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

International Advisory and Monitoring Board for Iraq (IAMB) -- An audit oversight body for the Development Fund for Iraq (DFI) -- Press Release, August 10, 2006

International Advisory and Monitoring Board on the Development Fund for Iraq
Press Release
November 6, 2006
Statement by the International Advisory and Monitoring Board on the Development Fund for Iraq
The International Advisory and Monitoring Board (IAMB) on the Development Fund for Iraq (DFI) met in Paris on October 30-31, 2006 and issued the following statement:

"The IAMB met to continue its oversight role over the use of resources of the DFI, which is the principal repository for Iraq's oil-export receipts, and continued to oversee audits of the DFI in line with its mandate under UN Security Council Resolution 1637. The IAMB (i) received and discussed the follow-up special audit reports of the single sourced contracts using DFI resources; (ii) discussed the results of the external auditor’s review of the interim DFI financial statement; and (iii) considered the progress in establishing an Iraqi oversight body to succeed the IAMB.

"Each of the external audit firms, Crowe Chizek and KPMG, reported on the findings of the follow-up special audits of sole sourced contracts. The IAMB had previously announced its concern about the use of non‑competitive contracting using DFI resources. The special audits were undertaken at the request of the IAMB and commissioned by the U.S. Government. The purpose of these audits were to (i) review the settlement between Kellogg, Brown and Root (KBR) and the U.S. Government, and (ii) further review the other sole-sourced contracts using DFI resources. These special audits have now been completed, and final audit reports for both audits are available on the IAMB website (www.iamb.info).

"Crowe Chizek reported that in their opinion the settlements between KBR and the U.S. Army Corps of Engineers were reasonable. Their audit reviewed the findings of earlier audit reports by the Defense Contract Audit Agency (DCAA) and found that the conclusions reached by DCAA were supported by the underlying accounting and auditing records. The findings also provide additional information about the transportation costs incurred by KBR in providing humanitarian fuel supplies to Iraq in the period May 2003 to March 2004. These costs were very high, in some cases as much as 86 percent of the total contract costs. The IAMB continues to question the reasonableness of these costs and the adequacy of the administration of contracts.

"KPMG briefed the IAMB on the results of the follow-up audit of the other sole-sourced contracts. KPMG noted a total of $22.4 million in unresolved amounts relating to (i) no evidence of goods received, (ii) unreconciled payments, and (iii) a lack of corrective action on some previously reported exceptions.

"In view of these findings the IAMB recommends that the Iraqi Government seek resolution with the U.S. Government concerning the use of resources of the DFI which might be in contradiction with the UN Security Council Resolution 1483.

"The IAMB had earlier agreed that the 2006 audit of the DFI should cover the period January 1 to December 31, 2006 with an interim audit for the period from January 1, 2006 to June 30, 2006. The IAMB was presented with the draft interim financial statement reviewed by Ernst & Young together with updated observations covering Iraq's oil export sales and the DFI operations for the period from January 1, 2006 to June 30, 2006. A summary of the results of the Ernst & Young interim review is available on the IAMB website (www.iamb.info). While Ernst & Young’s review noted progress in the financial control system, the review continues to be critical of the financial and accounting control systems. The overall control system needs to be further improved to be sufficiently effective.

"The IAMB received useful briefings from the Representative of Iraq and the President of the Iraqi Board of Supreme Audit (BSA) on progress in implementing earlier IAMB recommendations. The IAMB welcomed the action the Government of Iraq is taking on the implementation of the IAMB recommendations, and continued to reiterate its concern that key actions, especially the installation of an oil metering system, needed to be comprehensive and were taking a long time to implement.

"The IAMB mandate expires on December 31, 2006 under United Nations Security Council Resolution 1637. The Representative of Iraq informed the IAMB that the Iraqi Council of Ministers at its meeting on October 19, 2006 approved the establishment of an Iraqi oversight body, hereinafter referred to as the Committee of Financial Experts, to be chaired by the President of the BSA. The IAMB welcomes the establishment of the Committee of Financial Experts to continue the work of the IAMB upon its dissolution and encourages the continuation of independent oversight. Transparency in the collection, recording, investing and spending of oil revenues is of paramount importance in providing assurance that Iraqi oil resources are properly managed and spent.

"The final meeting of the IAMB is tentatively scheduled for December 11-12."

Originally Posted by PAn8tv

This relates to the dianr how?

There are a lot of people that have become experts in the art of hunting down all of the information needed concerning the rise or fall of any currency. World and local politics, how much potential wealth is involved, religions bumping heads. More than a few of the regulars on this forum are veritable founts of information. You folks know who you are. I thank you for your expertice. I'm learning more than I ever expected. Once this finally HAPPENS I will follow, if possible, the lead set by the many on this forum that have turned it into an excellent forum on investing on the many currency's that have the potential to rise in value. Good luck to us all. Oh and by the way for years now I have used the expression "Stand by to Stand by." The game goes on. JMO

Originally Posted by CORY

Check out tbi site new rate

Trade Bank of Iraq - Your Trade and Investment Partner in Iraq
Australian Dollar ( AUD ) 1,066.30 1,164.08
Canadian Dollar ( CAD ) 1,249.45 1,363.45
Swiss Franc ( CHF ) 1,117.01 1,218.81
Euro ( EUR ) 1,774.46 1,936.17
British Pound ( GBP ) 2,648.97 2,889.62
Japanese Yen ( JPY ) 11.84456 12.92462
US Dollar ( USD ) 1,406.87 1,533.87
Updated: 11/6/2006 5:32:27 AM

I didn't follow this site before today actually - are the rates changed?

Buy @ 1,406.87 USD and sell @ 1,533.87.

CBI hasn't updated as of yet.

Originally Posted by doublescorpio

Well after reading thru this ( again I am no expert) it would seem that the chance for a reval in 2006 are slim and none. From what I can tell it looks like BSA will take over for IAMB and continue monitoring their financial systems and cash flow. I really hope I am wrong but my gut is telling me it is not going to happen this year

While this doesn't read all that well, it would be interesting to have something to compare it to, IE another country/set of circumstances.
We have to remember that this report is for the 1st 6 months of this year. I think we will all agree that a lot has happened since June 30th.
Though there are accounting issues that need fixed, I'll bet a fire was lit long before this report was published.

Would we have seen the progress in the last several months if some of this stuff hadn't been corrected, or at least in the process of being corrected? (including passing of the FIL)



JMO for what it's worth.

Saudi Arabia grants 1.5 billion dollars
The Iraqi delegation called on Kuwait to drop its debt
04/11/2006
Source: Al-Sabah

Dr. Barham Salih, Deputy Prime Minister and Head of the Iraqi delegation to the International Conference in Kuwait, along with Dr. Muwaffaq Rubaie, the National Security Adviser and the accompanying delegation met with the President of the Kuwaiti National Assembly Jassem Mohammad Al-Khorafi and discussed bilateral and parliamentary relations as well as ways of developing them and unify stances in international assemblies.

He stressed the necessity of eliminating the effects of past and enhance the cooperation between the two brotherly nations. They also thanked the Kuwaiti people and government for their support to Iraq in difficult circumstances. Dr. Muwaffaq Rubaie also met with the Prince of Kuwait, Sheikh Sabah Ahmed Sabah, and discussed the issue of Kuwaiti debt on Iraq, reconstruction and cooperation between the two countries in all fields.

Dr. Barham Salih said that the security situation in Iraq will witness some improvement if Syria cooperate with the Iraqi government to work on controlling the border and prevent the infiltration of terrorists.

Saleh said in a joint press conference with the Special Representative of the Secretary-General of the United Nations, Ashraf Qazi, after the preparatory meeting of the International Covenant with Iraq, which was concluded in Kuwait yesterday: that Syria need to work harder, with greater credibility and must be aware of the gravity of the situation in Iraq, and make serious changes to deal with the political and security conditions in Iraq. The National Security Advisor Dr. Muwaffaq Rubaie revealed in another a press conference held on the sidelines of the same preparatory meeting that a senior official from one of the neighboring countries, will visit Iraq during the next few days to find a political solution for the benefit of Iraq on the security level, without mentioning the name of the official or the state. But unofficial sources in Kuwait reported that the official, who intended to visit Baghdad in this regard, is the Syrian Foreign Minister Waleed Al-Mu'allim.





About the question of, "Assabah" on the timetable of the political and economic reforms that have been agreed to take place in the meeting, and whether Iraq possesses the suitable environment for conducting such reforms, the Deputy Prime Minister said that the commitments made by Iraq to the international community of political and economic reforms over the next four years, stem from knowing the requirements of achieving stability in the country, and based on the initiative of the Prime Minister in the national reconciliation and the government's program of action in the coming stage, as well as other economic agreements signed as part of the debt write-off of the Paris Club. He pointed out that Iraq will implement these reforms, which are in the interest of the Iraqi people, according to the vision of the elected government that represents it, with or without the international support. At the same time, he hoped for the international community's serious stand with Iraq to cross it to shore safely.He pointed out that there are many of the accounts are cleared at the expense of the Iraqi people and the Iraqi leadership is well aware of the gravity of the situation, which can not continue. Everybody must understand that the instability in Iraq will reflect negatively on the whole region, and those who want to manipulate the security of Iraq should reap the consequences. He called on the neighboring countries to assume their responsibilities in this regard and cooperate against terrorism, which threatens the region.

He pointed out that the problem of financial and administrative corruption, is the most important obstacle to the work of the Iraqi government and instigates the security situation in Iraq. He confirmed that among the articles of the Covenant submitted by Iraq to the international community, is to deal with this problem that can not be ignored, uprooting corruption and collaborating with partners in order to achieve all of the aforementioned reforms.

New offers were received during the preparatory meeting of the Covenant and new financial commitments in support of Iraq by the United States, the European Union and Saudi Arabia, which pledged $ 1 billion provided to Iraq in the form of grants, aid and loans, as well as (500) million dollars provided for the private sector in Iraq. He stressed that Iraq would be able to obtain clear commitments from the international community after launching the International Covenant in providing economic support, grants, facilitated loans, debt write-off and canceling penalties from the previous decades, in addition to providing technical assistance and encourage the Iraqi private sector. On his part, Special Representative of the Secretary-General of the United Nations, Ashraf Qazi, expected a broader regional and international participation in the International Covenant with Iraq to be held late this year. He pointed out that the entire world is interested in the stability of the situation in Iraq. Al-Rubaie said, in a speech delivered at the preparatory meeting of the Conference that the conditions are very difficult and, the Iraqi government is still seeking to achieve this goal in addition to national reconciliation. Economic reform as well as international and regional support for Iraq's efforts represents an important element in enhancing the security situation and restore stability in the country.

He pointed out that the Iraqi government has launched the plan of national reconciliation in order to expand the participation of the parties involved in the initiative, regardless of their ideology and policy.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2493

Originally Posted by shotgunsusie

International Advisory and Monitoring Board for Iraq (IAMB) -- An audit oversight body for the Development Fund for Iraq (DFI) -- Press Release, August 10, 2006

Hey Suzie,

What is your take on all this...not quite sure what to make of it....

In dissecting the IAMB article.... lets please not forget what Skinner said:

Skinner praised the outcome of the International Conference which concluded in Kuwait, saying : The international community should realize that stabilizing the situation in Iraq means the stability of the region and this can not only through international partnership involving Iraq, He stressed that Iraq has fulfilled its international obligations and called on the region to drop the debt on Iraq. and on the rumors about the existence of a Cabinet reshuffle expected Skinner explained that the coalition government composed of a number of trends and political blocs and parties, and therefore the government of national unity and that a decision such as this is not a technical decision of the Prime Minister Btab Del ministers, but under newfound political recognized that the efficiency of the administrative machinery of government and that there is a need to undertake a cabinet reshuffle to ensure better service for the Iraqi people.



Cheers!
DayDream

I have a question.
I saw a few posts earlier today on Currency Exchange for Arizona and another state. I tried doing that for Washington State and came up empty with Google.
Any other ideas here?

Originally Posted by mogo

yes keep the news comming guys and dolls and i thank you for bringing it here for us lazy bums who can't research ourselfs for one reason or another....me i have four kids and a wife to tend to so enjoy reading your posts keep up the good work

ps

ARE WE THERE YET ! LOL

Yes keep it coming........Progress is good for Iraq and our investment......It makes me go hmmmmmmmmmmmmmmmm.....when I read about all the good things that are happening in Iraq. I also want to thank all the hard workers on this forum that are taking the time to bring us all the news into one place.

Here's the link DD:
Currency Exchange Washington

Directory for other states:
Currency Exchange Directory

IB