Thread: Archive News - Iraqi Dinar Think Tank - 22/06/2010 - 04/10/2010

Sunday 19th September 2010

Post-U.S. invasion economic strategy ‘complete shambles’, says Iraq Central Bank official

The years since the 2003-U.S. invasion of Iraq have done more harm than good to Iraq’s economy, a senior Central Bank official says.

“One of the reasons for the failure of the economic administration in the past seven years is the misuse of the resources which the country owns,” said Mudher Saleh, the bank’s official consultant.

He said there was imbalance and mismatch in Iraq’s economy with the state in control of 80 percent of the country’s riches and other sectors the remaining 20 percent.

“This mechanism cannot achieve any economic feasibility and therefore its unproductive and doomed to failure .. it is a complete shambles,” Saleh said.

It is very rare for senior central bank officials to be so harshly critical of their countries’ economies.

He accused the powers which overthrew the former regime and the subsequent governments of not being able “to bring prosperity to the Iraqi people.”

He did not name the powers but it was the U.S. and its troops which invaded Iraq in 2003 and topple the former regime of President Saddam Hussein.

One of the main structural problems in the Iraqi economy, according to Saleh, is the bloated state sector “where 95 percent of salaried people (about 3 million) do not deserve to be paid.”

He said unemployment was still 15 percent in Iraq in general and 28 percent among its youth.

“If the government wants to achieve prosperity it must create some form of partnership between the state and the private sector. The country’s resources should not be in the government’s hands. This is an error which should be taken into account in the future,” Saleh said.

http://www.azzaman.com/english/index...09-19\kurd.htm

Iraq core inflation mounts to 1.9 pct in August

A senior official in Iraq Central Bank said that Iraq's core inflation rose to a year-on-year rate of 1.9 percent in August from 1.7 in July. It is to be noted that the bank defines core inflation as excluding expenditure on fuel.

http://www.alsumaria.tv/en/Economics...in-August.html

45 companies to take part in gas field auction in October – spokesman

Iraq is to hold a public auction on October 20 for the rights to work on three gas fields, an oil ministry spokesman said on Monday, noting that 45 companies will compete to win this auction.

The sale of the undeveloped fields, which have estimated reserves totalling about 317 billion cubic metres — bcm (11 trillion cubic feet — tcf), follows two invitations to tender for oil fields last year in which 10 contracts were agreed with foreign energy giants.

“We have decided to hold the gas field auction on October 20,” Assem Jihad told Aswat al-Iraq news agency.

“All the companies which participated in the oil field auction will be participating, but we will know exactly how many companies will participate on the day of the auction itself.”

Oil Minister Hussein al-Shahrestani on May 6 invited international energy firms to submit bids for the gas fields, which he said at the time would be held on September 1.

He said 45 companies that had taken part in the two previous rounds of bidding would be eligible to compete and that the contracts on offer would again be service agreements, under which Baghdad pays the foreign company fixed fees based on production quotas rather than a share of profits based on sales.

http://en.aswataliraq.info/?p=137013

LUKOIL posts 4 new tenders in Iraq

Russia's number 2 oil producer, LUKOIL, and partners have issued four new tenders for construction and energy projects at Iraq's West Qurna Phase Two oilfield, the company said Monday in a press statement.

The tenders are for the construction of an oil export pipeline; a tank farm at Tuba; a power distribution station and an associated gas processing plant; and an oil gathering system, central processing facilities and a water supply system.

LUKOIL, which along with its consortium partner in the Iraq project, Norway's Statoil, set a deadline of December 4 for companies to submit their final bids for the contracts, according to the statement.

http://www.alsumaria.tv/en/Economics...s-in-Iraq.html

Monday 20th September 2010

Iraq begins a broad program to reconsider the conventions of economic relations with other countries

Ministry of Commerce announced it had begun implementing a broad program to review trade agreements and economic and technical agreement between Iraq and other countries.

A statement of the Ministry of Commerce has received the independent press (Iba) a copy of the Minister Safa al-Din net saying that the ministry has begun a broad program to review trade agreements and economic and technical agreements between Iraq and other countries, as well as the study of bilateral agreements between Iraq and the countries that are linked with him, with a view to framing These relations.

He added net that the ministry will take the into consideration the status economic and political of that State and the benefits of those agreements, and work on activating the joint commissions for economic cooperation and trade with other countries.

He pointed out that his ministry is seeking to actively participate in the meetings of Arab and regional organizations and international economic conferences and trade, in order to keep up with economic events and the embodiment Last Iraq and its role in international forums.

The net that the Ministry of Commerce is working to keep pace with economic developments and to find foreign markets, to promote exports of Iraq and the activation of the Export Support Fund, and advancing the Iraqi authorities on the developments of economic, and to follow up the implementation of contracts which seeks to guarantee the interest of institutions and departments of Iraq and to facilitate the smooth flow of goods of export interest to Iraq.

http://www.ipairaq.com/index.php?nam...onomy&id=30403

MPs discuss the claims resolved in parliament and peaceful transfer of power

Discussed a number of new deputies in a consultative meeting held today in the parliament building calling for claims to dissolve the parliament, and agreed on the continuation of seminars on Tuesday to discuss the security file.

A statement from the House of Representatives: "The seminars Consultative continued presence of twenty-six of the new deputies and a number of members of the former deputies, Adel Abdul Mahdi, Vice-President, academics, university professors and representatives of civil society organizations, Hall Constitutional Building, House of Representatives in Baghdad to discuss activating the role of the House of Representatives and the crisis in the formation of Government, according to attendance, holding these seminars consultation came after public pressure."

He added: "was in the seminar to focus on a number of points the most important necessity of activating the role of a member of the House of Representatives and a deadline to end the crisis to form a government, but for calls that refer to the dissolution of the House of Representatives has been emphasized that the pressure to hold a hearing on the House of Representatives is easier than calling for dissolution of the House and re-elections."

The meeting, according to the statement: "the importance of recognizing the dangers that surround Iraq and the prospect of peaceful transfer of power as part of democratic norms and constitutional and work to preserve the young democracy in addition to understanding the diversity in the composition of Iraqi society."

He also called on attendees to use the time at this stage to reconsider the rules of procedure and mechanisms to regulate the relationship between the executive and legislative branches and the formation of parliamentary committees, volunteer and study the laws are not completed in the previous session.

The conferees called leaders of the blocs to attend the House of Representatives and held meetings among themselves, and were asked the president to protect and enforce the Constitution and the Federal Court to end the open meeting, called on Prime Age of the Declaration of a meeting of the House of Representatives.

http://www.uragency.net/index.php?aa=news&id22=11899

Atroushi : It is likely to postpone approval of the budget of the State five months

Said former member of the Iraqi Council of Representatives bloc of Islamic Union of Kurdistan (Sami Alaterci) The delay in forming the new government reflected its negative effects on all levels in Iraq, especially the sector of the economy.

The Alaterci: The Ministry of Finance prepared a draft state budget for fiscal year 2011, but could not be approved by the Council of Ministers without exposing the Iraqi Council of Representatives for approval.

The former member of the Iraqi Council of Representatives: passing a state budget in cases of habitual lies in the months of December and February, but in the case of the country's current where no government is formed after, it is possible to postpone the draft budget to the fourth month, the fifth of next year, and this Will have a negative effect on many vital projects, particularly services.

http://www.kurdiu.org/ar/hawal/index.php?pageid=44800

UAE companies enter into contracts with Iraq worth $ 66 billion

Was announced on Monday for contracts worth $ 66 billion between the Iraqi side and two Amaratnetin working in the field of real estate development as part of efforts seeking to reconstruction in the country.

According to The National newspaper quoted Sami al-Araji, head of the national investment of Iraq, saying the company National Holding owned by members of the royal family in the UAE will develop two projects under these contracts, noting that a letter of intent was signed yesterday in the United Arab Emirates venture between Bloom and Company Holding national and Iraqi Commission for Investment, said in the wake of the signing of the letter that »the results of the talks were fruitful and very positive».

The paper points out that the signing of the agreements, highlighting the growing role played by the United Arab Emirates in the field of reconstruction in Iraq, indicating that the company Bloom will real estate project in the province of Karbala, worth $30 billion as well as a $15 billion to build 300 thousand housing units in the Six provinces The other.

shows Araji that these projects will be initially funded through loans from the Bank of Mesopotamia and Bank Iraqi Commercial and Rasheed Bank, the company then obtain funding from the «all banks in which the company has National Holding contributed to the».

"They said that the Iraqi delegation has reached an agreement also with the crossing -based Abu Dhabi to undertake projects that could be worth $ 21 billion.

It should be noted that there were many projects for large estates in Iraq and that announced UAE companies to do in the past, but agreements current represent a turning point because of the size of investments that involve them.

The UAE investors have received contracts to projects up to $37.7 billion last year, or nearly a quarter of investment given by Iraq in 2009, but some of the conventions did not find a way to implement as a property company which has a $55 billion AED in the city of Arbil, where he was responsible for Investment in the region for the cancellation of the agreement.

http://www.alsabaah.com/paper.php?so...age&sid=108794

8 Iraq and the Arab countries involved in the training of entrepreneurs in Bahrain Arab technology

Ends on Wednesday, Sep 22 current training workshop, which lasted over 4 days, in the Bahraini capital Manama, during the period from September 19 to 22 September, the young entrepreneurs, who have passed the first stage of the competition of business plans technological Arab At its sixth session. And implement the training program in the Arab Foundation for Science and Technology, in collaboration with Intel and UNIDO United Nations Industrial Development Organization. Had been trained and Bahrain, a training workshop held in Cairo over the 17-18 September, Cairo.

The Vice-Chairman of the Executive Office of the Arab Association of Science and Technology, Dr. Ghada Mohamed Amervi press statement participated in the training 63 leading Arab businessman, from 9 Arab countries : Egypt, United Arab Emirates, Bahrain, Yemen, Iraq, Palestine, Libya, Algeria and Morocco.

The Amer The aim of the training, the provision of online learning, and enhance the skills of innovators and entrepreneurs, the Arabs, to develop their business, to turn to companies and promising technology, and change the culture of government action in the youth and graduates, through the dissemination of a culture of self-employment and the establishment of technology companies promising.

She noted that the advanced projects reveal that the Arab states and minds of the promising and leading projects in need of a climate of catalyst, provides the right environment to achieve notable successes are valued and respected, by governments, society and the major private sector companies, regional and internationa , especially as the global economy is in large part, for considerations of economic resilience, based on small and medium enterprises, which is the locomotive of economic development and prosperity of the community. As these projects, accommodate and create numerous employment opportunities, and provide quality products and competitive prices, purchasing power in Arab societies, and contributes to improving the standard of living.

Amer explained that the cooperation with Intel , because they are leading companies worldwide in the care and support innovative ideas, are converted into projects on the ground, search is one of the pillars of society and knowledge economy in the countries where they operate. The UNIDO is one of the United Nations organizations, specialized in industrial development, and incentive for the employment of technology in various industrial fields for economic development, and well-being of communities.

http://www.ipairaq.com/index.php?nam...onomy&id=30430

Report: Iraq in a manner to be the first oil producer in the world has ever seen

A report that Iraq's oil Iraq firmly on the conclusion of the two oil lines with Turkey and Syria achieved significant steps towards the goal to be the first oil producer in the world at all.

The report said that infrastructure is enabling one of the points of concern to foreign oil companies investing billions of dollars in the oil sector in the country.

He pointed out that the energy ministers in Iraq and Turkey met in Baghdad last Sunday, and spent the Convention on the dichotomy between 15 and 20 years to keep the second-largest port export Iraq is open, a day after the announcement by Baghdad Convention a preliminary with Syria on the three lines of export-Chairperson.

http://www.ikhnews.com/news.php?action=view&id=2019