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

Iraq parliament in session of 'defiance'
Fri Apr 13, 11:03 PM ET

BAGHDAD - Iraq's parliament met in an extraordinary session of "defiance" Friday, the Muslim day of prayer, and declared it would not bow to terrorism. A bouquet of red roses and a white lily sat in the place of Mohammed Awad, the lawmaker killed in the parliament dining hall suicide bombing claimed by al-Qaida.

Parliament speaker Mahmoud al-Mashhadani opened the session and asked lawmakers to recite verses from the Quran in honor of Awad, whom he called a "hero."

The unprecedented Friday meeting was called to send "a clear message to all the terrorists and all those who dare try to stop this (political) process, that we will sacrifice in order for it to continue," said al-Mashhadani, a Sunni Muslim.

"We feel today that we are stronger than yesterday," he said. "The parliament, government and the people are all the same — they are all in the same ship which, if it sinks, will make everyone sink."

An al-Qaida-led amalgam of Sunni insurgents claimed one of its "knights" carried out Thursday's suicide bombing in Baghdad's Green Zone and warned the "monkeys in parliament" to brace for more attacks. The U.S. military revised the death toll sharply downward, saying one civilian was killed. Late into Thursday the military had said eight people were killed and 23 wounded.

While the attack was widely believed to have been an al-Qaida mission, investigators said Friday they were focusing on security guards inside and outside the parliament building. The officials spoke on condition of anonymity because of the sensitivity of the investigation.

Iraq's Shiite-dominated Interior Ministry, which runs the police and national paramilitary force, on Friday took over security for parliament.

The U.S. military on Friday announced that three U.S. soldiers and two Iraqi translators were killed in two attacks south of Baghdad. Eight soldiers were wounded.

In the worst of the two incidents, two soldiers were killed and seven wounded in an attack on their base south of the capital Thursday. The two Iraqi interpreters also died. The military statement said U.S. forces dispatched a quick reaction force and attack helicopters to relieve the unit.

In an attack Friday, the military said, one soldier was killed and one wounded in a roadside bombing, also south of Baghdad.

Twenty people were killed or found dead across Iraq on Friday, with just five victims of sectarian assassinations found in the capital. That was the second lowest daily toll since the security operation began in Baghdad on Feb. 14.

But Thursday's bombing in the heart of Baghdad's most secure region, coupled with the stunning destruction of one of Baghdad's Tigris River bridges, was a heavy blow to the Bush administration's plan to put an additional 30,000 American forces in Iraq by summer.

"It is clear we still have a long way to go to provide stability and security to Iraq," said Lt. Gen. Ray Odierno, the deputy U.S. commander in Iraq. "Frankly yesterday was a bad day, a very bad day. But we're going to come back from that."

Regardless of the security breach, Odierno said, U.S. forces did not intend to assume responsibility for parliament security.

"It doesn't help them for us to provide that security, they have to do that," said Odierno, who declared his confidence in the Iraqi security forces.

Brig. Gen. Robert H. Holmes, deputy director of operations for U.S. Central Command, told The Associated Press in London that it was unfair to say the parliament bombing meant the failure of the U.S.-Iraqi security crackdown in Baghdad, now in its ninth week.

"That would not be a fair indictment. This incident is still under investigation. The Iraqi police or the Iraqis had responsibility for security of that target, albeit that there were lines of security around it. Ultimately it will come down to their investigation to see what happened there," Holmes said.

Hassan al-Sunnaid, a member of the parliament's Security and Defense Committee, told state-run Iraqiya television that three cafeteria employees were being questioned by security agencies, although it was unclear what their involvement in the bombing might have been.

In the special session Friday, lawmakers took the podium one after another to denounce the bombing. One legislator had his arm in sling and a woman lawmaker wore a neck brace.

"The more they (terrorists) act, the more solid we become. When they take from us one martyr, we will offer more martyrs," Vice President Adil Abdul-Mahdi said. "The more they target our unity, the stronger our unity becomes."

But the turnout was low because of a ban on driving on Fridays.

Iraq parliament in session of 'defiance' - Yahoo! News

Sorry if already posted... been away for 2 days
Forgiving Iraq's Debts
Sam Vaknin, Ph.D. - 4/14/2007
The French were at it again in April 2003. Any reduction in Iraq's mountainous $120 billion external debt should be negotiated within the Paris Club of creditor nations, they insisted. It ought not - indeed, cannot - be tackled bilaterally. And what about another $200 billion in war reparations and contractual obligations? This, said French Foreign Ministry spokesman Francois Rivasseau, is to be discussed.

A day earlier, Paul Wolfowitz, the American Deputy Defense Secretary, prompted the French, Russian and German governments to write off Iraq's debts to them, so as to facilitate the recovery of the debtor's $15 to 25 billion a year economy. He echoed U.S. Treasury Secretary John Snow who suggested, in an interview to Fox News Channel, that Iraq's debts should be discarded even as was the dictator who ran them up.

At first, Putin made conciliatory noises upon exiting a gloomy meeting with the two other co-founders of the discredited "peace camp". Russia, he reminded the media, is number one in erasing debts owed it by poor countries.

But he was swiftly contradicted by the Chairman of the Duma's Committee on the State Debt and Foreign Assets Vladimir Nikitin, who called the American proposals "more than bizarre". Iraq's debt to Russia - some "well verified and grounded" $8 billion - is not negotiable. Contradicting his own contradiction, he then added that discussions on debts have to be held bilaterally.

Gennady Seleznyov, the Chairman of the lower house of the Russian parliament, concurred. For good measure, he also demanded $2 billion from the USA for contractual losses due to the war. The Russian government and especially Finance Minister and Deputy Prime Minister, Alexei Kudrin, cautioned Wolfowitz that applying his proposal consistently would lead to the scrapping of the debts of another departed evil regime - the U.S.S.R.

Russia needs Iraq's money - especially if oil prices were to tumble. According to Russia's Central Bank, the Federation's foreign debt was up $2.7 billion in 2002 and reached $153.5 billion, of which $55.3 billion is in Soviet-era debt, $48.4 billion were accrued in post-Soviet times and the rest is comprised of various bonds and obligations.

But the U.S. is unfazed. US Ambassador to Russia Alexander Vershbow reiterated to the Russian news agency, Rosbalt, his government's position thus: "We intend to organize a conference of creditors in order to discuss ways of finding a balance between the rights of the creditors and the rights of the Iraqi people to develop their economy. In my opinion, it would be unwise to immediately demand large sums of money from the new Iraqi government."

In this debate, everyone is right.

Iraq's only hope of qualifying for the status of a Highly Indebted Poor Country (HIPC) is by reaching iron-clad debt rescheduling agreements with both the Paris and the London Clubs. Still, as the Americans envision, creditors can unilaterally forgive Iraqi debt - especially one arising from Saddam Hussein's misdeeds - without hampering the process with the World Bank and without hindering future access to global or internal capital markets.

This is especially true when it comes to the United Nations Compensation Commission which administers Iraqi reparations to victims of Iraq's aggression against Kuwait in 1990-1.

Signs of utter confusion abound. The International Monetary and Financial Committee of the International Monetary Fund, headed by Gordon Brown, Britain's Chancellor, is committed to the Paris Club multilateral route.

Yet, James Wolfensohn, the President of the World Bank, a twin institution, plumps for a bilateral resolution of this novel controversy.

Anticipating a beneficent outcome, $2 billion in traded Iraqi sovereign and commercial loans, harking back to the 1980s, have recently doubled in value to c. 20 cents to the dollar. According to The Economist, brokers are betting on a 70 to 90 percent reduction of Iraq's debt. This is way too exuberant. Moreover, not all creditors are created equal.

Iraq owes the IMF and the World Bank a mere $1.1 billion. But there is an abundance of unpaid high priority trade credits and bilateral loans. Private banks and commercial firms come a dismal third. Moreover, following Nigeria's example, Iraq may choose to ignore Paris Club creditors and deploy its scarce resources to curry favor with those willing and able to extend new financing - namely, private financial intermediaries.

Trading Iraqi debt - sovereign notes, letters of credit and papers issued by the central bank and two other financial institutions, Rafidain Bank and Rashid Bank, is onerous. The Economist describes it thus:

"Trading, or even holding, Iraqi paper is loaded with traps. Its validity can expire every few years, according to the statute of limitations in various jurisdictions. Renewing it requires some acknowledgment from the borrower, and that was difficult even before the war. Assigning the debt from buyer to seller requires the borrower's assent, and the Iraqi banks have been unco-operative since 1988. The trick is to apply during public holidays, or when communications are down (as they are now), because the borrower's failure to respond within ten working days can be taken as agreement."

No one has a clear idea of how much Iraq owes and to whom.

According to Exotix, a sovereign debt brokerage, Iraq owes commercial creditors $4.8 billion and other Gulf states $55 billion - regarded by Iraq as grants to cover the costs of its war with Iran in the 1980s. It owes Paris Club members - excluding Russia and France ($8 billion apiece) - $9.5 billion, the countries of Central Europe, mainly Germany - $4 billion and others - about $26 billion, including $5 billion to the U.S. government and American businesses.

The tortured country's foreign debt alone amounts to $5000 per every denizen. With reparations and commercial obligation, Iraq's destitute inhabitants are saddled with more than $16,000 in debt per capita - or 15-20 times the country's gross national product. Iraq hasn't serviced its loans for well over a decade now.

Others dispute these figures. Frederick Barton compiled, together with athsheba Crocker, an inventory of Iraq's outstanding financial obligations for the Center for Strategic and International Studies in Washington.

According to Barton-Crocker, quoted by the Gulf satellite channel, al-Jazeera and by the Christian Science Monitor, Iraq owes $199 billion in compensation claims to more than a dozen nations, another $127 billion in foreign debts and $57 billion in pending foreign contracts - public and private. Iraq owes Russia $12 billion, Kuwait $17 billion, the Gulf States $30 billion and less than $2 billion each to Turkey, Jordan, Morocco, Hungary, India, Bulgaria, Poland, and Egypt.

Most of the pending contracts are with Russian firms ($52 billion) but the French, Chinese, Dutch, United Arab Emirates and Egyptians have also inked agreements with Hussein's regime. The United states and American firms are owed little if anything, concludes al-Jazeera. Debt forgiveness would allow a more sizable portion of Iraq's oil revenues to be ploughed into the American-led reconstruction effort, to the delight of U.S. and British firms.

Russia and France are not alone in their reluctance to bin Iraqi credits. Austrian Minister of Finance, Karl-Heinz Grasser, was unambiguous on Tuesday: "We see no reason why we should waive 300 million Euros of Iraqi debts". He noted that Iraq - with the second largest proven oil reserves in the world - is, in the long run, a rich country.

In the build-up to the coalition, the United States promised to buy the debt Iraqis owe to countries like Bulgaria ($1.7 billion) and Romania. In Macedonia, Dimitar Culev of the pro-government daily "Utrinski Vesnik", openly confirms that his country's participation in the coalition of the willing had to do, among other, longer-term considerations, with its hopes to recover Iraqi debts and to participate in the postwar bonanza.

Poland's Deputy Labor and Economy Minister, Jacek Piechota, on Tuesday, affirmed that Poland intends to recover the $560 million owed it by Iraq by taking over Iraqi assets in a forthcoming "privatization". Another option,
he suggested, was payment in oil.

Nor are such designs unique to sovereign polities. According to Dow Jones, Hyundai hopes to recover $1.1 billion through a combination of crude oil and reconstruction projects. During the Clinton administration, American creditors almost helped themselves to between $1.3 and $1.7 billion of frozen Iraqi funds with the assistance of the U.S. Foreign Claims Settlement Commission. Luckily for the looming new Iraqi government, the legislation languished in acrimony.

The debt question is not academic. As the London Times observes: "As things stand, no one can write a single cheque on Iraq's behalf until the question of its towering debts is sorted out. Not a single barrel of oil can be sold until it is clear who has first claim to the money; no reputable oil company would touch it without clear title."

According to Pravda, to add mayhem to upheaval, the Iraqi opposition indignantly denies that it had broached the subject with the USA. Iraq, they vow, will honor its obligations and negotiate with each creditor separately. But, some add ominously, members of the "friends of Saddam" fan club - alluding to Russia, Ukraine and Belarus among others - are unlikely to get paid.

The Iraqi opposition is as fractured as the Western alliance. Some exiles - like Salah al-Shaikhly from the London-based Iraqi National Accord - promote the idea of a big write-off cum grace period akin to the 66 percent reduction in the stock of Yugoslav obligations. Debt for equity swaps are also touted.

The trio of creditors - especially France and Russia - might have considered debt reduction against a guaranteed participation in the lucrative reconstruction effort. But a fortnight ago the House of Representatives approved a non-binding amendment to the supplementary budget law calling upon the administration to exclude French, Russian, German and Syrian companies from reconstruction contracts and to bar their access to information about projects in postbellum Iraq.

Sam Vaknin ( Narcissism, Self-love, The Narcissistic Personality Disorder (NPD), the Narcissist, Psychopath, and Relationships with Abusive Narcissists and Psychopaths - Malignant Self Love - Narcissism Re-Visited ) is the author of Malignant Self Love - Narcissism Revisited and After the Rain - How the West Lost the East. He served as a columnist for Global Politician, Central Europe Review, PopMatters, Bellaonline, and eBookWeb, a United Press International (UPI) Senior Business Correspondent, and the editor of mental health and Central East Europe categories in The Open Directory and Suite101.

Visit Sam's Web site at Narcissism, Self-love, The Narcissistic Personality Disorder (NPD), the Narcissist, Psychopath, and Relationships with Abusive Narcissists and Psychopaths - Malignant Self Love - Narcissism Re-Visited You can download 22 of his free ebooks in our bookstore

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© 2004 Global Politician

Economic : University of Kufa planning to set up a seminar to discuss ways of economic investment
14.04.07
In the Furat
Najaf, Adnan Sudanese

Is the Faculty of Administration and Economics at the University of Kufa on a seminar to discuss ways of economic investment in the Furat cooperation and coordination with the Chamber of Commerce of Najaf.

A source in the information Kufah University told the (morning) that the establishment of this forum comes at a time when the Central Euphrates provinces state of stability and economic security of the addresses involved in the Department of Economics in the Faculty of Administration and Economy Symposium administration.

The source pointed out that the seminar aims at achieving communication between the scientific community and academic institutions in economic conditions through the translation of economic reality, especially with regard to investment in the Furat and the search for potential and investment opportunities in this vital region of Iraq. Perhaps the most important axes that will be discussed is the importance of development investment in the Furat and potential and investment opportunities in the region and assess the investment environment in the region and the policy of attracting inward investment and the economic and social and political investment to the area and the Preparatory Committee for the seminar has identified a number of controls for participation

The researchers involved in the seminar and demanded to send their research and contributions to the College until the day of the 15th of April, which will be the last day for acceptance and has the Preparatory Committee for the symposium call to all teachers and researchers in Iraqi universities, institutes and scientific and interested economic affairs for research and participation in this symposium.

Iraqi banks : economic structural reforms in the near future
14.04.07
Attempts to make it Pmassav counterparts in the world that competes with it
Baghdad Yasser incumbent Heidar spring

Banking expert, Mr. Abdul Azim Yasiri, general director of Rafidain Bank : that the banking sector reforms soon witness a big backbone banks and the introduction of the electronic destruction and the capability to enable it to compete

With the expected arrival of foreign banks to Iraq in future. This came in response to "Assabah" to a question about the performance of the banking sector in comparison with experienced international banks and said : His performance without the required level, pointing out that the former conditions experienced by Iraq affected the general economic situation and the banking sector as a cornerstone of the economics of the country,
those circumstances stratified between him and technological developments.

He explained : that the reforms aimed at the banking sector will take up the restructuring of government banks and the introduction of the electronic destruction and the preparation and organization of new banking instructions and reconsider the powers of officials to keep abreast of developments bankers, which will be collected at the restructuring of banks.

And : that there is a tendency for the establishment of training centers, especially banks, as well as training outside the country, and the preparation of studies to evaluate the annual performance of the banks that deal with the negative and using research centers and professors specialized efficiency standards and performance of the banking sector, he said : The upgrade services provided by banks to their customers depends on the criteria and basic elements can be summarized in a simplified as follows :

1-introducing modern techniques : that our banks are still in isolation from developments in the world in the field of modern technology because of wars and economic blockade that dominated the economic and financial conditions in the country for many years, and banks need to be a period for quite some time to keep up with these developments, which have already begun to apply recently, and the introduction of modern technologies is in the forefront standards.

2-Human resources development : assuming that this element banks of great importance, especially at the present time because it represents a long-term human leads in the end to raise the level of performance and thereby improve service banking as a staff member on the culture of banking trainee qualifies for the exercise of all banking business efficiently and effectively, and improve the performance of staff depends on the numbers and programs also important performance criteria.

3-geographical spread : that this criterion usually relies on the expansion of the opening of branches and offices Sairveh for the purpose of delivering services to all areas of the bank and provide an opportunity for citizens to take advantage of those services without hardship, and that the most important criteria are the speed and accuracy in the completion of work.

4 - The rise in net profit and rapid delivery performance indicators are positive.

And on the question about the ability of the banking sector to compete with foreign banks with the start of deportees reconstruction, Yasiri confirmed that the former conditions experienced by the country has affected the general economic situation, including the banking sector, a cornerstone of the economics of the country, those exceptional circumstances stratified between him and technological developments witnessed by the outside world, and where that efforts are continuing to modernize and develop banking systems adopted modern technology and the introduction of all kinds in addition to the bank in connection with the implementation of sophisticated banking system and holistic includes linking all its branches with new techniques, we are fully confident that the bank will be able with God's help to compete with banks foreign open subsidiaries in Iraq in the future, especially as the presence of foreign banks in the country, not the new issue since the Rafidain Bank began its work in 1941 at the time of the later, where a large network of branches of foreign banks, such as the British Bank of the Middle East and the Orient Bank and Bank of Intra, ... etc.

However, the bank was able to exercise its first commercial bank Iraqi If the Iraqi banks to introduce totalitarian regimes in the restructuring of their computers and, as we have already said they can compete, but the gap considerably.

Yasiri also said : The role of the banking sector in economic development lies in its ability to mobilize savings and investment in various sectors of the economy and to the expansion of the monetary and credit promissory Bjelah credit broad, holistic and that the trend towards long-term funding of projects to serve the economic development and investment in large projects, agricultural, industrial and commercial and get through that the financial returns and continued investment in this area is one of the most important factors in the development of the stock market in which to increase corporate productivity inject equity securities and negotiable and that the bank is the exercising of which all economic actors.

Support mechanism and economic sectors in the area of soft loans, he pointed out that the bank continues to grant loans to the various economic sectors in the country under the existing instructions, which are still valid, there is a tendency to support small enterprises on a large scale grant soft loans, as well as support contractors for the project through under construction.

The Central Bank and procedures in dealing with inflation Yasiri finds that the Central Bank of Iraq has succeeded in improving the value of the Iraqi dinar against the dollar but the price of goods and services were still on the rise will impact on the cost of production and thereby increase prices.

Turning to the process control interest rates, explaining that they become vested in the same bank since 2004 after it was identified confined to the CBE board of directors, and is currently banks as interest rates and economic conditions and in accordance with the requirements of the work is obvious that raising the interest rate will narrow the performance of lending because the borrowers are usually resort to loans lying descent.

Asher Yasiri, a sometimes intersections between fiscal and monetary policy when using fiscal policy to accelerate the development process by pumping money in a hasty and contributing to a rise in prices and hence inflation, pointing out that monetary policy aimed at maintaining price stability and the reduction of inflation.

Regarding the latest on the evaluation and support for the lifting of oil derivatives, said Yasiri : There is a saying that the health of the sale, at prices lower than the value of purchase and this is what is happening for oil products but that the situation in Iraq and circumstances warrant support of derivatives, and most importantly, the House provided.

On the new budget emphasized that the general budget for the current year 2007, which was ratified by the parliament will open up the investment plans of the ministries and government departments all, especially as the Iraqi economy suffers from the long years of decline in productive activities, because the circumstances that have caused the economy to the country due to suspension of consumer activity production in all areas, but at the same time, the matter requires urgent action, as is happening to the security plan for Baghdad to provide security and stability to the country since the implementation of major economic enterprises can not be done without the contribution of professionals, traders, contractors and other workers in the private sector and provide the required security and protection of their hands terrorists and those with weak who want the country's destruction and devastation aimed at disrupting the march of progress and development and reconstruction economy correlated with the security and vice versa.

Lets talk smoke screens! What happened to the Oil and Gas Summit? That was planned last month? Also with all this talk about the Oil and Gas Law and what needs to be done to pass it how come now mention of it being discussed in parliamentry meetings??

Originally Posted by Lunar

An al-Qaida-led amalgam of Sunni insurgents claimed one of its "knights" carried out Thursday's suicide bombing in Baghdad's Green Zone and warned the "monkeys in parliament" to brace for more attacks.

But the turnout was low because of a ban on driving on Fridays.

Iraq parliament in session of 'defiance' - Yahoo! News

If I ever had to agree with al-Qaida on anything I think it would have to be the bolded quote above.

Turn out was low? Way to take a stand monkeys!

All the more reasons why I can't acknowledge the support for an early or imminent withdrawal of helpful US troops from Iraq...NOT AT ALL and for all the good & obvious reasons despite the tragic and ever increasing toll it has on the troops.

Their loss to this sacrifice is unbearable for the beloved and to the nation as a whole but a firm stance is what the USA and the coalition is in a position to maintain and not the current Baghdad band of bureaucrats hurtling undercover bombs at each other... they are not even secured to run a cantine, free of shrapnels and bitsy noodles fragmenting their Parliament eathouse there... Iraq is far from ready to run and scrub their own hides...

I see the only freedom and democracy be given full freedom is when they reconcile and accept the fact that they see themselves as worthy human beings....not religious rats running the streets with mullahs tied to their feet!

Please excuse if previously posted. Thank you.

Chevron confirmed as key sponsor of Iraq Oil, Gas, Petrochemical & Electricity Summit

Chevron has confirmed its role as a sponsor of the forthcoming Iraq Oil, Gas, Petrochemical & Electricity Summit, which will take place on 28-30 May 2007.
United Arab Emirates: 45 minutes ago PRESS RELEASE

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»
The summit has been organised to bring together key Iraq Government decision makers in the energy sector and international operators seeking partnership opportunities in both the upstream and downstream industry.

The summit will welcome representation from the Iraqi Ministries of Oil, Industry & Minerals and Electricity, as well as the Iraq Energy Council, Investment Promotion Agency and the Kurdistan Regional Government (KRG) Ministries for Natural Resources, Industry and Electricity. It will also host many of the state companies operating under the Iraqi Ministry of Oil and senior representatives from the Iraq Reconstruction Management Office (IRMO).

This historic landmark event will be the first of its kind for the most important sectors of the Iraqi economy.

Chevron Corporation is one of the world's leading energy companies. With approximately 56,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron has been a partner in the Middle East

Verbatim Text Of Statement By G7 Fin Mins, Central Bank Govs
Sat, Apr 14 2007, 00:00 GMT
Dow Jones Newswires: Global Financial news and commentary


Verbatim Text Of Statement By G7 Fin Mins, Central Bank Govs

WASHINGTON -(Dow Jones)- The following is a statement by the finance ministers and central bank governors of the Group of Seven leading industrialized nations, released Friday:

We, Finance Ministers and Central Bank Governors, met today to evaluate the global economic outlook. Although risks remain, the global economy is having its strongest sustained expansion in more than 30 years and is becoming more balanced. In our economies, U.S. economic activity remains solid even as domestic demand moderates to a more sustainable growth path. The euro-area is experiencing a healthy upswing. U.K. growth remains robust and Canadian growth is accelerating. Japan's recovery is on track and expected to continue. We remain confident that the implications of these developments will be recognized by market participants and will be incorporated in their assessments of risks.

Further strengthening and rebalancing of domestic demand is desirable to help ensure the global economic expansion remains robust. We continue to be committed to maintaining price stability as the best contribution that monetary policy can make to sustained global growth. We will do more to increase trend economic growth rates, especially through structural reforms such as improving labor markets and long-term fiscal sustainability. We are confident that the continuation of our policies will support economic growth and contribute to reduce international imbalances. We will continue to work together to support the global adjustment process and urge others to do likewise.

We reaffirm that exchange rates should reflect economic fundamentals. Excess volatility and disorderly movements in exchange rates are undesirable for economic growth. We continue to monitor exchange markets closely, and cooperate as appropriate. In emerging economies with large and growing current account surpluses, especially China, it is desirable that their effective exchange rates move so that necessary adjustments will occur.

We believe that a successful conclusion of the Doha Development round is imperative. We are committed to resisting protectionist sentiment. Substantially lowering tariffs and other barriers is essential to spur new growth in global trade and reduce poverty. We welcome recent steps to intensify engagement, recognizing that substantive movement towards a comprehensive final outcome requires all parties to make additional efforts. We expect spending on Aid for Trade to increase to $4 billion, including through enhancing the Integrated Framework. We support initiatives to enhance cooperation to enforce intellectual property rights and combat counterfeiting which are crucial to our knowledge-based economies.

We continued our discussions on how to develop local currency bond markets to enhance the contribution of financial markets to sustainable economic growth and to reduce emerging market economies' vulnerability to external shocks and financial crises. We look forward to the results of the high level conference on May 9-10 in Frankfurt, which will help to identify concrete recommendations to sustain the momentum of reform.

We discussed recent developments in global financial markets, including hedge funds, which along with the emergence of advanced financial techniques such as credit derivatives, have contributed significantly to the efficiency of the financial system. We will continue to monitor the implications of these developments. Market-led and official initiatives focused on issues around private pools of capital intended to strengthen market discipline, risk management, market infrastructure, information and valuation practices, are essential contributions to global financial stability. In this context, we welcomed the work of the United States' President's Working Group on Financial Markets and its "Principles and Guidelines Regarding Private Pools of Capital" and look forward to the Financial Stability Forum's update of its 2000 Report on Highly Leveraged Institutions. We discussed the issue of mutual recognition of comparable regimes and look forward to further progress being made on cross-border access by investors to our securities markets.

We agree to push forward the ambitious package of bold and fundamental reforms in order to retain the IMF's relevance and legitimacy. Reforms should ensure that actual IMF quota shares, especially those of the most dynamic members, many of which are emerging markets, better reflect relative weights and roles in the global economy. We agree that the voice of low-income countries should be enhanced. A necessary element of IMF reform is improved surveillance over exchange rates. Surveillance must focus on external stability and be applied equally and even-handedly without creating new obligations. In this context, we welcome the Managing Director's proposals to update the 1977 Decision on Surveillance over Exchange Rate Policies and to develop a surveillance remit. We look forward to finalizing these proposals rapidly after the Spring Meetings. We took note of the work of the External Review Committee on IMF-World Bank Collaboration as well as of the report of the Committee to Study Sustainable Long-term Financing of the IMF. We agreed to consider the latter proposal in time alongside measures to further reduce administrative expenditures.

We encourage the use of the debt sustainability framework by all borrowers and creditors. We welcome continued work on principles for responsible lending and seek to involve other interested parties. We advocate a rapid resolution to Liberia's arrears to the international financial institutions. Available internal resources should be fully used to this end. We are prepared to make additional financial contributions. We look forward to the forthcoming International Conference on Education in Brussels.

In order to ensure energy security and to address climate change, we consider energy efficiency and the promotion of energy diversification to be important issues for both developed and developing economies. Diversification can include advanced energy technologies such as renewable, nuclear, and clean coal. We agree that market based policy measures should be effectively designed to meet specific conditions in each country.

We commit to continue the fight against money laundering, terrorist financing, and other illicit finance that risks the stability and integrity of the global financial system. We call for the effective and timely implementation of UN Resolutions 1540, 1718, 1737 and 1747. We commend the Financial Action Task Force on its commitment to examine the risks of weapons of mass destruction proliferation finance. We urge that as it reviews its strategic direction, the FATF consider expanding its mandate, enhancing global implementation of its standards, improving its strategic surveillance, and examining ways to bolster accountability and outreach activities.

We look forward to the successful launch of the International Compact for Iraq in Sharm El Sheik on May 3. We discussed economic prospects in the West Bank and Gaza Strip, and agreed to keep this under review.

(END) Dow Jones Newswires

April 13, 2007 20:00 ET (00:00 GMT

Al-Maliki : Iraq ready for the start of revolution, large-scale reconstruction




لم د المالكيThe official did not specify in Cairo topics to be discussed Prime Minister Nuri al-Maliki with the Egyptian government in his Arab tour which will also only Riyadh Ahmed Aboul Gheit said : that his government Sttbahth with Mr. al-Maliki
عن .The ways in which to allow Egypt to provide support to the government and people of Iraq.
.Cairo's interest expressed by the Egyptian Foreign Minister, visited the Prime Minister comes in line with the success of the visit of Mr. Al-Maliki to East Asia, where he said Thursday in Seoul : that Iraq is ready for the start of revolution, reconstruction and major priority would be to States that have supported politically.
وبين.And between Tokyo and Seoul on one hand and Cairo and Riyadh on the other hand consider observers in efforts to track al-Maliki, the first economic and political II to support the imposition of legitimate law. In Seoul, the Prime Minister said the situation in Iraq is now ready to start significantly revolution, services and reconstruction of the industry and said : we also need to be made friends to contribute to improve and develop the economic side, came during the summit that was held and the delegation accompanying him with the President of South Korea, Mr. Royaumont in the minors Blue Korean capital Seoul on Thursday morning, and during the summit, stressed the need for the effective participation in the International Conference on Iraq to be held in the Arab Republic of Egypt, the beginning of May.
.He added that the countries which supported Iraq politically and economically priority in the process of reconstruction.
.For his part, the Korean President to visit Mr. Prime Minister, urged the government to encourage Korean companies to work and invest in Iraq.
وقال.He said : that his government would move internationally to support the position of Iraq and the government of national unity in all international forums and they would make efforts to send a high-level delegation to the International Covenant.
كما .He also called on the Prime Minister of the Korean investment companies to enter the Iraqi arena, which he described Pkhussabh and expanding each business and industry to contribute to the reconstruction of Iraq in all areas, came during the breakfast invitation, which was brought by the chairman of the Chamber of Commerce and Industry Mr. Sun Korean Kong check in honor of Mr. Prime Minister and his accompanying delegation attended by a number of heads of companies and businessmen in the South Korean capital of Seoul yesterday morning first. Al-Maliki said : we have come to South Korea carry with us many projects in various sectors of oil, electricity, bridges and petrochemicals as the desire is open to all companies and institutions in Korea, you will find all the cooperation, facilities and protection of the government and people of Iraq.
وفي .In Cairo, the Egyptian Foreign Minister Ahmed Aboul Gheit yesterday, Egypt's official visit expected to be made by Prime Minister Nuri al-Maliki in the last 20 of this month. He said Abul-Gheit told reporters : that the upcoming talks will deal with al-Maliki How can Egypt large, the cooperation of the government and people of Iraq to overcome this ordeal.
واف.He added that what was required was the success of the Iraqi government and its support to overcome all the existing problems on the ground.
الى.To detect and government spokesman Dr. Skinner that the Prime Minister will visit Saudi Arabia on the 22nd of this month following the end of his visit to Cairo.
.According to the media, Skinner, who is in Washington, he said : that the Iraqi government will work with the Arabs to reduce Iranian influence.



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