Thread: Iraq/Dinar News up until March 28th 8PM CT.

A call for a fair distribution of oil revenues and the establishment of < future fund > and accelerate production
The oil and gas law is the center of the Symposium

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24 March 2007 (Iraq Directory)

Al-Rashid Hotel in Baghdad hosted this week a symposium held by the “Iraqi Center for Economic Reform” to discuss the new draft law of oil and gas, which interested experts and all those concerned and which takes into account several aspects relating to encouraging the use of modern technology through attracting international oil companies and the equitable distribution of oil revenues among regions, as well as strengthen the resources of the Iraqi State and provide the necessary finance for the comprehensive development activity in the country.

Iraqi Oil Minister, Hussein Shahrastani, said in the symposium that this “law is a breakthrough for all Iraqis, because of its positive, important and decisive impact on the fabric of national unity”, adding that the law was concerned with the interests of Iraq first and all its articles are based on national considerations, and that its most positive aspect is restoring life to “the national Oil Company“ allocating the greatest productive Iraqi fields to it, in addition to the fields near the current production contracts, amounting to nearly 40 gas fields. Shahrastani also pointed out to another article of the law, which states that all oil revenues, regardless of their sources, will come to one federal fund and then distributed to all Iraqis, regardless of the region in which they are located.

On his part, the Minister of Labor and Social Affairs, Sheikh Mahmoud Radi, said that the law practically contains several positives; mainly the formation of “the oil revenues fund” which brings in all oil revenues to the one fund supervised by the Ministry of Finance, in addition to setting up the law of the “future fund” which stores funds for future generations and does not allow the use of all funds for the benefit of the present generation.

Iraqi Central Bank governor, Sinan Shabibi, said that the new law is important and will accelerate oil production in a way that guarantees the interests of the people and works to strengthen the national economy. He emphasized that the law needs a deeper reading and greater effort, because there are issues that need detailed definition. However, he explained that it was agreed on the general lines of the law and how to contract, and that the law takes into account the interests of the various regions.

Kamal Al-Basri, economic advisor of the Iraqi prime minister, said that the Center will hold similar symposia to view the importance of law and the need to learn the views of the largest number of specialists, pointing out that the oil issue concerns all generations and 93% of the State budget depends on oil revenues.

He pointed out that the law contains a number of strengths, in particular, it encourages the use of modern technology which will be transferred to Iraq through the work of international companies and encourage the production and expedite the process of reconstruction and paves the way for investment.

Loans for 250 thousand unemployed

Iraqi Minister of Labor and Social Affairs, Sheikh Mahmoud Radi, called upon Industrial Bank to expedite the granting of small loans to 250 thousand unemployed, registered in “the social protection network“, confirming the readiness of his ministry to implement this procedure which allows the establishment of special projects for the unemployed, and turn them from consumers to producers.

He explained that the loan value is ten million dinars with low-interests, for a variety of projects in various regions of Iraq to serve the national economy.

He expected a huge turnout by the unemployed to participate in this vital project, pointing out that the ministry had previously provided small-scale projects for the disabled as part of special community-based rehabilitation, pointing out that the average lending for a community-based rehabilitation is three million dinars.

He expressed his hope that the project would include women, pointing out that women can create a sewing workshop, either in their home or outside, instead of waiting for the salary of the social protection network, which does not fill the needs of her family.

Protecting Iraq's oil supply
By RICHARD NORTON-TAYLOR

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24 March 2007 (The Guardian)

The frigate HMS Cornwall is on patrol as the lead ship of Combined Task Force 158, whose UN-backed mission is to protect Iraq's oil platforms and exports against pirates, smugglers, and terrorists.

The platforms are critical to the economic and political reconstruction of Iraq, the Ministry of Defence said yesterday. They pump out oil that accounts for 90% of the country's GDP. An attack in 2004 led to a two-day shutdown costing up to $28m (pounds 14.2m), the MoD said. The knock-on effect was a spike on the world oil market, causing a further loss of some $6bn.

Sailors and Royal Marines operate with US and Australian ships and the Iraqi navy on security operations centred around the Khawr al Amaya and Al Basra oil terminals just south of the Al Faw peninsula, home to Iraq's largest port, Umm Qasr.

The northern Gulf is strategically and economically important for both Iran and Iraq, aggravating the genuine difficulties in marking boundaries. As the Cornwall's commanding officer Commodore Nick Lambert put it said yesterday: "The extent and definition of territorial waters in this part of the world is very complicated."

Eight British sailors and marine commandos were seized in July 2004 after three patrol boats were said to have strayed into the Iranian side of the Shatt al-Arab waterway. The men were blindfolded, held for three days, and paraded on Iranian television. Iran kept the boats, along with weapons, ammunition, navigational equipment and radios.

Originally Posted by Lunar

This should help...

Three Iraqi files fae Riyadh summit
24.03.07
Baghdad, Mar. 24, P.. 1

Participation of the President Jalal Talabani at Riyadh summit gets special importance while he holds three sensitive files to stabilize situation in Iraq.

Records and include support to Recht Und Völkerrecht. Efforts.MP Abbas Bayati expects that the President would offer to Arab leaders three important files; security, economy and foreign relations.He added that security file includes support of law enforcement plan and control borders with Iraq, while economic file focuses on debts and compensations, while foreign file mentions accelerating Records of opening embassies and consulates besides English foreign support to Maliki's Recht Und Völkerrecht. And meetings which held in Baghdad.


ÌÑíÏÉ ÇáÕÈÇÍ - Three Iraqi files fae Riyadh summit

Thanks Lunar for your terrific research! Big Hugs from Inquisitive!!!!

Newly trained Iraqi loan officers to expand microfinance services in Baghdad

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24 March 2007 (USAID)

As a future loan officer of a microfinance institution based in Baghdad, Manar, a 27-year-old female, believes that microfinance loans "will help people start and develop businesses and live a better life."

Manar is one of 18 graduates of the Microfinance Basics course organized by Izdihar, a U.S. Agency for International Development (USAID)-funded program focused on private sector development.

"Microfinance loans target poor people from our communities who cannot access bank loans – blacksmiths, tailors, carpenters...Our roles will be very helpful, as the loan recipients will be able to earn income for themselves and their families," another graduate said.

"You are the most important people in Iraq now," Kent Larson, USAID Mission Liaison Officer for the Baghdad Provincial Reconstruction Team, told the new graduates. “There are a lot of people looking for jobs, but they can only get them if we build businesses. And this is what you will be doing as loan officers.”

Ten of the 18 graduates will immediately start working as loan officers for the Baghdad-based microfinance institution, which has been operating since August 2006 and is currently covering two city districts – Karrada and Mansour.

With the new staff, the institution will expand its network and offer microfinance loans in eight of Baghdad's nine districts. It plans to soon cover the entire capital and perhaps extend operations nationwide.

Izdihar developed this local microfinance institution in close cooperation with the U.S. military, which provided operating capital and identified potential loan officers to course organizers.

"We have been working with partners across Iraq to provide microfinance loans to small businesses, as part of our support for private sector development," USAID Global Development Alliance Adviser Greg Howell said.

"With so much business conducted in Baghdad, we hope to expand the availability of microfinance loans to illustrate our strong commitment to economic growth and job creation in the city."
Please note that the views expressed in this article may not reflect the views of PortAl Iraq and its staff.
Reproduction or redistribution of the above text, in in any form, requires the prior consent of the original source.

Low inflation index for consumer basket in Iraq during February

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24 March 2007 (Iraq Directory)

The Central Agency for Statistics and Information Technology in Iraq said that the inflation index in the consumer basket prices declined in the month of February compared to last January.

A report of the Office affiliated to the Ministry of Planning, based on the field data on the prices of goods and services that make up the consumer basket in retail prices in selected markets in Baghdad and other governorates have indicated lower inflation index for the month of February 2007 compared to January 2007, as well as reflecting the general standard figure for consumer prices which rose by 6.8 %.

The report explained that the decrease was the result of the decline in the index totals for the following commodities (food, tobacco, beverages, clothes, fabrics, footwear, furniture, lighting, fuel, medical services and medicines), note that "the spending for this group is 41.2 % of total domestic consumer spending.

As for the group of (Transport and Communications, miscellaneous goods and services, rent), which represent 58.8 % of the total domestic expenditure has recorded a rise during the month of February compared to the previous month.

The annual inflation index rose during the period from February 2006 until February 2007 by 37.1 % as a result of the rise in the index for all commodity groups (food, tobacco, beverages, fabrics, clothing and footwear, furniture, fuel and lighting, transport and communication, medical services, medicines, miscellaneous goods and services and rent).

It is noteworthy that Iraq has recently taken a series of measures to reduce the inflation rate including raising the Iraqi dinar exchange rate against the dollar to 1280 dinars to the dollar after being 1480 dinars last October.

Originally Posted by inquisitive1

Sorry: The three files that make up the portfolio now called the ,"Iraqi File", are: Security...Economic...Foreign Relations...

The good news is: If Yard bird decided to go all out and post the message he did....then it is very clear..........

Originally Posted by inquisitive1

Thanks Lunar for your terrific research! Big Hugs from Inquisitive!!!!

No problem Inquisitive...I had posted this article earlier in the day so it was an easy recall.

9th line down------RESERVES .... 15 BILLION not TRILLION

Exports: $32.19 billion f.o.b. (2006 est.)
Exports - commodities: crude oil 84%, crude materials excluding fuels 8%, food and live animals 5%
Exports - partners: US 49.7%, Italy 10.4%, Spain 6.3%, Canada 5.6% (2005)
Imports: $20.76 billion f.o.b. (2006 est.)
Imports - commodities: food, medicine, manufactures
Imports - partners: Turkey 23.4%, Syria 23.1%, US 11.7%, Jordan 6.3% (2005)
Reserves of foreign exchange and gold: $15.65 billion (2006 est.)
Debt - external: $81.48 billion (2006 est.)
Economic aid - recipient: $13.5 billion pledged in foreign aid for 2004-07 from outside of the U.S., over $33 billion pledged total (2004)
Currency (code): New Iraqi dinar (NID) as of 22 January 2004
Currency code: NID, IQD prior to 22 January 2004
Exchange rates: New Iraqi dinars per US dollar - 1,466 (2006), 1,475 (2005), 1,890 (second half, 2003), 0.3109 (2001)
Fiscal year: calendar year

Where are the gold reserves? Is this including the Kurds? Where is, all of Saddams loot? See where I'm going, it's all a game! Their cards have not been shown yet!

Originally Posted by inquisitive1

The good news is: If Yard bird decided to go all out and post the message he did....then it is very clear..........

Inquisitive did not post this answer. RC police needed please.