Thread: Iraq/Dinar News Until 5/3/07 Midnight CST.

Could someone smarter that an ole’ dirt farmer, please go here and see what they can find out or make of this……….from what I am reading its going to be a gradual increase for the rest of the year…..and more price increase’s on fuel in Iraq…….

When you open this page, look in the center of the page and click on “LETTER OF INTENT” next to Iraq, and go to pages 31 & 32 and then go to 33 through 39…..on page 35 – 11.) ”allow exchange rate to appreciate gradually”…..

Iraq: Third and Fourth Reviews Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement and for Waiver of Nonobservance of a Performance Criterion - Staff Report; Staff Supplement; Press Release on th

Could that be a float?

Originally Posted by lazyasL

Could someone smarter that an ole’ dirt farmer, please go here and see what they can find out or make of this……….from what I am reading its going to be a gradual increase for the rest of the year…..and more price increase’s on fuel in Iraq…….

When you open this page, look in the center of the page and click on “LETTER OF INTENT” next to Iraq, and go to pages 31 & 32 and then go to 33 through 39…..on page 35 – 11.) ”allow exchange rate to appreciate gradually”…..

Iraq: Third and Fourth Reviews Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement and for Waiver of Nonobservance of a Performance Criterion - Staff Report; Staff Supplement; Press Release on th

NOT THAT I AM SMARTER, BUT HERE IS HOW I READ IT:

Inflation was 77% in August 2006. So they started working....

11. To help curb inflation the CBI will continue its tight monetary policy stance and
allow the exchange rate to appreciate gradually, assuming the inflationary situation warrants
a continuation of this policy. The CBI also stands ready to further increase its policy interest
rate, if needed and effective to bring inflation down. - WHICH THEY DID ...INFLATION TODAY IS 66% , did not work too well - just read an article today


...

28. In light of our request to extend the current SBA by six months, we would also like
the final (fifth) review, due originally by mid-February 2007, to be rephased to mid-May
2007, and that the last purchase will be available upon observance of the end-June 2007
performance criteria.

And then the review:

“Inflation, however, remains high. While this is to an important extent due to the prevailing
difficult security situation and supply disruptions, the Central Bank of Iraq (CBI) may need
to take further steps in order to prevent high inflation from becoming entrenched and to dedollarize
the economy. - THE KEYWORDS ARE " FURTHER STEPS" AND "DEDOLLARIZE".

9. The CBI will be recapitalized in 2007 andthe authorities are committed to follow
through on the recommendations of the Interim Safeguard Assessment Report recently
completed by the Fund, as well as those of the Ernst and Young (E&Y) 2005 audit. E&Y has
been retained for the 2006 audit, and by end-May 2007 the audit of net international reserves
reporting to the Fund and an interim report on the 2006 audit are expected to be completed.

When Shabibi was in DC recently, while in a meeting with the MOF and our Sec of Treasury, Paulsin, he made the statement that the inflation rate in Iraq was now 23%. A wonderful accomplishment.

Originally Posted by inquisitive1

When Shabibi was in DC recently, while in a meeting with the MOF and our Sec of Treasury, Paulsin, he made the statement that the inflation rate in Iraq was now 23%. A wonderful accomplishment.

...without the fuel and oil derivatives prices included int he calculation

I will look for that article about being 66% - I was reading it this morning. It could be wrong, of course.

Minister Naimi .. Political situation in Iraq affect the world oil market
02 / 05 / 2007

Riyadh-5-2 (KUNA) -- The Minister of Petroleum and Mineral Resources Ali Naimi, the Saudi political situation in Iraq had a negative impact in the use of non-petroleum energy stressing that the current world production does not suffer from a shortage appropriate to meet demand in the international oil market.

The Minister Naimi, in a joint press conference with Minister of Economy, Trade and industrial resources Japanese Akira Amari expressed the hope that Iraq enjoy stability so as to benefit from the global market in the huge reserve of oil and gas, to return once again to raise production capacity He referred in this respect to the anticipated Iraqi Oil Minister raising productivity to six million barrels per day by 2015.

He explained that the round table forum for the Asian continent which concluded here today discussed a number of important issues relating to investment in the field of energy and secure energy supply for producers and consumers, as well as discuss energy alternatives and energy conservation and rationalization of consumption, especially for consumers.

It was announced that Saudi Arabia is planning to raise oil production to 5 million barrels a 12 t the end of 2009 in light of plans to study the need to raise productivity to this level.

For his part, the Japanese minister of the parties participating in the Conference on the reduction of oil prices in order not to adversely affect the global economy and cooperation to fill the shortage in the event of emergency and find a formula for joint cooperative face obstacles in the energy supply.

He revealed his plans to meet the emergency in the event of shortage of energy supplies based on the storage of crude oil, despite differences about its impact on oil prices, in addition to the use of organic chemistry alternative energy, taking into account their environmental impacts.

He said that the meeting focused on energy investments and the need to maintain price stability and to encourage dialogue and promote the concept of the common interests between producers and consumers to agree on appropriate prices in the oil market.

The ministers of oil in the Asian continent have concluded today in Riyadh work second round-table meeting, which brings together producers and consumers in order to promote dialogue between the two parties so as to achieve common interests on the preservation of a stable energy supply and to maintain appropriate prices for oil.

New press release: Scoop: Expanded Min. Conf. of the Neighbors of Iraq
AMBASSADOR SATTERFIELD: Okay. I want to give you a little bit of context, sort of an overview of the May 3rd and 4th ministerials in Sharm: the compact launch on the 3rd, the Neighbors-plus meeting, P5, G8 plus EU participation on the 4th.

We see both of these meetings as mirror images of each other. They are efforts to build a greater dialectic, if you will, dialogue with substantive components between Iraq and the concentric rings of its neighbors, the region as a whole, the international community. Now what do we mean by dialectic?

Let's take a look at the first document, the compact that will be launched formally on the 3rd of May.

But in essence, what the compact is is a detailed lay-down of fundamental, economic, commercial trade regime structural reforms, which the Iraqi Government subscribes to, much of which is already in the process of or has been implemented, which should serve as the basis for a liberal, investment-friendly, investor-friendly economic regime in Iraq. DON'T TELL ME OUR RV IS NOT A REFORM!!

It's quite an extraordinary document. It is a document which would have been difficult to negotiate in '89 or '90 in the context of post-Soviet Eastern Europe in terms of its far-reaching aspects.

It's the product of quite exceptional efforts led on the U.S. side by the Treasury Department, on the Iraqi side by Deputy Prime Minister Barham Salih, conducted at the highest levels in a joint undertaking between the UN, World Bank, and the Iraqi Government. It's had the participation by a steering group of involved countries from the region, from the broader international community. It is a document which truly does commit Iraq to an open way of doing business. It is a document which we believe well merits the support of Iraq's neighbors, the Middle East as a whole, and the international community.

Now the text of the compact was actually closed in New York in March. This is the formal ministerial-level launch.

We believe it is an undertaking, an accomplishment, if you will, for Iraq as well as for the Bank and the international community as a whole in terms of moving towards Iraq's greater integration, engagement in, participation in a broader international economic system. This is obviously to the benefit of Iraq, because Iraq needs to be able to create more opportunities, more jobs, more economic positives for its people than they can currently do. And a lot of that is going to be Iraq's responsibility through liberalization at home, through better development of the hydrocarbon and agricultural sectors, through better budget execution efficiencies.

LONG ARTICLE , BUT WORTH READING

Originally Posted by shotgunsusie

removing doubt.

Thank you!! I started a few pages back and was having an anxiety attack!

Iraq urges world to write off debt, boost security
(AFP)

2 May 2007



SHARM EL-SHEIKH, Egypt - Iraq on Wednesday urged participants at the upcoming conference in the Egyptian resort of Sharm el-Sheikh to cancel its debt and help restore security.


“We are urging the international community to cancel Iraq’s debt and we ask participants to help stabilise Iraq,” government spokesman Ali al-Dabbagh told reporters.

He was speaking as preliminary talks got under way between officials, who started arriving from the world over to attend the May 3-4 conference.

“The security and stability of Iraq is in the interest of all countries in the region and the world. Each country participating in this conference can help rebuild Iraq,” Dabbagh said.

The two-day conference starts in earnest on Thursday with the launch of the International Compact with Iraq (ICI), an initiative providing a framework for Iraq’s security and economic development.

The second day of the conference focuses on bringing all of Iraq’s neighbours together as well as the United Nations, United States and European Union for unprecedented talks.

Sabbagh indicated that the conference was not expected to yield a much-awaited timetable for a US troop withdrawal from Iraq.

“We think that we need a schedule to rebuild Iraqi forces and security responsibility will be transferred. Then we will fix a timetable,” the government spokesman said.

Iraqi forces have so far reclaimed security responsibility over four of the country’s provinces. Extending the handover to all 18 provinces is believed to require at least another year.

Attending the two-day conference for Iraq will be a delegation including Prime Minister Nuri al-Maliki, Foreign Minister Hoshyar Zebari and National Security Advisor Muwaffaq al-Rubaie.

Originally Posted by wciappetta

I agree 110 percent with your conclusion.



How Sweet it is!

WOotTTTTTTTT!!!!!!s