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Central Bank: addressing the financial deficit will be local and international loans
The Central Bank of Iraq, on Thursday, the Iraqi government that can address the fiscal deficit in the budget of 12 billion dollars of loans through local and international.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) "The Iraqi government has the means and procedures for financing the deficit in the fiscal budget for next year and $ 12 billion through local loans provided by banks and through the auction of treasury transfers."
Saleh pointed out that "the Central Bank raises bond for sale of a utility are displayed during the bidding continued approximately every two weeks," adding that "the IMF had loaned the Iraqi government to finance the deficit in the fiscal budget for the year past."
The Iraqi cabinet yesterday approved the general budget for 2011 with revenues estimated at 66.7 billion dollars, and expenditures to 78.7 billion dollars, while the value of the fiscal deficit of $ 12 billion.
http://www.aknews.com/ar/aknews/2/199221/
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CBI sells $237m on Thursday
The Central Bank of Iraq (CBI) dollar sales registered on Thursday $237.690 million at an exchange rate of 1170 Iraqi dinars per dollar.
“There was no demand on cash, while the foreign transfers outside the country reached $237.690 million, covered at an exchange rate of 1,183 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.
None of the 17 banks that participated in today’s session offered to sell dollars.
http://en.aswataliraq.info/?p=139439
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Opening of the Conference of the Iraqi investment in Germany
Opened in the German city of Munich on the investment conference organized by the Iraqi and the German-Arab Friendship Society in cooperation with the Bavarian Trade Organization with the participation of a large number of businessmen and investors, the Germans.
A statement of the Ministry of Foreign Affairs for the Iraqi ambassador in Berlin Hussein Mahmoud al-Khatib said at the opening of the conference that the Iraqi government has made great efforts in order to provide an appropriate atmosphere for the investment process by issuing its law order 13 as well as a suitable ground for investment in Iraq, particularly since there are many international companies known from various countries around the world working in Iraq.
Khatib called on businessmen and investors to enter the German market, especially since the Iraqi cities of Iraq will take the lead in the economic future of cities bordering the Gulf after the enjoyment of the provincial powers currently in the field of project planning and implementation.
He said the ministry statement said a number of specialists in the field of investment and the owners of capital in Germany, praised the wealth of information on the conference addressed the many job opportunities available now in Iraq and support of investors and ensure their rights by the Iraqi authorities.
http://www.ipairaq.com/index.php?nam...onomy&id=33120
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Measuring Corruption in Iraq: Between Perceptions and Reality
The following article was written by Ali Al-Mawlawi, an Iraqi research fellow at Baghdad-based independent think tank, the Iraqi Institute for Economic Reform. It was published by openDemocracy, and is reproduced here under their Creative Commons licence.
The World Bank has described corruption as ‘the single greatest obstacle to economic and social development.” The prospects of attracting foreign investment depends on cultivating perceptions of a healthy business environment, and information on levels of corruption influences the willingness of donors to assist developing countries. On 26 October, Transparency International (TI) will unveil the results of the 2010 Corruption Perceptions Index (CPI). First published in 1995, the CPI has gained prominence as one of the leading indicators of cross-country corruption.
Iraq has consistently scored extremely poorly in the CPI. In 2009, it was ranked fourth from bottom out of 180 countries, ahead of only Myanmar, Afghanistan and Somalia. However, earlier this month, in a report co-authored by TI that assessed transparency in the oil, gas and minerals industries, Iraq was ranked number 13 out of 41 resource-rich countries and well ahead of its Middle Eastern neighbours. Understanding the reasons for this disparity requires a closer inspection of the CPI’s methodology and its implications for measuring perceptions of corruption in Iraq.
The Corruption Perceptions Index is an aggregate indicator that ranks countries based on the degree to which corruption is perceived to exist among public officials and politicians. TI defines corruption as “the abuse of entrusted power for private gain”. The CPI relies on thirteen surveys from ten independent organisations, which rank countries according to overall extent of corruption (frequency and/or size of corrupt transactions). Six of the surveys are based on the opinions of local businesspeople and the remaining seven sources are assessments from both resident and non-resident country experts.
http://www.iraq-businessnews.com/201...s-and-reality/
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Iraqi Drilling Company implemented a program in 96 oil wells
Iraqi oil source said that the Iraqi Drilling Company is preparing next year to begin implementing a program to drill 96 wells and reclamation of oil worth of operating up to 170 billion dinars ($ 146 million approximately) in a number of sites of Iraqi oil.
The source said that the company intends to implement the drilling and reclamation of oil wells spread over the whole of Iraq during the next year and the national effort and for the benefit of extractive companies both national drilling 27 wells evolutionarily in the operations of the North Oil Company and 32 in favor of the Southern Oil Company and 8 wells for the Maysan Oil Company and 10 wells for the benefit of the operations of oil center as well as 4 development wells in oil field box.
He added: The company also plans to rehabilitate 15 wells productive distributed on 7 production wells in the North Oil Company and 6 wells in the Southern Oil Company and the Company's oil wells to the center. He stated that the cost of drilling and reclamation of these wells up to 170 billion Iraqi dinars.
On the other hand, a senior adviser to Iraqi Prime Minister that Iraq's oil output could rise to more than triple by 2017, a level much lower than previous estimates, but he gave a number that will make Iraq even though one of the largest producers in the world.
And Iraq put a tender last year occurred on the track agreements with international oil companies would theoretically raise the production capacity to 12 million barrels per day by 2017, a figure most analysts see it is not realistic.
Said Thamer Ghadban former Iraqi oil minister told a news conference that he expects to reach production capacity of Iraq to eight million barrels of oil per day within six to seven years.
Analysts point to the collapse of infrastructure and security concerns Kaaqptin basic TURN countries achieve the level of Iraq's 12 million barrels per day, which would make it the largest producer in the world or put him in the ranks of Saudi Arabia.
http://translate.googleusercontent.c...z3bGNJXcophA-w
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Core inflation jump not what it seems
Last week a Central Bank of Iraq (CBI) official revealed that October year-on-year core CPI inflation jumped to 3.2% from just 1.87% in September, breaking a nine-month downtrend. At first glance, you might conclude that Iraq is now at the start of the same CPI uptrend that its neighbors, and indeed much of the developing world, have been experiencing all year as a result of money printing by the Federal Reserve. (See chart. Note that Iraqi core inflation excludes fruits and vegetables, nonalcoholic drinks, and gas and gasoline).
Such a development would have important implications for the dinar. While in other countries central banks raise interest rates to control inflation, this remedy would be of little use in Iraq. As the leading role of state-sector banks and enterprises makes the economy relatively insensitive to rate hikes, the only way for the CBI to keep a lid on rising prices is to lower the local currency cost of imported goods through exchange rate appreciation. Dinar bulls might therefore take the core inflation jump as good news.
But it turns out the jump was due mainly to higher prices for housing, water, and electricity, which suggests that it may be more the result of October’s ten-fold increase in electricity tariffs than anything else. While it would still not be surprising if Iraqi inflation began to trend higher given what’s going on in the rest of the region, the October number thus cannot be taken as evidence that this is already happening
http://www.iraq-businessnews.com/201...what-it-seems/
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Ki-moon hopes to move by Iraq to comply with its obligations to Kuwait
Expressed the UN Secretary General Ban Ki-moon said he hoped the movement of Iraq as soon as the rapid formation of his new government to fulfill its obligations towards the United Nations in particular with regard to Kuwait of the border issues, missing persons and Kuwaiti property.
Ban said in a report issued today by the United Nations mission to help Iraq (UNAMI) "I hope to meet Iraq once the new government of its obligations outstanding arising from decisions of the Security Council in particular issues relating to Kuwait, including the return of missing Kuwaiti nationals and Kuwaiti property."
He added "as an important confidence-building measure would encourage Iraq to reaffirm its commitment to the Security Council resolution No. 833 of 1993 in relation to land and maritime boundaries and I am sure that progress on these fronts would enable the Security Council to consider steps to be taken to normalize the international situation Iraq's full. "
He explained that he had discussed with his Special Representative for Iraq, Ad Melkert, who held meetings with Iraqi officials in the 26 of October to October, and should confirm the Iraqi government is ready to continue the maintenance project marks the border with Kuwait, which mandated under Security Council resolution 833 and contribute $ 600 thousand dollars, its share of funding Annual extra services required for the project, which will start in March-March 2011.
The secretary general of the United Nations to Melkert met on 26-28 of October to October in Kuwait last senior officials to discuss issues related to developments in the implementation of Security Council resolutions on the normalization of relations with Iraq, particularly in relation to the maintenance of border signs and compensation, missing persons and Kuwaiti property.
He also said that UN Special Rapporteur to the issue of missing persons and Kuwaiti property, Gennady Tarasov, met a number of senior Kuwaiti officials during his visit to the country on 27 September to September last, where he "wanted to establish good relations with Iraq" and stressed on the necessity of winning the new government in Iraq made significant progress on the ground Indeed, in finding the missing Kuwaitis and nationals of other countries and archives. "
Ban Ki-praised in the report of all the political blocs in Iraq and its leaders for their participation in a collective process and to reach agreements "apparently" it ended the deadlock that has accompanied the process of forming the government.
At the regional level in order to express that the "strongly encouraged to neighboring countries to make a priority of the new Iraqi government involved in addressing issues of mutual concern."
In this regard, welcomed the recent decision of Iraq and Syria to restore full diplomatic relations between them and the Saudi initiative in support of the government formation process and national reconciliation.
http://translate.google.co.uk/transl...n&hl=&ie=UTF-8
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Sistani calls for the formation of a government away from any foreign intervention
Called on the supreme religious authority, Ali al-Sistani to the formation of an Iraqi government away from any external interference.
A source close to Sistani's office on Thursday that the religious authority, called for the formation of a government where the ministers who are competent working on public service people away from personal interests and not allow foreign interference in the affairs of government and that the next government will be in the service of the public.
The source confirmed that Al-Sistani in good health and the general public receives from Iraq and outside his office in Najaf, Najaf, he said.
http://radionawa.com/ar/NewsDetailN....654&LinkID=151
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The Iraqi government recognizes the draft 2011 budget deficit of $ 12 billion
Iraq's cabinet approved on Wednesday, the budget deficit for 2011 amounted to 12 billion dollars will be covered by the amounts retained from the previous year's budget and borrow internally and externally.
The Council stated in a statement received Radio NOAA copy of the expected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, a shortfall of $ 12 billion dollars, he said, adding that the deficit would be covered from the amounts retained from the general budget for 2010 and internal borrowing and external.
The statement pointed out that the calculation of income resulting from export of crude oil at a rate of $ 73 a barrel at a rate of 2.00025 million barrels a day, of which 150 thousand barrels of crude oil export to the Kurdistan region.
http://radionawa.com/Ar/NewsDetailN....622&LinkID=155
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Shahristani to Lose Oil Ministry … Well, Sort Of :blush:
A confidante of Prime Minister Nouri al-Maliki claims there will be a shake-up in the oil and energy portfolio when the new cabinet positions are announced.
According to Iraq Oil Report, Hussain al-Shahristani will move from his current position as Minister for Oil and Acting Minister for Electricity, into a newly-created Deputy Prime Minister role with responsibility for oil and electricity issues.
This effectively creates an additional plum vacancy to be gifted as part of the negotiations between the rival blocs, while allowing Maliki’s right-hand man to retain at least some control of this key function.
The report says Maliki targets to have cabinet positions decided by 15th December.
http://www.iraq-businessnews.com/201...-well-sort-of/