Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

Finance Committee seeks to find alternatives to speed up the rapid oil to finance Iraq's budget

Asked the Finance Committee of the Iraqi Council of Representatives need to find alternatives to speed up the multi-Iraqi budget for the financing and not limiting it to oil, stressing that the agricultural sector followed by the industrial sector and after the private sector and investments should be subject to a strategic plan to qualify well.

The Deputy Chairman of the Finance Committee in a statement, Ismail thanked the terms of the "media center of the communication that" the Iraqi economy will be in danger if it did not resolve the question of the adoption of the budget on oil, Iraq's full, "he said, adding that the Iraqi economy for the exhibition because of this setback."

He thanked the "adoption of Iraq's oil revenues in financing the entire Hap unhealthy should be addressed during the planning for the rehabilitation of the alternatives, particularly the agricultural and industrial sector and the private sector," he said, adding that Iraq has a strong foundation for these sectors, but the last five years have seen a completely warranted qualify them again. "

Thanked and acknowledged that "the rehabilitation of three of these aspects needs to be a long time but it's important to start as part of a deliberate long-term rehabilitation of the agricultural Alqtaar to provide services, modern irrigation and land reclamation to provide legislation that support the industrial sector, attract investments to the country."

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The possibility of encouraging the acceptance of the IMF loan to Iraq in five billion dollars

According to a member of the Committee on the economic and investment representative Mahma Khalilzad, the IMF has given positive indications to accept Iraq's request to borrow more than five billion dollars to cover the budget deficit resulting from the decline in Iraq and the financial will of Iraq's oil.

In an interview with "Radio Sawa": "International Monetary Fund has given positive indications that the Iraqi Government is committed to international standards of the international economy in the construction of the economy and the Government's right to resort to the International Monetary Fund because it is the inability of the Parliament stressed that he may not be prejudice to the national reserve in the Central Bank of Iraq ".

Mahma He stated that the government had decided to divert the loan amounts on the rebuilding of the electricity system as well as the establishment of new housing units:

"Will be in the joints that need it and the state ministries are in need of these funds and the Ministry of Electricity for the implementation of the contracts entered into in addition to the housing and construction sector and the government believes that this sector absorbed many of the unemployed."

Iraq had made the middle of this month a request to the International Monetary Fund to borrow five billion and 500 million dollars to bridge the budget deficit this year in the hope that high oil revenues by increasing the quantities of oil exports.

The report of the correspondent of the "Radio Sawa" in Baghdad, Omar Hammadi:

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Oil: the receipt of bids for companies to compete the first round on Monday and Tuesday

The Ministry of Oil on the twenty-ninth and thirtieth of the month deadline for receipt of offers of private companies to develop oil fields in the first round of the competition.

A spokesman Assem Jihad, Oil Ministry, told the independent press (Iba) on Saturday, the ministry continues to implement its plans for licensing contracts, although the first of the calls to cancel the session by several points. Reiterated that the service contracts and agreements not participate in the production, understood as some opponents of the implementation - as he put it.

He said the ministry respects all opinions by a number of members of the House of Representatives as a national goal that, but something is controversial objection during this period confirmed that the Ministry of foreign oil companies desire to work in Iraq.

Jihad and the end of the year will see the announcement of the details of the second session of licenses for the development and rehabilitation of oil fields and 10 gas field.

Jihad and defended the policy of the ministry in recent years. Describing the accusations made by a number of corruption and low rates of production of "political".

The House of Representatives hosted by Oil Minister Hussain al-Shahristani, to discuss last week's first round of licensing contracts for oil and to answer questions and inquiries from the House in this regard.

The minister said a report by the urgent need for Iraq to enter into those contracts for the development of oil wealth. Indicating that there were some types of contracts for the development of the field and take the company money in return.

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U.S. oil company to consider alternatives if it failed to obtain a contract in Iraq

According to the Los Angeles Times Los Angeles Times on Thursday that one of the largest American oil companies consider various options, including the purchase of shares in other companies, in the event of failure of Iraqi oil in the tenders.

The newspaper said that the company Occidental Petroleum, Occidental Petroleum Corp, which is the fourth largest U.S. oil company in terms of market value, possibly to "buy stakes in projects handled by Iraqi producers have failed if the other is to obtain a contract in the first round of bids was pronounced Iraq."

Occidental Petroleum Corporation, based in Los Angeles, one of the largest foreign producers in Libya, will be made in the bids to come in Iraq, according to the chief E.xecutive Ray Irani, 74 years, in an interview with the newspaper. t is expected to announce contracts for technical services in the next week.

An Iranian from contracts that it is "much more than the opportunity to Libya. Falcamn in Iraq from the viewpoint of the productivity very much."

Libya has 41.5 billion barrels of oil, according to the British Petroleum Company, based in London, enough to equip all the refineries over the United States eight years. Iraq has 115 billion barrels, more than three times as Libya has, and the largest oil reserves in the world after Saudi Arabia and Iran.

The financial director of the company Occidental, Stephen Hazn, in the same meeting, said that "no one is serious in the global oil company over the next few years by the entry into Iraq."

And compete for more than 30 oil companies, including the stricken Mobil Exxon Mobil and Royal Deutsche Shell Royal Dutch Shell, to obtain the right to assistance in the development of six oil fields Iraqi tanks of natural gas.

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Iraq's economy to benefit from its accession to the WTO

Widened the circle of debate in Iraq on the accession to the WTO, so that the owners hope that it contributes to such a step in the development of the Iraqi economy, which suffers from the negative slack and its complications.

The economic expert of the Government of Iraq, Kamal Al-Basri «life», that the reality of the Iraqi economy is characterized by technological backwardness Baldmor, The country imports all its needs, however, does not export crude oil. He stressed that it would benefit from accession to the WTO, if developed successfully in the production and attract foreign investment, and ensure the supply of goods and services at the best bid, and introduced new patterns of production and enhanced its competitiveness.

He pointed out that the visual determination of the States to accede to the organization, motivated by the need for these countries to liberalize their markets, and open the prospects to do business with the Member States of the Organization, and to cooperate on the basis of sound investment, and the clarity of the wording of the deal will help both the poor and rich their arrangement.

The Associate Director of Economic Relations and the Iraqi Ministry of Trade Sami good of God, to estimate the negative impact of Iraq's accession to the WTO is not easy, it requires depth studies of the activities of commodity production and service, and the extent Toqlmh data with global trading system adopted by the Organization.

He added that the reality of commodity production and service is still underdeveloped and lacks infrastructure and the foundations for the advancement of the art at the level of legislation and enforcement, as well as the poor performance of other sectors of assistance, which impacted negatively on the reality of the private sector, which was not mature.

The goodness of God that Iraq's accession to the organization within this reality, it will not make it worse than it is, but at the same time we must not follow the policy of burning stages and scrambling to join, without accounts at the level of deliberate technical requirements, and professional decision-making and updating of legislation, and raising the the level of awareness and information of what the Organization.

He warned that the fragile reality of the industry and agriculture in Iraq could lead to the closure of factories and companies are weak, however, able to compete with imported goods.

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Investment Law should be amended .. Minister of Finance of the (term): We are still working legislation enacted prior to (23) years

Astuser three times in Iraq after the change, took up his duties as minister of housing and reconstruction, and thus the Interior, and now the Ministry of Finance. Has sparked debate in the Iraqi street, through the alleged charges on the prevention of recruitment, low salaries, pensioners and budget ministries Petrciq doing all of these and other questions of the campaign themes (term) in a guest Thursday, Iraqi Finance Minister Bayan Jabr has stressed that the financial accomplished 80% of the proposed law to increase salaries Retired Associate Director-General of the degree or below.

The files on the administrative corruption in the ministry, said Zubeidi: first that the ministries of Finance, which sent Deputy Minister and three directors to two years imprisonment, as well as the seizure of 67 trucks at the border gates to their involvement with issues of corruption, administrative and finance staff are on the operationalization of the investment law, the minister said that the law needs to be some of the most important changes of ownership of the land on which the investor held the project argued that the capital and a coward in the case of alleged failure to ensure that the allocations given by the Prime Minister of writers, journalists and artists, the Minister noted that Finance did not have a legislative decision of the House of Representatives conferred PROFILE regardless of that award, because without the law is contrary to the legal department, and the dialogue reads as follows:

The need to increase the rates of export of oil

Q: Do you find the budget adequate for the advancement by the country?

- 2009 budget year, affected by the global crisis eased important for two reasons first, the decline of our exports of oil and it is the second reduction in oil prices, at a time when the price of a barrel of oil to $ 147 at the end of last year 2008, dropped to the price of 30 dollars and 37 dollars, at the present time there is an improvement However, the budget drawn up and set the height of the crisis in the financial sector has been affected and thus investing in provincial ministries, while the funds allocated to the investment of 20 billion dollars to 14 billion dollars this undoubtedly will have an impact on the actual investment of the country.

Q: So, enough of the budget?

- Yes, enough of the reality if we are to promote the service and investment in the country's high budget, so we get the proportion of the export of oil production and not to re-If we could make of the 3-4 million barrels per day, we have provided an ambitious budgets of up to 100 billion dollars then we can We say that we are able to meet Baltazamtna.

Approve a supplementary budget is very limited

Q: Are there any supplementary budget Mahgmeha Ptsourkm after the improvement in the prices of oil?

- Yes, there are improved, but oscillatory, the price rise to find the proportion of 65 and then back down, so we are watching closely the rates and the rates of export prices, when there is a tendency to feel that a real rise in export volumes as well as high prices turn to approve the budget is very limited to not more than 5% of of the current budget, the investment law will need to be amended.

Q: How do you create and foster a safe legal environment for investment and realistic?

- Investment environment needs to be valid depends on multiple grounds, first, security and stability, because the capital coward, II should make changes to many of the laws, both in the investment law, relating to Awalqguanin other investors to protect the investment law No. 13 of the laws of good and is one of the best laws investment in the region, but some points that need to be adjustments.

Q: What is the most prominent of those points?

- Inter alia, that the investor owns the land, because if investors started to build housing units and the land on behalf of the Government has generated a kind of fear and anxiety in neighboring countries, for example, when the investor owns half of the land to him. So that it can sell if the investor wanted to build a hotel of five stars or Hospital must be advanced on behalf of the land and the hospital or housing complex or hotel Tstrdjah after fifty years if the lease refers to "Therefore, I submitted a proposal to the Council of Ministers and approved by the Council, which the investor's ownership of the land rather than for foreign ownership, but ownership for investment and those projects will belong to Iraq because he is non-movable building and the investor can not transfer by plane, for example.

We're still working on the law initiated by 23 years

Q: Are there any other constraints on investment?

- I think that security and law envoy advent of the investor and the investment code and working effectively and we now have an investment project of building a five-star hotel.

* We do not need hotels, but the housing complexes?
- For residential complexes there is a lot of projects in the provinces on the parks, but obstructs the work of the law is complex, and there is for example the law of 32 for the year 1986 the law was initiated 23 years ago and still we are to now, we need new laws, and we have some to the House of Representatives We wish the Council to speed up delivery of land titling for investors to start implementing the projects.

* How long the remainder funded by the State budget of some public sector projects with proven ineffective?
- Totally agree with you in this vision, and tell us to leave the public sector companies, or at the direction of privatization Almsatahp as in the three cement plants operating now, which is able to produce that work to protect the company, we commit to give wages are always the same and the previous wage or more. We have to set of laws to protect the unemployed workers in these institutions and the government has to leave the public sector and give it to the private sector for the purpose of investment, but if the case is now on what we will pay the balance of the money was supposed to hit in the country.

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continued......

* Do you feel the level of exchange for the Iraqi dinar with the foreign currencies in the level of ambition, or that there was a sign that Astqguaih again?
- After the fall of the dollar was equal to three thousand dinars and then settled on the 1500 and now has stabilized between 1170 - 1180, and this signals that the price of a good and proper and was required to guide us is the central bank in brackets because it is not independent of the ministry, the need to raise the Talibnah zeroes, to be Iraqi dinar equivalent of 1.01 dollars, or the limits of an attempt to restore the real value of the dinar as a country to the Iraqi oil.

* Is it possible to note that soon?
- Yes, very possible, the Board of Directors of the Central Bank made the decision in this regard, but the implementation process needs time.
We allocate the staff to eliminate some of them e.xecuted and the other jailed

* Do you find Rtkm Loza immune from corruption?
- I regret to say we inherited a corrupt financially and administratively from the previous regime under the false and absurd policies by the regime, wars, siege, and was born the so-called rampant corruption in state institutions, what we expect of one of his monthly salary of three dollars, of course, be forced to take refuge in a box of financial and administrative corruption , and now, praise God and the good salaries are now already in the activation of its oversight role and the prosecution of the corrupt and anti-corruption, and if we talked about the Ministry of Finance, we have held important meetings with the Legal Department and the Inspector General and found there a law allowing the Minister to sack the corrupt official concerned, the Ministry first started this is our ministry and we separate the seven staff members to different degrees and therefore Ahramnahm even their pensions because these Mvsdon and greatly influenced the work of the ministry, as well as withdrawn by the many staff members in the retirement and Iraqi banks, we have a major campaign to combat corruption in the customs and tax services and real estate began in Baghdad, including all the provinces and set up for multiple committees and specialized trucks that are checked into the country, and the process we have been able, bright dawn of the reservation where 67 suicide truck at a newborn and Trebil and started tested and found it has a lot of cases of corruption, impunity of those would apply to staff who work in this format and shameful Ahalnahm to eliminate some e.xecuted, others were jailed, as well as in the province of Basra, the transfer of more than 12 staff from the checkpoint as well as Safwan and the port of Basra and an account will be held high, 17 staff were transferred and held accountable in the province of Kut, was director of the transfer tax to the department in Kirkuk, the transfers have been many and we are preparing the first and the Ministry has sent a civil servant and agent Department managers and three years in prison for a period of three years and a judicial decision, we have the great efforts and we support all the actors in this regard, because of corruption, at least on the matter of terrorism.

Parliament is long overdue

Q: Does this mean that you have with the Parliament in the exercise of its oversight role, particularly in the questioning of Ministers?

- I believe that the House is long overdue in the subject of the exercise of its oversight role of the many reasons is the oversight role should continue, but the requirement is clear that the political background and it must be scientifically accurate interrogation based on clear grounds, to be away from the media and by the media to know the truth .

86.5% of the budget depends on oil

* Term of irony when the appointments of the government departments and the lack of allocations from the Ministry of Finance?
- Are Auadm and a lack of financial allocations related to the financial crisis has also linked to the amount of petroleum exporting, because Moisnatena by 86.5% dependent on oil, if I dropped the price of oil will decrease, therefore the budget, therefore we decided the Council of Ministers and the House of Representatives to stop the appointments and not the Ministry of Finance, but the error common is that the Ministry of Finance is to prevent that, is the legislative authority which has ordered us thus Maalina Alltniv and are in the forefront and it was to plague us, we say that there Ankhvi disguised unemployment, the fact that there is disguised unemployment, and some staff to Egged chair to sit, Aotaulp to write, and there factories suspended from work, and the work of the staff to bring in DD at the end of each month of salary for the purpose of arrest only solution to this dilemma is to go to the private sector, privatization of state enterprises and orientation to support the private sector, and activating the investment, these are combined we solve the problem, recruitment rather than solving the problem, terminate the study when the student doctor or engineer, Vtabib go to a private hospital Auaam and engineer goes to the companies investing in the country and I think if Mapdot spinning wheel of the investment was to create an environment for investment will need to imported labor.

Q: Does the section will include the privatization of the joints and your own, such as banks and others?

- I am of the opinion that says the state institutions in order to leave most of the banks, government banks should remain government for example, the Agricultural Bank, which was found to support the farmers the benefits of low and thus the bank in support of industrial and other industrial workshops, and the Government of one bank, instead of the seven banks which are now , and now the practical steps in support of the private sector is very large five private banks began and ended 35 banks and this is a progress in the private banking sector and we have succeeded in investing in the banking sector and we hope that this success of private investment in other areas.
For financial At_khasisat Intelectuales without legislative decision

* The issue of grants from the prime minister of writers, journalists, artists, and the Ministry of Culture says it is not responsible for their access to beneficiaries, and the ball is now in the court of your own?
- Throw the ball in the yard of others with respect to some of the ministers of health in the way the Department of Labor and the Ministry of Finance, because if there was a decision of the House of Representatives and not the Council of Ministers, the fact that it recognizes the allocations by the Presidency of the Republic and then published in the Official Gazette of Iraq, while this is the role of the e.xecutive role of the Ministry of Finance only, and if they have not been considered in violation of the law, we have no choice, me with the facts of this law in Iraq, even after hours Anfzh Timely lists is not binding on the ministry, here I am a man be trusted with public money and the laws that I could of the conventional form, some ministers go to the cabinet and take a decision and I am obliged to imagine and to implement the wrong perception, I am obliged to implement the decisions within the law, legislative, and financial management and public debt, and there are legal and financial base that no amount of Abarv Alapt_khasis and At_khasis Alabakanon.

continued.......

Borrow on the financial ministries

* The Ministry of Culture, the cultural activities of the country and should do, but their budgets in the last sequence of the ministries in terms of the amount of money for what?
- This all-encompassing issue, because the House of Representatives to reduce the budget means four of five trillion billion and 200 million dollars and we Alattbaiq law either in the Ministry of Culture and all other ministries are members of the Council of Ministers, a common mistake, as I believe that everyone that is responsible for financial and budget appointments, the decisions emerging from the Council of Ministers and ratified by the House of Representatives and approved by the Presidency of the Republic, we obtain, in the 2009 budget year, we did not mention the proposal to stop the appointments, but in the Council of Ministers passed the matter to the face of the global financial crisis and the decision was correct and backed by the House of Representatives and we have implemented it, and graduated from the budget when the fiscal budget proposal is called, go to the Council of Ministers and then to modify and amend the Parliament as well, and a debate in the House of Representatives for five months, which worked transfers according to article 62 of the Constitution and the suitability of these, so we left the Parliament are quite distinct from the budget provided by us, for the Ministry of Culture and Finance T_khasisatha must go, the minister and the parliament called on the reason for the low budget of the ministry, and I say that all the Iraqi minister to cry woe is me, I have also problems in finance, for example, I can repair the public pension in Hilla, the absence of N_khasisat, But we Atchetki.

Prime Minister Abshar retirees increase their salaries

* Retired Bajehaffhm also Ithmonakm personally and for the low level of their pensions?
- Conversely, I am the first sympathized with the retirees and began six months ago the law by submitting a proposal to increase salaries and I will submit to the Council of Ministers and upon the completion of legal legislation will be implemented by us, and I promise all retirees and Absharham by the Newspaper (the extent) that the proportion of 80% of the law has been completed and will strive hard to accomplish soon, We emphasized in the proposed law so that the retired director general and above these (God Movgahm) and the following is not covered by this increase because of high salaries, are covered by the degree of Associate Director of the retired general to receive a salary of only 150 thousand dinars, and this particular class will be increased more from the rest, I'm with the poor and very Sordehm, and the proposals in the light of the financial Maitovr money.

Call to reduce the salaries of 50%

Q: Do you have the financial power to determine the pension of the officials?

- What Icherah the House of Representatives, we are implementing the legislation and there was 20% deductions from the salaries of the three presidencies and I call on leaders to reduce the salaries of parliamentarians, ministers and advisers, graduates of the owners of 50% to, of course they will say now that the Minister of Finance says this is because he is physically skilled, but the truth is, the The question of responsibility for all post-retirement service for only certain months or a few years with a salary of this size, this matter must be reviewed by and for ourselves, after years Anjad Moisntna spend on pensions for the officials.

* State sought to evacuate government buildings, some of the abusers, and there are shortages and the role of the apartments, home to some officials that the resolution will include the Is, or figures that there is an exception?
- First of the officials who occupy those buildings, including the financial deducted monthly wage in the state of implementation of the evacuation decision was going to evacuate all buildings, whether the incumbent government minister or parliamentary, or a senior official in the State.

* Over the past years has not provided the Ministry of Finance and the final accounting of the obstacles presented?
- The final accounts for the years 2004,2005,2006, are already provided in a timely manner and we are in the ministry, let us strive to have submitted and the submission of the budget 2006.2007, and soon we will also balance the 2008.

* Mantaij agreement, which took place in Amman on the Convention sba retaining support for the new Iraqi economy?
Iraq - one of the founding members and actors in the International Monetary Fund, during a meeting with their Iraqi governor of the Fund, that institution grants, equipment and training courses note that Iraq is not the requirements of the Fund that it has fulfilled all its obligations and debts for which it was shot down in three phases have been completed and the last per is 20%, but we were faced by the Fund requiring a new increase on oil derivatives, but through the words we have been able to remove this requirement improvised versus Maigdmh the International Monetary Fund for Iraq, as well as to fund scholarships for members and advice, and we got through to support up to five billion dollars.

Seeking to reduce compensation

* Iraq to pay fifty percent of Kuwait and this figure is certainly an impact on the Iraqi people, how to pay the rest?
- Indeed, most foreign countries dropped their debt, but unfortunately most of the Arab countries were late in this aspect, but some of them very tough and مايخص the compensation paid by the invasion of Kuwait caused by the dictatorial regime, the Iraqis were all dissatisfied with it, but not resolution, but their hands were victimized and subjected to persecution at the hands of his men went to was supposed brothers in Kuwait to support Iraq, especially that he lives in various crises, and we are now looking for a project is not to extinguish the compensation, but at least to reduce the proportion of certain parties to satisfy even the Aestmr this controversy and disagreement between the two countries.

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Possible adjustments to the investment law soon

Rep. in the House of Representatives member Yonadam Kanna we Economic Committee in the Parliament that a series of intensive meetings and periodic meetings between the leaders and representatives of financial and economic committees, labor, services, legal and regions to discuss the draft amendment to the current Iraqi investment law. He said we were: that the discussions taking place as part of a legal age of infrastructure and service sectors and the First Amendment to the Investment Law No. (13) for the year 2009, where Tmtadhaev Dr. Sami al-created head of investment. A number of MPs expressed their views on the laws,

It stressed the Deputy leader, Rida Jawad Taqi of the Supreme Council that the law on the age of infrastructure, service sectors did not give any role for the regions and provinces on the issue of age and services, and thanked the deputy asked Ismail to devote the importance of the agricultural sector and provide great potential for agricultural development and to address the reality of water scarcity.

However the MP Alaa Saadun to the adoption of national employment in the place of employment of foreign investment projects, confirmed that the Attorney-Zalzala Mona bill foggy and coated and does not encourage to consider it positively. At the end of the meeting decided to continue consultations on the law of investment and created four committees.

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Shahristani: There is a large effort that is not Iraq oil country in the world

Detection and Iraqi Oil Minister Hussain al-Shahristani, of the existence of substantial efforts to seek external parties that is not Iraq is an important oil in the world.

He said al-Shahristani told a news conference that the companies do not want Iraq to be its contracts through competitive rounds to the public.

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