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

Lawmaker: Parliament approves appointments of 38 ambassadors

Member of the foreign relations committee in the Iraqi Parliament Abdel Bari Zebari in a statement to PUKmedia website said that the Parliament approved the issue of approving the appointment of 38 ambassadors among them 12 from Kurdistan Region.

Zebari also said that the nominee for the ambassador post should pass the training course which is six months, three of them theatrical and three others practical.

http://pukmedia.com/english/index.ph...12645&Itemid=1

Iraq scraps $3 bln bond sale, eyes local debt

Iraq has scrapped a plan to sell $3 billion of treasury bonds, mostly to pay for electricity projects, and instead plans to raise the money through domestic banks, a central bank advisor said on Sunday.

Earlier this month, Iraqi Prime Minister Nuri al-Maliki berated lawmakers for failing to ratify a bill for the bond sale before parliament broke for summer recess, saying Iraq needed the money to pay General Electric.

In 2008, Iraq signed multi-billion dollar deals with GE and Siemens to add nearly 9,000 megawatts of capacity over the next few years.

'The issue of the bonds has ended,' said senior central bank advisor Mudher Kasim. About $2.4 billion of the $3 billion bond sale was destined for electricity projects.

Iraq would instead raise $2.4 billion by allowing banks to lend the Finance Ministry cash from their reserve requirements, at a rate of two percent for a term of one year.

The legal framework and exact mechanism of the fund raising were not immediately clear.

Even though it has been more than six years since the U.S.-led invasion, Iraq's dilapidated electricity sector provides only intermittent power, a chief complaint among Iraqis in the searing summer heat.

Iraq's current electricity capacity is 7,500 megawatts, far short of the country's requirement of 12,000 megawatts.

Political wrangling between Iraq's feuding ethnic and sectarian groups has bogged down the legislative process, creating a backlog of draft bills needing ratification.

Maliki said he had met GE officials during his trip last month to the United States, who told him they had already made equipment for Iraq and had complained of not being paid.

Iraq had to slash its 2009 budget three times due to a sharp fall in oil prices from last year. Almost all of Iraq's income is derived from oil sales from its vast reserves, the world's third largest.

http://www.londonstockexchange.com/e...entId=10143793

Response to the publication.. Central Bank of Iraq: We are not a financing institution projects

Our response and the following reply from the Central Bank of Iraq on the contents of an interview (the economic term), with the senior agent for the Ministry of Electricity Raad guard on 4/8/2009 Pursuant to freely publish publishing as we received the reply of the Central Bank of Iraq:

C / clarification
Iahdikm the Central Bank of Iraq presents his compliments ..
We would like to refer to the dialogue that has been with the senior agent of the Ministry of Electricity on the problem of electricity, Economic Supplement, published in the newspaper term on 4/8/2009, it was noted that the Central Bank of Iraq to what the keeper, Mr. Raad, the Senior Solicitor of the interventions related to the work of the Central Bank and its policies were included number of observations that are consistent with the monetary policy of the country

And the role of the Central Bank of Iraq as a stable macro-economic climate that would serve the overall development and the central bank is not a financing institution as understood by Mr. projects agent.

At the same time stressing that the attribution of the urgent requirements of the country to develop the electricity sector, in spite of the difficulties faced in the provision of adequate financing resources in the public budget, but the Central Bank of Iraq has provided a truly "appropriate mechanisms for government borrowing from commercial banks for the benefit of the financing of the electricity sector and the Treasury money issued by the Ministry of Finance, the Central Bank of his acceptance of these remittances, which will show the banks to be part of the legal reserves of cash deposited with the Central Bank of Iraq, pointing out: that these reserves are now well positioned to meet the electricity sector is in dire need of financial resources by the Ministry of Electricity and limits the amount of 3 trillion dinars, or $ 4 .2 billion.

Of the foregoing, the Central Bank of Iraq is still waiting by the Ministry of Finance approved the issuance of treasury transfer mechanism referred to in the above post that was adopted by the Council of Representatives and the government a few days ago...We put the facts in the proper place and stay away from excuses to address such important and sensitive issue which requires to build the right foundations and the objective facts set forth in the above and not to confuse matters as set out by the Under-Ministry of Electricity, in the hope that the publication of clarification on the first page of the newspaper that the extent of the right and equitable Tbesira audience familiar with the reality of the situation and watch it .. With appreciation

Central Bank of Iraq

http://209.85.229.132/translate_c?hl...CwFxYu2MOKl-oQ

Assem Jihad, the "communication": in November, date of the second round of oil licensing

A ministry spokesman, Assem Jihad, the oil in his statement to the "media center of the communication" from the Ministry in November to identify the next second round of licenses to develop oil fields ten oil fields, Majnoon and the most prominent of the Basel Euphrates, and Morgan, and Khashm green.

He added that "the promotion will be in Istanbul in September (September) the future for this purpose, noting that such a tour and the tour, which will be preceded by the development of the Iraqi oil industry largely through increased Iraqi oil exports.

He pointed out that the Jihad Iraq's current oil output of two million five hundred thousand barrels per month, adding that the five-year plan drawn up by the ministry after the oil licensing round, based on increased oil production to nearly double its production volume up to nearly four million barrels per month.

http://209.85.227.132/translate_c?hl...pR-7yA7hAfJ89A

Originally Posted by Seaview

An important oil discovery in Iraq Kurdish region

Oil and gas explorer Gulf Keystone Petroleum Ltd (GKP.L) declared today that it has reached a vast oil exploration in Iraq Kurdish region. The discovered oil volume fluctuates between 300 and 500 million of barrels, the company said pointing out that it found the oil in a non- deep exploratory region in Shikan-1.

Oil flow’s volume varies between 500 and 800 thousand of barrels per day, noted the company in a statement. It revealed that it is willing to dig deeper in the same field to reach wills with more than one billion and a half barrel per day.

http://www.alsumaria.tv/en/Economics...sh-region.html

As already been discussed, great news but not all that much of a secret.

PARLIAMENTARIAN questioning of the Electoral Commission and the Minister of Oil during the next legislative

The MP block Fadhila Jabir Khalifa Jabir that the next legislative term of the House of Representatives Office of the elections will be questioned for the existence of the violations associated with its work in the last period.

He told a news briefing on Tuesday that it will also question the oil minister after the availability of hard evidence on the failure of his policy with the administrative and financial corruption within the ministry.

Indicating that they will work on activating the role of oversight of the House of Representatives questioned the continuity of ministers and officials.

With regard to oil and gas law Khalifa noted that the oil and gas law is still subject to political controversy and to insist on large blocks of non-approved during the current parliamentary session and to allocate it to the next parliamentary session.

http://209.85.227.132/translate_c?hl...-5cGe1_x9iQOQQ

Council of Baghdad, calling on Parliament to approve the supplementary budget

Accused the Chairman of the Integrity Committee of the Council of the province of Baghdad the Iraqi parliament, Abbas Aldhlki negligence in the provision of services to the people of Baghdad.

Aldhlki He told the media that the Iraqi Parliament does approach to providing services to the capital, a result of not approving a supplementary budget and deferred to the next legislative term.

Stressing the need to hold an extraordinary session of Parliament to approve the supplementary budget in order to make the Baghdad provincial council to provide services to citizens.

Aldhlki between the cause of non-ratification of the budget is the political objective of exaggerations damage and damage to local government the Iraqi people.

http://209.85.227.132/translate_c?hl...HBl1WqdKeZpE5Q

CBI sells $175m on Tuesday

Demand for the dollar in the Central Bank of Iraq’s (CBI) auction on Tuesday reached $175.150 million at an exchange rate of 1,170 Iraqi dinars per dollar.

“The demand hit $7.75 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $167.4 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 14 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=117372

Bank robbers not handed over yet Maliki says

Prime Minister Nouri Al Maliki stressed that the group entitled of protecting Vice President Adel Abdul Mehdi which is accused of ripping of Zawiyah Bank were not handed over to Iraq Security Forces. Answering journalists questions In Iraq National Media Center Maliki said that he called Abdul Mehdi to deliver the money and he did so. However, as to handing over the group of perpetrators this step did not take place yet.

http://www.alsumaria.tv/en/Iraq-News...liki-says.html

Deferred investment!

Now, the President of the national investment d. Sami al-ball in the goal of parliament pointed to the body for changes to the investment law, pending the adoption by him at the time of the second legislative term.

Became clear and no doubt less, according to al-starting the future of construction and reconstruction depended on the one elected by the parliament by the people who expected him to achieve his dreams at least in the provision of adequate housing and quality services.

The missing link in this extensive body attempts to start investing is the nature of the changes that will occur after the approval of the law it is sufficient and adequate and responsive to the wishes and interests of investors, whether submitted to the international companies and corporations and the private sector and local immigrant demanded it. We are legitimate questions for the panel to be extrapolated over the interaction and response of investors, the new shape with the law after the amendments are not approved and hoped to win their share in the second chapter of the legislative agenda of the parliament, if allowed time and agenda filled many bills to review or read and discuss the amendments for approval before the end of his duties.

We are not pessimistic, to find a solution, but we are not patient to wait for the results, especially given that the challenges and the political situation Twatrut significant impact on the economic reality in the country.

I think that the Commission will offer amendments to the beneficiaries, particularly those that negotiated the entry with the investments and wait for her luggage at the border to enter Iraq after the law to ensure their rights, but it seems to pass fast becoming a feature of the political and economic work in this country that is in greatest need as a starting investments that build the home tired and hungry to build there and the way to note if the body has done so Fdhirna We the press that we will not hear or read or see anything of this nature because of the weakness of the flow of information to us for such activities. There is another matter, Dr. Araji has answered questions offered in this column on Aidip or who was responsible for the assignment of an investment project in the camp of good reference for the negotiation with the company first and found the answer Dhalte and healing that the body had begun to take the role required of the beneficiaries without the intervention of the project, but it seems to depend on the investment, then the adoption of amendments to the deferred for an indefinite period until the adoption of the amendments and we hope that she has settled.

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