Home > Boards > Forex > General > Dinar Reporter (IQDUSD)

Iraq says petrodollars hold key to peace

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
stockings3333 Member Profile
 
Followed By 12
Posts 3,088
Boards Moderated 0
Alias Born 09/12/06
160x600 placeholder
Gilead Gets FDA Approval for Remdesivir for Some Non-Hospitalized Patients
By Josh Beckerman
Top Company News of the Day
Netflix Ends Down Nearly 22%, Worst Performer in the S&P 500 and Nasdaq 100 Today -- Data Talk
2-Year Treasury Yield Rises to 0.993% This Week -- Data Talk
10-Year Treasury Yield Falls to 1.747% This Week -- Data Talk
30-Year Treasury Yield Falls to 2.062% This Week -- Data Talk
Wheat Falls as U.S.-Russia Negotiations Continue - Daily Grain Highlights
Front Month Nymex Natural Gas Fell 6.17% This Week to Settle at $3.9990 -- Data Talk
Front Month Nymex RBOB Gasoline Rose 0.97% This Week to Settle at $2.4424 -- Data Talk
GDP Seen +5.8% in 4Q -- Data Week Ahead
Canada's Omicron Infections May Have Peaked But Hospitalizations Rise, Health Officer Says
Coinbase Global Down Over 12%, on Track for Record Low Close and Record Percent Decrease -- Data Talk
EURO STOXX 50 Index Ends the Week 1.00% Lower at 4229.56 -- Data Talk
CAC 40 Index Ends the Week 1.04% Lower at 7068.59 -- Data Talk
STOXX Europe 50 Index Ends the Week 0.44% Lower at 3781.98 -- Data Talk
STOXX Europe 600 Index Ends the Week 1.40% Lower at 474.44 -- Data Talk
FTSE 100 Index Ends the Week 0.65% Lower at 7494.13 -- Data Talk
DAX Ends the Week 1.76% Lower at 15603.88 -- Data Talk
FTSE 100 Ends the Week Lower, Losing Year-to-Date Gains
Ecolab Down Nearly 6%, on Track for Largest Percent Decrease Since July 2020 -- Data Talk
Intuitive Surgical Down Nearly 7%, on Pace for Largest Percent Decrease Since April 2020 -- Data Talk
GM Expanding Production of Electric Motor Parts in NY State
Walt Disney Worst Performer in the DJIA So Far Today -- Data Talk
Glaxo Unit Valuation Boost Looks Less Likely as Unilever Walks -- Market Insight
stockings3333   Tuesday, 07/15/08 09:41:27 AM
Re: None
Post # of 1146 
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.



Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences