Thread: Archive News - Iraqi Dinar Think Tank - 24/01/201 - 23/07/2011

19th May 2011

Economists: the absence of economic policy and the rise in inflation in Iraq

The number of Iraqi economists on Thursday that high monthly inflation rate in the country was due to the loss of government economic policy are clear.

The Ministry of Planning and Development Cooperation of Iraq today that headline inflation for the month of April last year by 0.8% for the month of March and by 5.8% for the month of April 2010.

The economic expert and member of the economic organization, "our economy," Abdullah Ahmad Kurdistan News Agency (Rn) that "the economic system of Iraq needs to develop a strategy through which the government can reduce the level of inflation through diversification of exports and the economy moving outside."

He added that "the level of the Iraqi economy has not yet reached the global economy, it still pays no attention to Iraqi local global economic growth, which occurs in economically developed countries."

He added that Abdullah "economic relations possessed by Iraq with the countries of the world in the field of investment and cooperation has not been exploited to reduce the inflation gap, which is now rising month after month."

On the other hand, an economist with satisfaction the Lord is teaching at Baghdad University's Department of Statistics (Rn) that "the formal institutions of economic lacks a clear strategy to reduce high inflation in the country, especially with regard to housing and fuel basket."

He added that "there is a part of the reasons for the continuing high inflation, monthly and annual return for the loss of strong economic relationship between the private and public sector."

He pointed out that "inflation is a negative phenomenon in the Iraqi economy and the continued escalation of the economic divide will deepen and cause major problems leading to the collapse of the structure of the Iraqi economy has not been addressed real."

The economic expert and member of the Association of Arab trade Bahaa El Din al-Shami's (Rn) that "economic growth in Iraq is not based on the growth of formal mechanisms to correct because of the persistent gap between monetary policy and fiscal policy."

He added that the "survival of the rise in inflation without putting the central bank a clear vision and activate the returns of financial inflows and expand the concept of supply and demand, economists Sicep to rise further, which confuses the economic process in the country."

He said the "rising purchasing power of the Iraqi citizen of the tax system without activating the main factor to the continuing high levels of inflation in the growing."

The Iraqi government has postponed the reform of the tax file work in the country until the adoption of the customs tariff law.

He called the central bank, the Iraqi government to conduct sweeping reforms in the tax system and improve the performance of the Department of Taxation in the country.

Known that excessive inflation in the general level of prices and rising incomes in cash or a component of cash income such as wages or profits as well as high costs and excessive in the creation of cash balances.

http://www.aknews.com/ar/aknews/2/240996/

Maliki: Iraq is now the best environment for investment

Prime Minister Nuri al-Maliki said Iraq is now the best environment for the investment of the current political stability and security it takes to be an attractive environment for investment and international companies.

Maliki said in a speech yesterday, Sunday, at the opening ceremony of the residential complex in the Jihad district of Baghdad, conducted by the Ministry of Construction and Housing of the indicators of security and political stability is the advent of the investment companies to contribute to the process of construction and reconstruction.

He said al-Maliki said his recent visit to Korea has provided a strong impetus to the process of construction, they made Korean companies to Baghdad and entered into several agreements, including one for the establishment of energy projects and to build residential units in addition to the establishment of other service projects.

http://ar.radionawa.com/Detail.aspx?id=6433&LinkID=197

Iraq: the signing of investment contracts with the Czech Republic

Said Director of Information and Ministry of Industry and Minerals in Iraq, Sunday, revealed that her department would contract with the Czech Republic to develop a number of investment projects.

It is hoped that the visit to Iraq on Monday high-level delegation from the Czech Republic exemplified the Prime Minister and Minister of Industry and a number of Czech companies to contract with the Iraqi side.

Said Hana Al-Husseini told the Kurdish news agency (Rn) that "the ministry will meet tomorrow in Baghdad on high-level delegation from the Czech Republic under the chairmanship of Prime Minister and Minister of Industry and 32 company specializing in the field of industry and investment."

Husseini added, "will attend the 22 companies belonging to the Iraqi Ministry of the contract with Czech companies in various projects," indicating that "the Czech side will show a genuine desire to work in Iraq and to participate in the rebuilding of infrastructure costs."

It succeeded the Ministry of Industry rehabilitate 173 of the 184 laboratories laboratory, as confirmed by the ministry. And the Ministry of Industry announced earlier that it will convert more than 15 companies to profitable companies early next year, after converting the 13 companies this year to profitable companies.


http://translate.googleusercontent.c...goCEDL-KsUcN7w

19th May 2011

Clyde & Co Wins Iraq Lukoil Contract

Clyde & Co has been appointed by Lukoil Mid-East Ltd to support them in their development of the West Qurna-2 field in Iraq. With recoverable reserves of 43 billion barrels West Qurna is the second largest oil field in the world.

This is a landmark project for Lukoil, representing as it does a planned production capacity of 1.8 mbd by 2017. This equates to more daily production than Libya currently achieves as an order of magnitude indicator. With planned investment levels of US$4.5bn over the next 3 to 5 years, and a total investment projection of US$30bn, the scale of this project for Lukoil is clear.

Commenting on the selection of Clyde & Co, Director of Legal Affairs for Lukoil Mid-East, Nikolay Isaakov said: “We are pleased to have selected Clyde & Co for a place on our panel of outside law firms for work in connection with Lukoil’s operation of the West Qurna-2 field in Iraq. Clyde’s major presence in the Middle East and their experience in Iraq, together with their oil and gas expertise, made them an obvious choice for us. We look forward to working with the Clyde’s team on this important project.”

With first oil projected for 2013 Lukoil and its IOC partner Statoil have an aggressive time table in place. As one of the world’s largest untapped oil fields, the second phase of West Qurna has known reserves of 12.9 billion barrels, and was awarded to Lukoil by Iraqi Ministry of Oil following a lengthy and keenly contested bidding process. The continuing development of this vital national asset, is indicative of the continued improvement in the national oil industry of Iraq.

Commenting on the appointment on behalf of Clyde & Co Duncan Gray, senior legal counsel and George Booth, Partner said: “Being appointed by Lukoil Mid-East Limited to assist them and their partner Statoil in their development & operation of the huge West Qurna-2 Field in Iraq is a significant development in the growth of Clyde & Co’s international energy practice. Advising clients investing in the energy and infrastructure sector in Iraq forms a significant part of our projects practice and is well suited to our combination of oil and gas and emerging markets expertise, combined with our long-standing and substantial Middle East presence.”

The West Qurna-2 field is located in the Basra province west of the Majnoon field, which has been awarded to Shell and Petronas, and north of the Halfaya field which was awarded to CNPC and Total. Lukoil has the operatorship of the field with a 56.25% holding, its IOC partner Statoil has 18.75%, with the state owned North Oil Company holding the remaining 25%.

Clyde & Co is a global law firm with four Middle East offices operating as a single unit: Abu Dhabi and Dubai in the UAE; Doha in Qatar; and an associated office in Riyadh in Saudi Arabia. The firm has a major presence in the Middle East, having formalised its on-the-ground presence over 20 years ago in 1989, after many years of client activity in the region.

http://www.iraq-businessnews.com/201...koil-contract/

20th may 2011

Economic parliamentary: the Convention on the settlement of claims was one of reasons for Obama's decision to protect Iraqi funds

attributed the deputy in the parliamentary Economic Committee Friday, issuance of President Barack Obama's decision to extend the protection of Iraqi funds to the House vote on the claims settlement agreement between Baghdad and Washington.

The MP said Abdul Hussein al-Yasiri of Kurdistan News Agency (Rn), that "pushed Iraq to the amount of $ 400 million to Washington, was a major reason for the protection of Iraqi funds, as the non-signing of Iraq to this Convention was Sidkhalna in conflict with Washington."

President Barack Obama has new U.S. law earlier this week, protects Iraqi funds from prosecutions for a year, a procedure initiated by the administration of U.S. President George W. Bush during the war on Iraq in 2003.

And protects the U.S. decision "Development Fund for Iraq," the bank accounts and property of Iraq and the oil resources of Iraq, while trying to companies and persons claiming to be affected by Iraq, decoding the protection of these funds for litigation to capture it.

The American decision to cover the additional protection of Iraqi funds in addition to the traditional immunity of States before the courts around the world as he was due to end protection of Iraqi funds in June next year.

He Yasiri that "Iraq is bitterly by this Agreement and that Foreign Minister explained to us that the U.S. administration has pressed and will not accept drop that debt, which was worth more than a billion dollars has been reached as to the amount of $ 400 million."

And the voice of the Iraqi parliament before the end of the legislative term of the Convention on the settlement of claims between Iraq and Washington after the host, Foreign Minister Hoshyar Zebari, Minister of Finance Rafie al-Issawi and Director of the Central Bank Shabibi.

Yasiri said that "Iraq has tried to Itvi this debt, but that this did not happen was chosen to be the signing of the settlement agreement and voting in the parliament and the outcome was survival to protection of Iraqi funds."

Obama explained in a statement of the American Congress that "obstructing the reconstruction of Iraq and systematically restore peace and security in the country and to maintain and develop its political, administrative and economic still pose a threat to national security and American foreign policy."

He praised the efforts of the Iraqi government to uphold its obligations to the debt obligations, in addition to the completion of proceedings against her.

Obama said that "the Iraqi government continue to take steps to address the debt and the completion of cases resulting from the actions of the former regime", in reference to the regime of Iraqi President Saddam Hussein.

And the authority to extend the law before the year-long review the file again. The extension of Obama's decision to make the U.S. Technically, while efforts continue to resolve issues arising from Iraq by the actions of former Iraqi regime, particularly the invasion of Kuwait in 1991. The U.S. administration has pledged through the Convention on the strategic framework of relations between Iraq and the United States supported Iraq in efforts to restore the funds and help it get out of Chapter VII of the Charter of the United Nations.

http://www.aknews.com/ar/aknews/2/241088/

MP: Iraqi Army debate - too little, too late
Independent MP and member of the parliamentary Integrity Committee, Sabah al Saadi, said Iraq should be capable of providing security and defending its borders on its own.

In the ongoing debate over an extension of U.S. military engagement, Saadi said it's unacceptable if officials say Iraqi security forces were still not ready since approximately $25bn were spent on security over the last eight years.

"Talking about the lack of readiness of the Iraqi army was supposed to be done three years ago and not now with the close withdrawal of the American forces at the end of the year", Saadi said.

A number of politicians recently expressed their concerns about the Iraqi Army's capability. Babakir Zebari, Chief of General Staff of the Iraqi Army, said in an interview with AKnews earlier that the withdrawal of the U.S. forces from Iraq before 2020 will greatly harm the country because Iraq can not protect its air space, waters and borders at least for another nine years. Therefore, he supports an extension of U.S. military engagement.

Saadi called on Prime Minister Nuri al-Maliki, who also acts as interim Minister of Security and Minister of Defense, to report on the readiness of the troops to the Council of Ministers and ultimately send his findings to the parliament.

The U.S. plans to withdraw from Iraq by the end of 2011. According to the "U.S.-Iraq Status of Forces Agreement" (SOFA) from 2008 the last U.S. soldier has to leave by December 31, 2011.

Iraqi Prime Minister Maliki, though he did not publicly state his position towards a U.S. military extension, recently said, the decision would be up to the political leaders.

Earlier this month, Maliki said, the government would ask parliament to vote for a resolution on this issue, if a majority of the leaders wants to keep U.S. forces beyond 2011 and has made a decision about the details - such as the number of troops and where they will be stationed.

Persistently voicing calls for the U.S. withdrawal are the Sadrists - followers of the hard-line Shia cleric Moqtada al-Sadr.

Last month, Sadr threatened to mobilize his frozen Mahdi Army - a militia strictly loyal to Sadr, which was engaged in deadly clashes with the U.S. and Iraqi forces in southern provinces following the 2003 closure of Sadr's newspaper and attempts to arrest him.

Sadr froze the Mahdi Army in 2007 as a precondition to engaging in the political process

A member of the Sadr Current's Ahrar Bloc, Amir al-Kinani, recently told AKnews that "the security situation in Iraq will improve upon the US forces withdrawal".

"Iraqi military commanders, throughout history, have been fighting to liberate their land from foreign invasion and not been calling for an extension of their stay", he said in reference to Zebari's concerns about the US forces departure.

"Eight years after the fall of the Iraqi regime, the security forces should be ready to maintain security and protect the country", Kinani said.

http://www.zawya.com/story.cfm/sidZA...ittle_too_late

21st May 2011

Market rates to keep prices .. and real estate is on the rise by 150 percent

Likely Economists need for Iraq to nearly three million housing units, and in a time when the country's worsening housing crisis, has seen real estate prices in Baghdad in particular, and the rest of the provinces are in high altitudes than what was expected, according to those involved, the stability of the security situation and the return of many displaced families the most significant factors behind the hops price witnessed by the land and houses in Iraq, in the meantime, markets have seen the capital and other cities, stable terms of prices for the fourth consecutive week, while prices of fuel, especially gasoline and Alkazhoyl slightly to coincide with high temperatures and the need of people to these articles in the operation of generators, and the past week has witnessed the return of the dollar exchange rate to normal after that saw slight rises by the decline in currency auction sale held by the Central Bank on the one hand and to speculation in private markets on the other hand ..

Has indicated an economic researcher that the lag made in the implementation of the project government housing and a slowdown in the granting of advances and loans for the construction of domestic factors are behind the rising prices of real estate in Iraq in general, explaining that it reflected negatively on the rents of residential buildings also, which have seen is the other big rise in the rising house prices, and Dr. Kazem Abdullah al-Rubaie what can be reflected in the worsening housing crisis of the downsides to the prices of housing units, calling at the same time, the Iraqi government to accelerate the implementation of housing projects giant and distributed among the citizens who do not have houses sheltering, warning that the decline in the housing projects or exacerbate the severity of slowing house prices and residential land in Iraq in general ..

In return, warned the economic expert Dr. Sattar al-Bayati, the prices of housing units and land will rise in Iraq is remarkable in the coming years if he stayed if housing projects lagging far behind as it is now, adding that the prices of houses and land rose by 150 percent during the past three years due to security and stability and the return of displaced families and large population growth, and that al-Bayati of the main things that stand behind the rise in housing prices is speculation among real estate dealers in Iraq, as well as fission population, which in turn exacerbated the severity of housing prices ..

The price per square meter in some residential areas in Baghdad in particular about the 1.600 million six hundred thousand dinars, while the rental rates of approximately 500 thousand dinars for a house that does not exceed 150-square meters ..

http://www.alsabaah.com/ArticleShow.aspx?ID=7841

Britain ends Iraq military mission

Britain concluded its naval training mission in Iraq on Sunday, more than eight years after it contributed the second largest contingent of troops to the US-led invasion that ousted Saddam Hussein. Despite having pulled out the vast majority of its troops in mid-2009, Britain's Royal Navy has continued to train Iraqi personnel to defend their territorial waters and offshore oil installations.

"Their contribution was most appreciated and valuable," Foreign Minister Hoshyar Zebari told AFP. "They have given many sacrifices to stabilise (Iraq) and they were the second-largest force of the coalition.

"Mistakes were made, not only by them, but by all of us," Zebari added, declining to give specific details. "But that doesn't diminish their valuable contribution to training, capacity building and, recently, for the protection of our oil ports at the tip of the Gulf."
British Embassy spokesman James Smith added: "It's over -- the British mission that began in Iraq in 2003 is complete."

Some 46,000 British troops were deployed to Iraq in March and April 2003, at the height of combat operations that resulted in Saddam's overthrow and eventual execution for crimes against humanity. In the aftermath of the invasion, the country was engulfed in a brutal sectarian war which peaked in 2006 and 2007. Tens of thousands of Iraqis died. Violence has since declined, but attacks remain common. A total of 179 British personnel died in Iraq in the past eight years.

A small number will remain at the British embassy in Baghdad, and 41 British soldiers are working with NATO's training mission in Iraq. Some Iraqi soldiers will also attend the army's officer training college at Sandhurst

"The actual UK maritime agreement comes to an end today but pretty much everyone was out Thursday and Friday," a British defence ministry spokesman said. "The actual guys came out a couple of days ago."

He added: "There's a few staff left in the diplomatic corps but the deployment of military personnel has finished."

London formally ended military operations in Iraq in April 2009, and pulled out its forces in July that year, but has since been involved in the bilateral naval training mission.
That same year, then prime minister Gordon Brown opened an independent inquiry into Britain's role in the invasion and its aftermath. The inquiry is expected to issue a final report later this year. The Royal Navy's role has involved training 1,800 Iraqi personnel on 50 different courses ranging from oil platform defence to handling small arms as part of efforts to secure Iraq's southern oil export terminals, through which the vast majority of its crude exports pass.

Around 90 percent of Baghdad's government revenues come from oil sales.
Most of Britain's troops were based in the predominantly Shiite southern port city of Basra. Basra, Iraq's third-largest city and a strategic oil hub, had been under British command since the 2003 invasion, but the province and its airport returned to Iraqi control in 2009.

http://www.google.com/hostednews/afp...131b6b10f5.271

Finance Committee calls on the Government to monitor the banking stores

Finance Committee called on the government to the parliamentary control of all banking stores in Iraq and make sure they have a holiday that allows them to work.

The Member of the Finance Committee and MP for the Kurdistan Alliance Najeebeh Najib said in a statement to the Agency by news that the assignee or companies Chirvip is a place for investment and exchange of financial, it is necessary, possession of their owners leaves legal allow them to deal with the citizens, calling for government attention to this matter and control of gravity.

Najib added that the holiday and legitimacy is important to strengthen confidence between the citizen and the owners of the place of banking so their absence will negatively on the country and the citizens as well.

http://ar.radionawa.com/Detail.aspx?id=6207&LinkID=197

Iraq Ministry of Labor bids to find solutions for 1 million unemployed Iraqis

Iraq Ministry of Labor and Social Affairs said on Sunday that surveys show there are 1 million unemployed in Iraq and added that it is working on a Labor Law that gives priority to Iraqi worker and guarantees his rights.

Deputy Minister Dara Hussein Rashid told Alsumarianews that the surveys of employment offices as for the registered workers and surveys of census directorate in the ministry of planning point that there are 1 million unemployed in Iraq.

Iraq Ministry of Labor and Social Affairs had announced in September 2010 that the number of unemployed registered in the Directorate of Labor database who were graduated between 2003 and 2009 reached 1500000 people.

“The Ministry of Labor and Social Affairs is about to enact a new Labor Law that is better that the previous ones because it will favor the Iraqi worker, give him priority and ensure his right”, Rashid added. The law is currently in the Cabinet and it will be submitted to the Parliament for vote, he added.

http://www.alsumaria.tv/en/Economics...ed-Iraqis.html