Thread: ICI/Sharm Conferences-Iraq Economy Implications

Originaly posted by fredgwest1999 in the news thread,thanks.

This is a great read and deserves some discussion, to me it is saying that the debt relief is more important than some may have thought previously.
It's as if they are stateing that they can not implement an RV until these debts are taken care of, thoughts? lewscrew






Sharm conferences: Iraqi economists forecast positive implications for Iraqi economy
By Dergham Mohammed Ali
Baghdad, May 5, (VOI) - A number of Iraqi economists on Saturday gave their forecasts about the implications of the resolutions adopted by the Sharm al-Sheikh conferences, held last Thursday and Friday, for the Iraqi economy. Positive impacts for the Iraqi economy, a boost to Iraq's participation in the World Trade Organization (WTO) and potential benefits for the Iraqi people were predicted by many economic experts.
Some economists indicated that in order for the conferences to yield benefits for the Iraqi people, high-quality governmental performance in banking activities and investment projects has to be ensured first.
Samir Zedan, an economic expert who works for the U.S. Agency for International Development (USAID) in Iraq told the independent news agency Voices of Iraq (VOI) today, "The huge reduction of Iraqi debts will ease the burden on the Iraqi economy. This will consequently return Iraq to its normal position in the international community and boost its active participation in WTO, considering its economic potential and resources."
According to Zedan, the reduction of debts will also help Iraq import raw material, which he said will help bring deactivated industries back to life and turn Iraq from an oil-producing country to a multi-resource country that has an industrial base.
Zahid Jihad, a media and economic expert, said "The reduction of Iraq's debts by many countries, led by Saudi Arabia, will enormously benefit the Iraqi people if it is accompanied by a distinguished technocratic governmental performance."

According to Jihad, the activities of Iraqi banks are currently suspended because of such debts. Creditors have the right to halt all financial transactions by Iraqi state banks that have branches outside Iraqi, including the banks of al-Rafideen (The Two Rivers, in reference to the Tigris and Euphrates rivers), al-Rasheed and the central Bank of Iraq.

Citing Malaysia and South Korea as examples, Jihad indicated that the Iraqi government should pursue a wise policy by activating the banking sectors and rebuilding the country.

Jihad explained that the next task will be assigned to the private sector, which he said was compelled to move its capital to neighboring countries to benefit from their openness to the world economy. "After the cancellation of debts and activation of the banking sector, openness to the world economy will also be attainable from within Iraq," Jihad added.
Economic and industrial expert Abdul Razzaq Al-Abayachi told VOI, "The cancellation or reduction of debts will rid Iraq of bills that were not its fault and which hinder the wheel of sustainable development."

The International Compact for Iraq Conference, hosted by the Egyptian Red Sea resort of Sharm al-Sheikh on Thursday, produced a document bearing its name, which specified all forms of assistance to be provided by the international community to help Iraq reconstruct its economic and military institutions. Iraq's Neighboring Countries' Conference, held on Friday with the participation of Egypt, Bahrain, representatives from the G8, the UN Security Council's five permanent members, the United Nations, the Organization of Islamic Conference (OIC) and the Arab League, also vowed to back the Iraqi government.

During the conference, some of Iraq's debts were canceled by a number of creditor countries, while others were reduced. A $5 billion grant was also awarded to Iraq.

Next we have a very similar artical originally posted by Lunar, thanks!



Iraqi economists expect positive results on the economy
(Voice of Iraq) - 05-05-2007

Iraqi economists expect a positive outcome to the Iraqi economy after the Sharm el-Sheikh
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

A number of economists expect the Iraqis today, Saturday, that reflected the outcomes of the Sharm El-Sheikh on Iraq, which concluded yesterday positively on the performance of the Iraqi economy and the strengthening of Iraq's contribution to the World Trade Organization along with the interest that would accrue on the Iraqi people.

He stipulated that accompany some of these decisions reflect the performance of government distinctive banking activities and investment projects which will benefit the people of Iraq.

Held in Sharm El-Sheikh conference last Thursday at which the International launch a document identifying the name of assistance that could be provided by the international community for Iraq and to rebuild the economic and military institutions, and followed by the conference of Iraqi neighboring states along with Egypt and Bahrain and the Group of Eight major powers and permanent members of the Security and the United Nations and the Islamic Conference and the Arab League yesterday, Friday, to provide support for the Iraqi government.

Announced some creditor nations to write off their loans during the implications of Iraq, the other states reduce this debt, while the value of aid announced by the donor states five billion dollars.

He said Samir Zeidan, and economic expert group within the Agency for International Development in Iraq News Agency (Voices of Iraq) Independent today, "Iraqi debt reduction this form large will reduce the burden on the Iraqi economy, which would enable Iraq to return to normal in the international community faster and enhance its contribution to the World international trade as an active member of the attributes of the resources and potential economic appointed to that. "

He added, "These reductions also will enable Iraq to introduce raw materials to stimulate the industry to contribute stalled in the wheel of development, the transformation of Iraq from a country approved primarily on oil resources is a multi-industrial base by the aggressor."

Meanwhile, Zahid Jihad, the economic expert and media "debt reductions by the State of Iraq, particularly Saudi Arabia, would benefit the Iraqi people can be substantially reduced if the government performance was distinguished technocratic nature."

He said that "the first reflection of the debt reduction will be on performance of the government with regard to banking performance."

He explained that "the Iraqi banking activities in international forums currently stalled because of this debt, and creditors have the right to arrest any Iraqi government outside the capital of Iraq, such as banks, Rafidain and Rasheed, or the Iraqi Central Bank in foreign subsidiaries, which forced the government to close all these branches, waning foreign remittances to the Bank Iraqi Trade of the conversion for the benefit of the Iraqi Central Bank transactions were higher than if the government was able to open branches of government banks, and banking performance are complex mechanisms and debt cancellation would lead to the return of the Iraqi banking sector in the world to the developed and resume this activity. "

He stressed that "the government pursue a wise policy in this regard and revitalize the banking sector to contribute to the building of Iraq, as happened renaissance in Malaysia and South Korea, which led advanced banking sectors in the economic rebirth of this country."

He said, "The second part will be on the private sector, which forced the exodus of capital funds to neighboring countries to gain a share of openness to the world, and in the case of debt cancellation and revitalize the banking sector will be open from inside Iraq with the cost difference, which will be more economical inside Iraq."

He continued, "The third aspect is the aspect of investment flourish if it reduced debt and the entry of capital possible through legal mechanisms internationally recognized borders and international guarantees."

Meanwhile, the economic expert and industrial Abdul Razak told the trouble (Voices of Iraq) that "debt cancellation or relief rid Iraq of paying interest on the bills had not impeded by the wheel of sustainable development."

He added, "Iraq now could lead to the development beyond the range of indebtedness lighter and get balance in the balance of imports with the budget allocations investment for the future to create better opportunities for Iraq to emerge from the economic crisis experienced by the service."

He said that "international commitments to support security in Iraq if it impacted on the real security reality, it will push forward the wheel of investment and create a climate of security to the foreign investor and local building projects without huge margin risk."

I gave my 2 dinar thoughts in the "Think Tank". I just didnt see it here before.

Excellent Lewscrew! The points that stuck out the most of what you already highlighted are these:

"The huge reduction of Iraqi debts will ease the burden on the Iraqi economy. This will consequently return Iraq to its normal position in the international community and boost its active participation in WTO, considering its economic potential and resources."
"After the cancellation of debts and activation of the banking sector, openness to the world economy will also be attainable from within Iraq,"

Saw that Neno, no problem just thought the articles deserved their own thread because they are so good.

Originally Posted by boxmama

Excellent Lewscrew! The points that stuck out the most of what you already highlighted are these:

"The huge reduction of Iraqi debts will ease the burden on the Iraqi economy. This will consequently return Iraq to its normal position in the international community and boost its active participation in WTO, considering its economic potential and resources."
"After the cancellation of debts and activation of the banking sector, openness to the world economy will also be attainable from within Iraq,"

Thanks boxmama, I agree! Hopefully they move quickly with activating the banking sector. Wonder if the RV can be done before that is finished.

If we take this and add it to darock's artical 2+2=4. my only question is what does soon mean????

Originally Posted by boxmama

Excellent Lewscrew! The points that stuck out the most of what you already highlighted are these:

"The huge reduction of Iraqi debts will ease the burden on the Iraqi economy. This will consequently return Iraq to its normal position in the international community and boost its active participation in WTO, considering its economic potential and resources."
"After the cancellation of debts and activation of the banking sector, openness to the world economy will also be attainable from within Iraq,"

Originally Posted by darock0116
The announcement of an ambitious program to restructure and rehabilitate the banking sector in the near future


The announcement of an ambitious program to restructure and rehabilitate the banking sector in the near future

السبت, 05.05.2007, 06:38am (GMT)
Saturday, 05.05.2007, 6:38 am (GMT)
[/right]

The Director-General of the Rafidain Bank Then Yasiri, that the implementation of the restructuring of the banking sector year will begin soon, adding that the program will include the adoption of a comprehensive electronic system and adopt modern mechanisms to keep abreast of developments in the banking industry in the developed world. Yasiri, and pointed out a number of measures which will be launched soon in order to improve the reality of banking services offered to citizens, including the establishment of training centers in particular the banking sector and external courses to raise standards of rehabilitation banking cadres in addition to preparing studies to evaluate the annual performance through the use of research centers and a number of speSEEALISts in banking

Translated version of Iraqi Media Net

Speaking of activating the Banking Sector, here it comes now! Thanks Rock!

Originally Posted by darock0116
The announcement of an ambitious program to restructure and rehabilitate the banking sector in the near future


The announcement of an ambitious program to restructure and rehabilitate the banking sector in the near future

السبت, 05.05.2007, 06:38am (GMT)
Saturday, 05.05.2007, 6:38 am (GMT)
[/right]

The Director-General of the Rafidain Bank Then Yasiri, that the implementation of the restructuring of the banking sector year will begin soon, adding that the program will include the adoption of a comprehensive electronic system and adopt modern mechanisms to keep abreast of developments in the banking industry in the developed world. Yasiri, and pointed out a number of measures which will be launched soon in order to improve the reality of banking services offered to citizens, including the establishment of training centers in particular the banking sector and external courses to raise standards of rehabilitation banking cadres in addition to preparing studies to evaluate the annual performance through the use of research centers and a number of speSEEALISts in banking

Translated version of Iraqi Media Net

Originally Posted by Hope Full

If we take this and add it to darock's artical 2+2=4. my only question is what does soon mean????

We posted Rocks article at the same time, yes very good question, how soon is soon?

Dictionary.com Unabridged (v 1.1) - Cite This Source
soon /sun/ Pronunciation Key - Show Spelled Pronunciation[soon] Pronunciation Key - Show IPA Pronunciation
–adverb, -er, -est. 1. within a short period after this or that time, event, etc.: We shall know soon after he calls.
2. before long; in the near future; at an early date: Let's leave soon.
3. promptly or quickly: He came as soon as he could.
4. readily or willingly: I would as soon walk as ride.
5. early in a period of time; before the time specified is much advanced: soon at night; soon in the evening.
6. Obsolete. immediately; at once; forthwith.
—Idioms7. sooner or later, eventually: Sooner or later his luck will run out.
8. would sooner, to prefer to: I would sooner not go to their party. Compare rather (def. 8).