Thread: Iraq/Dinar News to April 19, 2007 10PM CST

Barazani: will not accept any foreign interference on Kirkuk issue
Baghdad, 11 April 2007 (Voices of Iraq)

Iraq's Kurdistan’s president, Massoud al-Barazani, said on Tuesday Iraqi Kurds would not accept any foreign interference on the Kirkuk issue as it considers it an internal affair that should be resolved internally.

The state-run satellite channel al-Iraqiya quoted al-Barazani, during his speech before the opening session of the Democratic Forces conference in Arbil on Tuesday, as saying that the "Kirkuk issue is an internal affair and can be resolved by Iraqis according to article 140 of the Iraqi constitution."

"We do not say that Kirkuk will be for Kurds only, but it is an Iraqi city carrying Kurdish identity and all historical facts confirm this," the president said during the conference.

He urged the Iraqi government to apply article 140, affirming that "we will defend our rights and not submit to anyone except God."

The article stipulates that the normalization of the situation in Kirkuk can only be achieved by the return of Arabs, who settled in the city during the former Iraqi regime, to their hometowns after offering them compensation, and the return of expelled Kurds.

A census will follow the referendum, during which the people of Kirkuk will decide whether to stay a part of the Iraqi federal government or to join Iraq's Kurdistan region.

Kurds insist that the article be applied because there are former Baathists in most of the Iraqi institutions in Kirkuk, despite the toppling of former Iraqi president Saddam Hussein's regime.

Regarding the Iraqi flag, al-Barazani said that Iraq's Kurdistan will fly the Republic of Iraq's flag from after the 1958 revolution, saying "we will not fly Baathists' flag."

He called on the Iraqi cabinet and the parliament to explain the meaning of the three stars in the flag, underlining that they represents the Baath's three goals: unity, freedom and so******m.

Kirkuk, 250 km northeast of Baghdad, is an important city in the north of Iraq because it is rich in oil. It is a mixed city of Kurds, Turkmans, Christians and Arabs.

Barazani: will not accept any foreign interference on Kirkuk issue | Iraq Updates

Announcement No.(901)

D.G. of Foreign Exchange Control

The 901 daily currency auction was held in the Central Bank of Iraq day Wednesday 2007/4/ 11 so the results were as follows :

Details Notes
Number of banks12-----
Auction price selling dinar / US $1272-----
Auction price buying dinar / US $----------
Amount sold at auction price (US $)73.395.000-----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $)73.395.000-----
Total offers for selling (US $)----------

Baghdad / justice : an economic expert expected to witness the next five years a qualitative shift in the banking service in Iraq, said a member of the Iraqi Center for Economic Reform, Dr. Mohamed Saleh appearance of the National Iraqi News / Nina / Tuesday : " ان .That the potential and substantial financial resources to Iraq and in particular the proceeds of oil wealth will lead to a qualitative shift in the financial and investment climate and to prepare for the competitive financial influential in the Middle East and the Arabian Gulf over the next five years. .He added : "This will be achieved provided that Iraq rid itself of the burden of the debt altogether and start of reconstruction and rehabilitation of infrastructure. Saleh pointed out : The retreat of a bank in Iraq among the countries economically faltering and the starting point of which should begin for building advanced banking, and continued : "that Iraq was in the forefront of developed banker in the Middle East during the 1950s, specifically if it is allowed to continue in the circumstances of the prosperous countries in the class of the Asian tigers, Saleh went on : "We need today to the human factors and material paid to the requirements of banking front of the Civil faster and foremost provide good bank with broad prospects are beyond the traditional environment and the interaction is purely professional manner
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conference in Amman calls' restructuring Iraqi banks





عمان - الصباحAmman-Sabah
ي.Dr. Mahdi Al-Hafiz, head of the Center for Dialogue and Development to convene a conference of Iraqi banks in Oman and how development is very important for the economic future of Iraq. صرفيHe added : "The banking sector




.Suffers from many problems and obstacles in addition to that there is an urgent need for the banking sector, in turn, required in the development of the national economy and to achieve the desired economic reforms. The keeper during his attendance at the banking and finance in Iraq is currently being held in Amman and lasts two days : "The legacy of the past is still a heavy burden on the banking sector is also a new obstacles have arisen by evolution complex and very difficult for years in the country today and talking about this important matter therefore, we must adopt a realistic comparison to address the development of the banking sector and other economic sectors and continued : "I believe that the Central Bank monetary policy have played an important role in the functioning of the banks and the country's major problems, he said, pointing out :" The presence of many of the obstacles that stand in the way of implementation of reforms and said : "Whatever we have achieved at the level of economic policy but the reality speaks something else, and this fact must be taken into account when we talk about Abstract experience, as the bitter experience and the difficulties still very large and we must assess the economic situation, including the banking and monetary situation realistically, a very great responsibility and with respect to monetary policy Hafiz said : "There are a lot of discussions that are being held between the private sector workers have seen recently a lot of differences in the views on the policy to be adopted by the central bank and this is quite normal, because the country is facing difficult situations and there is steadily rising inflation Whatever has been said recently about the decline of inflation had arrived in one day to about (70%), recently said that he declined Bhado certain. He added Hafiz : "This indicators should be appointed, especially since there is considerable unemployment in Iraq is around 50% and the labor force in Iraq suffer from many distortions must be addressed objectively When talking about any kind of reform policies, we have to take into account all these phenomena and indicators, we believe that there is a problem the methodology in the search.
الى.So vice president of the Economic Development Agency of American Mike Harvey that the movement of banking in Iraq will witness a marked improvement and quality leap through the development of economic sectors including the private sector and increased investment after the approval by the Iraqi parliament.
وقال .Harvey said on the sidelines of the conference, the first banking finance in Iraq is being held in Amman : "The programs carried out in Iraq during the past years had been important on the economic level, where he was one of the most prominent of these programs support the social protection network, which provides financial support to more than a million Iraqi families. He added : Harvey : "We Iraq to join the World Trade Organization which is a real commitment of the Iraqi government to transform the economy to become compatible with the global economy. " وكشف."He revealed the dispatch of experts and advisers in the area of the economy to Iraq to provide support to the Iraqi government in the economic transformations were opened during this period include investment banking work and to the modernization and development of the banking system in Iraq.
في.In the meantime, he said the government's official spokesman on Skinner that the Cabinet had approved a number of resolutions, including the provision of loans in amounts of 50 million dinars for small projects of the citizens.
.Skinner added in a press statement that the loans would be granted from Iraqi banks and to ensure the Ministry of Finance, explaining that the interest on the loan would amount to six%, and bear two Iraqi citizen% shoulders of the Ministry of Finance four%.

Translated version of http://www.alsabaah.com/

العقابيHamid punitive
:Complementary elements in the institutional climate for investment and investment incentives with many of the procedures and measures of protection instead of reassuring us with the Arab and foreign investors through the presence of specific laws to ensure compensation for the risk of any economic or non-economic potential, mainly :




1- .1-total protection of the individual before the constitution will guarantee in the Iraqi Constitution there is no point to the possibility of conducting the nationalization of private property.
2- وضع.2 - Develop protection of industrial property, commercial and practical, functional and when this must be aliens, in accordance with the law the same protections enjoyed by Iraqi citizens as extending protection to the patent, models and industrial fees, trademarks, trade names and countries of origin and marks of origin and protection from unfair competition.
3- وضع.3-a legal protection for businesses included in the scope of commercial property and includes elements of physical and non-physical and enjoys the protection of the business arising from the possibility of a civil claim for compensation for the damage caused by unfair competition.
4- -establishment of national institutions to ensure investment in order to stimulate investment and cover these institutions, which must be given to ensuring the risk of war and strikes, unrest and confiscation, expropriation for an annual premium to be determined, according to the amount insured.
5- .5-guarantee bank deposits.
6- .Six-free movement of capital : Iraq must enjoy the freedom of movement of capital and profits, without restriction or condition.
7- .7-establishment of a center for arbitration Iraqi mission : to consider trade disputes and industrial action by the fair and proper and the laws and regulations placed for this purpose.
ان .Most of those safeguards are already in the new investment law makes it encouraging to investors.
ولكن.But there determinants led to curtail the role of private investment after the fall of the regime and made the overall investment climate of de facto weak and encouraging due to lack of stability and security is the first decisive factor behind the reluctance of national capital and foreign investment in economic activity. .The dominance of the activity of the public sector and its institutions on the economic life led to a general weakening of the competitive investment climate because the size of the public sector and the potential dominance and governmental factors undermining the competitiveness of the private sector and its ability to natural growth.
.The lack of confidence about the stability of the full reform policies because of a reluctance of institutional caused migration of the Iraqi capital with the feeling generated by the private sector to the national policy reform affect their interests and that is why we need to adopt policies that do not impede reform, but provide mechanisms to help the private sector to overcome to assist in the transition to stand on its own two feet pending re-arranging its data with the new stage.
ان .That clear and significant deficiencies in infrastructure, especially in the fields of electricity, water and other services led to a contraction in the national capital and also emigrated to the weakness of the steps taken to reform the banking system and capital markets as the small investors are finding it difficult to use the banking system in obtaining the necessary funding for the operation of their interests and to engage in new investments. .The general feeling of corruption and the administrative institutions of the State, especially with respect to the granting of contracts to the private sector.
.We believe that the new law will assist in integrating into the global economy.
لقد .We have announced the establishment of the Investment Authority, which included representatives from the public sector and the private sector but striking that the dominance of the public sector still persist because of the nomination of six members, including the Chairman and Vice-Chairman of the public sector against three members of the private sector and this will weaken the role of the private sector in the formulation of policies investment in the time that he was responsible for direct investment and promoting it and the percentage odds with the principle of transition from a totalitarian economy to a market economy and the required review of the representation to be the sound of the new direction shifts.
كما ان .The investment law, despite the passage of the period to approval by the government and parliament and the formation of body has still not entered into force.
ان .The need to adopt policies requiring the development and empowerment of the private sector, especially organizations of civil society specialized in the economic area chambers of commerce and industry, businessmen associations and the Commonwealth of private banks and others in the performance of their duties to the fullest through implicated in the policy-making new investment.
Translated version of http://www.alsabaah.com/

Twelve file investment covers the rehabilitation of many of the industry in Iraq




-file Press

.The Minister of Industry and Minerals Fawzi Hariri, the offer of twelve investment files covering industries of iron and steel, petrochemicals, fertilizers, cars and cement and glass and paper for the purposes of rehabilitation in the context of a comprehensive program of work prepared by the ministry for the rehabilitation and modernization of these labs in order to increase production capacity and develop insurance and fortify the possibility of contamination of the environment, and that through the use of specialized international companies.

.Hariri, the minister said at a press conference expanded, attended (file Press), that the working group charged with this task a general conditions of contract, the first priority is to ensure the rights of workers in those labs, improve their living conditions and bringing a number of benefits and incentives, while retaining all workers and not to release any of them, and participation in the rehabilitation, and payment of salaries and allowances and allocations, with the enjoyment of any increases, according to the laws and regulations in force in Iraq, to be agreed to these conditions before signing the contract with the company, which will offer them rehabilitation.

و . and Minister reviewed the case and the fact that a number of industries, including labs for the company's glass industry, which will invest an estimated cost of up to about (50) million, and the General Company for petrochemicals industry, which represents one of the pillars of Iraqi industry and are grouped under the umbrella towards Officer (4000), where the need for investment between (100-120) million.

.Expected to reach the need to invest in the company for Iron and Steel Company (180-220) million dollars to rebuild the structure of the company and the production of iron furnaces and it needs to support Iraq reconstruction operations, reconstruction and development. و.And in the existing cement plants and Sinjar and Karbala, Muthanna before investment needs were estimated to about (360) million.

و عنه. And about the consequences of putting these industries to invest expressed by the Minister of Industry and Minerals optimism that get labs before the large number of bidders, said that the investment would be open to many other industries, in the case of investors have industries, textile, which is currently witnessing significant challenges to prove their worth, such as lab garments in Najaf, and the task is one of configurations, where is the best labs Middle East garment clothes, and had signed a contract processing global institutions Channel.

و توقع.And expect the Minister of Industry to obtain staff in the companies offered to invest on salaries and wages more than those for their peers in public companies, and to raise some of those labs production capacity to 120% of their design.

. Asked file Press for the investor who will be preferred, the Minister emphasized that it would be for the presentations that serve the interests of the ministry and associate and the state, praising the role of governors and provincial assemblies positive in support of investment in Iraq, pointing out that the ministry has set the announcement of those tenders b (45) days, and that the process of selecting bidders will be within a week or two weeks that followed, and that these investments will be open periods ranging from 10 to 20 years

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Reduction of 80% of Iraq's debt



.Baghdad-East : The Iraqi Ministry of Finance to follow in order to reduce Iraq's debt implications as those efforts resulted in a reduction rate of 80%.
.An official source in the ministry said that work was continuing to reduce debt as it is hoped to reduce some of its debt to 100% while the number of countries that have reduced their debt currently / 54 / State.
وأكد.The source confirmed that the follow-up efforts of the ministry would continue to cancel the final for the advancement of economic reality of the country, so as to ensure a decent life for all its citizens.
.The source pointed out that the ministry continue to follow up on the dues Iraq for the loans granted to some countries where the Iraqi Fund for the Development of Foreign debts up the Iraqi state and the benefits of it and according to time periods.


Translated version of http://www.alsharqiya.com/display.asp?fname=aboutus%5C2006%5C008.txt&storyti

Kuwaiti-Iraqi delegation to discuss investment projects and reconstruction in Iraq

.Iraqi national-Luna / Baghdad office / Constitution / OFFERED acres Iraqi and Kuwaiti several projects in the fields of reconstruction and investment can be contributed by the Kuwaiti private sector in Iraq was agreed to prepare dossiers on them and discuss the future through meetings between the two delegations at the invitation from the Kuwaiti side.
.He met a delegation representing the Iraqi city of Karbala and the Iraqi Businessmen Union branch includes the preservation of Dr. Hamid Al-Farag, and Dr. Haidar muezzin and Haji Mohammad Muzaffar of the governorate and the head of the businessmen Haitham Mohamed Deputy Director-General Abdul Rahman winds of 802 were talking about reconstruction and investment opportunities in the province The potential contribution of the Kuwaiti side.

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Invitations to strengthen the Oil Federal Council

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11 April 2007 (Iraq Directory)

Experts specialized in the oil sector and academics confirmed, at a symposium held in the city of Amarah in southern Iraq, that the bill of oil and gas which is currently being discussed by the parliament for approval “needs a review and adjustments” that are considered “essential”. They pointed out that there is a need “to ensure that the controversial draft law, will include compensations to the governorates producing oil and gas, with Missan at the top, for the environmental damage caused by oil and gas exploration, and for agricultural land use in oil production”.

The symposium came out with other recommendations demanding not to work by the sharing-production contracts and stick to the risk and service contracts only on condition that any contract cannot be carried out only after gaining the consent of the oil and gas Federal Council. The seminar also proposed adding supplement 3 to supplement 2, and make it from the jurisdictions of the National Oil Company exclusively; also, the contracts with oil companies must ensure the implementation of oil investment projects and give priority to extraction and production from the border fields, especially the ones common with the neighboring countries, giving priority to contracts that ensure marketing.

Oil expert, Jassim Raheem Al-Ithari, said that “the law should be presented for broad discussion before it is approved”, noting that “articles 111 and 112 of the Constitution did not refer to the other national wealth other than oil and gas. Also the constitutional articles especially article 112, did not refer to the exploited fields that require resolving the controversy about them”.

The Symposium recommended the adoption of Amman symposium recommendations held recently on the law; the legal expert in the Iraqi Oil Ministry, Jabbar Alsaidi, pointed out to “the importance of enhancing anIraqi oil law, re-establishing the National Oil Company and amend articles 111 and 112 of the Constitution, to pave the way for some of the parties to sign contracts without referring to Baghdad”.

He explained that the Cabinet “authorized” some bodies described by “regional” to negotiate and sign contracts just like the Ministry of Oil and the National Oil Company.

The Symposium stressed “the need for the parliament to ratify all contracts and the nomination of a supreme body to resolve the arising disputes“, suggesting “their settlement through the Federal Court”.

USAID-sponsored conference focuses on future of Iraqi banking industry

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11 April 2007 (USAID)

Iraqi banking industry leaders and international banking experts gathered in Amman, Jordan April 4 to 5 for the first Iraqi Banking and Finance Conference, Banking in Iraq: The 21st Century Challenge.

More than 200 delegates attended the two-day conference, organized by the U.S. Agency for International Development (USAID) through its Izdihar Private Sector Growth and Employment Generation and Economic Governance II projects.

Conference participants included representatives from the Central Bank of Iraq, Government of Iraq agencies, regulators, Iraq private and state owned banks, regional and international banking groups, non-bank financial institutions, bank training and certification organizations, banking experts and international donors.

In his opening remarks, USAID/Iraq Deputy Mission Director Mike Harvey said: "Support to the banking sector is a specific priority for USAID and this conference demonstrates our commitment to this important foundation of the Iraqi economy."

Harvey also mentioned that USAID is proud to be associated with the Iraqi Company for Bank Guarantees, which is already achieving its objectives of providing cash-flow based loan guarantees to small and medium enterprises in Iraq.

Daniel Weygandt, Economic Minister-Counselor at the U.S. Embassy in Baghdad, said: "This event is the first time that Iraqi public and private sector representatives along with regional and international partners have come together to discuss the current status and challenges facing the development of the financial services industry in Iraq."

During the plenary sessions participants took stock of global and regional banking developments and their implications for the Iraqi banking industry post April 2003. Topics discussed were:

-Iraqi monetary policy;

-Regulation and supervision of the banking industry;