Thread: Iraq/Dinar News to April 19, 2007 10PM CST

IMF, World Bank Start annual economic Deliberations

Economics 4/14/2007 7:21:00 PM


IMF, World Bank Start annual economic Deliberations WASHINGTON, April 14 (KUNA) -- World's Finance Ministers and Central Bank Governors inaugurated the annual spring meetings of the World Bank and the International Monetary Fund (IMF) on Saturday seeking to reform the fund and redefine its role in emerging market economies and low-income countries.
Yet, the main distraction remains the controversy over World Banks President Paul Wolfowitz, days after media reports disclosed his involvement in directing a high pay raise for a close senior bank staffer.
The future of Wolfowitz as a top Bank official still uncertain, but US President George W. Bush reiterated yesterday his confidence in the principal architect of the Iraq war, as did US Treasury Secretary Henry Paulson.
The World Bank released yesterday a new document that further involves Wolfowitz in this matter.
Shaha Riza reportedly said she had to face a job transfer, in light of her relation with Wolfowitz.
She added that she went "on external assignment contrary to my wishes", referring to her temporary job in the State Department shortly after the former Deputy Secretary of Defense was appointed in the international organization.
World Banks staffers are pressing Wolfowitz to step down.
Eleven Arab ministers are attending the joint spring meetings, including Egyptian economic Minister Yousef Boutros Ghali, United Arab Emirates Minister of State for Finance and Industry Mohammed Khalfan Bin Khirbash, Bahrain Minister of Finance and National Economy Abdulla Bin Husain Saif, and Saudi Minister of Finance and National Economy Ibrahim bin Abdulaziz Al-Assaf.
Attending the meetings as well Algerian Foreign Minister Murad Madlasi, Tunisian Minister of Finance Mohammad Rachid Kechiche, Moroccan Finance Minister Fathalla Oualalou, and the Libyan Secretary for Finance Ahmed Abd al-Hamid Munaysi.
Iraqi Finance Minister Bayan Jabr is in Washington seeking financial aid from the International Community to contribute in the reconstruction efforts and to curb the growing rates of inflation.
Iraq is pledging to address the spread of corruption and hoping to resolve the remaining debts from the previous regime of Saddam Hussain.
In July 2006, the United Nations launched the International Compact for Iraq, a five-year plan and a forum for International donors to boost reconstruction in post-war Iraq.Lebanese Finance Minister Jihad Azur and Minister of Economy and Commerce Sami Haddad are here to attend later today the high-level international task group for Lebanon, a follow up of Paris-III Conference, the third round of international donors to help Lebanon to restructure its public debt and fund its development projects in the aftermath of the July 2006 war.
The Palestinian Finance Minister Salam Fayyad will try to create a breakthrough in the aid blockade strangling the Palestinian economy, as the international community continues to boycott Hamas officials due to their stand in not renouncing violence and recognizing Israel.
Following his talks with the European Union last Wednesday, Fayyad signaled the alarm over a possible "devastating" humanitarian crisis if the international community did not provide soon at least USD 1.3 million in aid for the Palestinian authority.
Irans Minister of Finance and Economic Affairs Davoud Danesh-Jafari arrived to Washington to take part in the deliberations.
The Regional Economic Outlook on the Middle East, released by the IMF, said that oil exporters in the region had a "solid growth" in 2006 despite the decline in oil prices since last August.
Countries of the "Mashreq" region had an accelerated growth in 2006 due to increase in Foreign Direct Investment and "a favorable external environment".
The report forecasted a two-year setback in the regional account surplus to nearly 11 percent, down from 18 percent in 2006, due to decline in oil prices and stronger import growth.
"Middle Eastern oil exporters remain heavily dependent on the hydrocarbon sector", said the report.
Unemployment rates in those countries are intensifying due to steady increase in population.
The report praised the 700 billion five year investment plans of the Council of Gulf Countries (GCC) to address this concern.
The plenary session of the fifteenth meeting of the International Monetary and Financial Committee (IMFC) started this morning at the Funds headquarters in Washington. Current Arab membership of IFMC includes Algeria, Saudi Arabia and United Arab Emirates.
The IMFC, established in 1999, will adopt a revised surveillance framework to monitor the domino effect of financial crisis from one country to the other, instead of focusing solely on internal financial crisis.
The industrial wealthiest Group of Seven Finance Ministers and central bank governors had met yesterday ahead of the joint spring meetings between the IMF and the World Bank urging to speed up the trade talks of Doha Round.
A leak draft of Group of Eight Summit Declaration, made public yesterday, said that G7 and China leaders are considering an initiative to face climate change in their upcoming summit in Germany. Yet, this draft ignores any mention of hundreds of billions of dollars in fossil fuel subsidies.
China is under pressure to use a floating currency rate opening the door for more competitiveness in the international market. China sent a low-level delegation for the meetings in return.
The Group of 24 developing countries raised concerns about the decision making process in the IMF and World Bank, calling for more inclusive representation and voice for developing countries. Argentinean Finance Minister Felica Miceli, the Ghairman of G-24, said yesterday that this issue "remains the utmost importance for the legitimacy and effectiveness".
The IMF adopted last year in Singapore an increase in the voting share including countries like China, South Korea, Turkey and Mexico; a long awaited process for many countries.
Deputy Minister of Finance of the Russian Federation Sergei Storchak expressed his concern about the performance of the US economy during his speech today in the IFMC. "There remains substantial uncertainty regarding future developments in the US economy", he said. Russia did not support the new quota formula of voting shares. "A formula that possesses all the same shortcomings", said Storchak. (end) jm.bs KUNA 141921 Apr 07NNNN


http://www.kuna.net.kw/NewsAgenciesP...15&Language=en

Originally Posted by lewscrew

Saturday, 14 April 2007
MULTI-NATIONAL FORCE-IRAQ
COMBINED PRESS INFORMATION CENTER
BAGHDAD, Iraq
Multi-National Force - Iraq

AL-QAEDA MILITARY EMIR, 16 OTHER SUSPECTS DETAINED IN RAIDS

BAGHDAD, Iraq – Coalition Forces detained 17 suspected terrorists including a reported al-Qaeda in Iraq military emir during operations early Saturday morning.

Northwest of Taji, eight suspected terrorists were detained during a Coalition Forces raid.

Among the suspects detained was the accused al-Qaeda emir of Rusafa and former vehicle-borne improvised explosive device cell leader.

“This is another significant step in our efforts to disrupt the VBIED network and their devastating attacks against the Iraqi people,” said Lt. Col. Christopher Garver, MNF-I spokesperson.

In Mosul, Coalition Forces captured two suspects with ties to recent al-Qaeda attacks on Iraqi and Coalition Forces.

During a raid in Baghdad, three al-Qaeda in Iraq suspects were captured, and four more were captured east of Amiriyah.


Multi-National Force - Iraq - AL-QAEDA MILITARY EMIR, 16 OTHER SUSPECTS DETAINED IN RAIDS

Lewscrew

keep up the good work!!!!!!!!!!!!!

Originally Posted by Jola

Ministry plan to create ‘3 million’ jobs

By Ali shatab

Azzaman, April 14, 2007

The Ministry of Agriculture has unveiled a three-year development plan under which it hopes to create ‘three million jobs’.


Agriculture Minister Nadhem al-Abadi said most of the new jobs will be created in the southern and central parts of the country.

Iraq is endowed with fertile land and two of the world’s largest rivers which bisect the country from north to south.

Nonetheless, it now has to import most of its food needs. The country’s food import bill is estimated at nearly $5 billion a year.

But Abadi said, “We hope the new plan will boost agricultural produce, particularly of main crops and to be able to meet 21 per cent of the country’s food needs.”

New technologies will be introduced and the use of fertilizers and pesticides to be expanded, he said.

Abadi said the ministry’s teams and technician were even engaged in providing their services in ‘restive areas’ where three million animals have been vaccinated.

Great news!

A Democrat, American Dennis Kisinich that he intends to make a request for Congress to re-examine the consequences of the imposition of a timetable for the Iraqi government to carry out reforms, especially a new law that opens the door to foreign companies to invest in the field of oil..He said Kisinich the New York Times in its Sunday, March 14, 2007, that the new oil law includes a guarantee for foreign oil companies similar treatment of Iraqi companies does not give any preference to Iraqi companies, whether private or governmental. وأضاف ”.He added Kiseninch "must not be for the United States to compel Iraq to open oil crops to foreign companies as a condition for ending the occupation, and the insistence of the United States to enact a new law for the oil had nothing to do with the interests of the Iraqi people."
* * Reasons
جاء".Stated in the preamble to the law : "Since the Republic of Iraq entered a new phase after the adoption of the Constitution in 2005. Since that article 111 of the Constitution referred to states that oil and gas is the property of all Iraqi people in all regions and provinces. Since the articles 110, 112, 114 and 115 and who read in the light of article 111 had known in general, the responsibilities and powers of the federal authorities and the regional authorities and provinces including with regard to the petroleum sector ". ان.The Constitution waiting for the amendments, it could ratify any law and there is a constitutional amendments to approve. ".The preamble also said : ".. It should be distributed actors oil currently undertaken by the Ministry of Oil and bodies between commercial entities and major technical Oil Company, including Iraqi national and independent business and to give a role to the regions and producing governorates. " ان ..The law refers to the beginning here to privatize the Iraqi oil .. ..The law resulted in the face of real traveled to the division of Iraq, which is not consistent with the majority of the Iraqi people .. دّ ".To read what the law said it : "Since the positive interaction between regional authorities and federal regulations require legislation to appropriate institutional frameworks to ensure effective coordination." ان القانون ..The law establishes the division that is not oil wealth and national wealth but regions .. ه.Even if we assume that this "law divisive," a quality theoretically, it is we guarantee that there will be a positive interaction between federal and regional authorities? The Iraqi government acknowledged that this "law" and calls on the House legislation, will this work that it is behind division Iraq, as oil wealth is one of the reasons for Iraq's unity not division. ".We continue with legal text, which says : "Since the entry of actors-international and local-variety in the development of the oil sector requires clear legislation, according to the conditions and basic frameworks ready to work to ensure effective partnership between the Iraqi authorities and the concerned parties as well as between them." (: " to ensure co-ordination and efficiency between the Iraqi authorities and the commercial players as well as among these players".(Here distortion between the Arabic and English texts in the English text, we find the text as follows : effective partnership between the Iraqi authorities and representatives trading ........) The text appears as follows : "to ensure co-ordination and efficiency between the Iraqi authorities and the commercial players as well as among these players."

جاء في نص الديباجة ايضا:The text of the preamble also :
" وحيث أن"."Since the conditions for the organization of the oil sector of great importance to all of the Iraqi people as is the case for investors in this sector, there was a need for a fair, clear and transparent and effective guarantee for all participants in the oil sector cooperation and the active participation <among the participants in the oil sector> including the governmental bodies at the federal and regional levels and the oil-producing provinces in addition to the actors at the local level and internationally. " : ".. and co-operation among all participants in the petroleum sector be that on the authorities side (Federal, Provincial or Government level) or among the national and International actors".In the text above shortage (see addendum between the brackets of the English version) and the distortion in the last phrase, I read the English text and publicly : ".. And co-operation among all participants in the petroleum sector be that on the authorities side (Federal, Provincial or government level) or among the national and international actors. "
لنفطيةCame in the first quarter : the basic conditions, one article about the ownership of oil sources
" إن " "Ownership of oil and natural gas is vested in the entire Iraqi Federal Oil and Gas Council in all provinces and regions"."The ownership of oil and gas is all the Iraqi people in all regions and provinces. Received English translation of this text as follows to see the difference between the two "," Ownership of oil and natural gas is vested in the entire Iraqi Federal Oil and Gas Council in all provinces and regions. "
جريدة المواطن العراقية

IMF should strengthen monitoring of currency exchange rates, officials say

HARRY DUNPHY, Associated Press Writer

April 14, 2007 2:47 PM

WASHINGTON (AP) - Global finance officials agreed Saturday the International Monetary Fund needs to strengthen and modernize its exchange rate monitoring policies to ensure their effectiveness as globalization deepens.

Gordon Brown, Britain's finance minister and the head of the IMF's policy-steering committee, said both the quality and the candor of the surveillance process need to be improved to preserve global economic stability.

He said the revision should be carried out in a way that adds ''no new obligations ''to IMF member countries and takes ''an evenhanded approach based on dialogue and persuasion.''

Brown said, ''I can assure you that the reform agenda at the IMF is moving forward.''

He spoke at the end of a daylong session that was part of the spring meetings of the IMF and its sister institution, the World Bank.

The meetings were overshadowed by a controversy involving World Bank President Paul Wolfowitz and his involvement in a huge pay raise awarded to a close female friend.

A demonstration by bank employees calling for Wolfowitz to resign failed to materialize, but advocacy groups marched outside the bank headquarters calling for his ouster.

The White House says President Bush has confidence in Wolfowitz and Treasury Secretary Henry Paulson has called him a dedicated public servant.

Some African officials attending the meetings also expressed support, saying Wolfowitz has made the continent a greater priority at the bank.

''We have seen visionary leadership, steadfast progress under Mr. Wolfowitz,'' said Liberia's finance minister, Antoinette Sayeh.

The IMF communique said ministers welcomed the ''continued strong, broad-based expansion of the global economy,'' which is becoming regionally more balanced ''and is expected to continue in 2007 and 2008.''

They agreed that resolving global imbalances - trade deficits and mirroring currency surpluses, particularly in Asian countries - is a shared responsibility and agreed to resume talks on this issue when warranted.

Preliminary rounds involving the United States, the euro zone, Japan, China and Saudi Arabia have been held over the past year. Some ministers expressed concern that the talks were limited to this group of countries.

The head of the IMF, Rodrigo de Rato, drew attention to the section of the communique that calls for China to improve its exchange rate mechanism in a gradual manner.

''Exchange rate flexibility will gradually increase, with attention paid to the value of a basket of currencies, '' de Rato said. ''Efforts will be made to cultivate the foreign exchange market and deepen reform of foreign exchange administration.''

The United States and other industrialized democracies have criticized China's slow pace of economic reform.

While seeking new ways to pressure Beijing, Paulson also advocated ''bold action'' to overhaul the IMF. The organization founded 62 years ago to foster economic stability ''no longer looks like the economic world in which we live,'' he said.

Finance ministers from Latin America and Europe endorsed Paulson's position on currency surveillance at a meeting of the IMF's policy-steering committee.

''Let us be clear: exercising firm surveillance over members' exchange rate policies is a core function of the institution,'' Paulson said.

He said the IMF is working on revising its guidelines on foreign exchange monitoring. Any changes, he added, should clarify the IMF's role but not create new obligations for members.

''This should enable firmer surveillance in areas where market forces are not the prevailing paradigm, such as insufficiently flexible exchange rate regimes, or areas where macroeconomic policies and performance are poor even if the exchange rate freely floats,'' Paulson said.

Critics of administration policies contend the White House must take a tougher approach against unfair practices such as China's currency system, which keeps the yuan artificially low against the dollar, giving Chinese companies price advantages over U.S. producers.

The U.S. trade deficit with China declined by 13.3 percent to $18.4 billion in February, the smallest gap since last May. Still, it is 25 percent above the pace set at the beginning of 2006, when the imbalance for the entire year was $232.5 billion. That was the largest deficit the U.S. has ever recorded with a single country.

http://www.newspress.com/Top/Articl...998708924909245

المتوليYasser incumbent
ها هو.Here is the second issue of Economic Supplement morning, this product quality issue at a time when Iraq reforms in the laws and regulations and relevant legislation economic goals to make it compatible with the requirements of the new stage.



.Today it is the state's institutions and centers of studies and economic unions within the institutions of civil society on the study to determine the country's future economic history of this Supplement in the open spaces of the four pages before the scientists and experts economic Iraqis known in the scientific competencies, as well as for those interested in putting forward ideas and find successful solutions to the problems facing the economy the country and address the challenges facing it.
لا .Do not do anything new when we say that our economy suffers from distortions and imbalances and structural problems are complex but we need the views of the good that can be addressed in order to take the country's economic reform to safety and then progress to reach the well-being of society.
هناك .There are obvious fact that the general trend is announced in the government's economic program is a change from a totalitarian economy to a market economy, therefore, need to be with this reality that we leave and tragedies of the past and look back, but move forward to build a strong economy is able to achieve the ambitious goals, this does not mean Non benefit from the mistakes of the past and overcome the spirit of new sports match and democratic reconstruction.
قراءة .Reading depth to the global trends, we find that the economic cold war at the height of its greatness is the title to highlight the force.
وتلكم .These are China, Japan and Korea and others to strive, in a race with time to achieve significant growth rates in their economies to extend through trade and production on the surface of the Earth.
.Of the injured to benefit from the global experiences of these countries in particular, which preceded us a lot in the field of transitional stages and passed the same circumstances facing our economy today and are now in the post of the largest economies in the world, especially as Iraq has constituents drive to the strong economy and strong competitor, taking into account the fact Iraq and the privacy of its economy and the stage through which all its developments and the local, regional and international.
.Sabah Economic eager to contribute in drawing the true picture of Iraq's future through economic visions and analysis and proposals scholars and competence to be specified based on the efforts of economic policy making in the country.
التاليThis open invitation from the family of editing to arrange evacuation academics and people of experience, competence and financial and business to contribute their views and dependents to create awareness consistent with the new economic reality and ambition and requirements of civil society seek economic prosperity and for that we say : This Supplement is a platform for all economic and gathering possible to send and articles on the title next
:[email protected]: [email protected]

Translated version of http://www.alsabaah.com/

الوزراءBent on completion Economic Committee in the Council of Ministers
لربيعيBaghdad-Haider spring
تعكف..Is the Economic Commission for the completion of projects and supportive work to attract capital and the activation of the investment law, including the introduction of new banking laws it will be able to respond to the requirements of launching the reconstruction of Iraq ..



صرح ..This was stated by Al (morning) and Economic Advisor to the Prime Minister Dr. Abdul-Hassan Al-Anbuge, said : The Commission is working under the guidance of the Prime Minister on the development of new banking laws to facilitate the work of Iraqi and foreign investors ..
..He explained that the project another way to accomplish the enactment of the stock market works the same promotional trend of this investor, as well as the Economic Commission sought to study the possibility of establishing reserves investment, attract foreign investment .. ..- Anbuge also said that the draft of this work will create an encouraging environment for investment included in laws and the new legislation is expected soon summarized pointing to coordinate with the Investment Authority was established to draft a new law for the securities market and Bmaishm to encourage investors from the money market in the form of shares will be circulated in the Iraqi capital markets ..
وفي..Earlier, the House had approved the new investment law in order to attract capital and investors to work inside Iraq, and in helping in the reconstruction of the country, has several economists as a good step towards a set of laws expected economic Yet another flaw in the sequence delay marketing and presentation to investors, while the Committee to overcome the economic difficulties faced by companies wishing to invest through a package of projects mentioned above ..
..It pointed out that Al-Anbuge investment reserves to be established soon will hold all means to work successfully investors from airports and banks modern and advanced, will the transfer of capital and equipment needed for the work ..
..The Al-Anbuge that these reserves will insecure areas to follow the example of those that would enjoy many privileges ..
Translated version of http://www.alsabaah.com/

Originally Posted by Bubba Dinar

Actually, the HCL is not good for Iraq!!

IYO!! (IN YOUR OPINION). My opinion is: Pass it, Pump it and start helping their destitute people!!

pump it, pimp it and get these frizzlin folks to agree..... ........

Originally Posted by Dinar Cha Ching

IYO!! (IN YOUR OPINION). My opinion is: Pass it, Pump it and start helping their destitute people!!

Originally Posted by odus1000

pump it, pimp it and get these frizzlin folks to agree..... ........