Thread: Iraq/Dinar News until April 26, 2007 Midnight cst.

The Foreign Minister of Egypt : Sharm el-Sheikh meetings will discuss how to provide assistance for Iraq
Cairo-4-20 : Ahmed Aboul Gheit, the Egyptian foreign minister today, Thursday, the Ministerial Conference which includes expanded Iraq's neighboring countries and major powers in Sharm El Sheikh, Egypt will discuss how to provide assistance to Iraq at all levels.
The Aboul Gheit, in a statement issued by the press office of the Minister for Foreign Affairs and published on the Ministry of Foreign Affairs, the conference will be held on the third and fourth of May next May will discuss how to provide assistance to Iraq at all levels in order to take it out of the situation suffered by.
He Aboul Gheit, according to the statement, expressed deep regret for the insistence of some forces on the ground in Iraq to try and destroy every effort to achieve reconciliation and stability there, explaining that he could not understand the logic or purpose behind the killing of innocent Iraqi citizens do not have nothing to do with political developments, not being ground in the Iraqi arena.
The statement quoted the Egyptian Foreign Minister said that "unfortunate developments in Iraq yesterday, Wednesday, and that has killed more than 190 innocent people, will only increase Egypt's determination to help the Iraqis to restore stability and reconciliation among them."
He referred to "resolve Cairo intensify their efforts on the Iraqi issue in the coming period during the reception of Iraqi Prime Minister Nuri monarchy in Egypt soon to discuss all issues related to developments in Iraq and bilateral relations between the two countries, and then hosting meetings Sharm el-Sheikh early next month."
On the other hand, Aboul Gheit met today, David Satterfield, the American coordinator for Iraq who currently is on a visit to Cairo to get acquainted with the Egyptian assessment of the developments of the situation in Iraq in light of Egypt's hosting of the Sharm El-Sheikh conference.
A statement published on the Egyptian Foreign Ministry, "Aboul Gheit said that Egypt was following with interest what is happening in the Iraqi arena developments and condemns acts of violence (terrorism), and sectarian rivalry, and called for achieving national reconciliation and reject sectarianism and lawsuits to divide Iraq."
The statement pointed out that "Aboul Gheit said in this regard to the importance of the concerted efforts of the international community to mobilize the necessary support to support the process of national reconciliation and to help the Iraqi people to overcome their current address all forms of (terrorism) cases, sectarianism and intolerance."
Rafidain
Welcome to AlRafidayn: The Iraqi information service

Old but interesting....

USAID-sponsored Conference in Amman Focuses on Future of Iraqi Banking Industry

5 April 2007 – Iraqi banking industry leaders and international banking experts gathered in Amman, Jordan April 4-5 for the first Iraqi Banking and Finance Conference, Banking in Iraq: The 21st Century Challenge.

Over 200 delegates attended the two-day conference, organized by the United States Agency for International Development (USAID) through its IZDIHAR Private Sector Growth and Employment Generation and Economic Governance II projects.

Conference participants included representatives from the Central Bank of Iraq, Government of Iraq agencies, regulators, Iraq private and state owned banks, regional and international banking groups, non-bank financial institutions, bank training and certification organizations, banking experts and international donors.

In his opening remarks, USAID/Iraq Deputy Mission Director Mike Harvey affirmed, “Support to the banking sector is a specific priority for USAID and this conference demonstrates our commitment to this important foundation of the Iraqi economy.”

Mr. Harvey also mentioned that USAID is proud to be associated with the Iraqi Company for Bank Guarantees, which is already achieving its objectives of providing cash-flow based loan guarantees to small and medium enterprises in Iraq.

Daniel Weygandt, Economic Minister-Counselor at the U.S. Embassy in Baghdad, remarked: ”This event is the first time that Iraqi public and private sector representatives along with regional and international partners have come together to discuss the current status and challenges facing the development of the financial services industry in Iraq.”

During the plenary sessions participants took stock of global and regional banking developments and their implications for the Iraqi banking industry post April 2003. Topics discussed include:

Iraqi monetary policy;
Regulation and supervision of the banking industry;
Rehabilitation of the state owned banks;
Development of the private banking sector, introducing new banking products and services;
Improvements to the payments, check processing and clearing systems;
Development of a bankers association, banker training and certification organization; and
The need for banks to adopt international financial reporting standards.
Deliberations from the plenary sessions will be compiled in a recommendations paper for distribution to policy makers, regulators, donors, conference partners and interested parties.

“This Iraq Banking and Finance Conference was the starting point for all stakeholders as they move towards building a banking industry in Iraq that is well positioned for the challenges of the 21st Century,” commented Baljit Vohra, Chief of Party of the USAID-funded IZDIHAR project, at the conclusion of the conference.

Old but interesting...

Newly Trained Iraqi Loan Officers To Expand Microfinance Services in Baghdad

20 March 2007 - As a future loan officer of an indigenous microfinance institution based in Baghdad, Manar, a 27-year-old female, has an ambition: to assist in the economic development of her country. "Microfinance loans are new to our country and will help people start and develop businesses and live a better life, after 35 years of oppression", explains Manar.

Manar is one of 18 proud graduates of the Microfinance Basics course organized by IZDIHAR, a USAID-funded program focused on private sector development. Like Manar, her colleagues – who come from different neighborhoods of Baghdad - are keen to support small businesses from their districts with much needed capital.

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

"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 eighteen 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 US 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", said Greg Howell, USAID’s Global Development Alliance Advisor.

"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."

Economic : global company showing its willingness to develop the gas fields and extractable
21.04.07
Baghdad Tarek Al-Araji

The one international companies specialized in oil and gas investment willingness to implement the project to develop gas fields and extraction in the country and set up a pipeline to export through the Turkish port of Ceyhan, and then link the European continent to meet the needs of the continent

From this article. An official source at the Oil Ministry told (morning) that the company will submit their bids for the construction of a pipeline carrier, especially that it has a memorandum of understanding with the previous Iraq to provide free services for the modernization studies of the gas to oilfields in the country, noting that the company had to invest in gas activities in all the neighboring countries and have the perception that the extraction gas in the country to market commercially possible that the direction of European continent because it consumes large quantities of particular States and the European wish multiple origins of the gas pipeline.

The source added that another study prepared for the investment and exporting natural gas in the western region of the country, which is one of the largest areas since there are quantities of gas required by linking Iraq export pipeline crossing between Turkey and Iraq, Syria and Egypt to reach Iraqi gas via this route to the European continent and neighboring countries alike.

The source pointed out that the company has also indicated a willingness to buy all the gas Iraqi crude exported to all the world countries and international prices as well as the commercial readiness to invest gas after treatment.

The source believes that approval of this deal is a major economic payoff for Iraq Mattabreha winning deal for Iraq help to add significant material value and lead to the development of crops carbonated suffered from neglect for years. It is noteworthy that the oil industry suffered willful neglect by the Principles throughout the previous decades and that the Oil Ministry is seeking in the current stage of development of these joints economically important industry of the country in which the proportion of revenues constitute 95% of the country's budget.

what company are they referring to?

Originally Posted by goldraker

Thank you SGS & Pan8tv very nice finds! I really like this reshuffle coming next week! Things sure are falling into place! All we need now is that bank appointment!

Sounds good ..but ill believe it when i see it..when I can read that these lazy bastards actually get it done without pussyfooting around...nice find though pan8tv and imput sgs

Economic : Minister of Finance reviews the challenges of the economic situation in the country
21.04.07

During his participation in the meeting of Governors of the World Bank
Baghdad-Agencies

Chaired Professor Baqir Jabr al-Zubaydi, Minister of Finance Iraqi delegation to attend a meeting of Governors of the World Bank held in Washington. The Minister of Finance speech at the beginning of the meeting in which he thanked the International Monetary Fund for hosting the Iraqi delegation, pointing out.

Recent economic developments in Iraq, explaining the reasons for not implementing the budget to achieve ratios for 2006 which amounted to the highest implementation rates for the ministries of 50% due to the security situation which greatly impaired the Iraqi and foreign companies from entering into contracts or contracts processing, as well as a lack of flexibility and instructions to execute the contracts that The inherited from the former regime has released funds in the 2006 budget in the month of July of that same year, which means that ministries did not take enough time to implement their budgets and the lack of expertise and lack of moderation.

Cadres capable of implementing projects thus leading to delays in the implementation of the Economic Commission chaired by the Deputy Prime Minister Barham Ahmed Salih take measures to accelerate the implementation of the budget and encourage units expenditure on implementation why funds launched soon to ratify the 2007 budget at the end of the second month and that the budget of 2007 in the text of Article 14 that the ministries will implement 25% of their budgets until in July 2007 allocations will be transferred to other ministries capable of implementation has been held by the Ministry of Finance recently held a nine out of the service ministries and attended by 80% of the staff of the Ministry of Finance to discuss those ministries in the implementation of projects has surprised us by the Minister of Communications that he had carried out 90% of its budget for 2007.

At the end of his speech Minister that the current financial year will be much better than the previous year's rate of implementation of the budget. The Minister of Finance on the subject of Iraqi debt extinguish that there are good signs from Saudi Arabia to discuss the Iraqi debt extinguishment stressing that the ratio of debt reduction to 80% instead of 100% is the percentage unacceptable to the Iraqis because these debt and spin on the phrase amounts to support a war with Iran, Saddam DISCORD a point and a very important point for us and the Iraqi citizen.

He Sinan Shabibi governor of the Central Bank of Iraq one of the members of the Iraqi delegation that there are good developments such as the inflation rate, which is currently 23%, stressing that there is a difference in the level of interaction with debts of Iraq and asked the Iraqi Central Bank governor says that the International Monetary Fund to exempt Iraq from its debts subject matter Fund and encourage and help Iraq and the Fund to complete their programs in Iraq.

The Chief of Staff Mr. Khan IMF optimism Fund of good economic policy in Iraq and here that Iraq's record of achievements, stressing the need to reduce inflation and economic implementation of the budget and raising rates, especially the implementation of the investment budget for the oil sector to increase production rates, pointing out that next September will Iraq the Convention (SBA) from September 2007 to December 2008 in order to enjoy exemptions provided by the Paris Club comes this Convention after the first agreement and the implementation of each of Iraq requires.

The IMF suggested that there be a brief meeting in Amman end of this month and another meeting in mid-May to discuss Article IV of the Convention and the completion of the current program, promised the International Monetary Fund announced that the economic developments in Iraq in Sharm el-Sheikh meeting, where support Iraq's economic confident steps despite all the challenges facing Iraqi and economic policy is working smoothly with the Fund reported that the World Bank.

The meeting was attended by Sinan Shabibi governor of the Iraqi Central Bank and advisor to the Vice-President and Deputy Governor of the Central Bank and advisor of the Office of the Deputy Prime Minister and senior officials from the International Monetary Fund.

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Worth reading....

Economic : the relationship between policy actions and financial performance of the banking sector in Iraq
21.04.07
D. Khalaf Falah Al-Rubaie

The success of the reform financial and banking institutions to the success of banking and capital markets in the task of broadening and deepening financial intermediation between units surplus (domestic sector) and the deficit units (business), in other words,

The extent of its success in mobilizing savings for the financing of productive activity and increasing the volume of investments and increase the efficiency of the allocation of resources to push the development process. Failure in this task will have economic and social effects. Fiscal policy plays a vital role in facilitating or complexity of this task.

The aim of this article to clarify the nature of the relationship between the methods used by the financial policy in financing the deficit in the general budget and the performance of the banking sector in Iraq.

Fiscal policy during the period 1980 - 2003 : -
This phase is characterized by the dominance of policy action on financial decisions CBE, which was lacking any personal or independence. Under Millet monetary policy and their full subordination of fiscal policy, financial policy, adopted on the way Monetizing debt any direct borrowing from the Central Bank, credit tool that is used in printing money to finance the budget deficit, and this policy led to a significant rise in inflation rates caused by the continuing increase in the growth rates of exchange offer money from high-strength compared with the growth rates of GDP.

The trend was exacerbated after the imposition of economic blockade during the period (1990-2003), where the period witnessed a state of disorder or lack of fiscal and monetary discipline reaching inflation rates to a level which can not be wild to control using traditional tools of monetary policy and fiscal policy, and thereby make matters worse, those policies have combined to exercise fiscal restraint any imposition of administrative interest rates and fixed rates on lending and deposit, and away from the changes in the rates of inflation in the economy, and it is natural in such circumstances to be negative real interest rates, and those policies have led to the emergence of the phenomenon of flight of deposits from banks and used in non-productive areas, which the depth of the economic recession.

Fiscal policy after 2003 :-During this period, the issuance of the new Central Bank of Iraq which was dedicated independence of the Central Bank in the management of monetary policy, and was one of the most prominent features of the independence of the bank's decision to stop printing money to finance the budget deficit, therefore, the government had resorted to the use of an alternative method of debt financing tool credit is used in the issuance of bonds or treasury bills and sold to commercial banks and the stock market to provide funding, and the advantages of this policy is that it does not lead to higher inflation rates because it does not lead to an increase in the growth rates of money exchange offer high-strength, and is working only on the transfer of purchasing power from public to the government.

However, the increasing use of the technique borrowed from the auction, as is happening now led to higher real interest rates in the banking sector, especially after the liberation of this price action fiscal restraint after the Central Bank in 2004 to float the interest rate on deposit, lending and granting commercial banks the freedom to determine interest rates.

However, the government had resorted increasingly to debt financing has led to increased pressure on private investment in what is emerging based displacement (crowding out) This has the tendency to raise interest rates and increase the cost of borrowing will lead eventually to the fact that private sector borrowing from commercial banks. The entrance of a rival government to the private sector on the financial resources available.

Have raised the level of aggregate demand for loans and led to a rise in real interest rates. This will lead to reduced consumer purchases, especially of durable goods and other goods that require borrowing from the banks, particularly sensitive goods to interest rates such as automobiles, real estate, the cost will rise as alternative opportunities for investment projects, forcing the business sector to postpone spending on such projects.

Thus, the rise in real interest rates caused by deficits budget liquidated or relieve private spending overall investment spending. this as well as the role played by inflationary expectations that accompany the budget deficit, to be paid to banks to raise interest rates on deposits and long-term plans, as happened recently.

And can mitigate the effects of such a policy through the exercise of transparency in the announcement of the financial policy indicators, particularly indicators of future government spending and public debt rates and tax rates, which will have a positive impact on the structure of deposits in terms of timetable established.

Because foggy and blurred those indicators would adversely affect the ability of business borrowing to finance investments and thus curtailed opportunities for the banking sector to employ its financial resources, and the right decisions for the business sector will need the presence of a transparent financial system raises the level of investor confidence and torn by investments of around areas that will increase the volume of production capacities or increase employment opportunities.

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Originally Posted by zipper

what company are they referring to?

I'm not sure if you're referring to the article I posted but if so...no company is mentioned.
Here's the link. It's the 4th article down in the Economic Section.

Translated version of http://www.alsabaah.com/paper.php?source=akbar&page=37

Kuwait readies for possible US-Iran war
(AFP)
20 April 2007

KUWAIT CITY - US ally Kuwait is to form an emergency team to draw up contingency plans for any conflict between the United States and Iran, a senior minister said in comments published on Friday.

‘The team ... will devise a comprehensive contingency plan to deal withrisks that may result in case a war breaks out in the Gulf on the back of the rising US military escalation towards Iran,’ State Minister for Cabinet Affairs Faisal Al Hajji told the Al Watan daily.

The cabinet will form the team at its weekly meeting on Sunday, drawing on officials from the defence, interior, oil and health ministries as well as the fire and civil defence departments, Hajji said.

The team is then due to hold its first meeting on Monday.

The Kuwaiti parliament is scheduled to hold a special debate on May 1 on the government’s readiness for any military confrontation between the United States and Iran.

Washington has said that it would prefer to address its concerns about Teheran’s nuclear programme diplomatically but has refused to rule out the option of military action.

It has beefed up its military presence in the Gulf and currently has a second aircraft carrier there for the first time since the 2003 invasion of Iraq.

Kuwait served as the launchpad for that invasion and remains the main staging point for US-led troops in Iraq.

Around 15,000 US troops are stationed at a series of bases in the emirate, the largest of them at Arifjan, south of Kuwait City near the border with Saudi Arabia.

Khaleej Times Online - Kuwait readies for possible US-Iran war