Thread: Latest News - Iraqi Dinar Think Tank - Discussion

Trade Bank of Iraq stands ready to support and fund any comprehensive project for the private sector

Expressed the Trade Bank of Iraq readiness support and funding of any integrated project to the private sector is based on a sound basis in terms of rules and conditions are available that apply to the investment process in Iraq in exchange for the possession of the private sector guarantees cover financing.

said in an interview Director General of Trade Bank of Iraq Hamdiya Mahmoud dry , saying "that the bank has funded a project to build the American University in Sulaimaniya, where lent the private sector $ 20 million for a period of time and in stages, reaching a loan the first phase of $ 5 million."

and revealed "that the bank has financed the company for the implementation of power plants in the province of Kurdistan, as well as the project plant iron and steel in Basra, which was carried out by a subsidiary of the Iraqi private sector."

and hinted dry to other projects to build housing complexes in the provinces of Babil and Wasit to the Rusafa water project and the project channel army and the city of games and leisure complexes that match what is in the world.

http://www.radiodijla.com/cgi-bin/ne...08-10 08:36:10

Who’s Behind The Dodgy Electricity Deals?

the Iraqi prime minister, Nouri al-Maliki, has fired the electricity minister, Raad Shallal, following highly questionable energy deals conducted almost a year ago. It was thought that the sacking may be politically motivated, because the minister had been appointed by a top rival to the prime minister.

Now the picture gets more complicated, as the prime minister’s own name, and that of his deputy for energy affairs, Hussein al-Shahristani, have been dragged into it.

The al-Iraqiya Coalition – the leading rivals to the prime minister’s own party, has accused all three men, and said that the prime minister is ultimately responsible, according to Aswat al-Iraq.

All three men had signed the “illusionary” $1.7bn contracts, but the prime minister. A statement from a representative said:

“If there had been any mistake in those contracts, they can’t be burdened by the electricity minister alone, because the mechanism of signing such contracts is discussed in the Energy Committee, led by Shahristany and after that they are signed by the minister and then raised to the Council of Ministers, to be discussed and signed by the prime minister.”

He continued: “The first person, behind the electric power crisis in Iraq over the past few years has been Prime Minister, Nouri al-Maliki, and if we want to burden responsibility for the crisis, the first official would be Maliki himself.”

The statement goes further to allege a different political cause for the dodgy deals, suggesting that they were faked to help Maliki consolidate his power at a time when his position was looking increasingly untenable: “Maliki wanted, through his announcement about the signing of the contracts to fool up the Iraqis that he was able to settle the electric power crisis, in order to suck-out the anger of the Iraqi street.”

Deputy prime minister Hussain al-Shahristani explained that at least one of the companies was a fake with no offices, no employees, no manufacturing equipment and it does not have the ability to carry out the work contracted.

He said: ”These contracts damaged Iraq’s reputation, but this does not mean that key projects to build large plants will be affected.”

The sacking of the electricity minister must be confirmed by a simple majority in parliament under the Iraqi constitution.

http://www.iraq-businessnews.com/201...tricity-deals/

Priority in the budget of 2012 for the electricity sector struggling in Iraq

The Ministry of Planning on its quest to give the electricity sector priority in the budget next year, 2012, as proposed by the Ministry of Finance put the budget fringe means the electricity sector.

The Minister of Planning Ali Shukri in a press statement while attending the ministerial meeting of the coordination on the prioritization of the budget for the year 2012, which was held at the Ministry, that his ministry is seeking to give the electricity sector a priority in the budget in 2012, indicating that the focus on the electricity sector would improve the reality of this sector, so that the Iraqi citizen sees significant improvement over the next year or the next.

He thanks The division of the balance between all the ministries and at the same levels makes the project stumbled to a large degree, does not see citizen fruit of this work at a specific time, pointing out that the distribution of the budget during the period between the years 2003 - 2011, was being on the basis of the inclusion of all sectors and ministries to die to the non-feasibility work.

For his part, Finance Minister Rafie al-Issawi During the meeting, that his ministry had made ​​great strides in the completion and the inclusion of the customizations required for the ministries to complete the budget in 2012, pointing out that the ministry will submit the budget next year in early September next to the Council of Ministers

http://www.radiodijla.com/cgi-bin/ne...08-10 08:41:41

Australia announces withdrawal of the last of its troops from Iraq

Australia announced Tuesday withdrawal of the last of its troops from Iraq, the news agency said the Australian any ABN Australian Defense Minister Stephen Smith announced with a press conference devoted to the reforms of the defense, withdrawal of the last 17 ​​Australian troops from Iraq on the sixth of last month.

The These soldiers provide security for the Embassy of Australia in Baghdad, and handed over their mission to guard the security of civilian contractors, in response to a question why he did not announce it earlier, Smith said I do not think that this is an important point to be placed in the records, and stated that the Labour Party refused to intervene Australian Iraq, which took place in reign of the Conservative Party under John Howard and allocated to that part of his campaign in 2007.

http://www.ipairaq.com/index.php?nam...urity&id=41864

Iraqi-Focused Oil Explorer Denied Another Prize

Petrel resources applied to participate in the fourth oil licencing round in Iraq, but has not been pre-qualified.

The eventual criteria adopted by the Iraqi authorities were heavily weighted (over 50%) towards financial size and strength, rather than practical experience working in Iraqi conditions. As a result no juniors or smaller independent oil companies have been qualified for the bid rounds. The qualified list includes the oil & gas super-majors, many national oil companies and some large international independent oil companies.

Petrel will continue direct discussions on its existing interest in Western Desert Block 6. Petrel will also seek direct negotiations on smaller fields that have not been awarded in the bid rounds.

David Horgan, Managing Director, commented: ”Petrel is a junior oil company, focused on Iraq. We have worked continuously with the Iraqi Ministry of Oil since 1999.

“We were disappointed not to have qualified for the current bid round process. Our application was initially well received, but the ultimate criteria were heavily weighted towards large company strengths such as financial depth, rather than technical and practical experience working on the ground in Iraq.

“As a result, neither Petrel nor other juniors were qualified…Accordingly we will pursue direct negotiations on our existing interests in Western Desert Block 6 and possibly for future development of smaller oil fields that are not part of the bid process.

“Failure to qualify is a set-back, but we have overcome many similar challenges since starting Iraqi work twelve years ago.

“Petrel is well funded and ready to move once necessary approvals are obtained.”

http://www.iraq-businessnews.com/201...another-prize/

A parliamentary committee issued recommendations down on mobile phone companies including the dismissal of Al-Shawi

Announced a parliamentary committee on Tuesday, high, very strict recommendations for dealing with the file of mobile phone companies in the country, and recommended the dismissal of the media and communications agency is responsible for proof-Shawi follow-up of this file.

But Shawi attacked this committee and accused it of moving "in accordance with ulterior motives," and said he would not be a victim of political conflict, and that the prime minister and former finance minister "partners" in the Bid File installment amounts that companies have to pay for Iraq.

It also said an expert in one of the mobile phone companies, said the political players "want to sabotage the only area in the successful Iraqi investment now."

Iraq sold the license to operate a mobile phone in 2007 to three companies is Zain and Asiacell and Korek Telecom, and was on every company to pay a sum of one billion and two hundred and fifty million dollars for the license each, but the amount has been installments later, it seems that paid off was delayed as well.

During the parliament session yesterday, the Committee recommended investigative headed by Deputy Baqir Jabr Al-Zubaidi, a former finance minister, set procedures, to correct the violations identified.

The committee said it recommends that "calculates the sum total of all amounts arising from the three companies with the interest rate of 8% and required them to pay as income to the state after checking the total amount of the Financial Inspection Office and the companies pay the amounts immediately and within 30 days of reading this report."

The committee recommended that the commitment of Asiacell application "System of seconds instead of minutes to some figures," and the establishment of the general tax, "calculates the taxes due on the profits of one million five slide for Zain Iraq, which was launched without the approval of the Authority."

Among the most famous paragraphs in the report by the Committee, the recommendation of "dismissal of the Executive Director of the proof-Shawi because of deliberate neglect and negligence to take the necessary legal procedures and the failure to perform its true role as Executive Director of the Authority to maintain the state revenues from the waste and loss."

Commenting on this, said Burhan Al-Shawi, a writer and journalist for several years served as chief of Media and Communications, said that if parliament wanted to hold the parties that the installments on the amount mobile phone companies, he said, "The question the prime minister and former finance minister as well."

Explains Shawi in an interview for 'the world' by saying "Prime Minister Nuri al-Maliki is done with the exception of Cork from the immediate payment and issued a decision installments as the year 2008, and then objected because competition between companies requires equality in the deal, was formed a higher committee in which the Minister of Finance that day Mr. Bayan Jabr, and negotiated with the companies were installment amount."

"The companies regularly pay huge benefits to the remaining amount, for example, the remaining $ 350 million each from Asia and decorated, and the government was part of the agreement on the installments, why I'm on my own responsibility I take it?". "The Commission's report is full of contradictions and I will clarify many of the circumstances later, the pot of political I will not be a victim of it, and I am aware of the conflict that exists between Kurds and the rule of law, and between parliament and government, and it is not reasonable to be a victim of that."

He added, "Causes of conflict and many of them went several parties to dominate the media and communications that are relevant frequencies satellite broadcasting and licensing of satellite channels, as well as the work of major companies in telecommunications, and also because of the license-fourth of companies, mobile phone, which I have shown repeatedly conservatory it."

And shows many of the House of Representatives numerous objections to the work of companies, says the citizens that the service is bad, but companies apologize that the working conditions in Iraq "very harsh, and it is enough that the Ministry of Communications admitted recently the impact of noise played by the military by American and Iraqi, on our services," says expert in a company during an interview with "the world".

And adds the condition of anonymity because he was not authorized to declare to the media "installment amount great we bought the work permit, came under the global economic crisis, where has all States to assist companies to cope with the crisis, as well as we pay the interest by eight percent, the highest in the region, while the centers specialized research, remember that the prices of mobile services in Iraq is cheaper at all."

Explains "the only area that has succeeded in Iraq and witnessed the achievement and build, is the mobile phone and private investment in, and instead of the government reform of service sectors such as electricity failed, they want to sabotage the mobile communications as well."

http://www.markazaliraq.net/?state=news&viewId=7614

New UN Special Representative for Iraq

United Nations Secretary-General BAN Ki-moon today announced his intention to appoint Mr. Martin Kobler of Germany as his Special Representative for Iraq and Head of the United Nations Assistance Mission for Iraq (UNAMI).

He will replace Ad Melkert of the Netherlands who served in Iraq since July 2009. The Secretary-General is grateful for Mr. Melkert’s leadership of UNAMI in implementing its mandate under Security Council resolution 1770 (2007) and subsequent resolutions.

Mr. Kobler has served as Deputy Special Representative (Political) for Afghanistan since March 2010. He brings to the position his vast experience in developing policies for conflict areas with more than 25 years in his country’s Foreign Service. He previously served as Director-General for Culture and Communication in Germany’s Ministry of Foreign Affairs, and was Ambassador to Iraq and Egypt.

Mr. Kobler was Chief of Cabinet to former German Foreign Minister Joschka Fischer between 2000 and 2003, and Deputy Chief of Cabinet from 1998 to 2000. From 1997 to 1998, he was Deputy Head of the Foreign Ministry’s Balkan Task Force, prior to which he established the German representation with the Palestinian Authority in Jericho.
He has also served as an Electoral Observer with the United Nations missions in Haiti, Nicaragua and Cambodia.

Mr. Kobler holds an advanced law degree and speaks English, French, German, Indonesian and Arabic.

Born in 1953, Mr. Kobler is married and has three children.

http://www.iraq-businessnews.com/201...tive-for-iraq/

Economists underestimate the risks of the global crisis on the Iraqi economy

Reduced the economic experts of the risks of the global crisis that began plaguing the U.S. economy and what can be reflected on the economic reality of Iraq.

Experts noted the importance that the government undertakes the responsibility to find other outlets to diversify income sources and not rely heavily on oil imports, in time, which amounted to world oil prices around 88 dollars after it hit the price limits of the 110 before the crisis, U.S. officials have warned in the economic aspect of that that decline may serve to create confusion in Iraq's budget for the coming years, critics at the same time to calculate the price of a barrel of oil in the General Budget for 2011, which amounted to $ 85.

For his part, said the deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh, said that the issue of reducing the credit rating of the United States can cause great economic Banhaddarat for many countries, especially those that rely on the basis of the sale of oil in the balance sheets of financial support.

http://www.radiodijla.com/cgi-bin/ne...08-10 09:40:18

Deputy: a proposed oil and gas law is the best solution to the problems of Iraq in this regard

A member of the Commission on oil and energy in the Iraqi Council of Representatives, that the proposed oil and gas law by a number of deputies to the committee is the perfect solution to the problems that plagued Iraq in this regard, pointing out that the proposed law presents grant full powers of the ad hoc committee, the field of oil in the country.

Said Bayazid Hassan, told the Kurdish news agency (Rn), that "60 members of the Iraqi Parliament submitted in the earlier proposal of the law of oil and gas to the oil and energy in the Council," adding that "the proposed law The optimal solution to the problems that plagued Iraq in the oil and gas."

Hassan added that "the proposed law offers grants full powers of the Commission competent in the field of oil in the country," noting that "the expected inclusion of the proposal on the agenda of Representatives during the next few days to discuss it after that Council voted to approve the inclusion within its work during its meeting last Friday."

A member of the Commission on oil and energy parliament that "the proposed law is similar in content of the draft law of oil and gas shared between the federal government and the Kurdistan Regional Government for 2007 is that the proposal canceled the membership of the Commission on oil and gas federal and the President of the Iraqi oil the national and the President of marketing of oil from the relevant committee in the field of oil to the allocation of fund for the proceeds of Iraqi oil." He noted that "the proposed law offers a solution to outstanding problems between Baghdad and Erbil, with respect to oil and gas where it is proposed to form a joint committee whose members include the Minister of the Federal Oil and Minister natural resources in the territorial Government and the Chairman of the Commission on oil and energy parliamentary review of the oil contracts concluded by the Kurdistan Regional Government with foreign companies," stressing that "if it reached the Joint Committee to the agreement, the heads of the three blocs major in the Iraqi parliament will stick to the signing of the agreement."

The cabinet approved the draft oil and gas law in 2007 but faced objections Kurd, he sees observers it represents the differences between Erbil and Baghdad over the sharing of oil revenues and control over some fields in northern Iraq and the Kurdistan region. The law will determine the party that controlled the Iraqi oil reserves huge, the fourth-largest reserves in the world and aims as well as to attract foreign investors. and select Iraq's goal is to increase production capacity to 12 million barrels per day by 2017 from about 2.7 million barrels per day currently.

He said, "the proposed law defines the powers of the Federal Oil and natural resources in the region and the provinces the extracted oil as well as to the mechanism of the conclusion Contracts for the field of oil with foreign companies," explaining that "the proposed displays authorize the Federal Oil and Natural Resources Kurdistan conclusion of the initial contracts with foreign companies and forwarded to the Commission on oil and energy federalism within a maximum of 30 days for the Commission to turn to study the contract in the absence of his consent to the conditions are returned to complete conditions and otherwise the Committee shall issue its decision on the contract within 60 days can be extended to 45 days extra in case failed to reach a final decision during that period contract is legally effective."

http://www.aknews.com/ar/aknews/2/257045/

Central Bank: the crisis of the dollar led to a large increase for inflation in Iraq

Deputy Governor of the Central Bank, there are no alternatives to a current of the dollar as the main currency in the world within the global monetary policies, both for the cash reserves or to cover the cash, noting that the global crisis led to high rates of inflation in Iraq, pointing to the existence of concern, but he stopped short of fear on the Iraqi economy, despite lower prices, the dollar because this coincided with the rise in oil prices.

The deputy governor of Central Bank of Iraq the appearance of Dr. Mohamed Saleh, in a dialogue with the agency (Voices of Iraq) on the "keep the crisis debt the U.S. and its repercussions on Iraq and the countries that deal in dollars," that Iraq had "influenced by the global crisis the new light of the emergence of the so-called imported inflation during the last three months, which is reflected clearly on the rate of inflation in the country."

He added that "high food prices in world markets because of the low value of the dollar, in addition to the high value imported goods led to a rise in the number basis of the prices of 3% as big as annual inflation in January of this year, to 6.4% during the month of June, where the beginning of the year within the acceptable limits, while it had risen to unacceptable levels in recent months. "

"The reason the dollar crisis is that there are two tracks, first track and a cover of cash through the reserve to cover the trade deficit, which resort has a habit of developing countries where there are reserves in the world of about $ 9 trillion, China's share, which represents a reserve of cash world's largest and is about a third the size of reserves to the dollar zone, while has the East Asian countries more than half of the cash reserves."

Salih noted that "developing countries retain up to 55 percent of its reserves in the form of dollars, while keeping the developed countries about 60 percent of its reserves in the form of dollars, This means in total that between 55 to 60 percent of the volume of foreign currency reserves in the world is in dollars, while a dollar, 87 percent of the volume of world trade, and give more than 50 percent of global banks loans in dollars."

He added that "the dollar for each of those Alosab currency of dominance on the balance of trade payments world, with more than 90 percent of dollar reserves invested Khawwalat Treasury U.S., despite the fact that the U.S. economy is only 25 percent of the gross total, in the world, but the effect of dominance for the U.S. economy comes from three points. First is the focus of Tknlogi as the standard technological as the U.S. lead of nearly five years on the technology globally competitive, and the second is the military dominance and the third economic dominance that the U.S. economy inherited the international monetary system after World War II in 1945 and turned it from a gold system to the International Monetary Fund, who believed the dollar is the currency Home of the world."

He pointed out that "these three elements made ​​of U.S. domination of economic dominance Marictalah what is known as the concept of Almarictalah new and that is that it has the force has the wealth," noting that "Almarictalah old was driven by the Spaniards in the sixteenth century through the adoption of military force to control the sources of wealth that is gold, fell through the industrial revolution and technological progress, which pushed Spain to Britain and France."

and went on: "Because of the dominance of U.S. military current economic weight of a U.S. currency current admissibility of a global, but also represents at the same time an obligation is deferred to the U.S. government, so the subject of religion deferred the U.S. is 100 percent of gross U.S. national, if not more, and this negative index large as the growth rate of real U.S. economy about the size of debt, the U.S. economy will collapse and the size of growth required to reach the stage of coverage of religion year is five and a half percent growth in net to overcome the debt problem, but this ratio is difficult to access them now."

and on the economy, who can play the role of the alternative for the U.S. economy in the event of collapse, Saleh explained that "the European economy and the Chinese economy are that come after the U.S. economy, the two suffer in turn from the problems as the crisis facing the European economy because of the crises in Italy, Spain and Greece make the European economy an alternative is not realistic in addition to link China's economy, which is witnessing strong growth and a giant, but he linked to a large U.S. economy, which can not make it an alternative to a What makes the situation of the world complex out of this crisis."

He said that "some countries have resorted to gold as an alternative to hedge the cash, even if informally, where not considered the gold cover of cash he is not a monetary system, but it is a system of cash floating subject to supply and demand, and is considered a hedge to see prices of growth in the light of falling currencies."

and on the concept of dollarization and its hegemony over the Iraqi market and the possibility of bringing other currencies replace the dollar, Saleh said that "the concept of dollarization does not mean to bring the dollar given to the local currency, but rather is a process to bring any foreign currency to the currency national balance of payments, due to the fact that Iraq is located within the area of the dollar in the trade balance, because it depends on oil and oil commodity dollar, in addition to international restrictions on the dealings of cash as the incubator Amlath basic and garrison them in the present time is the United States of America, There can shift from the dollar in the present time."

He noted that monetary policy in Iraq "is concerned about the future, but it does not feel fear, the fact that the crisis is global and specializes country without the other and Iraq within the system of global economic, and the secretions of the past years that have led to a reduction of dollar exchange rates, offset rise in oil prices decline more than the value which makes the Iraqi economy does not seem in danger."

http://www.iraqdirectory.com/Display....aspx?id=16525