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

The first political : in the context of seeking to implement the recommendations of the Paris Club
19.04.07

Saudi cancel 80% of their loans to Iraq
Baghdad-up morning

Saudi Arabia canceled 80% of Iraq's debt, which totals more than $ 15 billion, mostly due to the war between Iraq and Iran and to compensation for the second Gulf War, which followed the invasion of Kuwait, the Principles.

The 52 countries including the Paris Club of creditors had canceled ranged between 80 and 100% of the debt of Iraq. The Saudi official said a large according to The Washington Post newspaper in its interpretation yesterday (morning) : The Kingdom abolished the 80% of Iraq's debt in line with the Paris Club creditors, however, that the Iraqis and the Saudis did not reach agreement on the size of the Iraqi debt to the Kingdom.

The newspaper says : "that Saudi Arabia had sold oil worth seven billion dollars to Iraq's interest and loaned an additional nine billion dollars in the 1980s.

The Finance Minister Baqer Jabr Al-Zubaydi that Saudi officials had told him that the benefits of unpaid debt rose to 39 billion dollars, pointing out that previous agreements between the two sides included the non-applicability of the interest on the original debt.

He said Zubaidi : China agreed to the cancellation of four billion dollars of debt, while Russia refused to cancel debt, pointing out that the talks on the cancellation of the debt of Iraq continues with Kuwait, the United Arab Emirates and Qatar on the amount of up to $ 10 billion - that Russian President Vladimir Putin had announced in December 2003 that would cancel 65% of Iraq's debt.
(Someone had asked earlier whether Russia had forgiven their debt)

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54 States reduce its debts on Iraq
19 April 2007 (Iraq Directory)


The Ministry of Finance said that the number of countries that have reduced their debt on Iraq hit 54 states, and the government is continuing its efforts to reduce the remaining debt and hopes to reduce some of its debt to the rate of 100%, while the Adviser of the Prime Minister for Economic Affairs, Kamal Al-Basri, said the Paris Club settlement stipulated stopping the State’s subsidy to a number of sectors and activities in order to drop 80% of Iraq's debt.
The Ministry of Finance noted that the follow-up efforts of the Ministry will continue in order to cancel the debts of Iraq once and for all to promote the economic reality of the country and ensure a decent life for all its citizens; the Ministry was working to repatriate funds, especially those funds and real estates stolen by the former regime and his followers and smuggled outside the country, as well as following-up Iraq's dues for loans granted to some countries where the Iraqi Fund for Foreign Development is following-up Iraq’s debts and their benefits according to time periods.
Adviser of the Prime Minister for Economic Affairs said that there is a plan to compensate the current ration card with cash and provide a competitive market for supply materials; the plan will be implemented in three provinces: Dahuk, Samawah and Hillah, where the amount of compensation will be $ 10 per person, since the volume of the State’s expenditure, the big deficit in its budget and the total amount of the government’s subsidy has become a major burden on the State’s budget and its economic growth.
As for the oil and gas law, he said that the structure of law consists of the Oil Ministry, the Federal Council and the Provinces Body, and these three official quarters are under the control of the Cabinet; the law gives the State the central planning and putting the oil policy of the country while it leaves the provinces the freedom of implementing and applying those plans and policies. He continued that Iraq needs 200 billion dollars for reconstruction, and this amount can only be provided after 20 years if the National Oil Company were able to maintain the production of three million barrels per day.

54 States reduce its debts on Iraq | Iraq Updates

Annual inflation index rises in Iraq within a year by 36.6 %
19 April 2007 (Iraq Directory)


Iraqi Ministry of Planning and Development Cooperation said that the annual inflation index rose in one year (from March 2006 to last March) by 36,6 %.
It stated in a report that the monthly indicator of inflation also rose last March by 1.3 % which is a record, reflecting the prices of goods and services provided to the consumer.
The report was prepared in the Central Agency for Statistics and Information Technology at the Ministry on the basis of field data collection on the prices of goods and services that form the consumer basket of retail prices in selected markets in Baghdad and other governorates.
The report said the rise was the outcome of the high index of food and clothes, fabrics, footwear, furniture, transport, communications, medical services, medicines and rent, which form 94.4 % of total domestic consumer spending.

Annual inflation index rises in Iraq within a year by 36.6 % | Iraq Updates

“B.B” looking for a role in Iraq and looking forward to the oil law
19 April 2007 (Iraq Directory)


A prominent executive official at the giant oil company, B.B, said that the company is interested in working on a series of oil and gas projects in Iraq but it is awaiting the approval of the oil law by the parliament and the improvement of the security situation before enhancing its role there. International companies are competing for a foothold in Iraq, looking to share profitably in the future of the country's oil.
Iraq has the third largest oil reserves in the world and needs billions of dollars to invest in increasing production and renewing the obsolete infrastructure. Steve Peacock, Chairman of the exploration and production unit in the Middle East, said ultimately Iraq will define the areas where we will participate in... But I think that we can assist in all areas including the discovered fields and the non-developed or in prospecting.
The draft law adopted by the government last February is still waiting for the approval of the parliament. Peacock said that it will take some time after the ratification of the law to negotiate contracts and to send B.B people to work in Iraq because of the security situation in the country. He continued that B.B is awaiting further assurances that any contract agreement would not be affected by a change in government.
He said that B.B has been providing assistance to the Iraqi Oil Company in the south near Rumaila, the Northern and Southern fields in Rumaila, which has been developed and already partially operational with a productive capacity of about 500 thousand barrels per day. He went on to say that the company is not looking to participate in the Kurdish area in northern Iraq until the ratification of the law despite the fact that the security situation in the region is better than in the rest of the country. The Emirate Company, Dana Gas, said on Sunday that it had signed agreements with the Kurdish regional government to study developing the gas reserves there.

“B.B� looking for a role in Iraq and looking forward to the oil law | Iraq Updates

Nasriya has 5% of Iraq's oil reserves
Baghdad, 19 April 2007 (Al-Sabaah)


Studies carried out by Oil Ministry found that Dhee Qar province has 5% of Iraq's oil reserves, while the Ministry decided transfer ownership of houses which locate out of security zone of oil companies and facilities to their residents, authorized source at the Ministry said.
He added that among new oil fields, Nasriya field which contains 4. 35 billion barrels, Furat field contains 900 million barrels and Rafidien field contains 5 billion barrels.
He mentioned that transferring ownership at first step would include southern and middle provinces to appreciate workers efforts.

Nasriya has 5% of Iraq's oil reserves | Iraq Updates

Sadr Decision Successful Political Step, Politicians Say
Baghdad, 19 April 2007 (Al-Sabaah)


Many politicians regarded that the with drawling of Sadria front from the government by authorizing PM Dr. Norri al-Maliki validity of appointing new ministers as a positive step tent tend to the political succession.

MPs emphasized that, the step of Sadria front express a new direction in the political work through the national forms far a way from the sectarian and limitation style.
MP of accord front Dr. Saleem Abdullah said that, in spite of the embarrassment time of their withdrawing but they considered as an important front have their heavy weight inside political center.
While MP from the Kurdastanian alliance Abdullah Salih said that, the Sadris front step proved good faiths should be containing limited performances for the general benefit.

Sadr Decision Successful Political Step, Politicians Say | Iraq Updates

Announcement No.(907)

D.G. of Foreign Exchange Control

The 907 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/4/ 19 so the results were as follows :

Details Notes
Number of banks15-----
Auction price selling dinar / US $1272-----
Auction price buying dinar / US $1270-----
Amount sold at auction price (US $)81.190.000-----
Amount purchased at Auction price (US $) 2.000.000
Total offers for buying (US $)81.190.000-----
Total offers for selling (US $)2.000.000-----

The Minister of Finance will meet the Under-Secretary of the Treasury America
The Republic of Iraq

مجلس الوزراء- المركز الوطني للاعلام

Council of Ministers-the National Center for Media

العلاقات الإعلامية

Media Relations

بيان صحفي / Press Release

A press statement / Press Release

الأربعاء 18-4-2007

Wednesday 4-18-2007

وزير المالية يلتقي وكيل وزير الخزانة الأمريكية

The Minister of Finance will meet the Under-Secretary of the Treasury America

إلتقى وزير المالية السيد باقر جبر الزبيدي وكيل وزارة الخزانة الأمريكية خلال زيارته إلى واشنط ن

He met with the Minister of Finance, Mr. Baqir Jabr Al-Zubaydi, Undersecretary of the Treasury Department during his visit to America, DC n

وأكد الزبيدي خلال اللقاء على تكثيف الجهود الدولية من أجل ضمان حضور أغلبية الدول المشاركة في إجتماع العهد الدولي واجتماع دول الجوار وذلك لمساعدة العراق على إطفاء ديونه والنهوض بأقتصاده الذي يمتلك كل مقومات الأقتصاد المتين مشيرا إلى أن أغلبية الديون العراقية وفوائدها ناتجة من جراء تصرفات النظام البائد التي بددت ثروات البلاد واثقلت شعبه بالديون وبالتالي فأن المواطن العراقي يتطلع إلى مساعدة كل الدول الشقيقة والصديقة لأطفاء تلك الديون التي لادخل له فيها0

Zubaidi stressed during the meeting to intensify international efforts to ensure the presence of a majority of the countries participating in the meeting of the International Meeting and the neighboring countries to assist Iraq to extinguish debts and revive its economy, which possesses all the elements of a sound economy, pointing out The majority of the Iraqi debt and the benefits resulting from acts of the former regime, which shattered the country's resources and overloaded Division debt and therefore, the Iraqi citizen looks forward to helping all sister and friendly states to extinguish those debts, which introduced him to be 0

وأعرب من جانبه السيد كمت عن تعاونه من أجل حشد الجهود الدولية لحضور إجتماع العهد الدولي الذي من المؤمل عقده في شرم الشيخ0

He punched Mr. part of the cooperation for the mobilization of international efforts to attend a meeting of the International Covenant which it is hoped held in Sharm el-Sheikh 0

وThe Baqir Jabr chaired by Mr. Zubaidi the Iraqi delegation, which includes Mr. Sinan Shabibi governor of the Central Bank of Iraq and a number of spe******ts in the workshop which was convened to discuss issues related to the International Decade of the Iraqi debt and economic reforms and implementation of the budget, with head and punched Mr. Undersecretary of the Ministry of American treasury American side, which included representatives the American State Department and the National Security Council and the Ministry of Defense 0

spe******ts

It is funny how the drug's name is censored even in the middle of a word.

Egypt is a debt write-off for Iraq by 100% .Iraqi national-Luna / Baghdad office / Egypt has promised to extinguish Iraq's debts increased by 100%, came during a meeting between Finance Minister Baqer Jabr Al-Zubaydi his Egyptian Boutros Ghali, a statement issued by the Ministry of Finance today, Thursday,.

.The statement added that the Iraqi government is seeking to extinguish all debts of 100% has urged Finance Minister Baqer Jabr Al-Zubaydi, during his meeting with the Minister of Finance of Egypt to write off Iraq's debts increased by 100% as the host of the meeting of the International Covenant, was among the Egyptian minister had already been submitted to President Hosni Mubarak promised that the these debts will be written off by 100%, emphasizing the support of the Arab Republic of Egypt to the government of Iraq.

.The Minister of Finance that there are good signs of the Kingdom of Saudi Arabia to discuss Iraq's debts to fire up to 100% and that the Iraqi citizen looks to extinguish those debts particularly from the neighboring sister said that there are contacts and consultations with the State of Kuwait and Turkey to reduce debt by 100% also discussed Mr. Baker Jabr Al-Zubaydi with the Minister of Finance to write off the debt of Slovenia Slovenia on Iraq by 100% and urged him to attend the State of the importance of the meetings of the International Slovenia, the Slovenian minister promised that the State will do everything possible to support Iraq.
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