same time, he added, the Fed must keep a close eye on inflation given the recent run-up in energy and other prices paid by consumers and businesses.
For now though, the No. 1 battle is shoring up the economy.
Bernanke pledged anew to slice a key interest rate to help the wobbly economy, which many fear is on the verge of a recession -- or possibly has already toppled into one.
The Fed "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks," Bernanke said, hewing closely to assurances he offered earlier this month.
The central bank, which started lowering a key interest rate in September, has recently turned much more aggressive. Over the span of just eight days in January, it slashed rates by 1.25 percentage points -- the biggest one-month reduction in a quarter century. Economists and Wall Street investors predict the Fed will cut rates again at its next meeting on March 18.
There are dangers that the economy will weaken even further. "The risks include the possibilities that the housing market or labor market may deteriorate more than is currently anticipated and that credit conditions may tighten substantially further," Bernanke cautioned.
As Bernanke began his first day of back-to-back appearances on Capitol Hill to discuss the economy, there was more bad news on the housing and manufacturing fronts.
-- Sales of new homes fell in January for a third straight month, pushing activity down to the slowest pace in nearly 13 years, the Commerce Department reported. The median price of a new home dropped to the lowest level in more than three years.
-- And, orders to U.S. factories for big-ticket manufactured goods dropped in January by the largest amount in five months.
On Wall Street, stocks fluctuated at first, then moved higher after the release of Bernanke's prepared comments.
The Fed chief was hopeful that previous rate reductions along with a $168 billion stimulus package of tax rebates for people and tax breaks for business will energize the economy in the second half of this year.
Bernanke has come under some criticism for not acting sooner in cutting rates to respond to the economy's problems. However, Rep. Spencer Bachus, R-Ala., offered the Fed chief some sympathy. "There is perhaps no other public figure in American who has been subjected to as much Monday morning quarterbacking as you have over the past six months," Bachus said.
Even as the Fed tries to shore up the economy, it must remain mindful of inflation pressures, Bernanke said.
Record high oil prices -- topping $100 a barrel -- are pushing consumer prices upward. That's shrinking paychecks, and with people feeling less well off because the values of their homes have dropped, consumer spending "slowed significantly" toward the end of the year, the Fed chief said.
The Fed forecasts that inflation will moderate this year compared with last year. But the Fed's recently revised inflation projection of an increase between 2.1 percent and 2.4 percent is higher than its old forecast from the fall.
Bernanke said there are "slightly greater upside risks" that inflation could turn out to be higher than the Fed currently anticipates, given the recent run-up in energy and food prices.
"Should high rates of overall inflation persist, the possibility also exists that inflation expectations could become less well anchored," Bernanke warned. If people, companies and investors think inflation will move higher, they will act in ways that could turn inflation even worse, a sort of self-fulfilling prophecy. And Bernanke said that could complicate the Fed's job of trying to nurture economic growth while also keeping inflation under control.
With the economy slowing and prices rising, fears are growing that the country could be headed for a bout of stagflation, a dangerous economic brew not seen since the 1970s.
The Fed for now is focused on bolstering the economy through interest rate reductions. To combat inflation, the Fed would raise rates.
At some point over the course of this year, the Fed will need to "assess whether the stance of monetary policy is properly calibrated" to foster the Fed's objectives of price stability "in an environment of downside risks to growth," Bernanke said.
With home foreclosures at record highs, the Fed has proposed rules to crack down on a range of shady lending practices that has burned many of the nation's riskiest "subprime" borrowers -- those with spotty credit or low incomes -- who have been hardest hit by the housing and credit debacles. The rules also would curtail misleading ads for many types of mortgages and bolster financial disclosures to borrowers.
The effectiveness of the regulations will depend on strong enforcement, Bernanke said. To that end, the Fed is working with other federal and state regulators.
Iraq''s top spy warns of Iranian intelligence activities in Iraq
Politics 2/27/2008 10:59:00 PM
BAGHDAD, Feb 27 (KUNA) -- Iraq's intelligence chief Mohammad Al-Shahwani Wednesday warned against plans by the Iranian intelligence to thwart the Awakening (Sahwa) councils in Iraq.
"There are information with the Iraqi national intellingence body confirming that Iranian intelligence has dispatched its elements to abort experience of the Sahwa councils nationwide," Shahwani said in a statement.
He warned the Iraqi people against the activities of the Iranian intelligence, and urged the Iraqis to support the Awakening councils, which were set up in mid-2006 to fight Al-Qaeda in Iraq.
The councils started in Al-Anbar and then spreaded to Diyala and Salahuddin governorates, and other towns. Every council member gets a USD 300 in monthly reward from the US forces.
The councils have helped reduce violence in many areas. (end) mhg.bs KUNA 272259 Feb 08NNNN
geez....the sky is falling....lmao
A shining example in Kurdistan
Reuters
Published: February 27, 2008, 00:27
Opportunities are rich in oil, agriculture and other sectors in Iraq's Kurdish north, according to US and Kurdish officials, but US investment is still paltry in what promoters bill as "the other Iraq".
US business and government officials, seeking to encourage investment and ease fears about doing business in war-torn Iraq, called the autonomous Kurdistan region a "shining example" of what the entire country might one day become.
Boosters point to rich natural resources, a favourable investment climate and greater security.
The region, with its own government and parliament, has boasted a lower level of violence than the rest of Iraq, which is now cautiously embracing security improvements in Baghdad and elsewhere almost five years after the US-led invasion.
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The Iraqi government is hoping to rebuild an economy, and public infrastructure, battered by years of sanctions and war, which plunged many Iraqis into poverty and joblessness.
But the employment outlook is far brighter in Kurdistan, and median incomes are up to 25 per cent higher than in the rest of Iraq, the regional government says.
Even so, Qubad Jalal Talabani, the Kurdistan Regional Government's representative to the United States and son of the Iraqi president, said US business accounts only for one per cent of total investment in Kurdistan. "The United States lags behind most other countries," he said.
Major investor
Turkey is a major investor in Kurdistan's bridges, banks and oil sector, Talabany said, despite longstanding tension with Ankara over the Kurdish rebels who have launched attacks from their mountain enclaves.
While opportunities may abound, evidence is hard to find that investors are willing to put aside concerns about general security in Iraq, along with doubts about the country's political stability, and come to Kurdistan in droves.
Neither Kurdish nor US officials were immediately able to provide figures for US investment in the region.
Oil is certainly a lure. The Kurdish government has clashed with Baghdad over petroleum deals it has signed with foreign oil firms, which the central government deems illegal.
Talabani, speaking at the US Chamber of Commerce in Washington, insisted the Kurdish government's oil contracts would benefit the entire country.
Kurdish officials are also hoping that agribusiness will become another driver for foreign investment in Kurdistan, a traditional wheat producer.
The region's acreage of field crops, mostly wheat and barley, was about 2.3 million acres (950,000 hectares) in 2007, according to the Kurdish Regional Government.
Processing and export facilities are needed to invigorate those sectors, along with tobacco, fruits and nuts, maybe even wine, Talabani said.
"The right investments will turn Kurdistan into the breadbasket of the region," he added.
Iraqi Council Rejects Elections Law
Wednesday, February 27, 2008; 10:07 AM
BAGHDAD -- Iraq's presidential council rejected a measure Wednesday setting up provincial elections, sending it back to parliament in the latest setback to U.S.-backed national reconciliation efforts.
The three-member panel, however, approved the 2008 budget and another law that provides limited amnesty to detainees in Iraqi custody. Those laws will take effect once they are published in the Justice Ministry gazette.
The three laws were approved as a package by the Iraqi parliament on Feb. 13. The step drew praise from the Bush administration, which had sought passage of a provincial powers law as one of 18 benchmarks to promote reconciliation among Iraq's Sunni and Shiite Arab communities and the large Kurdish minority.
"No agreement has been reached in the Presidency Council to approve the provincial elections draft law and it has been sent back to the parliament to reconsider the rejected articles," the council said in a statement.
The panel is composed of President Jalal Talabani, a Kurd, Shiite Vice President Adel Abdul-Mahdi and Sunni Vice President Tariq al-Hashemi.
The White House said it does not believe the setback for the provincial election law has dealt a fatal blow to the measure. White House press secretary Dana Perino said the Bush administration would have liked the law to move forward without complications, but added: "This is democracy at work."
Abdul-Mahdi is a senior official in the Supreme Iraqi Islamic Council, the country's largest Shiite party. He objected to the measure and was supported by the Kurds, according to lawmakers who attended the council meeting where the elections law was discussed. They spoke on condition of anonymity because of the sensitivity of the issue.
The sticking point was control of the provincial governor's offices. A provision in the measure allows the Iraqi prime minister to fire a provincial governor, but Abdul-Mahdi's bloc wants that power to rest with the provincial councils, or legislatures, where his party has a strong base of support around the country, the lawmakers said.
Naseer al-Ani, a spokesman for the presidential council, refused to say who objected to the measure.
"There are some items in this law that contradict the constitution, such as the governor and how to sack him," he said. "There is an objection and it is constitutional. The Presidency Council has the right to object."
The elections measure was only the second of the U.S. benchmarks to make it through parliament.
A bill that allows lower-ranking members of Saddam Hussein's Baath party to reclaim government jobs became law earlier this year, but Sunnis have demanded amendments and the future of the measure is unclear.
Some Iraqi lawmakers vented their displeasure.
"This is a disappointment to us. We expected that all the three laws would be approved together," said Khalid al-Attiya, the Shiite deputy parliament speaker. "It will take us a long time and new agreements now to pass the law."
It took weeks of wrangling for the Iraqi parliament to pass the three laws the presidential council reviewed, finally doing so in a single bundle so that none of the three groups would feel double-crossed. Even then, parliamentary speaker Mahmoud al-Mashhadani had to break an 82-82 tie to get the measure through on the last day of the legislature's session.
The budget and the amnesty measure become law with the presidential council's approval. It does not appear possible for lawmakers to revisit them when they return from a five-week break March 18.
"We are annoyed with the fact that the party affiliations in the Presidency Council have overcome Iraq's national interests," said Saleh al-Aujaili, a lawmaker from radical Shiite cleric Muqtada al-Sadr's faction. "The members of the Presidency Council should study the laws as representatives of the Iraqi people, not their own parties."
He said any measure rejected by the council needs a two-thirds majority approval in parliament to pass the second time through, making it difficult for the nation to hold provincial elections on Oct. 1, as set out in the measure.
hillarious !! You thought Simon was bad...lmfao
http://www.dotsub.com/films/moredema...etting=en_1618
EDEX starting to rolllllll
EDEX weak open gaining strength now
Iraq: Gulf banks, Turkish and Iranian intervention in partnerships with local banks
تخوفات كبيرة من المصارف الأهلية والحكومية في مجال الاستثمار Fears of large banks and the civil government in the area of investment
أضغط لتكبير الصورة Click to Enlarge أكد المدير المفوض لمصرف الشمال صلاح الفخري أن عدد المصارف الأهلية في العراق شهدت توسعا كبيرا خلال السنوات الأربع الماضية، خاصة ان اغلبها دخلت في شراكات مع بنوك ومصارف خليجية وأجنبية ساهم في تنشيط القطاع المصرفي بشكل عام. The Director of the Bank of North High Salah Honorary the number of banks in Iraq eligibility expanded considerably over the past four years, especially since most entered into partnerships with banks and the Gulf and foreign banks contributed to the revitalization of the banking sector in general.
وقال الفخري في لقاء مع «الشرق الأوسط» إن عدد المصارف ارتفع من 12 مصرفا قبل العام 2003 ليصبح 28 مصرفا آخرها تأسس قبل أسابيع وهناك طلبات تأسيس كثيرة تقدم للبنك المركزي العراقي بهذا الصدد، فيما بلغت المصارف الإسلامية عشرة مصارف. He said the honorary in a meeting with the «Middle East», the number of banks rose from 12 banks by the year 2003 to become the latest bank was founded 28 weeks ago and there are many demands made of the founding of the Central Bank of Iraq in this regard, while the Islamic banks ten banks. وبين الفخري، أما تلك التي عقدت شراكات مع مصارف غير عراقية فكانت مع مصارف بحرينية مثل الوطني الإسلامي والتعاون الإقليمي والمؤسسة العربية البحرينية والمصرف الزراعي التركي وبنك مجلس إيران وبيبولوس اللبناني والأهلي الكويتي، فيما استمرت بنوك عربية وأجنبية كثيرة بتقديم طلبات المشاركة مع مصارف عراقية وقريبا سيتم الإعلان عن موافقة كثير منها. And Honorary, while those held partnerships with non-Iraqi banks were with Bahraini banks such as the National Islamic and regional cooperation and the Arab Bahrain and the Agricultural Bank, Bank of the Turkish Council Bipoulos Iran and the Lebanese and Kuwaiti Ahli, continued with Arab and foreign banks provide many requests for participation with Iraqi banks and will be announced soon on the approval of many of them. وعن أسباب توجه رؤوس الأموال العربية والأجنبية للقطاع المصرفي العراقي وعزوفها عن الدخول في قطاعات اقتصادية أخرى، أوضح المدير المفوض، أن أي نشاط اقتصادي استثماري أن كان محليا أو أجنبيا يجب أن يبدأ بالقطاع المصرفي كونه أداة رئيسية من أدوات الاستثمار، كما أن أي علاقات استثمارية تنشأ بين العراق ودول الخليج ودول عربية وأجنبية أخرى تبدأ من خلال البنوك. And the reasons directed capital Arab and foreign banking sector of the Iraqi reluctance to engage in other economic sectors, the Director explained the Commissioner, that any economic investment to domestic or foreign must begin the banking sector as a principal tool of investment, and any investment relationships arise between Iraq and the Gulf states, Arab and other foreign begin through banks. وأوضح: «ان العراق يعد من البلدان التي انغلقت على أنفسها اقتصاديا طيلة العقود الماضية وكانت هناك سياسات اشتراكية وتوجه للقطاع العام وإهمال الخاص، وبعد الانفتاح نجد أن أصحاب رؤوس الأموال من غير العراقيين ليس لديه تصورات عن طبيعة وحجم الاستثمارات المتاحة أمامه، إضافة إلى تخوفه من الدخول بشكل مباشر وهذا طبيعة رأس المال الذي يتصف بالخوف، لكنها ستكون أكثر آمانا مع المؤسسات المالية فنحن نعمل بالداخل وعلى دراية بكافة تفاصيل النشاطات الاقتصادية والتجارية للبلد وهذا سيشجع البنوك غير العراقية وحتى المستثمرين من الدخول عبرنا للسوق العراقية، وهذا ما حدث فعلا». He explained: «that Iraq is one of the countries locked themselves economically over the past decades and there were policies and the socialist orientation of the public sector and private neglect, and after opening, we find that owners of capital from non-Iraqis had no perceptions on the nature and size of investments available to him, in addition to fears engage directly and the nature of this capital, which is characterized by fear, but they will be safer with financial institutions, we work at home and are aware of all the details of economic activities and trade of the country and this will encourage other Iraqi banks and investors so we have to enter the Iraqi market, which actually happened ».
وأكد انه وحتى في سوق التداول تجد أن توجهات المضاربين تكون على القطاع المصرفي، فهو الأسرع في تنشيط ونمو القطاعات الأخرى، كما أن اغلب أعمالنا الحالية تتركز على تجميع الادخار ومن ثم توزيعها على القطاعات الأخرى من خلال قنوات استثمارية، وصفها الفخري بالمحدودة حاليا في العراق لأسباب عديدة من أهمها خطورة ضخ أموال في ظل أوضاع غير مستقرة نسبيا، خاصة أن الأرصدة في البنوك هي ليست ملك المصرف بقدر ما هي أمانات لمدخرين يجب الحفاظ عليها ومراعاة جانب الحذر في التعامل بها. He stressed that even in the market circulation find that speculators have orientations for the banking sector is the fastest in the revitalization and growth of other sectors, as most of our current focus on the compilation of savings and then distributed to other sectors through the channels of investment, and described the honorary includes being in Iraq for reasons Many of the most important of the seriousness of pumping funds under relatively stable conditions, especially as stocks in banks is not a king bank as it is the secretariats of the savers must preserve and into the side of caution in handling them. وتابع في هذا السياق بالقول: كما أن القوانين العراقية المعنية بهذا الصدد ما زالت غير مفعلة، وحجم الفساد المستشري في كافة دوائر الدولة هو عامل مهم أيضا في تحفظنا على منح القروض فمن السهل الآن جلب مستمسكات مزورة توهم البنوك بان المتقدم يملك عقارات ضامنة أو رهن عقار مزيف أصلا، هذا إضافة إلى المحاذير الجديدة التي طرأت على طبيعة العلاقات الاقتصادية بين العراق ومختلف دول العالم. He went on to say in this context: The Iraqi laws on this connection are still active, and the size of rampant corruption in all government departments, is also an important factor in our reservation on the loans it is easy now to bring evidentiary items false illusion that the bank has developed a guarantor or real estate mortgage real estate bogus originally, this new addition to the caveats in the nature of economic relations between Iraq and the various nations of the world. كما قلنا إن العراق كان محصورا ضمن حدوده طيلة عقود من الزمن وانفتاحه جعله على تماس مباشر مع مشاكل عالمية من أهمها غسيل الأموال والتهريب وأموال ناجمة عن نشاطات غير قانونية كالمخدرات وغيرها وقلة خبرة مصارفنا بهذا الصدد لعب دورا في الحد من توسيع علاقتنا مع العالم وهنا تقتصر تعاملاتنا المالية مع المصارف المعروفة والمؤمنة دوليا خوفا من الوقوع في مصيدة غسيل الأموال». As we have said that Iraq has been confined within its borders for decades and its openness to make direct contact with the most important global problems of money laundering, smuggling and money resulting from illegal activities such as narcotics and other lack of experience in this regard, our banks played a role in limiting the expansion of our relationship with the world and is confined dealings Financial with banks and insurers known internationally for fear of falling into the trap of money laundering ». وكقوانين عراقية ذات صلة بهذا الأمر أكد المدير أن البنك المركزي العراقي قام ومنذ العام 2004 بأعداد قانون صارم بشأن مشاكل غسيل الأموال وهناك جهة رقابية على جميع المصارف تتابع عملها بشكل يومي، وإلزام جميع المصارف الأهلية بوضع 25% من السيولة كأمانات داخل البنك المركزي خوفا من عمليات بهذا الصدد أو إغلاق مصرف أهلي والهروب بالأموال فعلى الأقل تكون هناك نسبة مالية يستطيع البنك أن يستند عليها أمام جمهور المستثمرين والمدخرين. Iraqi, such as laws related to this matter Director confirmed that the Central Bank of Iraq, since 2004 a law firm on the problems of money laundering and there is an oversight on all banks follow up work on a daily basis, and require all banks civil develop 25% of the liquidity secretariats within the central bank for fear of in this regard or closing Ahli Bank funds and escape, at least there is a financial ratio can be based upon the bank before an audience of investors and savers. وبشأن وجود مؤسسات باشرت عمليات إقراض ضخمة جدا منذ العام 2004 ولحد الآن أوضح أن جميع المؤسسات المالية مستمرة بعمليات الإقراض وان كانت محدودة لكن بعض الجهات مثل شركة الكفالات العراقية والتي تدعم من قبل الوكالة الأميركية لشؤون الاستثمار شرعت بتقديم قروض صناعية كبيرة جدا مقابل ضمانات كبيرة وأيضا نسب فائدة عالية تصل إلى 22%، ومثل هذه القروض لا تستطيع المصارف الأهلية تقديمها رغم السيولة النقدية الكبيرة التي تحتفظ بها. And on the existence of institutions began lending very large since 2004 and so far indicated that all financial institutions lending operations continued albeit limited, but some actors such as Iraqi and company guarantees that support by the American Agency for Public investment has to a very large industrial loans against guarantees, as well as significant proportions high interest of up to 22%, and such loans banks can not provide eligibility despite large cash held by.
وبشأن التوجهات التي يسعى قطاع المال العراقي لتحقيقها بين أن توجهات مؤسسات المال العربية والعالمية تسعى جميعها للاستثمار داخل بلدانها وخارجها ولهذا ترى عمليات دمج المصارف وإبرام عقود الشراكات مستمرة فيما بينها، والاتجاه المصرفي العراقي الآن أيضا ينصب على نفس تحقيق ذات الأهداف فهناك مساع لزيادة رأسمال المصارف من خلال مشاركة مؤسسات مالية عربية وأجنبية وهناك دراسات اقتصادية لتحديد الجدوى الاقتصادية من الاستثمارات الأجنبية وقدرة قطاعاتنا على تحمل واستقبال رؤوس الأموال. And on the orientations that seeks sector of the Iraqi capital achieved between the orientations of Arab financial institutions and global endeavour to invest all of the countries within and outside the view that mergers of banks and contracts continuing partnerships among themselves, and the trend Iraqi bank now also focus on achieving the same goals, there are efforts to increase the capital of banks financial institutions through the participation of Arab and foreign countries and economic studies to determine the economic feasibility of foreign investment and sectors of our ability to take and receive capital. من جهته أكد مدير احد المصارف الحكومية بقاء الأساليب التقليدية في التعاملات المصرفية، أن العراق كان من طليعة الدول العربية التي اهتمت بتحديث مؤسساتها المالية والمصرفية وفي عام 1963 قمنا بتدريب المصارف الأردنية على كيفية التعامل الآلي، لكن الظروف التي عاشها البلد حالت دون استمرار مواكبة التطورات الحالية، فالعراق الآن هو من الدول التي لم تطبق ابسط التعاملات الحديثة مثل الصراف الآلي والبنك المتنقل والإيداع الالكتروني والصراف الآلي وبطاقة الفيزا وغيرها الكثير. For his part, director of a bank governmental survival traditional methods in banking transactions, that Iraq was the vanguard of Arab States, which is concerned with the modernization of the financial and banking institutions and in 1963 we have trained Jordanian banks on how to handle automatic, but the conditions experienced by the country prevented the continuation cope with current developments Iraq now is from the States that have not applied the most recent transactions such as cash machines, bank and mobile electronic filing and ATM card and Visa and many others.
لكن بوادر التعامل بمثل هذه الآليات بدأت مؤخرا فهناك مصارف أهلية أخذت على عاتقها تطبيق بعضها مثل الفيزا كارت والصراف الآلي وان كانت عملية تقبلها من الشارع محدودة بل تكاد معدومة في بعض الحالات ألا المستقبل كفيل بنشاطها، لكن أيضا بتحديدات قانونية فمثلا الفيزا كارت لا يتعامل بها المواطن العراقي ولا المؤسسات التجارية محليا، وهنا قد يلجا العراقي للحصول عليها واستخدامها خارج العراق وهي أيضا مشمولة بقرارات البنك المركزي أي أن أي مواطن لا يحق له وضع رصيد فيها أكثر من 10 آلاف دولار والسفر للخارج حالها حال المبالغ النقدية. But signs deal with such mechanisms are banks recently started eligibility took it upon themselves to each application, such as Visa and ATM card and the process of accepting from the street is limited, but virtually non-existent in some cases not enough future activity, but also legal limitations example, the Visa card does not handle the citizen Iraqi businesses locally, and here the Iraqi had resorted to acquire and use outside Iraq, which is also covered by the Central Bank of any decisions that any citizen is entitled to a balance of more than 10 thousand dollars and travel outside the same way cash. وعن طبيعة عمل المصارف الأهلية العراقية أوضح مدير المصرف الذي فضل عدم الكشف عن هويته، انه وللأسف نجد بنوكنا الأهلية تختلف في هيكليتها وتعاملاتها مع نظيراتها العربية والأجنبية فجميعها تدار من قبل عائلات ثرية، ورغم أن العربية والأجنبية قد تدار بنفس الطريقة لكن ليس كما ترجمته هذه العائلات العراقية فهي تعتبر أن المصرف هو ملك لها وأي موظف بداخله ليس له أي حقوق ويعدونه عامل لديهم لكن في الخارج نرى العكس تماما فهي مؤسسات شبه عامة وان كانت مملوكه من قبل عائلة وهناك ضمانات للموظفين وحقوق وغيرها، كما أنها لا تدار من قبل شخص واحد بل عبر مؤسسات إدارية ومستشارين يعودون عليها بالفائدة، ولهذا نجد حجم المخالفات نادرا ما تحصل فيها. And the nature of the Iraqi civil banks said the bank manager, who preferred to remain anonymous, said that unfortunately, we find banks eligibility vary in structure and its dealings with Arab and foreign counterparts, they all run by wealthy families, while the Arab and foreign countries had managed the same way but not as translated these families Iraqi It considers that the bank is the property have any official inside does not have any rights and Volcano working abroad but they believe exactly the opposite is semi-public institutions that had been owned by the family and guarantees for staff and the rights and others, as it does not run by one person but also through administrative institutions and advisers are returning to benefit, but this is the size of irregularities rarely get it. وعن توجهات رؤوس الأموال غير العراقية داخل سوق بغداد أوضح عبد الرزاق السعدي رئيس هيئة الأوراق المالية أن حجم الاستثمار العربي والأجنبي يتجه صعودا داخل السوق العراقية، وهناك رغبة حقيقية نجدها عند المستثمرين العرب والأجانب باستثمار أموالهم هنا. And on the directions of non-Iraqi capital markets in Baghdad said Abdul Razzaq Saadi, President of the securities that the volume of Arab and foreign investment moving up within the Iraqi market, and there is a genuine desire found in Arab and foreign investors to invest their money here. وأضاف السعدي في تصريح لـ«الشرق الأوسط» بان التقرير النهائي لهيئة الأوراق المالية والخاص بالتداول في سوق العراق للأوراق المالية لعام 2007 ومع إجراء المقارنات مع حركة التداول لعام 2006 يكشف ارتفاع حجم التداول الأجنبي. He added Saadi told «Middle East» that the final report of the securities and private circulation in the market for securities Iraq in 2007 and with the comparisons with the traffic circulation in 2006 reveals the high volume of foreign circulation.
ومنذ بداية شهر اغسطس (آب) من العام الماضي بلغ حجم التداول ما يقرب 17 مليار دينار أي بنسبة 4% من أجمالي حجم التداول في حين بلغ عدد الأسهم المتداولة لعام 2007 ما يقرب 7 مليارات سهم بينما بلغ عدد العقود المنفذة 377 عقدا لعام 2007 وعدد الشركات التي تداول أسهمها مستثمرين غير عراقيين خلال السنه نفسها 40 شركة موزعين على القطاعات كافة المصرفية والاستثمارية والصناعية والسياحية والزراعية والخدمات، وبين التقرير أن القطاع المصرفي احتل المركز الأول في التداول لغير العراقيين. Since the beginning of August (August) last year, the volume of circulation of approximately 17 billion dinars at a rate of 4% of the total trading volume, while the number of shares traded in 2007 to nearly 7 billion shares, while the number of contracts executed 377 contracts in 2007 and the number of companies that the circulation of shares investors non-Iraqis during the same year, 40 companies spread over all sectors and investment banking, industrial, tourist and agricultural services, and the report that the banking sector occupied the first place in the circulation of non-Iraqis. مصدر اقتصادي رفيع المستوى أوضح من جانبه وبشأن عدد الشركات العربية والأجنبية العاملة الآن في العراق، أن هناك شركات كثيرة تعمل بالعراق ليس الآن بل منذ سنوات طويلة وقسم منها تابع لدول وليس شركات أهلية مثل شركة (اكاي) لصناعة الأدوية والتي تقع في محيط بغداد وهي من الشركات الضخمة جدا وتدار حاليا من قبل وزارة الخارجية العراقية لأنها مملوكة أصلا من خمس دول عربية، وهي تتولى توزيع عوائدها على تلك الدول، وهناك أيضا الشركة (العربية) للثروة الحيوانية وتملك أربعة فروع في العراق وتدار من قبل وزارة الزراعة لكن بهيئة منفصلة لكون عائديتها عربية مشتركة من سبع دول، أما التجارية والمالية والزراعية التي تعود لشركات عربية وأجنبية خاصة فهي كثيرة وبحسب نوع الاستثمار والأشراف عليها يكون عبر دائرة تسجيل الشركات التابعة لوزارة التجارة في حال كونها تجارية والبنك المركزي إذ كانت مصرفية والصناعة وهكذا. High-level economic source said of him, and on a number of Arab and foreign companies now operating in Iraq, there are many companies working in Iraq now, but not many years ago and which continued for the Department of State and not companies such as eligibility Company (Akay) for the pharmaceutical industry, which lies in the vicinity of Baghdad, one of the very large companies currently administered by the Iraqi Foreign Ministry because it originally owned by five Arab countries, namely the distribution of revenues to those States, and there is also a company (Arab) livestock and owns four branches in Iraq and administered by the Ministry of Agriculture but separate body of the fact that Arab ownership joint seven States, the commercial, financial and agricultural returns to the Arab and foreign companies in particular are many and depending on the type of investment and supervise the registration of companies across the Service of the Ministry of Commerce in the event of a commercial and central bank as the banking, industry and so on.
وأضاف أن دائرة تسجيل الشركات قامت مؤخرا بتدقيق الحسابات الختامية للشركات الوطنية للسنوات من 2002 إلى 2006 البالغة 257 شركة بالإضافة إلى تدقيق الحسابات الختامية للمركز الرئيسي للشركات الأجنبية والبالغة 8 و3 فروع لشركة أجنبية ودمج حسابات 20 ودراسة قرارات زيادة رؤوس أموالها 3 شركة. He added that the recording companies had recently checked final accounts for national companies for the years 2002 to 2006 amounting to 257 companies in addition to auditing outcome of the Centre's main foreign companies totaling 8 and 3 branches of a foreign company and the integration of 20 accounts and examine the decisions to increase their capital by 3.
وأكد أن هناك طلبات عديدة تقدمت بها شركات عربية وأجنبية للعمل داخل العراق وهي بانتظار تسجيلها، خاصة ان قانون الاستثمار الجديد فتح الأبواب واسعا أمام هذه المؤسسات للعمل بحرية داخل العراق، وان جميع المؤشرات تؤكد أن أي نشاط يقدم عليه المستثمر تكون فيه نسب الربحية عالية جدا لأسباب كثيرة منها السوق العراقي المتعطش للاستهلاك والقدرة المالية العالية ومحدودية القدرة الإنتاجية بعد التحول من القطاع العام للخاص والموارد والمزايا التي يتمتع بها البلد من رخص الأيدي العاملة وتوفر المواد الأولية وسهولة النقل وغيرها، متوقعا أن يكون التدفق لهذه الأموال كبيرا جدا بعد أن يتم انجاز تعليمات قانون الاستثمار الجديد. He emphasized that the requests made by several Arab and foreign companies to work inside Iraq is waiting for registration, especially as the new investment law, opening the doors wide to these institutions to work freely in Iraq, and that all indicators show that the activity of its investor where profitability ratios are very high for reasons Many of them Iraqi market hungry for consumption and the financial capacity and high-limited productive capacity after a shift from the public sector to private resources and advantages enjoyed by the country's cheap labour and availability of raw materials and ease of transportation and others, and expected that the flow of these funds very much after the completion instructions investment law new.
Presidential Council issues budget, general amnesty laws
Baghdad, Feb 27, (VOI) - The Presidential Council on Wednesday issued the federal budget and the general amnesty laws and sent them to the Justice Ministry to be published in the official newspaper
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Barham Saleh calls on America to support Iraq's transition to economy
(صوت العراق) - 27-02-2008 (Voice of Iraq) - 27-02-2008
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برهم صا الحر Barham Saleh calls on America to support Iraq's transition to market economy
بغداد - اص Baghdad - Iraq votesي إي. Deputy Prime Minister Barham Salih, in the opening of the Iraqi-American Dialogue Forum, Wednesday, the American side to provide support for Iraq to shift from the State economy to a free economy, stressing the need to focus on the economic file and pay heed to the reality of living and service for the citizens of Iraq.
ذيكنية". The head of the Iraqi delegation at the opening of Barham Salih Iraqi-American Dialogue Forum in the area of economic cooperation, which was held Wednesday and lasts two days "I call on the American side to the need to provide support for Iraq for a transformation of the economy, the government body which controls all the state economy to a free common, especially after the great improvement of security witnessed by the Iraqi street through the implementation of security plans and military witnessed the capital and most of the provinces of Iraq and the return of displaced families to their migrant housing. "ريةراق". Saleh explained that "dialogue with the American side will continue for two days and will come out with recommendations, and that he has charged secretarial office in the Government Economic follow recommendations that will come out of the dialogue to implement a step speaking for the first time in Iraq." مليارة". He pointed out that "the achievements of the economic team in the Iraqi government over the past year, regardless of more than six billion dollars of investment budget allocations, an achievement compared to the budget disbursed in 2006, amounting to two billion dollars, as well as other significant achievements."
غداد". Saleh stressed the "need to focus on the economic file and pay heed to the reality of living and service of the Iraqi citizen following the improvement of the security situation in most provinces of Iraq, especially the capital Baghdad."
من جهته، واقع العراقي. For his part, the Minister of Planning and Development Cooperation of Iraq the importance of the Iraqi-American dialogue in the area of economic cooperation and the threat of need in Iraq on the basis that the American presence on the ground of Iraq.
وأوضاهمية. He pointed out the two doors in a statement to the Independent News Agency (Voices of Iraq) to the Iraqi-American dialogue is of great importance to clarify the direction of America's commitment to support Iraq being located on the ground the Iraqi, pointing out that dialogue is to discuss paving files economic, political, artistic and put them in the form of key points in the Convention Long-term held by Iraq with the United States of America.سي". He added, "we as ministers in the Iraqi government focus on the need for America's commitment to providing economic support for Iraq that economic cooperation gives more human dimension of the political dimension." الم05. In a related context, Minister of Finance said that the Iraqi ministry focused its efforts on the preparation of the budget in 2008 to investment projects for the business and provide services a priority, and delivery of financial cooperation with the Central Bank of Iraq all the obligations of Iraq, which was included in the pro Convention that took place in December in December 2005 .
فطية". The Baker-Zubaidi of the Iraqi-American Dialogue Forum that his ministry "has focused its efforts on preparing the budget year 2008 2005 with the IMF, as well as the reduction of inflation to 22% in 2007 and the end amendment selling prices of petroleum products and domestic and imported ending direct importation of petroleum products. "
واا". He said: "The Ministry of Finance has signed agreements with all countries of the Paris Club belg numbering 18 countries, the latest of the State of Russia, which was signed bilateral agreement with Moscow in February during February 2008 which has been reducing its debt of $ 12.9 billion to $ 1,2 billion dollars. . settle debts and 37 States that are not members of the Paris Club, as well as sending a delegation to Saudi Arabia were contacted the Kuwaiti government, "noting that" the Kuwaiti debt can be resolved politically and Iraq need the help of friends for the purpose of resolving. "
واشارين. Zubaidi pointed to the work of his ministry in the development of the banking sector and tax reform and implementation of the programme of loans citizens.
وينكة. It is expected to hold a press conference Thursday, following the end of the forum of dialogue and come up with recommendations in common.
يراق. It is noteworthy that most government ministers attended the dialogue as well as the presence of Robin Jeffrey U.S. Assistant Secretary of State David McCormick Assistant Treasury Department and the American Ambassador Ryan Crocker American in Iraq.
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yeah..thats true...numbers RJ !! LOL
IMO the reval goes off in stages..what you have to remember is that they are learning from the US; the best poker faces in the world. They will bs everyone somehow and that will be the equivilant of the fake wall, so to speak, to shake out weak hands...then KABOOOOOOOOM, BLUE SKIES BABY..sorry, lost my head, but I think that is how it will work...like I said...IMO