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Economic Expert: Licensing oil will raise the per capita income of 1543 dollars of Iraq in 2010 to 3361 in 2015
Saw economic adviser to the Iraqi government Kamal Basri that service contracts resulting from the first oil licensing rounds and the second «is the appropriate option to raise state revenues and thus contribute to spending on reconstruction requirements estimated at $ 187 billion at least».
He predicted in a statement made by the «life» to increase the per capita share of oil revenues of 1543 USD 2010 to 3361 in 2015 and 9488 in 2020. And expectation for decades, is likely to increase the capacity of oil production to more than 11 million barrels per day over the next six years, to promote the expenses of the federal budget to $ 132 billion in 2015 and to 265 billion dollars in 2020, and improve the investment allocations, and the cumulative total of 138 billion dollars between 2010 and 2015 and 496 billion dollars between 2010 and 2020.
He stressed that the granting of optical size of service contracts announced by the Iraqi Oil Ministry to harness this requires contracts to build national capacities in the sector and the economic file management style is characterized by a highly professional manner to increase the efficiency of the rationalization of spending, and called for an integrated economic strategy to invest in financial returns in different sectors.
He condemned the sharing of posts at various degrees of sectarian and politically and regionally, saying «that it was very bad job-sharing such as the studies of specialized advisory plans for the future of Iraq». He called on the regulatory institutions to issue instructions and strict measures to this approach and not only direct financial fight against corruption.
Announced yesterday the Iraqi Oil Ministry, according to the agency «AP» that oil export revenues in 2009 amounted to about $ 41 billion, less than 34 per cent of revenues in 2008. According to a ministry statement that «fiscal revenue from oil exports in 2009 amounted to more than 41 billion dollars». The volume of revenue stood at 62 billion dollars in 2008.
And managed to Iraq during the two rounds of bids last year contract with a major international oil companies to develop fields. Iraq's economy depends mainly on crude oil revenues, which constitute nearly 85 percent of the country's resources. Iraq is exporting oil through the ports of southern overlooking the Gulf in addition to the Turkish port of Ceyhan.
Iraq tops the world's third largest after Saudi Arabia and Iran in terms of proven oil reserves at the rate of 115 billion barrels. Iraq currently produces 2.4 million barrels per day, with exports of 1.85 million barrels in particular from the fields near Basra.
The oil revenues, the backbone of the state revenues of hard currency, more than 90 percent of gross domestic product, while the contribution of the agricultural and industrial sectors 7.1 and 1.5 percent respectively.
http://translate.googleusercontent.c...FGMFvXUUXSlnAg
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Criticism of the banks, Iraqi government not to invest their deposits in the draft
The face of Iraqi citizens criticized the government banks, for lack of investment and massive financial deposits in development projects, especially that of the current year has seen several resolutions permit the granting of loans to citizens, but the banks prevented the citizen benefit from any of them.
The shopkeepers said the government banks do not benefit from the huge liquidity in the investment in the housing sector, or in the productive and service sectors, especially banking «Iraq» and «good» government, which under the pretext that the «Central Bank of Iraq» prevents them from investing their assets in enterprises, to control inflation, forgetting that investment enhances the country's economic and financial benefit to the banks themselves.
And the owner of a shop in Karrada Street in central Baghdad, that the banks follow the procedure «impossible», if so requested, grant a loan of money, may take months, employees in what was described as one of the ministries of housing loans, as revived hope in himself, but was soon disappointed in front of the obstacles encountered.
The Director-General of the Bank «Iraq» Abdul-Hussein al-Yasiri, the «Central» imposition of restrictions since 2008 on the work of the bank, inventory investment through the purchase of stocks and bonds, and prevent it from direct investment to public sector deposits, or the updating of the financial benefits they state funds, as on them, stressing that the possibility of the bank balance, which exceeded 22 trillion Iraqi dinars (20 billion), contributing to the national development process, by withdrawing excess liquidity from circulation, and re-invested directly in the economic sectors, or the granting of credit. He explained that the balance of the bank is liquid government departments and the private sector, civil servant in the credit and indirect investment, by buying Treasury bonds.
http://translate.googleusercontent.c...BGuw9TeRK8bfqQ
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Parliamentary: Iraq has received a loan of $ 7 trillion dinars to cover the deficit
Alaa al-Sadoun said Deputy Chairperson of the Finance Committee in the House of Representatives that the World Bank and IMF special drawing rights and made a loan to Iraq Bmlbg 7 trillion Iraqi dinars to bridge the fiscal deficit.
Said Saadoun, a member of the Accordance Front, said: "The fiscal budget deficit of 21 trillion Iraqi dinars. Sntdark and recycled it through my existing budget of the past year. And the budget in 2010 was calculated on the basis that the price of a barrel of oil to $ 62,5, and the price The current oil is $ 73 a barrel. and this difference would reduce the fiscal deficit."
Saadoun and predicted: "The vote is on the budget for the current year next week."
http://translate.googleusercontent.c...-1kuxAEWyYDJ1Q
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President of Federation of Chambers of Commerce calls for the financial assets frozen
Called for expediting the approval of the financial budget for the year 2010
The Chairman of the Federation of Chambers of Commerce, Abdul Razzaq Zuhairi the Iraqi government to release frozen funds of the Federation of Chambers of Commerce because of the urgent need of Chambers of Commerce have to engage in economic and commercial activities.
Speaking at the press release for the "morning" that this issue was proposed at a meeting with the Minister of State for Civil Society Affairs, where it was approaching the Minister the need to solve this problem and not to keep the situation you've made it because the EU urgently needs the money, with the minister showed his support to these demands, stressing that the problem is on its way to a solution.
He Zuhairi As for private sector involvement in government committees Union has held extensive discussions in this regard with the number of government agencies, we demand that the Iraqi parliament to speed up the approval of the financial budget for the year 2010 because of its very positive impact in stimulating the economic situation in Iraq and to contribute in raising the level of activity trade in particular, and activation of development plans which are in favor of rehabilitating the country's infrastructure and create jobs for the unemployed and implementation of projects approved by the ministries and provincial councils in general.
He said the past years have witnessed considerable delays in the approval of the financial budget, which impacted negatively on the Iraqi economy, which always comes too late for validation and approval, specifically in the fourth month of each year to begin the ****utive bodies of work in those projects, after a month or two, which means the limited time available to complete projects and not to complete those projects and recycling amounts for the budget year to the next and so on, which led to a financial surplus in some provinces due to non-payment of financial allocations for projects and this would confuse the situation and economic development in the country.
The hopeful look forward to next year 2010 to be the year of optimism, love, and pay the pace of everyone, especially with the passage of the election law, which generates the convictions of the members of Parliament need to approve the financial budget in a timely manner without delay to serve the interests of all, an appeal not by the slice Iraqi traders but all citizens who will implement projects in a timely manner is great benefit to them, as well as concern for the dimension of the process of economic differences and political disputes and partisan and factional.
He stressed that the Iraqi economy Zuhairi still attached to the State, which has a large number of companies and factories as well as the presence of industrial facilities owned by the private sector, but always refers to the fact that this sector is vital and important role to hang still in Iraq because the current laws and legislation to Atkhaddmh dramatically, marketing is not good and not at the level of export and without ambition and goods on the market, mostly imported, and in that great damage to the national economy and the local production capacity because production costs are high compared to other neighboring countries, where the problem lies in the provision of electric power, which is one of the cheapest energy needed to run the labs and production lines, as there is no longer available capacity in the present situation and over for years to come, as well as high fuel prices, especially diesel (kerosene) is not necessary in the operation of large plants and factories, where the price of a barrel at about (130) thousand dinars, hence the factory says that is marketing products in the end he will see that prices are higher than Balmistordp what led to the reluctance of many owners of factories and shut down and emigration, or resort to another job, or the owners of capital and Iraqi industrialists to open factories in the neighboring countries and export of goods produced to Iraq, which is a big problem We hope the Iraqi government to pay attention to it seriously and work to find solutions to them as soon as possible and to engage in serious discussions with the bodies of the industrial and agricultural development of what would impact positively on the process of economic and trade ties.
Zuhairi called to activate the role of the Central Agency for Standardization and Quality Control, which is one of the discreet and efficient services not only in Iraq but also in the region, however, is required provisions of border and customs tariffs on goods entering Iraq, an act by laboratory tests to demonstrate the validity before entering domestic markets, and this will be achieved only with applicable law and strict controls over the traders and importers and to refer offenders to justice.
http://www.alsabaah.com/paper.php?so...page&sid=96071
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The Army's Cost of Dealing With Cash in Iraq
4th Brigade Combat Team, 1st Armored Division
CONTINGENCY OPERATING BASE ADDER, Iraq - Iraq may not be ready for Paypal, but with the help of the U.S. Army, the southern Iraqi provinces of Dhi Qar, Maysan and Al Muthanna are moving closer to a cashless system in order to deal with the mounting costs of dealing with cash.
Task Force Pathfinder is increasing its use of electronic funds transfer as a way to pay local contractors and vendors instead of stacks of Iraqi dinar. The transactions are part of the unit's role aiding the State Department's Provincial Reconstruction Teams as they build-up the Iraqi civilian infrastructure.
The benefits of this change have been immediate. The Army saves money, Soldiers eliminate the security risks associated with transporting funds and confidence in the Iraqi banking system gets an added boost with every deposit.
Today, the U.S. Army brings an estimated $42 million in currency into Iraq and Afghanistan monthly, down from $192 million per month the previous year and as much as $400 million a month in 2003. With the development of new banks, including one nearing completion at Contingency Operating Base Adder's Iraqi-Based Industrial Zone, EFT is becoming the preferred method of payment.
When paying for reconstruction projects with hard currency, the cost to the Army is an estimated $32 per payment due to the additional security costs. By contrast, EFTs costs a scant $2.50 per transaction and could save the Army an estimated $20 million annually.
Task Force Pathfinder's paying agents have handled more than $14 million in both dinar and EFT disbursements with local contractors and vendors in Maysan, Al Muthanna and Dhi Qar provinces over eight months. Another $21 million is approved and pending future payments for local humanitarian assistance projects. Most of this will be paid via EFT.
So what is the Army's delay in including this into reconstruction contracts? It isn't easy convincing Iraqi businessmen that an electronic receipt is going to pay them when for years they have received bundles of cash. Contractors need reassurance that the process works. This means both Soldiers and program managers must be well versed in the process and understand everyone's responsibility to ensure efficiency.
1st Lt. Andrew King, disbursing agent, of the 33rd Finance Management Company, deployed to COB Adder, explained the EFT process.
"We process the EFT request and send it up within the first 24 to 48 hours. Then, Baghdad releases a voucher number. At this point, it takes 5 to 7 days for the payment to reach the contractor's account," he said.
Not only is the finance company a resource, but there is also the EFT Assistance Center. The center was established and funded by the taskforce to serve as a help-desk to all the stakeholders in Iraq's newly introduced EFT payments system.
Since Oct. 2008, the assistance center has resolved over 150 EFT payment problems totaling more than $15 million. Also, they provide monthly statistical analysis of the most common EFT payment issues within Iraq, and communicate the root causes of these issues to Joint Contracting Command-Iraq, Defense Finance and Accounting Service, Department of Defense, and all other applicable government agencies.
Brig. Gen. Phillip E. McGhee, director of resource management for U.S. Army Central Command, said the Army will go cashless in theater at the beginning of the 2010 fiscal year when writing contracts with local vendors.
As the Soldiers of Task Force Pathfinder continue their efforts to build civil capacity in southern Iraq, "the transition to electronic funds transfers is a welcomed sign of progress that has the added benefit of saving the U.S. government money," added Lt. Col. Mike Eastman, commander, Task Force Pathfinder.
http://www.dvidshub.net/?script=news...w.php&id=43639
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Central Bank: perfective of the Iraqi dinar against foreign currencies much
Amadhr said Mohammed Saleh adviser at the CBI that the Iraqi dinar improved well Mlhod against other currencies.
He Amadhr correspondent That the Iraqi dinar today has presented a strong currency can not be underestimated in front of all other currencies has a clear impact through his rivalry with the U.S. dollar.
He said, adding that the monetary value of the currency be delayed and hampered by some of the policy and political crises and the current situation in Iraq
http://al-iraqnews.net/new/iconomi/49956.html
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Corruption-plagued Iraq joins oil transparency group
Iraq joined a global transparency initiative Sunday in a bid to heal its reputation as a nation plagued by corruption and misuse of its vast oil wealth.
Ranked fifth from the bottom of Transparency International's corruption list of 180 nations, Iraq is in the process of signing deals with foreign oil companies it hopes will catapult it to major producer status. Iraq signed on the Extractive Industries Transparency Initiative, which establishes a worldwide standard for transparency in oil, gas and mining by pushing companies to disclose what they pay in taxes and royalties to governments, and for governments to disclose the receipt of such payments.
"Today we announce (that Iraq is) joining the Transparency Initiative, which is dealing with oil and gas, the most important resources of Iraq," Prime Minister Nuri al-Maliki said in a speech to government officials, World Bank representatives, and other groups.
EITI, based in Oslo, Norway, describes itself as a coalition of civil society groups, companies, governments, international organizations and investors focused on good governance in resource-rich countries. Torn by years of war and sanctions, Iraq relies on oil for 90 percent of government revenues and is contracting with global majors to refurbish its neglected oil infrastructure and develop some of the world's largest remaining oilfields with the hope of becoming a leading producer. It has the world's third largest oil reserves, but is currently just the 11th-largest producer. Deals agreed in recent weeks could boost daily output from 2.5 million barrels per day to around 12 million bpd in six years.
"The Oil Ministry is managing most of the downstream works in the country and 90 percent of the budget comes from these activities, so this is one of the reasons why we are keen to join this initiative," oil minister Hussain al-Shahristani said.
As a permanent member of EITI, Iraq will be required to issue annual reports on crude production and revenue and oil companies working in the country will have to submit reports on production. Officials said they expected Iraq to become a permanent member in March.
"We want to join this institution to reform the globally damaged reputation of Iraq and the Iraqi government as a country full of corruption," Oil Ministry inspector general Alaa Muhyiddin told reporters.
Iraqis complain bitterly about government corruption which they blame for the poor state of electricity, water and other basic services. Muhyiddin said the government wanted to crack down on smuggling operations by well-organized gangs and the theft of Iraqi crude.
"We have decided to hit with an iron fist anyone caught smuggling Iraqi oil," he said.
http://www.reuters.com/article/idUSTR***917C20100110
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Citi Unit Grows -- With Feds' Help
Even as federal officials move to rein in the nation's biggest banks, one chunk of giant Citigroup Inc. keeps expanding -- with the help of the U.S. government.
Citigroup's Global Transaction Services unit, or GTS, zaps more than $3 trillion around the world each day for hundreds of corporations and dozens of governments and agencies, including the Federal Reserve. It converts currencies for the Fed, processes all passport applications for the U.S. government and handles U.S. military payments to Iraqi contractors.
The political winds are blowing stiffly against giant banks these days, as their "too big to fail" status galls ...
http://online.wsj.com/article/SB1263...tions_business
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Raided the headquarters of the foreign security companies in Iraq
Undersecretary of the Ministry of Interior for Intelligence Affairs Maj. Gen. Hussein Kamal, a number of foreign security companies operating in Iraq have raided headquarters of the non-renewal of their licenses, noting that these companies over to Iraqi law for not having the necessary legal permits to be renewed every year.
Kamal said in a statement to the neighbors that there are site conditions for contracting with these companies and to comply in accordance with Iraqi law, pointing out that all security companies subject to inspection and accountability according to the law and that the lines open with these companies to learn all Iraqi laws and follow the new instructions to walk under it.
The security officials said that security forces have seized hundreds of guns and thousands of releases and military equipment in a crackdown on contractors, private security companies in Iraq.
http://radionawa.com/ar/NewsDetailN....1605&LinkID=99
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MP calls for international action to recover Iraqi assets outside the country
MP Abdullah Iskandar need to move and adopt all measures to restore Iraq's money inside and outside the country by individuals or states through the adoption of political and diplomatic means and legal.
The Iskander said in his statement for the site neighbors the importance of recourse to the United Nations or other international bodies to recover the lost rights of the country, stressing that the lack of support for these demands will give a negative signal to the others it is more beneficial to assign this movement to restore the rights of the nation that can not be squandered.
He stressed that in the event that the Foreign Ministry to demand the restoration of the rights of the country must be employed with other international bodies in order to ensure open this file and obtaining the full rights.
http://radionawa.com/ar/NewsDetailN....1603&LinkID=99
