Thread: Archive News - Iraqi Dinar Think Tank - 24/01/201 - 23/07/2011

Economic Commission intends to parliamentary legislation law to regulate the work of banks in Iraq

The Economic Committee in the Iraqi Council of Representatives said on Sunday it planned legislation for a law to organize the work of government and private banks in the country. The committee member said Abdul Hussein Abtan of Kurdistan News Agency (Rn) that "the Commission intends to pass a law regulating the work of government and private banks and provide cover for the development of its legislative work of financial and cash in the country, without affecting the economy in the year."

He added that the "Law on Banks will take their respective fields with a package of economic laws that the Committee intends to submit in turn to the Presidency in the coming days."

Abtan pointed out that "Iraq needs a law to organize the work of banks in line with Ahtiajth financial development and economic development, and should not be a random process of establishing the banks because it will contribute to the weakening of the banking sector in the country."

The Central Bank of Iraq on February 2 that six of the government and private banks began using the electronic clearing system.

And the World Bank allocated $ 10 million to restructure state banks and activate the electronic dealings.

The unit announced restructuring Iraqi banks earlier in the extension of unit banks for a period of one year because of security concerns.

Iraq had decided in early 2006 to restructure banks in order to get rid of heavy debt, and dies as the Finance Ministry announced the Iraqi quest over the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

The Iraqi government is still limited in its financial transactions on the government banks approved by 85%.

And called on the Ministry of Finance earlier in the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

http://www.aknews.com/ar/aknews/2/226308/

Iraqi oil is preparing for the fourth round of licensing

A spokesman for the Iraqi Oil Ministry, Sunday, all that the ministry is preparing to complete the preparations for the fourth licensing round for oil investment in the country.

"Asim Jihad told the Kurdish news agency (Rn)" The fourth round of licenses will include the provinces of Najaf, Karbala, Samawah, Diwaniyah and Al-Anbar, as not included in previous licensing rounds. "

Iraq continues to spend about 5 billion dinars to import 60% of the needs of petroleum products per year, due to the outdated Iraqi refineries are operating at half capacity design.

Jihad said that "the tour will include the announcement of the exploratory site and then invite international companies to develop and rehabilitate the oil fields, and after the meeting will be provided to companies working in these fields."

He pointed out that "Iraq is seeking through the next rounds to explore more sites of oil and the development of the country's infrastructure and the training of cadres and the intensification of oil drilling operations and the formation of exploratory committees."

And floats on a sea of ​​oil, and has the third largest reserves in the world, after it announced the Iraqi Oil Ministry in October to increase oil reserves by 25 per cent to 143.1 billion barrels.

The major oil companies, concluded agreements to extract Iraq's oil reserves, which could boost Iraq's production capacity to 12 million barrels per day from 2.5 million bpd during the next six years.

The companies (Kogas) and South Korea (Kazmunaigaz) Exploration and Production's second-largest oil company in Kazakhstan has won a contract to develop gas field crutch in the province of Anbar in western Iraq in the third licensing round launched by the ministry late last year.

Won with a group led by (Kuwait Energy) gas field, holding Ceiba in Basra, southern Iraq, while the won (TPAO) and Turkish (KEC) and (Kogas) gas field in the third Mansourieh, which is located near the Iranian border in Diyala province.

The 45 companies worldwide have competed to win the development of three fields in the third licensing round, and after two rounds of limited licensing the first and second to develop 10 oil fields discovered untapped.

The Iraqi Oil Ministry had announced in September last, that crude oil inventories in the country has 505 billion barrels of discovered fields, which total $ 66 oil fields, with total recoverable reserves of 143 billion barrels.

http://www.aknews.com/ar/aknews/2/226332/

Central Iraq: international loans to Iraq, its economy indicates the confidence

The Central Bank of Iraq adviser said Tuesday, that the granting of loans to Iraq by international institutions known evidence on the evolution of the Iraqi economy during the past eight years, as well as a signal to enhance the confidence the country's economy.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) "The CBI believes in Iraq's continued access to loans, financial development is important and positive in the right direction because it promotes economic confidence between him and the well-known international financial institutions."

And the International Monetary Fund approved a loan of a new Iraq swallow the $ 250 million for projects of economic development in government projects.

Saleh added that "loans of international financial return several benefits to the country's most important because they contribute significantly to economic development through the establishment of power projects, roads and housing."

He pointed out that "the international financial loans granted to Iraq shows that the Iraqi economy and is promising and is heading the right way and thus the confidence of economic and monetary grow day after day with the economically advanced countries."

The Central Bank of Iraq earlier that Iraq follow the high-level political economic repayment of the debt as they have not faced legal problems.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

http://www.aknews.com/ar/aknews/2/226775/

Iraq must not depend on its oil fortune only, PM says

Iraq’s Prime Minister, Nouri al-Maliki, has called on his people on Monday not to depend on the country’s oil fortune only, reiterating necessity to develop the agriculture and tourism sectors.

“Iraq is the homeland of agriculture and tourism, and it is not right to keep on fully depending on its oil fortune,” Maliki said during his attendance of the Third Agricultural Week, organized by the Iraqi Ministries of Agriculture and Water Resources in Baghdad on Monday.

Maliki also reiterated “necessity by the State’s related institutions and staff to concentrate on the said two important resources.”

“The development of agriculture shall achieve a ‘Green Iraq,’ clean environment, rehabilitation of the countryside, achievement of food security for the country, in order to avoid facing a food crisis, that might be very huge,” Maliki said.

In conclusion, the Iraqi Prime Minister said that “Iraq is able to develop its agricultural sector, within a short period and limited funds, in order to develop it in all forms and types.”

http://en.aswataliraq.info/Default1....&id=141562&l=1

Oil ministry unveils 4-year plan

The Iraqi Oil Ministry announced on Tuesday its four-year plan (2011-2014) to produce oil and gas and sent it to the Council of Ministers before submitting it to the parliament.

Iraq plans to auction 12 exploration blocks, believed to contain mostly gas reserves, in November as part of the country's efforts to capture natural gas for electricity generation, the country's oil minister said Tuesday.

Abdul Karim al-Luaibi said 70% of these blocks are believed to contain gas reserves only, with the rest containing oil and gas reserves.

"We think that these 12 blocks contain at least 29 trillion cubic feet of [non-associated] gas," the minister told reporters in Baghdad.

Iraq has in the last few years held three bidding rounds to auction off 15 of the country's most prized oil and gas fields.

The Iraqi central government needs to boost its gas production and build more gas-fired power plants to increase its power output, currently at 6,500 megawatts, which is less than half the country's needs.

Iraq, which has natural gas reserves totaling 126.7 trillion cubic feet, according to official figures, produces only around 1.6 billion cubic feet a day, half of which is being flared.

However, the country has ambitions to become one of the world's biggest liquefied natural gas exporters after meeting its domestic needs.

http://en.aswataliraq.info/Default1....&id=141585&l=1

CBI general manager escapes life attempt in Baghdad

A general manager of the Central Bank of Iraq survived an assassination attempt on Tuesday in central Baghdad, a manager of the bank's public relations said.

"A roadside bomb went off this morning targeting the motorcade of the general manager of the Central Bank of Iraq's administrative department, Ali Abu Nayla, while heading to his work in al-Maared region, central Baghdad," Fadel Jassem told Aswat al-Iraq news agency.

"The blast injured two of his bodyguards and damaged his vehicle," he continued.


http://en.aswataliraq.info/Default1....&id=141572&l=1

Iraq in the new geopolitical calculus

By Tariq Abdell, Iraq’s political risk analyst, and Founder & CEO of Mesopotamia Insight. The opinions expressed here are those of the author.

In light of ongoing socio-political changes in MENA region, Iraq’s massive protests, from Zakho to al-Faw, accentuate the political astuteness and the frustration of the Iraqi people with their elected officials. Disenfranchised Shiites, Sunnis, Kurdish, Arabs, and Christians are all demanding the same: an end to ethno-sectarian quota-sharing system, corruption, and, most importantly, universal access to basic services such as potable water, electricity, housing, education, healthcare, and jobs.

Given the legitimacy and urgency of the protestors’ demands, the government nebulous responses (halving of some officials’ salaries, 100-day ultimatum to incumbent ministers, boosting food ration with extra cash, etc…) are mere cosmetic measures to allay people’s frustration and anger. Unarguably, the cumulative effects, hitherto, of the elected officials’ ineptitude and schism are protracting decades of erroneous policies and, subsequently, the people’s tribulations. Impelling the majority of the Iraqi people to question the legitimacy of their government and the effectiveness of its institutions, a dangerous threshold that could hastily throw the country back into its darkest years of sectarian violence and lawlessness.

Notwithstanding Iraq’s colossal energy resources, billions of oil and natural gas reserves, Iraq fragile democracy and ineffectual institutions, in a restive region, are the breeding ground for societal and political upheavals and foreign interventions. In fact, Iraq’s daunting and intricate challenges are both internal and regional, namely:

Internal challenges:

• Lack of basic services, e.g., six million people with no access to clean water -UNICEF.
• 20 to 25 percent of Iraqis still live below the country’s poverty line.
• Unemployment rates hover around %18, notably among military-age male population.
• Higher illiteracy rates, exacerbated with massive brain drain, are eroding Iraq’s skilled and professionally literate workforce.
• Rampant corruption and nepotism undermine the efficiency of the State institutions.
• Inequitable distribution and mismanagement of oil’s revenues – no hydrocarbon law.
• Parliament still faces a backlog of sensitive issues.

Regional challenges:

• Given the region new geopolitical developments, heightened tensions between Iran and Saudi, Iraq could easily turn into a sectarian proxy war battleground – Shiite Vs. Sunnis.
• The fallouts of Iran’s nuclear standoff with the West could easily spillover to Iraq’s already contentious politics and further undermining its stability.
• Given Kirkuk’s enormous oil reserves and ethnic diversity (Arabs, Kurds, and Turkmen), it’s protracted dispute is a timed bomb, which could expeditiously reignite Iraq’s civil war.
• Turkey’s recurrent incursion into Northern Iraq in the pursuit of the Kurdish workers party (PKK) elements and PKK assiduous attacks on the northern oil pipelines are a major threat to the country’s resources and sovereignty.
• Given the hostile intentions of some neighboring counties, the U.S. planned troops withdrawal, by the end of the year, could further jeopardise Iraq’s defense capabilities.

Thus, given the enormity and complexity of the aforementioned challenges, Iraq only viable mean to fend off political instability and chaos is to renounce its sectarian-based policies and espouse an inclusive and genuine democratic system that heads to the people aspirations and protects their d rights (UN Universal Declaration of Human Rights). Furthermore, both the government and opposition ought to consolidate their efforts to bolster accountability, eradicate corruption and, subsequently, strengthen the State institutions, an essential prerequisite for Iraq’s socio-economic development. To this end, the new government’s long-term vision should entail an action plan that reflects the country strategic and pressing priorities, namely:

• Genuine national reconciliation to overcome sectarian and political schism and violence.
• Overhauling of State institutions to rein in corruption and enhance efficiency.
• Merit-based appointments to promote efficiency and accountability.
• Providing access to basic services (e.g., potable water, electricity, running sewer, etc)
• Equitable distribution of oil revenues.
• Investing in human capital through education and training.
• Job creation to fend off societal and political unrest (Organized crime, for instance).
• Advancing the principles of human rights and rule of law.
• Diversifying and reviving of Iraq’ strategic industries to curb its dependence on a single commodity – fossil fuel.

Conversely, in the absence of a comprehensive and inclusive socio-economic development strategy, aiming at strengthening State institutions, eradicating corruption, and addressing the aspirations of the Iraqi people, regardless of their political and religious believes, Iraq may revert to its darkest years of sectarian violence and lawlessness (05-07), giving regional players (Iran, Saudi, Turkey, Syria) a free hand in Iraq’s affairs – exploiting Iraq’s vulnerabilities (Shiite-Sunni strife, for instance)- to further their national interests and, subsequently, turning Iraq into a prime battleground for proxy wars, or worse, a pariah State. Simply put, “a house divided against itself cannot stand” Abraham Lincoln.

http://www.iraq-businessnews.com/201...al-calculus-4/

UK/Iraq Visa Problems – Open Letter from Businessman

London Corporate Training, along with many other reputable organisations, has suffered for too long from the difficulty in obtaining UK entry visas for Iraqis. Not everyone can afford the time and money to fly to Jordan to apply for their visa – and then wait for up to three weeks to learn whether or not their application has been successful.

At a recent meeting at the MEA (Middle East Association) in London I learned that the director of an Iraqi organisation wanting to come to Britain to buy materials for a construction project was so appalled at the difficulty in getting a British visa that he went elsewhere. A Shengen visa, allowing entry into 27 European countries (but not Britain), was obtained in two days; so much easier than having to apply for a Jordanian visa so that he could lodge his documents with the UK Border Agency in Amman; and then wait expensively in a hotel for many days to know whether his application was approved or not. This particular fiasco cost British exports the tidy sum of €7,000,000.

My own experience based on three visits last year to Kurdistan, northern Iraq, is an equally sorry tale of failure to help the UK get out of its present financial mess.

The Iraqi director of a Norwegian oil company wanted to fly to Scotland to buy equipment. He flew to Amman and waited for his visa to be approved. Eventually he ran out of time and had to return to Iraq. He went instead to Europe (but not to Britain).

At a new power station in Erbil, capital of Kurdistan, I was much impressed by all the latest Swiss generating equipment. There I was told that a party of a dozen engineers had wanted to come to the UK to source machinery. The visa delay caused by UK Border Agency was too much for them. European visas, available in two days, were a much better bet. It has since been noted that they spent a total of nearly US$80 million in France and Germany.

Following pressure in various quarters, including from this organisation, the office of the deputy-consul in Erbil has this year been upgraded to full consular status. This means that Iraqis can now deposit their visa applications there without having to go to Amman. A great improvement; but this can still take up to three weeks for visas to be approved.

The present troubles in Libya are causing a loss of business to many British organisations, including London Corporate Training, where we have been providing quality management training for many years. We have to look for other markets and indeed have recently signed an agreement with the Erbil Chamber of Commerce. This means that senior members of the Chamber will be coming to London where they will have the opportunity to learn the latest techniques and ideas for doing business at top level – that is, if they can get their visas in time.

If Mr. Cameron, the Prime Minister, and the Chancellor of the Exchequer are really serious about creating “an enterprise culture” in this country they really must get a grip on the UK Border Agency. The Prime Minister, In his own words, has declared war on “officials who concoct ridiculous rules that make life impossible for small firms”. Equally impossible for large firms. And, of course, don’t forget the backing, or otherwise, of the UK Border Agency.

In Kurdistan we have had terrific support from the Consul-General’s office in Erbil who have gone to great lengths to ease the way to providing visas for Iraqis to come to the UK for business.

Let us look forward with hope; and a greater understanding of the ways in which British industry can help Iraq move towards a better future.
Yours faithfully,

Ian Mann
Managing Director

http://www.iraq-businessnews.com/201...m-businessman/

Iraq Entry Visa Quagmire Blamed on al-Maliki

We’ve reported in the recent past on the difficulties faced by foreign businesses in getting visas to work in Iraq. This week Iraq Oil Report has found that the reason for the delays is a decision by the office of the Prime Minister, Nouri al-Maliki, that applications for visas don’t just go through the Interior Ministry but through the prime minister’s office.

The report cites two anonymous sources, and says that the Ministry has not provided any rationale for the decision. It quotes one employee of an international oil company as saying “the visas are paralyzing us … If we go out, when do we go back in?”.

The ‘visa blackout’ is affecting everyone from labourers to prospective investors, top executives, managers, and technicians with specialized skills.

http://www.iraq-businessnews.com/201...-on-al-maliki/

Nearly 90,000 displaced Iraqi families return to hometowns in March

Tens of thousands of Iraqi families who had been displaced by sectarian violence and fighting have returned to their hometowns, according to the Ministry of Displacement and Migration.

Riyad Fadhel, the ministry’s head of statistics and research, said: “More than 89,000 families have ended their migration or displacement in March.”

He said thousands of families ended their exile in neighboring states and returned home and most of them to Baghdad.

“Baghdad came top in the number of families returning to it. There were 7,000 families who returned to the city from abroad and more 34,000 families from internal exile,” Fadhel said.

Second came Province of Diyala where more than 15,000 internally displaced families have returned.

But Basra, according to Fadhel, received the largest number of Iraqi families who had fled to neighboring states. “More than 7,000 families living in exile abroad had returned to Basra,” he said.

Iraq currently enjoys relative calm which has encouraged many families to return.

The government helps the returnees with financial benefits and resettlement help.

http://www.azzaman.com/english/index...03-23\kurd.htm