Thread: Archive - Latest News Think Tank - 15/01/09 - 04/05/09

Economic rebounds: The economic reality of Iraq and the requirements of the current stage

Grounds that those who are proud in us are fully aware of the economic and the jump in Iraq was quoted from one age to the economically and socially, we are half of our experience of Iraq and the economic miracle of our solid financial strength and human capital as the most valuable services the fact is that the global economic shares to some extent, this jump

Iraq is contained within the statistics of the International Monetary Fund as one of the ten most developed countries in the world and international banks, which often hesitate before lending more money to any state of Third World countries are competing to lend to Iraq at a low price Subsided b 2-1% above the rate prevailing on the inter-bank Iraq's cash and deposits of all this pride is not a coincidence, but was the result of human efforts and efficiency of the Iraqi and the efficiency of economic and administrative system and to maintain the Iraq and the geographical location, historical and political weight, which gave the Arab world more than many of its size, resources and population.

But with all this, we must not turn a blind eye to the weaknesses or problems creeping Valhdhir required and must be a constant review of the policies, procedures and attitudes to modify the direction and correction process and the prevention of delinquency or recklessness and whether the government is the good that can confront and deal with crises, the government is that the enjoyment of the excellent view you see the future problems and crises before they occur and to take such action to prevent their occurrence.

There are several elements that must be taken into account when talking about the strength of the financial position of any state or weakness in the light of the examination of the elements reflected the strengths and weaknesses.

United and peaceful policies imposed by the conditions and elements that are strengths in the Iraqi economy or weakness are:

First: good management of the national economy.
Second: the size of the reserve maintained by the Iraqi Central Bank's gold and foreign currency and adequacy of the financing of imports.
Third: the rise of external indebtedness, or to decline.
IV: remittances, aid and the size and durability.

It is noted that the elements and the four sides are elements of strength and weakness at the same time, and everything depends on good management of the national economy, this administration has been able to transform a weakness into a strength or vice versa Valthdd in the good management of the national economy and build the Iraqi monetary and fiscal policies, trade and development and implementation of appropriate intensity can not be described as exaggerated and reached an important degree of militancy and is also noted all the elements of strengths and weaknesses of the economy or our relationship with the outside world, the foreign import, export, investment, or transfers or loans, or reserves, the region is critical here that require all the attention is the external economy, the digital translation of this economy and its components and its consequences in the balance of payments, usually through our dealings with the outside world, we see that the balance of payments (the balance of trade) as a deficit Astiradatna more than our exports, especially in the past five years and replaced by healthier living in Iraq is like to be austere, where we can eliminate the fiscal deficit in a very short time and should have happened a structural change in the structure of the Iraqi economy in the direction of increasing exports of goods and services, including the various forms of religious tourism, which needs some time and much effort, patience and selflessness to address the weakness is the fiscal deficit and there are two Sdran for the abundance of cash to meet the shortfall for the balance of trade, foreign aid and loans of foreign aid is clearly declining, or that it is not guaranteed to source of endless foreign loans to the extent they have accrued if it increased the burden on the national economy and the new loans is now scarcely sufficient to service the old loans in installments and interest Under the current circumstances is the proper management of the external economy is the real objective of economic policy of the State.

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Shahristani: raising the level of the export of oil to two and a half million barrels per day

Oil minister, said Hussain al-Shahristani, on Friday, the ministry's plan for 2009 provides for the upgrading of exports to two and a half million barrels per day, while Iraq is exporting an average of two and a quarter of a million barrels per day during the past year.

Shahristani said in a speech at a seminar on the revision of oil policy in Iraq that "this development occurred despite more than 700 major sabotage aimed at the export facilities and oil production after the fall of the former regime."

The T-symposium held during the day and Baghdad S.a.t.e.llite channels reported that "Iraq will remain dependent on oil in the financing of the budget and the investment plan during the next few years."

He said that "Iraq has begun a new models of service contracts with oil companies for the establishment of foreign companies participating in the Iraqi area of drilling and oil service companies to call for action in certain fields in cooperation with the Southern Oil Company and North Oil Company and the company points to the perpetuation of our Maysan."

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Barham Salih: Iraq's reconstruction will require the advancement of the reality of oil

Deputy Prime Minister Barham Saleh, on Friday, said that Iraq's needs and the process of reconstruction require the advancement of the current oil situation.

Saleh added in a speech at a seminar on the revision of oil policy in Iraq that "the traditional contexts will not deliver what is required and the interests of this country in the light of oil prices and the development requirements, so we will objectively review the seriousness of the Muslims, which has controlled this sector."

He pointed out that "Iraq's needs and requirements of reconstruction and development which constitute the building security requires the promotion of the current oil situation."

The benefit of "the decisions reached by the committee formed by the Council of Ministers, which includes former ministers and leading cadres of evaluating the performance of the oil sector to determine the productive and export activity is concluded to the absence of a clear vision to improve the contexts of oil to resolve the serious problems faced by the companies for the advancement of leadership and the selection of an efficient and overcome the traditional contexts."

"The current contexts governing the production of oil impede the access of the oil resources of Iraq and called for the special powers to overcome the current accumulations."

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Maliki calls for the accelerated increase in production and export of oil and gas

Prime Minister Nuri al-Maliki, on Friday, the need to increase the production and export of oil and gas development and security in the country.

Maliki said in his speech, which was opened by a symposium on the review of oil policy in Iraq to achieve security and development in Iraq "depends on the increased production of oil and gas."

He pointed out in a symposium held in Baghdad on s.atellite channels and the broadcast was "necessary to increase the production and export of oil and gas development and security in the country, and that Iraq is now eligible to expand the circle of production."

Maliki said that "oil firms need to be worn and the reconstruction and expansion, and officials in the review of this area's oil policy, all items in order to promote the production and export."

He added, "The symposium is the beginning of a path of cooperation with international expertise to improve the oil wealth, and that we are in the process of conflict with the time and every day that passes and the process of losing non-production days of the development plan."

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Coalition calls for speedy ratification of the budget in 2009

The leaders of the United Iraqi Alliance to accelerate the ratification of the Law Mozanp 2009.

In a statement, the Islamic Supreme Council of Radio Dijla received a copy of which was that the leaders of the United Iraqi Alliance held a meeting chaired by Mr. Abdul-Aziz al-Hakim, in his own office in Baghdad, where the participants discussed the 2009 budget and the need for modifications, in order to ratify it next week.

The federal budget for Iraq in 2009, has not been approved so far amount to 62 billion dollars, was calculated on the basis of the price of $ 50 per barrel of oil, at least in the real price of forty dollars, which angered many of the parliamentary blocs.

Reserves the Alliance bloc, led by Mr. Abdul-Aziz al-Hakim, the largest bloc in parliament, with 83 seats out of 275.

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The establishment of a joint British-Iraqi oil capital of 90 million dollars

The Company signed a drilling of the Oil Ministry with the participation of the holding company (MPC) of the founding of the British company an initial capital of 90 million dollars, under the auspices of Oil Minister Hussain al-Shahristani.

A statement by the Ministry of Oil has received a copy of the Tigris Radio that the contract was signed by the President of the Iraqi Drilling Company Idriss Yasiri and manager of British Airways, Peter Redman.

The statement noted that the contract work in all fields of Iraq discovered and undiscovered in an arena for the exercise of the privileges the company, and company will be digging dozens of oil wells in southern Iraq.

It is expected that the activities of the company to increase Iraq's production by 120 thousand barrels per day within a year.

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Ibadi exclude government against the withdrawal of part of the cash Alahitati

Ruled out the Chairman of the Economic Committee in the House of Representatives Haidar Abadi feet the government to withdraw a part of the Alahitati cash to the Central Bank of Iraq to fill any shortfall that could face fiscal budget.

Abbadi said in a press release Thursday that the Commission did not need to withdraw any amount of cash reserves available to the Central Bank during the past present and future, indicating that this was a reserve that could be used in the economic and financial crises.

Abadi said that the Commission has a large financial surplus in the Development Fund for Iraq (DFI) in addition to the money recycled from the previous year, which can fill a good part of it with respect to the completion of development projects and development, indicating the presence of the efforts to find other alternatives to supplement the budget.

Detection Abadi and put the Economic Commission for the construction of industrial parks and business to encourage investment and attract local and foreign investors to operate in Iraq and the establishment of projects, explaining the importance of investing in the upgrading process of economic reconstruction of the country.

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Shahristani: the establishment of a company drilling oil wells, a joint British-Iraqi

Signed and the Iraqi Oil Ministry to establish a contract drilling company oil wells, a joint British-Iraqi capital of 90 million dollars, could contribute by providing 1000 job opportunities.

He said Oil Minister Hussain al-Shahristani, while attending a ceremony of signing the contract, the partnership between the Iraqi Drilling Company and the British MPC, will contribute to the development of national experiences, the British company will introduce modern equipment and specialized drilling operations.

He added that the company's capital is 90 million dollars and the share of the Iraqi Drilling Company of the shares will be 51 percent and 49 percent of the British company, noting that the newly-formed company will be managed through a joint Board of Directors.

Shahristani said that this partnership is the first in Iraq and an improving security situation and the desire of companies to invest in the country, as an opportunity for Iraqi officials to identify the financial and administrative systems developed world.

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Economic adviser calls for the exploitation of the financial crisis in attracting companies to invest in Iraq

Economic adviser called the Council of Ministers, ministries and government to exploit the repercussions of the global financial crisis and attract companies to invest in Iraq.

"Dr. Abdul-Hussein Al-Anbuge told the independent press (Iba) today, Thursday, that significant financial pressures faced by foreign companies due to the crisis that engulfed the world and led to the recent downturn in their work, which means profitable opportunities to work in the atmosphere that had not affected the other crisis, including Iraq.

He said the government today are looking for alternatives to the development of the oil sector, instead of supplementing the resources of the State, and this requires the intensification of calls for the development of productive sectors and the domestic and foreign investment as soon as possible.

He called Anbuge to develop working mechanisms and the selection of sectors for which investment and abandonment of bureaucratic procedures in giving the investment opportunities - as he put it. Remarkable to consider the State to finance the development of alternatives to ensure its success.

Anbuge likely that the government determine the priorities in the investment process in the country and to encourage the local private sector and support.

It should be noted that many economists and observers called the Iraqi government to support investment and to provide facilities for investors to work in the country.

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Foreign investment in Iraq ..Where and Why?

Foreign investment plays an important role in the industrial development of many countries around the world where it has an effective role in technology transfer and the flow of capital and increase foreign exchange resources Therefore, most countries have been made, especially the developing countries efforts to attract foreign investment, especially during the past two decades of the last century, through the creation of appropriate conditions for investment, which includes the legislative framework governing the investment tools, as well as attractive to him.

Foreign investment may be of two types are usually of foreign direct investment and indirect investment is intended Balambeshr-term and long-lasting interest and includes control of the resident entity in one economy represented the company serves as the headquarters of the draft in another economy. The most important investment and take such forms as follows:

1. By the foreign investor establishing a fully owned company in the host country.
2nd By the foreign investor to own the entire equity of the company or the majority are already in the host country.
3rd By the foreign investor establishing a joint venture with the investor and the national resident in the host country.

The meaning of direct foreign investment, however, it takes the form of ownership shares and bonds by foreign investors in the host country in order to speculation and thus benefiting from the price differentials, or for profit, provided that such Atjulh property right management of the project by the investor.

If any guide, foreign investment in Iraq here has raised some questions:
* Where the foreign investment in Iraq?
Q: Why have not seen a significant foreign investment in Iraq?
Q: Does the Iraqi environment conducive to foreign investment?
Q: Does the project has taken the necessary action to legislate laws for attracting foreign investment?
Q: Have you been to provide all the tools and supplies and tools for attracting foreign investment?
* Are there financial reforms, fiscal and banking attract foreign investment?

- The questions were a lot of controversy and debate about the mechanisms and procedures which have been used to attract foreign investment, مايخص in the Iraqi legislature has done well when the Investment Law No. 13 of 2006 and the formation of the national body responsible for the investment process for investment projects in Iraq and the granting of planning vacations investment, but in spite of the importance of law-an important tool of tools to attract foreign investment, but there are a lot of other tools that must be provided in order to create a fertile environment for the growth of foreign investment.

As if the foreign investor to choose Maarad State as a potential investment, it is looking for a number of criteria that must be provided in the State chosen, it is the most important of those criteria is the protection of intellectual property rights, trade policies, tax rates and incentives, the labor force, political stability, control governmental organizations, the characteristics of the local market, in terms of size, and the purchasing power of the population, and the rate of growth, and other standards used by other foreign investors to determine whether the site deserves further consideration and consideration.

Based on the foregoing, if Maardna to get lots of foreign investment to our country and especially with the improved security situation, which was one of the important obstacles that stand in front of those investments to be a massive revolution is aimed at amending the legislation and the reform of laws and financial systems, banking, tax and customs, as well as increased awareness of the importance of investment foreign to the various sectors of society, and the creation and training of cadres for the investment process, and open channels of communication with the various countries of the world and encourage them to invest

And clarify them with all necessary facilities as well as the need to strengthen the private sector and development so that the foreign investor to be based, and to engage in partnerships with, because the private sector is the country's economic forefront. If the achievement of the foregoing, what we have put the first brick to the environment of bringing foreign investment and hope that this is achieved in the period ahead God willing.

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