Thread: Iraq/Dinar Until June 9th 1PM CST

Republic of Iraq

The Cabinet-National Information Center

MEDIA Relations

Press Release

Press statement / Press Release

4-6-2007

Monday 4-6-2007

Planning Minister announced the re-lending of citizens within the terms of the Development Fund

hard, Minister of Planning and Development Cooperation on Ghalib Baban for re-lending citizens within the terms of the Development Fund of the Ministry of Planning
This came during a meeting held yesterday with the management of the development and added that the state now greatly interested in the recycling of domestic production belief that the wheel is re-development of the country and promote its economy.
Wa minister explained that the Fund will continue its work and will be issued new instructions and conditions advertised in local newspapers soon.
meeting also discussed outstanding issues from previous loans from a legal and technical point where we must deal with, according to the security situation and the economic situation of the country and guarantee the rights of the state in lending
Translated version of http://www.iraqigovernment.org/

Originally Posted by rvalreadydang

A bill to raise the unit price of electric

Originally Posted by rvalreadydang

الحلة- نيناHilla - Nina
.The head of the Electricity Distribution Middle Euphrates Rahim Hashim al-Jaafari as a bill to the House by the Iraqi Ministry of Electricity to raise the unit price of electricity. ".Jaafari said Tuesday : "This decision coincided with a campaign led by Bakr electricity to rationalize energy," adding : "The price of electricity production unit in Iraq is much cheaper than neighboring countries does not cover production costs." ”.He added : "The objective of this project paying citizen to rationalization of energy use."

wow so far they've raised the prices on grains, fuel and now electric? when they gonna raise the value of their money? LOL

جريدة المواطن العراقية

HOW IS THE AVERAGE PERSON GOING TO AFFORD THIS? THE UN SAYS THAT 65% OF IRAQIS HAVE SLIPPED BELOW THE POVERTY LINE AND DO NOT HAVE ENOUGH MONEY TO FEED THEIR FAMILIES...YET ALONE PAYS FOR THIS AND NOW A 20% INCREASE IN BASIC FOOD SUPPLIES...

THIS CAN ONLY LEAD TO SUPER INFLATION...

UNLESS????

They are expecting a massive increase in funds influx and it's trickle down to the consumer...Just A Thought...

No Convincing Justification for the Delay Implementing the Pension Law
President of the Humane Society of Retired

We find no convincing justification for the delay in implementing the new retirement law

Citizen-tributary Sadik

Abd al-Rida broadly used Havazi President of the General humanity for retirees, the Commission found no convincing justification for the delay in implementing the new retirement law, and pointed out that the Finance Minister was obliged to issue instructions to implement the law as stated in the text of Article 32 of Law, and Mr. Abdel consent in an interview with the citizen that he was better accountability of the House Finance Minister on the reasons for the delay being the highest legislative authority in the country, elected by the Iraqi people and provided them by the Constitution to make laws, and wondered : What's proposal of the laws without the implementation?
Mr. broadly used and emphasized the need for the provisions of Law No. 27 uniform retirement in 2006 for the old and retired rounds, and concluded modern alerted to changes in the Iraqi market and the degree of inflation developments since the legislation law, in force 2007/1/17 To this day, To prevent the draining of the content of humanitarian law if applied without taking into account economic changes.

Translated version of http://www.almowaten.com/economy.html

Number of banks 15 -----
Auction price selling dinar / US $ 1260 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 41.235.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 41.235.000 -----
Total offers for selling (US $) ----- -----


Gooooooooooooooood Morning Rolclub


"The More They Take, The More We Make"
"Stay the Course, its the difference between Winners and whiners"


11.35 Trillion taken out and still the Party has not started


1. "0" Dinar rate change today, it was 1260, it is now 1260

2. A (net) worth of dinars, IQD - 51,956,100,000 pulled out of circulation today 6/6/07.

3. 15 banks participating today

4. 159th auction since the beginning of CBI's reval plan

5. 249 days into the CBI's reval plan. (Eight Months)

6. 11,355,729,778,000 dinars pulled from circulation !!

6A. Conservative ESTIMATE of Dinars still in circulation or controlled by the CBI 5,644,270,222,000

7. "0" Dinars back into circulation today

8. 217 dinar change since Oct 1st (baseline was 1477) 14.691% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 0 point reduction in the rate so far this week. Was at 1259 at the end of last week, 1259 so far this week.

10. 0 point drop in the month of June. Ended at 1260 in May, now stands at 1260

Welcome back Socata!

Good Morning SOCATA850, Remember, no WHINE before its time?? Maybe there is a table being set that will make many of us very happy. Glad to read your post and hope that this little venture will come to a very fulfilling conclusion soon. ROLCLUB, what a Great place to visit once in a while. Warrior needs coffee, gotta go.

Iraqi Delegation Negotiating Team has achieved Success in Negotiation with the WTO
Trade Minister reveals l (Lighthouse) : Iraqi delegation negotiating team has achieved success in negotiation with the WTO in Geneva

Baghdad-Manarah

Detection and Trade Minister Dr. Abdul Hassan Sudanese farmers for the success of the negotiations conducted by the Iraqi negotiating team with the World Trade Organization in Geneva for the purpose of accession also managed to answer most questions posed by the organization on the business dealings and economic interests in Iraq confirmed that the ministry continues its efforts to provide ration cards Supply to all governorates, especially hot them. Wali said the Sudanese told (the beacon) that ...

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The talks resulted in the full understanding of the International Organization for economic measures taken at the present time

.

For the purpose of organizing work and the economic and trade so as to contribute to Iraq's entry into the international organization which alleges plans of global economic policy has provided an explanation for each Iraqi delegation wondered put in the negotiations especially in the subjects of investment inside Iraq, privatization and oil projects and taxes (customs tariff), as well as explain the nature of the actions taken in Iraq to facilitate the trade with the region and the world in addition to the mechanisms adopted to get processors to leave export and import to be decided by the ministry and established by a special law which was recorded (200) A company since the fall of the regime until the end of last year and this confirms the existence of flexibility in the registration of companies.

.

The Sudanese minister added that the export-import mechanism in Iraq under specific instructions and the role of the Ministry of Trade was to grant them leave to give greater flexibility to the importer and exporter in the coin with regard to sanitary and phytosanitary between the minister that the answer was no enacting laws on these subjects and on the procedures relating to intellectual property, trademarks The suitability of the business was with the answer that there are many actions that could be taken with respect to intellectual property or trademarks since the government bill on intellectual property and patent, but we see it inappropriate to the laws of the World Trade Organization at the present time.
The trade minister noted that the Iraqi delegation gave a detailed description of the procedures and mechanisms adopted by the Iraqi government, laws and legislation of the other and will be issued during the coming period for the purpose of organizing the process of economic and commercial relations in Iraq, the Iraqi delegation has held several meetings with Moroccan and Brazilian Ambassador, the European Union and Egypt in the World Trade Organization to develop the prospects for cooperation between them and Iraq's desire to develop its economic and commercial relations as well as the importance of their contribution to reducing the barriers and obstacles in Iraq's accession to WTO delegations had expressed their wish to develop economic and trade cooperation and to enhance the ability of Iraq's economic organization.

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Dana Gas plans sukuk issue to fund growth strategy

United Arab Emirates, 06 June 2007 (AME Info FZ LLC)

Dana Gas, the Middle East's first regional private-sector natural gas company, has called an Extraordinary General Meeting (EGM) of its shareholders to approve the issue of a sharia-compliant bond in the form of a convertible sukuk.

The sukuk issue is part of Dana Gas' strategy to put in place a more efficient capital structure through broadening and diversifying the financing channels for the continued growth and expansion of the Company's activities. Dana Gas is seeking approval from its shareholders to raise at least US$1 billion in new funds through this convertible sukuk bond issue, after receiving the necessary approvals from the UAE Securities and Commodities Authority (SCA).

'This is an important step for Dana Gas, as we look to fund the next phase of the Company's growth plan in the natural gas industry across the Middle East Region,' said Mr. Hamid Dhiya Jafar, Executive Chairman of Dana Gas. 'In addition to enabling the Company's ambitious growth strategy through the planned pursuit of identified opportunities, the bond issue will also position Dana Gas in international capital markets, where international institutions are showing increased interest in the region and especially the rapidly-growing natural gas sector.'

Dana Gas is in the process of appointing Lead Managers for the issue of the sukuk and is in discussions with several major international banks that have shown great interest in leading the issue. The final details and terms of the proposed sukuk will be established once approval has been obtained at the EGM from the shareholders, which is scheduled on Tuesday 26 June 2007, or Tuesday 3 July 2007 if quorum is not reached at the first meeting.

A sukuk is a Sharia compliant, fixed term, debt obligation which could ordinarily be converted into shares of the issuer at the election of the sukuk investor and, under certain conditions, at the election of the issuer of the sukuk. The issuer of the sukuk is normally required to pay a periodical coupon 'Profit Rate' until the maturity of the sukuk, which is likely to be 5 years.

Worldwide Islamic banking assets currently total around US$ 500 billion and are growing at over 15% per annum, with Islamic banks and financial institutions managing over US$ 250 billion of assets and a further US$ 200 to US$ 300 billion managed by the Islamic subsidiaries of international banks.

Dana Gas is currently undergoing a regional expansion in all sectors of the growing natural gas sector across the Middle East. In January of this year the Company completed the US$ 1.1 billion acquisition of Centurion Energy, making it Egypt's sixth largest gas producer and marking its entry into the exploration and production sector. In April, Dana Gas also concluded important agreements for gas projects with the Kurdistan Regional Government of Iraq, with a first phase investment of approximately US$ 400 million.

The Company was recently granted an award by the Abu Dhabi Stock Market (ADSM) for excellence in corporate disclosures and transparency.

Iraqi government warns of "messing" with state's oil facilities


Baghdad, 06 June 2007 (Voices of Iraq)

The Iraqi government warned "outlaws" of messing with the state's oil institutions, threatening to "disclose local organizations" behind these attempts.

"The Iraqi government would strike with an iron fist anyone that would tamper with the public order or carry out evil schemes undermining the state's higher interests," according to an Iraqi prime minister's office statement received by the independent news agency Voices of Iraq (VOI).

The statement referred to Iraqi Prime Minister Nouri al-Maliki's orders to security agencies to stand up against those "outlaws and saboteurs."

"The government would find itself forced to disclose some local organizations standing behind the attempts to harm the country's oil facilities and terminals as well as disclose their suspicious relations with some countries in the region," it read.

The statement did not contain further details.

Demands for Kuwaiti government to reduce claims on Iraq
06 June 2007 (Iraq Directory)

Vice-Chairman of the Investment Committee in the Iraqi Parliament demanded the Kuwaiti government cancel Iraq debts resulting from policies of the previous government, and confirmed Iraq's need for nearly $200 billion to restore economic infrastructure such as asphalt, petrochemical, cement and other plants.

Abdul Hadi Hassani said, "We call on the Kuwaiti government to cancel its debt on Iraq because it is now investing the oil fields of southern Rumaila wells which are located 94% on Iraqi territory and 6% on Kuwaiti territory." [Ed. Note: this was one of Saddam's excuses for invading Kuwait.]

He pointed out, "Kuwaiti oil production for the southern Rumaila fields is up to 8,500 barrels of oil per day, while Kuwaiti production amounts to 350,000 barrels a day."
Hassani explained, "the Kuwaiti side is digging wells for horizontal extraction of oil from Iraqi territory, in particular in the Rumaila oilfields overlapping southern Iraq and northern Kuwait, making it easy to draw oil to the adjacent Kuwaiti wells."

He added, "Shortly Iraq's total debt will fall after the 80% cancellation commitments at the recent Sharm el-Sheikh conference."
Hasani said, "Iraqi people and the current government are not responsible for the [odious] debts resulting from the arms purchases of the former regime, used to build military bases and arsenals that burdened and indebted the country." .

He called on Arab countries to cancel these debts and added, "We don't count on Egypt to cancel Iraqi debt because it is not a rich capitalist country, rather a poor one living on external assistance provided by states like the United States of America."

Following Sharm El-Sheikh conference which was held early this month, the Egyptian government announced that Iraq's debts amounting to about $800 million, are mostly compensations to Egyptian citizens who have been affected by the Iraq war and it does not have the right to waive them, while other States participated in writing off Iraq's debts at different rates.

He said, "The amount of $13 billion allocated from the current budget to investment projects and services is small compared with actual needs for advancement of economic activity and investment in Iraq."

Hasani added, "The current budget amounting to $42 billion is a consumer budget and not a reconstruction one." He explained, "Iraqi per capita income is still low compared to the high prices of materials, despite the slight adjustments made in staff salaries; there are also the huge numbers of unemployed, some of whom are forced to enlist in armed groups. But the implementation of projects and providing work opportunities to eliminate unemployment is the key solution."