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

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Originally Posted by Seaview

Oil Ministry: Kurds agree on central distribution of oil revenues :blueh: :ro_emote:

Abdel-Karim Luibi, the undersecretary of the Iraqi oil ministry for the Oil drilling, in a statement to al-Sharq al-Awsat newspaper said that the difference between his ministry and the Kurdistan Regional Government is not on exporting oil and the financial revenues, but the old contracts signed by the KRG.

That came one day after the announcement of the KRG ministry of natural resources about exporting 100.000 barrels of crude oil pd at the beginning of next June.

“All should know, there is no dispute over the ownership of oil financial revenues with the KRG because the Kurds agree with us on this point, they believe that oil revenues extracted from any part in Iraq should be for the benefit of all Iraqi people. The owner of Iraqi oil is the Iraqi citizen in the north or central or southern Iraq”, Luibi added. :biggrin:

http://pukmedia.com/english/index.ph...10868&Itemid=1

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Approve the Iraqi oil export oil from northern fields through the national pipeline

Ashti Hawrami, said Minister of Natural Resources in the Kurdistan region, told Reuters that the government of the province on Sunday, received the approval of the Iraqi Oil Ministry on the export of oil from the fields of the province through the pipeline, the Iraqi National

The Hawrami received today an email from the Iraqi Oil Ministry are telling us their consent on the export of oil through Iraq's pipeline to the (port) of Ceyhan in Turkey.

The Kurdistan regional government late last week it would start exporting oil from the field Tauki on the first of June :drinkbudd through the pipeline from Iraq to Turkey, a move that has been the central government in Baghdad for a long time refused to approve it.

http://209.85.227.132/translate_c?hl...C_w-392MWoLPfQ

Prime Minister Nuri al-Maliki meets President of the U.S. House of Representatives Nancy Pelosi

PRESS RELEASE

Sunday 10/5/2009

Received the Prime Minister, Mr. Nuri Kamel al-Maliki at his office today, the official head of the U.S. House of Representatives Ms. Nancy Pelosi and her entourage.

The Prime Minister stated that Iraq today is the atmosphere of democracy and freedom, and the security situation has become very well, and we no longer need a large number of military forces within cities that we were able to control and our efforts are now focused on the development of our intelligence, but the official withdrawal will not affect the security situation .

The Prime Minister is no doubt that the parties which want to disrupt the political process with the support of terrorism to destabilize the security situation, so we are working to strengthen our intelligence and the development of our security to maintain the successes achieved, were it not for national reconciliation and By the Government of National Unity, which proved to be working for all Iraqis to these successes have been achieved.

He stressed during the meeting, the Iraqi government's keenness to develop relations with the United States of America in all areas, calling on Congress to help U.S. efforts to develop bilateral relations in the agreement between the two countries in economic and scientific fields.

The Prime Minister, we in the security and stability to develop the Iraqi economy, particularly in the field of oil industries, especially after she came back that the big international companies to work and invest in this area.

Meanwhile, the President of the U.S. House of Representatives: We are looking forward to more developed relations between the two countries with regard to the issue of withdrawal of troops from the cities and to support efforts to maintain the stability of the security situation, in addition to cooperation on the financial aspect and the preservation of Iraqi funds.

Nancy Pelosi, renewed U.S. support for the Iraqi government in all efforts to maintain the security, stability and development of the economy and rebuilding Iraq.

http://209.85.227.132/translate_c?hl...SClQ_61r5QjQ8Q

Commended the financial policy of the Central Bank to maintain the value of the dinar, broadcast the rumors accusing speculators

The Ministry of Finance, the Central Bank of Iraq has achieved great success in maintaining the value of the Iraqi dinar against foreign currencies in general and the U.S. dollar in particular.

An official source at the ministry in a statement broadcast on the ministry's website, but for the wise policy adopted by the Central Bank for the Iraqi dinar remained conservative about the magnitude of the U.S. dollar.

The source said that the volume of reserves of the Central Bank has reached more than (40) billion dollars, it is hoped to reach the reserve at the end of this year to more than (50) billion dollars.

The source said that the strength of the Iraqi economy is still growing despite the existence of a global financial crisis hit the most crippling the economies of the world.

The source pointed the finger at speculators and hopeful, which profits from the rapid recent rumors of big, the value of the vulnerability of the Iraqi dinar to the weak against the dollar.

The source confirmed to the ministry's readiness to support the efforts of the Central Bank to maintain the value of the Iraqi dinar.

The rumors had been sent between the business community to the Iraqi dinar could be subjected to a monetary shock weakened foreign currencies because of the Iraqi Government's desire to bridge the budget deficit by withdrawing part of the cash reserve which is the prerogative of the Central Bank of bypassing the conditions stipulated by the Constitution.

Sources in parliament earlier this dangerous trend, prompting the central bank management to reject this approach and the promise of monetary policy intervention.

The Iraqi Council of Representatives sharp debates with the government, the moment of ratification of the draft general budget, where a large number of members of the House of Representatives on the financial policy pursued by the Iraqi government.....

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Reliable source of stresses (News) confirmed the validity of the arrest of my brother and Minister of Commerce

Where the source of the news special, "said Minister of Trade and brothers were arrested on corruption issues in addition to the arrest of a suspect in the case of the media articles that have been detected corrupt stores in Samawah trade with a range of other issues," he said. Unannounced. Without more details on the course of the investigation .

Where the source of the news special, "said Minister of Trade and brothers were arrested on corruption issues in addition to the arrest of a suspect in the case of the media articles that have been detected corrupt stores in Samawah trade with a range of other issues," he said. Unannounced. Without more details on the course of the investigation . returned the issue of corrupt detected by the integrity of the province of Muthanna, estimated price, according to sources in the administration of the province more than two billion dinars in the governorate warehouses, which date back to the period expired in 1982 and 1992, some to the forefront again. He has been a reliable source in the Muthanna province, confirmed the arrest of my brother and Minister of Commerce in addition to the Information Officer in the Ministry of Trade, who appeared before the judge of integrity in the province of Muthanna, in the case. The judge of the Court of the integrity of Muthanna has been accused of obstructing the Iraqi Minister of Trade to investigate the corrupt food recalled the non-disclosure of the names of those involved in the supply of these materials. Said Abdul Amir Al Shammari "Although we have many correspondence directed to the Ministry of Commerce to reveal the names of the persons involved the supply of food to various corrupt Iraq, but did not find useful is not to bring them to accountability."

He pointed out that "many of the correspondence sent by the Supreme Judicial Council and the Public Prosecutor as well as written to the Prime Minister not to mention the books and maintain the integrity court of inquiry." He pointed out that the Araqila within the Ministry of Trade and the Minister specifically prevented. The date of issue of the corrupt to the mid - June 2008 where the administration of the province of Muthanna, seizing large quantities of food and non-damaged safe for human consumption for the control (bacteria, colon) has been supplied to Iraq.

Shimmari noted that the Office of the integrity of the province of Muthanna, seizing large quantities of food, which damaged estimated price of more than two billion dinars in the storage conservative. It should be noted that the governor of Muthanna Ahmed Mrzuk former conservative member of the current had stressed "the necessity of activating the Prime Minister in 2008 to make the elimination of financial and administrative corruption." adding "I will not allow moving food items damaged in the province without extradition to justice and I hope that the Ministry of Commerce to send those as soon as possible to take the proper course of justice. "He called on" the central government in Baghdad, the need to put an end to such abuses and lack of tolerance in such cases at the expense of the health of the citizen. " He hides "We do not want a formal and procedural solutions (Kcecchel committees to destroy the corrupt material) without knowledge of its suppliers stand and without all those involved be brought to the law," he said. Abdul Amir Al Shammari the investigating judge that "the Office of the integrity of the province of Muthanna, seizing large quantities of food damaged and that the purchases are estimated at more than two billion dinars in the stores to maintain, as well as the damaged material distributed throughout Iraq.

Shimmari said that the health committees specialized in the province proved that the material seized by the food damaged body disease contain the colon and the colonic bacteria (coliforms) were delivered to the hazardous Iraq contracted with suppliers by the Ministry of Commerce. He said that "damaged material included tea Srlanki mark nightingale and the origin of Vietnamese tea b.rand delegations, tea and Sri Lankan origin label, as well as the milk of Vietnamese origin of the sign Diallak." stating, "were investigated in the case and asked the Ministry of Commerce to send Iraqi contractors and the names of the accused processors of these materials, nor received any answer from the ministry. "Sabah Al-Saedi, head of the integrity of the House of Representatives has repeatedly pleaded for the dismissal of the Minister of Trade of misprision of corruption in the ministry, he said. Saadi said that the Minister of Trade Abdul Sudanese farmers blocked the names of companies that imported food is corrupt and distributed within the vocabulary of Samawah in the ration card. "" The food scandal in Samawa revealed by the Supreme Judicial Council in the maintenance purchases of $ 8 billion dinars. "explaining that" the information available to us indicates that these transactions have contributed to the import of corrupt due to the expiry period of 1982 and 1992, some brokers are imported from the relatives of the minister is therefore covers the names of companies since 8 months. "as he put it.

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Recession threatens Mideast oil exporters: IMF

The economies of Middle East oil producers are likely to suffer from a possible prolonged global recession as demand for the region's main export wanes, the International Monetary Fund warned on Sunday.

Arab states in the Gulf and other oil exporters in the Middle East were previously seen as less vulnerable to financial turmoil as they were cushioned by accumulated windfall revenues from oil.

But with a continued oil price slide, those governments will be less inclined to maintain robust public spending, a key policy in mitigating the fallout from the economic downturn, the IMF said in a report released in Dubai.

"A major risk to the economic outlook is the possibility of a prolonged recession. This would keep oil demand and prices low," it said.

"If MEOE (Middle East Oil Exporters) governments come to believe that oil prices will remain depressed for a prolonged period of time, they are likely to reduce their spending to maintain fiscal sustainability."

Although oil has lost 100 dollars since peaking at a record 147 dollars a barrel in July, oil exporters have maintained a high-level of capital spending, going from a massive collective surplus of 400 billion dollars last year to a projected deficit of 10 billion dollars in 2009, it said.

Economic growth rates in Middle East oil exporters are expected to decline significantly although public expenditure should moderate the slowdown in non-oil growth, the IMF said, projecting real gross domestic product for those countries to grow 2.3 percent this year compared to 5.4 percent in 2008.

GDP in Arab countries in the Gulf, the world's top oil exporters, is expected to shrink by more than one third to 1.3 percent this year, according to the IMF.

The report identified Middle Eastern oil exporters as Algeria, Iran, Iraq, Libya, Sudan and Yemen and the six states of the Gulf Cooperation Council -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

http://www.zawya.com/Story.cfm/sidAN...rters%3A%20IMF

US forces not needed in Iraqi cities, Maliki tells Pelosi

The withdrawal of US forces from Iraqi cities won't affect security in the country, Prime Minister Nuri al-Maliki assured US House of Representatives speaker Nancy Pelosi in Baghdad on Sunday.

"We don't need big numbers of (US) military forces inside the cities after we get control of them," Maliki said in a statement after meeting with Pelosi, who arrived in the Iraqi capital unannounced earlier in the day.

"The responsible withdrawal (of US troops) will not affect the security situation," Maliki added.

The visit of Pelosi, known for her strong anti-war stance, comes as US troops prepare to withdraw from the country's urban areas by June 30 amid a worrying recent spike in violence.

The withdrawal is part of a military accord signed between Baghdad and Washington in November that will also see US troops leave the country by end 2011, nearly nine years after former president George W. Bush ordered an invasion to topple Saddam Hussein.

Maliki said Iraq's military efforts were now concentrated on improving the nation's secret services.

He added that the US Congress should now try to develop bilateral relations in the context of the scientific and economic agreements previously signed between Baghdad and Washington.

"Under the stability we are seeking to develop our economy, especially the oil industry, after multinationals have already come to work and invest in the sector," he said.

Pelosi for her part gave the assurance that Washington is sticking to it part of the agreement on troop withdrawals.

"I can't speak to what the attitude is in Iraq but what I do know that this is the plan that has been agreed upon and we want to honour that," the California Democrat said after meeting with parliament speaker Iyad al-Samarrai of the National Concord Front, Iraq's largest Sunni Arab bloc.

"Our agenda included talking about the strategic framework agreement and how it needs to be discussed and strengthened and enforced," Pelosi told a media conference after the meeting.

She added that the US was withdrawing its troops even though there may be continued violence in the country.

Pelosi said that increasing bi-lateral intelligence cooperation was also crucial as was tackling the rampant corruption that international surveys routinely say makes Iraq one of the world's most corrupt countries.

"(We talked about) how we can forward in a way that diminishes corruption, builds a democracy, builds the army and the police in a way that enforces the law, and to do so in a way that has no preference for any religious sector in society."

Pelosi, who previously visited Iraq in January 2007 and in May last year, when she held talks Prime Minister Nuri al-Maliki, was expected to later meet with US troops.

Her visit came as Baghdad has recently endured a series of deadly bombings targeting crowded civilian areas that made April the bloodiest month in Iraq since September, with 355 people killed.

Despite the violence, Iraq has insisted that it will stick to a deadline for American troops to withdraw from cities by June 30.

Washington's top commander in the country General Ray Odierno has insisted the pullout is on track.

Pelosi has backed President Barack Obama's plan to end US combat operations in Iraq by August 2010, but has at the same time faulted his plans to leave behind a residual force of up to 50,000 soldiers. "The remaining missions given to our remaining forces must be clearly defined and narrowly focused so that the number of troops needed to perform them is as small as possible," she said in February.

http://www.zawya.com/Story.cfm/sidAN...tells%20Pelosi

the file will soon discuss Jordan's debt

Visiting Jordanian Prime Minister Nader Dhahabi Iraq soon to discuss the issues between the two countries, particularly the issue of debt still outstanding, according to the Jordanian Al-Rai Al. The newspaper quoted an official described Balrafee level, the Prime Minister will discuss the possibility of the Iraqi side of the oil pipeline linking the headwaters of Jordan with the Iraqi oil without the need for transfer by (the tanks). Jordan believes that Iraq owes it an estimated one billion and 300 thousand dollars, Kedzihlat banking and the financing of business operations by the Jordanian Central Bank of Iraq day by the United Nations to impose a strict siege on Iraq Tsainiat during the last century.

The newspaper said the Iraqi side, ruling out an increase in the quantities of crude oil backed by him and exported to Jordan, while stressing the need for Jordan to remain in the Iraqi oil to a minimum because of the nature of the source from the Iraqi oil fields of Kirkuk and the process that need to be confused with the reference crude in line with other specifications Jordanian refinery.

It is expected that the outstanding issues between the two sides discussed the issue of outstanding debt that has remained unresolved, it ranged over the past years ..

In 2008 an agreement was reached between the two sides to the Jordan from Iraq to provide oil and subsidized prices in exchange for Jordan's commitment not to pressure on Iraq to return the displaced to their lands.

Jordan says it hosts over 600 thousand Iraqi refugees, but the international organizations to question the validity of this information, and the Iraqi government says that the volume of the Iraqi community in Jordan do not exceed in the best conditions on the 200 thousand Iraqis, and most of them businessmen, who estimated the size of their investments by more than 15 billion dollars and the average annual outlay of more than 100 thousand dollars.

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Ahli United Bank reports net profit of US$85.9 Million for the first quarter of 2009

Amidst the current very challenging and difficult business environment, Ahli United Bank B.S.C (AUB) has maintained its usual prudent and conservative approach to risk taking together with an even more focused risk management strategy within the existing business model. This led to AUB reporting a net profit, attributable to its equity shareholders, of US$85.9 million for the first quarter of 2009, (Q1/2008: US$94.3 million). The results show a rise of 10.7% in total operating income to a record quarterly level of US$212.6 million while operating costs declined by 11.8% during the quarter. Overall, the reported net profit includes a net provisions charge of US$47.0 million (Q/1-08: US$10.1 million) with the increase mainly as a result of AUB prudently raising additional collective impairment provisions of US$ 39.0 million relating to its loans and advances portfolio.

The cost to income ratio improved significantly to 28.4% as a result of the surge in operating income (Q/1-08: 35.7%) besides, the Group's Return on Average Equity improving to 17.1% as compared to 16.8% earned in the first quarter of 2008. The Return on Average Assets for the Group stood at 1.7%. The resultant basic and diluted earnings per share stood at US cents 1.8 for the current quarter ended 31 March 2009 (US cents 2.0 for the quarter ended 31 March 2008).

The Group's total assets at 31 March 2009 stood at US$24.0 billion, a marginal increase of 1.7% over US$23.6 billion reported as at 31 December 2008. Loans and advances portfolio, as a result of the prudent and conservative risk stance adopted under the current uncertain market conditions declined marginally by 1.5% to US$13.4 billion(31December 2008: US$13.6 billion) with the continuing enhanced focus on the funding profile resulting in the growth in customers' deposits by US$ 1.0 billion (+6.8%) since the 2008 year-end.

"It is indeed encouraging to start a very challenging year on a satisfactory note under the current challenging operating environment. We are particularly satisfied with the growth in operating income, the deepening of funding sources and the excellent management of costs across all business lines." said Fahad Al-Rajaan, Chairman of Ahli United Bank.

"Our prudent and disciplined approach towards risk taking maintained asset quality at very high levels with the non-performing loans ratio managed to under 2% of the total loans and advances portfolio", added Mr. Al-Rajaan.

" AUB's performance continued to be recognised by the international financial industry. Recently the Bank was named the 'Best Bank in the Middle East 2009' by Global Finance, the fourth consecutive year AUB has received this prestigious accolade," Mr. Al-Rajaan concluded.

http://www.zawya.com/story.cfm/sidZAWYA20090511062412

............ Ahli United Bank has a 50% share in the Commercial Bank of Iraq, a private commercial banking institution established in Iraq in 1992. Since its inception, Commercial Bank of Iraq has performed consistently well in different business segments and its total assets as at 31 December 2007 stood at IQD 213 billion.........

Economic downturn finally hits Iraq

http://www.latimes.com/media/photo/2009-05/46832137.jpg

Investors view a new computer system at the Iraq Stock Exchange. The government is scrambling to raise foreign investment to boost the economy, but is finding few takers amid the instability and recent rise in violence.

Many thought Iraq, with its unsophisticated banking and high oil revenues, would be unaffected by the global crisis. But with oil prices tanking and consumer spending down, the economy is stalling.

Reporting from Baghdad -- The financial crisis that has sent economies reeling the world over is finally seeping into Iraq, with potentially grave implications for the stability of the country.

Car sales have plummeted. The once-booming property market has skidded to a halt. Electronic goods that were flying off the shelves a few months back are staying put. And in a country still threatened by an insurgency, more than a quarter of men ages 18 to 29 are unemployed.

• http://www.latimes.com/media/thumbna...5-10211245.gif State of Iraq's economy

• Iraq cinema manager flashes back to the boom times

The economic crisis took its time getting here, in part because Iraq received a revenue bonanza from high oil prices last year and its unsophisticated banking sector has little exposure to the outside world. But optimistic projections made as recently as February that Iraq would remain immune to the global downturn have proved horribly wrong.

"Some people said Iraq wouldn't be affected," said Bassem Jamil Anton, an economist who sits on the board of the Iraqi Federation of Industries. "Those people were stupid."

It's easy to see why Iraq was never going to escape unscathed. The collapse in the price of oil from a peak of $147 a barrel last summer to about $50 today has gutted revenues in a country that depends on oil for 90% of its income. U.S. reconstruction funding has dried up, and no new resources are likely to be forthcoming from the Obama administration, which has vowed to unwind U.S. involvement in Iraq.

In 2009, Iraq will be cushioned by surpluses from previous years. But by next year, there is a real danger that the government will be in a position "where they basically run out of money," said a senior U.S. official here, who spoke on condition of anonymity.

Forced to curtail spending because of a budget deficit this year of at least $18 billion, Iraq has launched a major drive for foreign investment. But private investors have shown little inclination to commit resources to a country where bombings and shootings, though greatly reduced, are still a regular occurrence.

"The No. 1 reason is security. And what happened in these past weeks didn't help," Finance Minister Bayan Jabr said in an interview, referring to a sharp increase in high-profile bombings in April.

Iraqi and U.S. officials have frequently drawn a link between the need for economic development and the potential for Iraqis to take up arms against their government.

"Security and economic prosperity are interconnected," Prime Minister Nouri Maliki said at an investment conference in London last month. "We cannot talk about stable security without economic progress."

Most immediately, the shortfall in revenues has forced the government to impose a freeze on new hires; at least 30,000 planned recruits to the police and army are on hold.

It also puts in jeopardy the government jobs promised to about 90,000 members of the Sons of Iraq, with potentially worrying implications for their support for the government. The Sunni paramilitary fighters who switched sides and fought the insurgents were instrumental in turning the tide of the war, but it remains unclear how they will be absorbed into a postwar society.

More generally, Iraq needs to create jobs for the estimated 28% of young Iraqi men who are unemployed, and for the 825,000 new entrants to the job market every year, if it is to deter them from turning to the insurgency for funds to support their families.

The government also needs to provide water, electricity and housing if it wants Iraqis to keep faith in the leaders they elected.

But instead of expanding expenditures on job-creating projects, Iraq is cutting the amount it will spend this year on reconstruction, from $18 billion to $12 billion. Projected oil revenues of $36.5 billion won't even cover the government's day-to-day expenses of $46 billion. Most of that comprises salaries, massively inflated by a 75% raise given to the country's 2.5 million state employees last year when oil prices were soaring.

And even that revenue target is unlikely to be met, because oil exports are lagging behind projections so far this year, said Finance Minister Jabr, who predicts that the deficit could grow to $25 billion and possibly more. He's talking to the International Monetary Fund and other global institutions about securing loans to bridge the gap.

It's all a far cry from the situation envisaged back in 2003, when the Bush administration confidently predicted that oil revenues would pay for all of Iraq's reconstruction needs.

Instead, Iraq's damaged oil infrastructure has been unable to match prewar output levels of about 3 million barrels a day, and production continues to fall. Iraq is exporting 1.8 million barrels a day, below the 2-million level on which the 2009 budget was based.

The outlook is not all bleak. Indications that an economic recovery could be on the horizon in the United States and elsewhere may boost oil prices and help put Iraq back in the black, Jabr said.

The urgent need for investment is propelling the government to unravel the strangling red tape that has deterred many foreign companies. The continued absence of an oil law discourages much needed investment in the oil sector, but a new investment law awaiting parliamentary approval aims to streamline procedures in other fields.

The economy is essentially sound, said Jabr, who blames psychology for the slump in consumer spending in the last two months. The International Monetary Fund projects growth at 6.8% this year, down from nearly 10% in 2008, but still a brisk pace.

But as the U.S. experience has demonstrated, crises of confidence in one market can have a ripple effect on others. Car salesman Hassan Yusuf Najem, who owns a lot in the Baghdad's Mansour neighborhood, sold 32 cars in February, when business still was booming. In April, he sold four.

Real estate agent Maher Jamal has more than 300 properties on his books and hasn't sold one in the last two months, an indicator of what he says are serious problems in the property market. Sellers are dropping prices by 20% to 25%, but "even with a low price, nobody's buying," he said.

Anton, the economist, believes the economy is in worse shape than the government realizes. Much of what passed for growth last year, he said, was a consumer spending spree on imports fueled by the injection of billions of dollars into the economy in the form of the raises to government workers.

Iraq's factories and industries are idle, agriculture is in the grip of a severe drought, and the slowdown in government investment is reducing the amount of cash circulating in the market. Anton strongly suspects the economy may fall into recession this year.

"If we achieve [even] zero growth," he said, raising his hands in supplication, "I will say, 'Thank God!' "

http://www.latimes.com/news/nationwo...,6735436.story

The Ministry of Oil: the Kurdistan region to export oil through Turkey will be a central

Ministry plans to start exporting oil extracted from oil fields across the territory of the Kurdistan National Oil export pipeline.

The Oil Ministry spokesman Assem Jihad, that the proceeds of oil fields for the Kurdistan region in the central treasury will be distributed as provided for in the Constitution.

Jihad denied the rumors about the approval of the central government to allow the Kurdistan Regional Government to export oil self, stressing that the export process will be centralized.

He pointed out that the marketing company will oversee the Iraqi contracts for the export of oil and it will export via the Turkish port of Ceyhan after receipt of the territory.

Jihad confirmed the commitment of the Ministry of Oil to soften its stance towards the conclusion of the province's oil contracts with foreign companies without reference to the Ministry.

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