Thread: Iraq/Dinar News. 09/05 to 01/14/07

Glad you're back Adam! Hope all is well with you. The universe moves strangely right now. It seems like we've been blocked for so long, but something has to give soon eh? My car wrecked itself (hood latch disintegrated at 75 mph, delivering hood into windshield in a smashing manner...) no sooner got it back from the shop than the engine appears to have seized up. That was right after the rear view mirror detached from the windshield and smacked husband on the knee. I have also smacked up my own knee in a fall. If these are signs from heaven, I'm listening! I'm listening! A big fat dinar would be fabulously welcome right this minute.
blessings

kristin,

Thanks, good to be back. Sounds like you need to take it easy and take care of hubby! Once the dinar revals treat yourself and him to a fancy brand new car each. :0)

Looks like the end of the week, no big deal, we're all used to waiting! I have every faith in Al-Maliki, he gets things done. This is all starting to come together with the international investment law that will be signed before the end of June.

I keep seeing/reading/being told 28 June. Rate? High.......let's hope so, we've waited patiently enough and so have their people.



Baghdad, May 9, (VOI) – Iraqi Prime Minister-designate Nouri al-Malki said on Tuesday he decided to postpone announcing his government line-up till the end of this week to make room for all the political blocs willing to participate.
Ninety percent of the line-up was already done including sovereign portfolios, Malki told a news conference in Baghdad.
He stressed that the delay aimed at providing all the political blocs with a chance to participate in the government.
Explaining why he postponed announcing the line-up, Malki said: “I have promised to announce the government line-up today, but because I want to form a broad-based national unity government I saw it fit to give it more time.”
“However, it is fixed time,” he pointed out.

glad to see u back adster....you and mike make a good tag team on the dinars....like u said...we've waited this long....we can wait a lil while longer....and i believe it will peg way before we hear anything on pips....IMHO....have a good day.....Pat

Interesting,

Here is something everyone needs to see if you are in DEBT. Learn why the BANKS are the biggest scammers of all. This is a PBS.ORG series on Credit Card Scam that everyone should see before PEG. Make you number one goal to after PEG to get out of debt forever.

http://www.pbs.org/wgbh/pages/frontl...view/2_lo.html

A good find. This is what I mentioned and the last piece of the pie.

That train is on the downward spiral now. End of June my take there'll be a lot of happy rich folks. ;0)


http://www.globalpolicy.org/security...oiladviser.htm


USAID Provides Adviser to
Iraq Govt on Oil Law -Spokesman
By Benoit Faucon
Dow Jones Newswires
April 28, 2006

U.S. aid agency USAID is providing an adviser to the Iraqi government, through consultancy BearingPoint Inc. (BE), to help draft a critical petroleum law, a spokesman for the agency said this week. The law, which the soon-to-be-formed Iraqi government is expected to formulate, is seen as a critical piece of legislation for foreign investment in the country. However, many non-governmental organizations have warned the U.S. against exerting any influence on the management of the Iraqi oil industry.

At the request of the U.S. State Department, the agency is providing a petroleum advisor to Iraq from February to June through its contract with BearingPoint, USAID spokesman David Snider told Dow Jones Newswires in an e-mail. "The advisor will be providing legal and regulatory advice in drafting the framework of petroleum and other energy-related legislation, including foreign investment," he wrote. He added the advisor would work with Iraqi experts and those from the Iraq Reconstruction Management Office, which coordinates the U.S. reconstruction program in the country. BearingPoint and the State Department both referred calls to USAID.

Greg Muttitt, an expert with U.K.-based non-governmental organization Platform, criticized USAID's involvement, saying decisions regarding the Iraqi oil industry shouldn't be influenced by other countries. However, Snider stressed that any advice would only be provided at the request of the Iraqi government. Muttitt said a BearingPoint report issued in December 2003 on the Iraqi oil industry favored foreign participation as the most efficient way of developing the sector.

The report, a copy of which was obtained by Dow Jones Newswires, says that closing oil exploration and production to foreign participation "has generally led to both production and fiscal difficulties." Muttitt criticized the BearingPoint report for using Azerbaijan as an example of how the Iraqi oil industry could attract large amounts of foreign investment. He said Azerbaijan's oil revenue management suffers from "a lack of transparency and good government." BearingPoint declined to comment on the report.

A number of international oil majors have expressed interest in investing directly into Iraq's oil exploration and production. Royal Dutch Shell PLC (RDSB.LN) has approached the Iraqi oil ministry to explore options for a contract to help the country double output at a field in the oil-rich south, oil officials have previously told Dow Jones Newswires, but the company hasn't commented. In 2001, when Saddam Hussein was still ruling the country, Royal Dutch Shell said it held discussions on access to the 2-billion-barrel Ratawi oil field in southeastern Iraq. Iraq aims to become one of the world's leading oil producers, with output exceeding 5 million barrels a day.

Just gets better and better eh guys?

http://news.yahoo.com/news?tmpl=stor...1547945499.jpg

I reckon the reval is a done deal, paperwork already signed. WE just gotta wait for the announcement.

I hope it comes soon, my wife has started talking about moving house... I'd much rather have an extra big wodge of cash to play with when doing so!

Just found this, quite long but interesting:

IRAQ: Remarks by Ambassador Khalilzad at the “Rebuild Iraq” Exhibition – Amman, Jordan

/noticias.info/ It is a pleasure to be here today and to have the opportunity to discuss the challenges and opportunities facing Iraq from a business perspective.

I would like to begin by recognizing one business organization in particular, as it embodies the new engagement of Iraq’s private sector with U.S. and other foreign firms. Although the American Chamber of Commerce of Iraq is less than one year old, it has already accomplished a great deal on an issue of vital importance to U.S. national security, and I encourage everyone to visit their booth at the Rebuild Iraq show, to see about joining them and supporting their important efforts.

Business is about investing current resources in ways calculated to produce future returns. From this point of view, my message to you is simple: Although they are going through difficult times right now, Iraqis are on a path to stabilizing their country – and the United States remains firmly committed to Iraq’s success. Yet for those who can envision the possibilities for the future, one does not have to wait for Iraq to complete its transition in order to find great economic opportunities.

I want to speak to you candidly today about both the progress and the problems of Iraq as I see them.

On the positive side of the ledger, there are the obvious facts that Iraq has enormous natural resources, including not only the world’s second largest proven reserves of hydrocarbon resources according to some estimates, but also rich soil and abundant water that serve as the foundation of a potentially rich agricultural sector.

While many know that Iraq has one of the most educated and skilled populations in the region, few are aware that Iraqis have shown great economic dynamism since they have begun removing the crippling statist regulation of the former regime. Iraq is making progress toward getting its financial and fiscal affairs in order and toward regaining its proper place in the global financial and business community.
According to the International Monetary Fund, Iraq’s gross domestic product grew last year by about 2.6 percent. More encouragingly, they project about 10 percent growth this year.

Naturally, much of that growth will be fueled by an energy sector benefiting from extraordinarily high prices. But any observer of the Iraqi street can see that real and positive change is underway.

Construction sites and cranes are common sights. This is especially true in areas where security is assured – but I wish to stress that this includes most of Iraq’s governorates.

Automobile ownership is spiking upward.

The purchase of appliances is extremely heavy.

Internet connectivity is rapidly increasing, and cell phone subscriptions are up phenomenally – increasing from virtually none in private hands under the former regime to more than 6 million sets in use today.

Iraq is already enjoying the benefits of the new banking laws that were enacted two years ago. Six foreign banks are now licensed to operate in Iraq – most in partnership with Iraqi private banks. They are bringing a full range of banking products and services and are aggressively modernizing the banking sector.

The core of a new electronic payments system has been installed at the Central Bank of Iraq, and we anticipate by next fall that all of the banks in Iraq will be connected.

The Iraqi Dinar is strong and stable. It is backed by ample foreign exchange reserves, and there are no restrictions on capital or profits moving into or out of Iraq, except for pro forma notification requirements in line with prudent anti-money laundering policies.

In an innovative “debt for debt swap” late last year, Iraq gave its commercial creditors marketable securities that now trade on global debt markets.

These are all indications that Iraq is laying a solid foundation for welcoming business into the country and is willing to cooperate with business leaders such as you in building a vibrant and prosperous private sector.

The efforts of the US government in its assistance to Iraq have been broad based. While we have keyed in on rebuilding the necessary infrastructure and essential services that are so important to a growing business economy, we have also supported numerous programs that will assist business development throughout the country.

For example, over $54 million in micro-loans have been disbursed, resulting in 26,700 loans in twelve cities, and the program is set to expand to even more areas. Also, a Loan Guarantee Corporation is currently being established to encourage private banks to make loans to small businesses.

We are helping Iraq develop the Iraq Stock Exchange, which now has 96 listed companies. It will be an automated and transparent and competitive marketplace accessible from remote locations, similar to the NASDAQ in the United States.

All of this is very positive news for the business community, but there is a negative side of the balance sheet as well. There is the continuing violence orchestrated by insurgents and terrorists, sectarian tensions, the existence of unauthorized armed formations including militias, corruption, and the insufficient capacity of the Iraqi government to establish the rule of law and regulatory frameworks, or to deliver needed services.

Neither I nor, I believe, Iraq’s new leaders would diminish the significance of these challenges. Some are legacies of the former regime. Others are the product of Iraq’s difficult transition. None, however, need be permanent.

During the last ten months as U.S. Ambassador, I have often noted that Iraq has all of the elements needed for economic success – great resources, an educated population, a strategic location. The key ingredient that is missing is a political agreement among Iraq’s major political forces that produces the stability and effective governance that are needed to enable an economic take off. It is on that objective that the United States and, I believe, the elected leaders of Iraq are now focused.

We are supporting the Iraqi effort to complete the formation of a government of national unity, a government that will include representatives of all major political forces and communities. The agreement on the selections for the presidency, leading parliamentary positions, and the prime minister – an agreement endorsed by leaders of all major political communities – is a major positive development. The remainder of the government will be selected soon. Prime Minister-designate Maliki has committed to selecting strong and effective ministers who will be able to win the confidence of the people. I am confident that he will follow through on this commitment not only on the choices for the key security ministries, but for the economic ministries as well.

The formation of a government of national unity will set the stage for efforts to diminish the violence and improve security in Iraq. Prime Minister-designate Maliki has broadly committed to a four-pillared initiative.

The first pillar is to promote reconciliation: There can be no legitimate armed opposition once a permanent government in which Sunni Arab leaders have a vital role is in place. President Talabani has stated he recently met with representatives of several insurgent groups and that he is confident that an agreement can be reached for them to lay down their arms and reintegrate themselves in Iraqi society and Iraq’s new democratic process. While terrorist groups such as Zarqawi’s will never accept a democratic Iraq and must be defeated militarily, it is an encouraging development that insurgents are discussing with Iraqi leaders the need to defuse the violence and look to the future.

The second pillar is to secure key cities: Iraqi security forces, with Coalition support, will work to secure Baghdad, as well as to plan and initiate similar efforts in nine other key cities such as Ramadi and Basra.

The third pillar is to create confidence in security institutions. The new Iraqi government will work to create security institutions, from competent ministers to neighborhood patrolmen, who have the confidence of the Iraqi people. In support of this effort, the Coalition has made 2006 the “Year of the Police,” dedicating additional effort and focus to vetting police personnel and embedding trainers with Iraqi police units.

The fourth pillar is to reign in unauthorized military formations: Iraqi leaders, including Prime Minister-designate Maliki and Grand Ayatollah Sistani, have stressed the need for dealing with the problem of unauthorized military formations. Some individuals from these formations will be brought into the Iraqi security forces. Others will have to be demobilized, decommissioned, and reintegrated (DDR) into society at large. A key element to the DDR program will be creating jobs for former militia members.

Beyond these efforts to improve security institutions, we will also seek to boost the institutional capacity of the Iraqi government. We are doing so at the national level through the creation of Ministerial Assistance Teams – advisory teams that will help Iraqi institutions accelerate their internal development. At the local level, we are deploying Provincial Reconstruction Teams, or PRTs.

One of the features of the new Iraqi constitution is that it delegates responsibility to provincial and regional government. Local governments in Iraq vary in their capacity to meet the needs of their citizens. The PRTs will work with local governments to increase their capacity to deliver on these responsibilities. Last November, the first PRTs were successfully launched in the provinces of Ninawa, Babil, and Ta’mim. In March we inaugurated the Baghdad PRT. Soon, the United Kingdom will launch a PRT in Basrah, and the Italians will be standing one up in Dhi Qar province. We will continue to expand this program to more provinces in the next year.

From the business perspective, the question is when and how to become involved in Iraq. While acting now undeniably involves risks, waiting might entail the risk of missing fleeting opportunities as Iraq’s energy industry, agricultural sector, and tourism industry take shape.

For those understandably concerned about security, I remind you that fourteen of Iraq’s eighteen provinces have little or no insurgent or terrorist violence. Two days ago, I was in the north at Erbil for the inauguration of the Kurdish Regional Government. On the short drive from the airport to the assembly hall, I saw a dozen construction cranes, symbols of the economic boom in northern Iraq. In the south, there is a great deal of construction to take advantage of business opportunities to serve religious pilgrims. Iraqis are not waiting for security problems to be resolved to start their businesses and to create possibilities for joint ventures or other investments.

At the same time, we are working to expand economic opportunity in the more violent areas of Iraq. Later this month, we will be inaugurating a PRT in Anbar Province. We are working with Sunni Arab leaders to reduce the violence in Anbar and other provinces in central and western Iraq.

As part of this effort, we need to find creative ways to increase economic activity – to create jobs and hope for the people of this region. We are eager to hear your ideas about how we can work together even now to increase business activity to help stabilize troubled areas.

Iraqis are turning against the terrorists in places like Anbar because they realize that extremism causes professionals to flee, educational opportunity to suffer, and drives commerce and jobs away to other regions.

Iraq has the potential to spur economic growth throughout the region. Therefore, investing in Iraq will not only affect your bottom line, but will help to determine the future of the region that will shape the global political, security, and economic climate for the next century.

Thank you, and may God bless the people of Iraq

Originally Posted by nej

I hope it comes soon, my wife has started talking about moving house... I'd much rather have an extra big wodge of cash to play with when doing so!

what a great word! wodge. What is that? I'm adopting it.
kristin

Originally Posted by nej

Just found this, quite long but interesting:

IRAQ: Remarks by Ambassador Khalilzad at the “Rebuild Iraq” Exhibition – Amman, Jordan

/noticias.info/ It is a pleasure to be here today and to have the opportunity to discuss the challenges and opportunities facing Iraq from a business perspective.

I would like to begin by recognizing one business organization in particular, as it embodies the new engagement of Iraq’s private sector with U.S. and other foreign firms. Although the American Chamber of Commerce of Iraq is less than one year old, it has already accomplished a great deal on an issue of vital importance to U.S. national security, and I encourage everyone to visit their booth at the Rebuild Iraq show, to see about joining them and supporting their important efforts.

Business is about investing current resources in ways calculated to produce future returns. From this point of view, my message to you is simple: Although they are going through difficult times right now, Iraqis are on a path to stabilizing their country – and the United States remains firmly committed to Iraq’s success. Yet for those who can envision the possibilities for the future, one does not have to wait for Iraq to complete its transition in order to find great economic opportunities.

I want to speak to you candidly today about both the progress and the problems of Iraq as I see them.

On the positive side of the ledger, there are the obvious facts that Iraq has enormous natural resources, including not only the world’s second largest proven reserves of hydrocarbon resources according to some estimates, but also rich soil and abundant water that serve as the foundation of a potentially rich agricultural sector.

While many know that Iraq has one of the most educated and skilled populations in the region, few are aware that Iraqis have shown great economic dynamism since they have begun removing the crippling statist regulation of the former regime. Iraq is making progress toward getting its financial and fiscal affairs in order and toward regaining its proper place in the global financial and business community.
According to the International Monetary Fund, Iraq’s gross domestic product grew last year by about 2.6 percent. More encouragingly, they project about 10 percent growth this year.

Naturally, much of that growth will be fueled by an energy sector benefiting from extraordinarily high prices. But any observer of the Iraqi street can see that real and positive change is underway.

Construction sites and cranes are common sights. This is especially true in areas where security is assured – but I wish to stress that this includes most of Iraq’s governorates.

Automobile ownership is spiking upward.

The purchase of appliances is extremely heavy.

Internet connectivity is rapidly increasing, and cell phone subscriptions are up phenomenally – increasing from virtually none in private hands under the former regime to more than 6 million sets in use today.

Iraq is already enjoying the benefits of the new banking laws that were enacted two years ago. Six foreign banks are now licensed to operate in Iraq – most in partnership with Iraqi private banks. They are bringing a full range of banking products and services and are aggressively modernizing the banking sector.

The core of a new electronic payments system has been installed at the Central Bank of Iraq, and we anticipate by next fall that all of the banks in Iraq will be connected.

The Iraqi Dinar is strong and stable. It is backed by ample foreign exchange reserves, and there are no restrictions on capital or profits moving into or out of Iraq, except for pro forma notification requirements in line with prudent anti-money laundering policies.

In an innovative “debt for debt swap” late last year, Iraq gave its commercial creditors marketable securities that now trade on global debt markets.

These are all indications that Iraq is laying a solid foundation for welcoming business into the country and is willing to cooperate with business leaders such as you in building a vibrant and prosperous private sector.

The efforts of the US government in its assistance to Iraq have been broad based. While we have keyed in on rebuilding the necessary infrastructure and essential services that are so important to a growing business economy, we have also supported numerous programs that will assist business development throughout the country.

For example, over $54 million in micro-loans have been disbursed, resulting in 26,700 loans in twelve cities, and the program is set to expand to even more areas. Also, a Loan Guarantee Corporation is currently being established to encourage private banks to make loans to small businesses.

We are helping Iraq develop the Iraq Stock Exchange, which now has 96 listed companies. It will be an automated and transparent and competitive marketplace accessible from remote locations, similar to the NASDAQ in the United States.

All of this is very positive news for the business community, but there is a negative side of the balance sheet as well. There is the continuing violence orchestrated by insurgents and terrorists, sectarian tensions, the existence of unauthorized armed formations including militias, corruption, and the insufficient capacity of the Iraqi government to establish the rule of law and regulatory frameworks, or to deliver needed services.

Neither I nor, I believe, Iraq’s new leaders would diminish the significance of these challenges. Some are legacies of the former regime. Others are the product of Iraq’s difficult transition. None, however, need be permanent.

During the last ten months as U.S. Ambassador, I have often noted that Iraq has all of the elements needed for economic success – great resources, an educated population, a strategic location. The key ingredient that is missing is a political agreement among Iraq’s major political forces that produces the stability and effective governance that are needed to enable an economic take off. It is on that objective that the United States and, I believe, the elected leaders of Iraq are now focused.

We are supporting the Iraqi effort to complete the formation of a government of national unity, a government that will include representatives of all major political forces and communities. The agreement on the selections for the presidency, leading parliamentary positions, and the prime minister – an agreement endorsed by leaders of all major political communities – is a major positive development. The remainder of the government will be selected soon. Prime Minister-designate Maliki has committed to selecting strong and effective ministers who will be able to win the confidence of the people. I am confident that he will follow through on this commitment not only on the choices for the key security ministries, but for the economic ministries as well.

The formation of a government of national unity will set the stage for efforts to diminish the violence and improve security in Iraq. Prime Minister-designate Maliki has broadly committed to a four-pillared initiative.

The first pillar is to promote reconciliation: There can be no legitimate armed opposition once a permanent government in which Sunni Arab leaders have a vital role is in place. President Talabani has stated he recently met with representatives of several insurgent groups and that he is confident that an agreement can be reached for them to lay down their arms and reintegrate themselves in Iraqi society and Iraq’s new democratic process. While terrorist groups such as Zarqawi’s will never accept a democratic Iraq and must be defeated militarily, it is an encouraging development that insurgents are discussing with Iraqi leaders the need to defuse the violence and look to the future.

The second pillar is to secure key cities: Iraqi security forces, with Coalition support, will work to secure Baghdad, as well as to plan and initiate similar efforts in nine other key cities such as Ramadi and Basra.

The third pillar is to create confidence in security institutions. The new Iraqi government will work to create security institutions, from competent ministers to neighborhood patrolmen, who have the confidence of the Iraqi people. In support of this effort, the Coalition has made 2006 the “Year of the Police,” dedicating additional effort and focus to vetting police personnel and embedding trainers with Iraqi police units.

The fourth pillar is to reign in unauthorized military formations: Iraqi leaders, including Prime Minister-designate Maliki and Grand Ayatollah Sistani, have stressed the need for dealing with the problem of unauthorized military formations. Some individuals from these formations will be brought into the Iraqi security forces. Others will have to be demobilized, decommissioned, and reintegrated (DDR) into society at large. A key element to the DDR program will be creating jobs for former militia members.

Beyond these efforts to improve security institutions, we will also seek to boost the institutional capacity of the Iraqi government. We are doing so at the national level through the creation of Ministerial Assistance Teams – advisory teams that will help Iraqi institutions accelerate their internal development. At the local level, we are deploying Provincial Reconstruction Teams, or PRTs.

One of the features of the new Iraqi constitution is that it delegates responsibility to provincial and regional government. Local governments in Iraq vary in their capacity to meet the needs of their citizens. The PRTs will work with local governments to increase their capacity to deliver on these responsibilities. Last November, the first PRTs were successfully launched in the provinces of Ninawa, Babil, and Ta’mim. In March we inaugurated the Baghdad PRT. Soon, the United Kingdom will launch a PRT in Basrah, and the Italians will be standing one up in Dhi Qar province. We will continue to expand this program to more provinces in the next year.

From the business perspective, the question is when and how to become involved in Iraq. While acting now undeniably involves risks, waiting might entail the risk of missing fleeting opportunities as Iraq’s energy industry, agricultural sector, and tourism industry take shape.

For those understandably concerned about security, I remind you that fourteen of Iraq’s eighteen provinces have little or no insurgent or terrorist violence. Two days ago, I was in the north at Erbil for the inauguration of the Kurdish Regional Government. On the short drive from the airport to the assembly hall, I saw a dozen construction cranes, symbols of the economic boom in northern Iraq. In the south, there is a great deal of construction to take advantage of business opportunities to serve religious pilgrims. Iraqis are not waiting for security problems to be resolved to start their businesses and to create possibilities for joint ventures or other investments.

At the same time, we are working to expand economic opportunity in the more violent areas of Iraq. Later this month, we will be inaugurating a PRT in Anbar Province. We are working with Sunni Arab leaders to reduce the violence in Anbar and other provinces in central and western Iraq.

As part of this effort, we need to find creative ways to increase economic activity – to create jobs and hope for the people of this region. We are eager to hear your ideas about how we can work together even now to increase business activity to help stabilize troubled areas.

Iraqis are turning against the terrorists in places like Anbar because they realize that extremism causes professionals to flee, educational opportunity to suffer, and drives commerce and jobs away to other regions.

Iraq has the potential to spur economic growth throughout the region. Therefore, investing in Iraq will not only affect your bottom line, but will help to determine the future of the region that will shape the global political, security, and economic climate for the next century.

Thank you, and may God bless the people of Iraq

Excellent,

This is what is really going on in Iraq, and rarely will you find it in any major news media reports or articles. So much is happening which is good, economically speaking, as well as long term stability, so it is only a matter of time and it will be well known fact, Iraq is back. (g)

Good luck to all, Mike