Thread: Archive News - Iraqi Dinar Think Tank - 08/09/09 - 09/01/10

Kuwaiti Foreign Minister confirmed that his country is considering investing in Iraq a substitute for compensation

Foreign Minister Sheikh Mohammad Al-Mohammad Al-Sabah said his country is considering the possibility of investing the amount of compensation effects caused by the invasion in 1990 in projects within Iraq.

The newspaper of the time to the morning, during a meeting with President Talabani on the sidelines of the General Assembly of the United Nations in New York that Kuwait has a genuine desire to help Iraq to complete the implementation of international resolutions on compensation in order to ensure implementation of international obligations arising therefrom.

The morning of fully prepared to achieve the strategic partnership between Iraq and Kuwait, particularly in the areas of infrastructure, tourism, trade and investment, the paper said.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-09-26

Parliament: Law of the National Oil Company will achieve better management of oil resources

Economic Commission, a member of the Iraqi parliament is full of Albuldwi, Friday, that the law the national oil company, if approved, would bring better management of Iraqi oil through the distribution of tasks between the company and the Oil Ministry.

She is full of Baldawi told (Voices of Iraq) that the "law of the national oil company, which recently arrived to the Economic Committee and the rest of the relevant committees in the Iraqi parliament will better management of oil resources, which is the main source of income in Iraq through the distribution of tasks between the company and the Ministry of Oil."

Baldawi indicated that the law in the event of Agherarah will bring significant benefits to the Iraqi economy led to re-establish the national oil company, which played a large missions, the organization of the relationship between Iraq and foreign oil companies in which they operate, as well as the rebirth of old oil wells and the discovery of new ones."

The Iraq Petroleum Company Limited (national now) a famous name (IPC), a label which was launched on the Turkish Oil Company after the fall of the Ottoman Empire, where the company extracted oil for the first time in the field of Karkar Pope in 1927, the company received multiple approvals for oil recovery Saudi Arabia, Kuwait and Dubai have enjoyed the company the rights to extract oil in those fields until 1961, and in 1961 the former Iraqi leader Abdel Karim Kassem legislation of the law No. 80, under which the work of foreign companies select the fields that they operated without allowing them to discover new fields to in 1964 where he founded the former Iraqi President Abdul Salam Aref, an Iraqi facility and the national oil company was named the national objective of the search for new fields and invest nationally in 1972 a group of companies were nationalized the Iraq Petroleum Co. (IPC) by the former Iraqi President Ahmed Hassan Bakr.

According to Baldawi, "there is a package of four laws concerning oil comes mainly oil and gas law which has not been read yet for political reasons," and expressed disappointment of "taking the economic issues of concern to the Iraqis to be political in nature, which led to the deprived lot of the gains, particularly with resource management of oil wealth, "arguing that" the Ministry of Oil alone will not be able to manage this great wealth as an obligation to work in contracts and Kmsouk oil is also working on the distribution of derivatives within Iraq as well as undertaking the task of oil licenses."

Baldawi, adding that the package of laws also include "Law and Ministry of Petroleum and National Oil Company law and the law finally manage national wealth, which Iraq would enable the management of wealth and the organization of the extraction process, contracting and distribution and reduce the burden on the oil ministry through the distribution of tasks."

http://ar.aswataliraq.info/?p=170560

Fiscal Policy and investment management standard economic file

Economists confirmed that the administration of the country's economic policy must stem from a number of priorities included the standardization of investment and financial insights for the optimal investment of human and material resources through greater coordination in these areas and closer ties between the economic and financial institutions operating in Iraq with a view to the promotion of all economic and financial sectors

Dr. Nazem Anbuge economics professor at the Faculty of Comparative safe to find the investment plan, mainly because the foundation to the lack of coordination between the fiscal policy of the State and investment policy due to a significant growth in consumer spending from the government without being accompanied by an improvement in government services, knowing that the sources of the tunnels are of the oil revenues alone, which represents competition for capital spending, which gets the low levels of national income, which in turn leads to low investment rate, which in turn lead to low rates of overall growth of the Iraqi economy.

He adds that the reading performance of investment budgets indicate low rates of implementation and the rates of exchange as compared to the size of allocations to them, and whether the inclusion of investment projects in the plan depends on Merd of proposals from implementing agencies, which are often are the beneficiaries of such projects, this marks the vulnerable and clear from the authorities ****utive in assessing the operational capabilities and potential in the implementation of the business entrusted to it, which may offer a guess financial allocations for their projects without relying on a real feasibility study, leading to an increase in demand allocations and significant inflation in the size of the public budget and the seizure of large amounts of money for these projects was to no avail possible in the areas of employment and other sectors, contribute to economic growth, faster and better.

Underscoring an economist at the Bank of Baghdad Commercial Mohamed and flames that the distribution of resources between current spending and investment did not depend on an economic vision and clear, as the political situation has contributed significantly in their effect on the Alanvaki, which led to many commitments in the side of the current budget, which after Kthiraaly volume of investments.

He adds that as the project selection process and incorporated into the curriculum investment witnessed some sort of imbalance to the absence of a clear vision of governmental and non-governmental organizations in the selection of projects and the absence of priorities according to scientific studies, as well as the annual Valt_khasisat not come up to date strategies prepared for development investment.

He continues, hence, the adoption of financial and investment policy for the management of a unified economic file, as well as preparing a study on the role of economic sectors in the process of overall growth is a necessary and important at the same time to clarify the structure of the national economy and the level of development compared to other advanced knowledge of the contribution of these sectors to achieve growth Economic and increase the supply of goods and services, as well as knowledge of the relative importance of each sector separately and effective contribution to the overall growth rates through the increase in the gross domestic product.

http://www.alsabaah.com/paper.php?so...page&sid=90377

Monetary policy and the funding pressures

Acceptance by the CBI treasury transfers, which in turn bought Bank of Iraq in the Ministry of Finance and more than $ 2 trillion dinars is Thoelhabalamlp foreign bank's reserves fall under the support of the electricity sector for financing its projects, which require pressing a cover failed high cash investment budget financed by the state is in dire need to those projects that contribute to solving the problem of electricity, which has become an obsession bitter Haunted citizens who have ordered.

In the financial pressures faced by foreign exchange reserves Tod ancillary to the local currency and installed the foundation for monetary stability and the engine is more important to successful monetary policy, maintain stabilizing the exchange rate and inflationary pressures, we believe that continuing to issue treasury transfers through the start of the process of exchange and funding for specific projects they are hurting the damage significant monetary stability, and the prejudice to frequent the cash reserve affects the stability of foreign exchange and at the same time he was a good opportunity for the return of inflation to come back in a disruption of the productive sectors? unregulated investment expansion, which depends on a given axis without opening up to other sources of funding, where Observers believe that the inventory of the government's thinking vouchers Treasury and transferred through cash reserve is the loss of the useful and fruitful results achieved by monetary policy through the last four years, which closes down inflation in order to reach macroeconomic stability.

In order to maintain this stability has to be aware that the continuity of funding for investment projects in this way are the results of negligence proved its usefulness in reducing levels of inflation and raise the Iraqi dinar exchange rate against foreign currencies and create a state of monetary stability, which leads without doubt to macroeconomic stability, and Here, the pressure to continue funding the pretext of financing investment projects are scored, as the feasibility of economic development and planner and service on the door of the doors at the same time it contributes to keep the imbalances in the economy'Err? valuable, particularly the phenomenon of inflation which has seen during the few years and also showed levels of inflation During the month of August, up significantly exceeded the 10% barrier, and this index to worry and apprehension of the return of this phenomenon to its former glory.

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Finance: Oil accounts for 85 percent of 2010 budget

Said a source familiar with the Ministry of Finance that the draft federal budget law for 2010 submitted by the ministry to the Secretariat for the Council of Ministers formed by the proportion of oil revenues, 85 percent,

When it was unveiled in the bank manager to open 22 good documentary based public sector customers, while reducing the benefits of the loans extended to dealers increased by 4 percent. The source said the "morning" that the federal budget bill took into account the export of two million barrels of oil per day and $ 60 per barrel, adding that oil revenues accounted for 85 percent of the value of the budget, without giving the total value of the budget, but only as a "huge" than that approved in the budget year 2009. On the other hand, general director of the Rasheed Bank, Fouad Hussein, the agent special permit for the "morning" that the bank is seeking to develop its financial and future long-term strategy through the adoption of concrete steps within the broad framework adopted by the State relating to structural re-Rafidain and good government sources are part of the payment system administered by the Central Bank of Iraq and then the development of banking systems. He said he was launching the documentary credits to public sector customers in the bank, adding that he was so far open 22 dependent.

He said the agent that the bank is seeking in the next phase to increase the pace of issuance, the opening credits to customers of the private sector, adding that he was agreed with officials in the Trade Bank of Iraq to increase the share of the bank credits to the private sector was to instruct the bank branches across the country to do so, as the opening of a special division in each branch of the bank. To the Director-General stressed that the bank is going to ratchet up the granting of credit to both the public and private sectors in addition to the mixed sector, noting that these efforts aim to increase the banking. And revealed a bid to grant facilities in the development of the various sectors operating in the country starting to reduce the interest rate derived from loans extended to dealers , indicating that the benefits have been reduced by 4 percent, as it is now ranging between 11-13 percent, depending on the value of the project after it was in the past, between 15 -17 percent.

And on housing loans between the agent that the bank continues to give citizens and staff housing loans in accordance with the regulations, instructions, and a contribution to increasing the supply housing to the citizens, noting in this connection that the upper limit of the loan would be $ 30 million and two payments equal and 8 percent interest, to be assessing the value of the loan after revealed by a specialized committee to do so.

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Maysan Oil Company, include 60 oil wells in the tender to develop and increase production in the province

The Director-General of the Maysan Oil Company on Qubool that the Iraqi Drilling Company won the tender, containing the first 30 wells under a plan to develop and increase production in the province of Maysan.

The Ma'aarij in a press statement transferred reporter That "continuation of the development plan in Maysan, increase production and sustain has been referred to the first tender the Iraqi Drilling Company, in what are currently conducting negotiations with the company itself in order to direct the implementation of the second tender, after starting the opening process and discuss the presentations made by the companies."

The Qubool was listed 60 wells of a tender for the various companies to the drilling operations and development within the development plan and increase production in the province, "explaining that the company is able to maintain a level of production was 100 thousand barrels per day from fields in the province

http://al-iraqnews.net/new/iconomi/34770.html

Baldawi expresses objection to calculate the price of a barrel of oil to $ 60

Made a member of the parliamentary economic committee full of Baldawi objection to calculate the price of a barrel of oil to $ 60 in the draft budget submitted by the Federal Ministry of Finance to the General Secretariat of the Council of Ministers.

Baldawi said in a press statement in the House of Representatives that would object to that price because of fear of optimism, high oil prices and thus may face the problem of Iraq over the next year if the situation has improved oil.

http://radionawa.com/Ar/NewsDetailN....772&LinkID=105

Talabani: Iraq gave assurances of Kuwait on the implementation of international resolutions

Said President Jalal Talabani said Iraq has given guarantees to Kuwait on the implementation of international resolutions, especially with regard to the question of demarcation of the border, adding that he saw a response from the Kuwaiti side in this regard.

Talabani said during a press statement that the Kuwaiti government has shown its responsiveness on the investment of compensation to Iraq.

http://radionawa.com/ar/NewsDetailN....7793&LinkID=99

CBI dollar sales nosedive to $50m

The Central Bank of Iraq (CBI) dollar sales was down to a dramatic plunge in its daily auction on Sunday to reach $50.250 million compared to $117.150 million during the previous session.

“The demand hit $4.500 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $45.750 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 seven banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=119551

Iraq inflation up by 2.9% in August

Iraq’s inflation rate rose by 2.9% during August 2009, according to a report by the country’s Central Organization for Statistics and Information Technology.

“The inflation index rose during August by 2.9% as a result of an increase in the standard prices of foodstuffs by 12.3%, fabrics, garments and shoes by 0.03% and medical services and pharmaceuticals by 0.03%,” read a COSIT report received by Aswat al-Iraq news agency on Sunday.

“Also the prices of tobacco and beverages rose by 2.4%, furniture by 0.03%, fuel by 0.6%, lighting by 1.0% and transport by 2.8%,” it added.

“The report a relies on the prices of commodities and services at selling prices on sample markets in Baghdad and other provinces,” a COSIT source said.

http://en.aswataliraq.info/?p=119541