Thread: Iraq/Dinar News until 5PM CST May 10,2007

Blueprint on stabilizing Iraq stalls on debt issue

AP, SHARM EL-SHEIK, EGYPT
Saturday, May 05, 2007, Page 7 Saudi Arabia said it is still negotiating with Iraq over writing off billions of dollars owed it by the war-torn country, and major creditors Kuwait and Russia failed to offer immediate debt relief -- a key goal of an ambitious blueprint launched to stabilize Iraq.
The absence of major commitments to reduce Iraq's burdensome debt was a disappointment on Thursday at a major regional conference in the Egyptian resort aimed at showing support for Iraq -- and a sign that some, particularly Sunni Arab, nations are still keeping their distance from Iraq's Shiite-led government.
Still, the Iraqi government, the UN and many of the more than 60 nations and organizations gathered here hailed the launch of the blueprint as a milestone.
The International Compact with Iraq sets ambitious benchmarks to achieve a stable, united, democratic Iraq within five years. It defines international help for Iraq -- including debt relief -- but also sets tough commitments on the Baghdad government, particularly carrying out reforms aimed at giving Iraq's Sunni Arabs a greater role in the political process.
It was an initiative of Iraq's first elected government, launched soon after Iraqi Prime Minister Nouri al-Maliki took office last June and strongly backed by the UN.
The US has stressed the Iraqi role in organizing the conference, but US diplomats and Secretary of State Condoleezza Rice's advisers have crisscrossed the globe and worked hard to increase support, particularly among Arab nations.
After delegates backed the compact on Thursday by acclamation with a round of applause, a smiling Rice approached UN Secretary-General Ban Ki-moon, saying: "You did a great job. This is a wonderful day for all of us."
But the debt issue loomed large over the meeting's unfinished business.
The Paris Club of affluent lender nations has already written off US$100 billion of Iraq's debt -- most from former Iraqi leader Saddam Hussein's war against Iran in the 1990s.
But the government still owes a huge amount. Iraq's finance minister put the total remaining at roughly US$50 billion, but the numbers vary and in some cases are still not resolved -- with some estimates as high as US$62 billion.
Al-Maliki opened the conference urging ``all our friends ... to forgive our debts and allow us to launch our reconstruction and development.''
But the foreign minister of Saudi Arabia -- a major lender -- made no immediate public pledge. Saud al-Faisal said only that his country was in talks with Iraq "to have an appropriate solution to debts in line with rules of the Paris Club," which calls for forgiving at least 80 percent of Iraq's debts.

Taipei Times - archives

Economic : Observations on the draft law of oil and gas
Division of Wealth Is divided country?
Adnan Al-Salihi *

At a time when the situation of the Iraqi people from poverty, unemployment and the deterioration of services of all kinds, tend attention to the people's representatives in Parliament and the government to adopt appropriate resolutions that would take, however, society and the advancement of the situation deteriorate to the state of progress and prosperity.

Since all the conditions experienced by Iraq The scene witnessed by the Iraqi situation is exceptional and unnatural to be careful reflection and decision-making particularly crucial and shed light and find out the truth and the dimensions of those decisions

As long as oil wealth in Iraq is its main asset, which hopes the Iraqi citizen depend on the economy, we must not alienate those of wealth and study everything would regard them thoroughly and carefully, so we had to study on this project with some precision out of concern for the public good.

It is through reading the draft law approved by the current Iraqi government, which is hoped to bring to the House for a vote, noted the following :

First : legal terms
1-follower of this law considers that the draft law had been drafted in English, and noted that there was a difference in the translation into Arabic, which begs the question, any texts adopted in the event of a disagreement between investing companies and oil and gas between the federal oil and gas, or get the difference between political elites? It is who will be invoked?

2-what is stated in paragraph (17) of Article IV in the definition of "person Iraqi" is the definition of tainted much of the ambiguity has exploited persons holding more than one nationality and therefore the person has used foreign nationality in the event of any forms with the government of the province or the federal government, to get rid of the legal consequences. ( "Iraqi person" - any citizen of Iraqi nationality, or any company or institution legal personality list and registered according to Iraqi legislation, with the presence of its president in Iraq and with more than 50% of the shares of capital owned by Iraqi citizens or by the institutions or companies Iraqi general or special).

3-what is stated in paragraph (23) of the previous article "operator", it could create a problem resulting from the conversion of the original contract to a series of contracts with companies that do not have the high efficiency required as happened in the reconstruction of Iraq, and the legal problems involved. ( "Operator" - a body appointed by the competent authority in consultation with the right owner exploration and production for oil operations on behalf of the latter.

4-what is stated in paragraph (24) of the same article, in the "definition of maintaining productive," We believe that there was no need to determine the quantity of production that could lead to legal and political problems resulting from a lack of coverage of some provinces this definition capitalizing determine the quantity of production of oil. An example Dahuk والسليمانية.(المحافظا ت with less production of 150 thousand barrels per day). ( "Maintain productive" - any of the provinces of the Republic of Iraq, in which there is production of oil and gas in a sustainable and commercial rates not less than (150) thousand barrels a day.

5-what is stated in paragraph (29) of the same article, in the definition of "carrier" This definition makes the government bears responsibility in the transfer of oil products alone without taking any responsibility on the companies "carrier" designated by the Council of Ministers to take crude oil or gas from the owner of the right of exploration and production at the point the conversion and delivery of crude oil or natural gas for export to the owner of the right of exploration and production at the point of delivery.

6 - (Article V, paragraph (eleven) there is a clear flaw in the wording of this paragraph and to receipt of the word "members present" What proves it is possible decision presence of three members, two of whom voted in favor of the resolution, as well as Article X paragraph II. ( The Federal Council of oil and gas to develop an "internal" to organize the work that take the two-thirds majority of its members present in the development of oil policies, plans and models of contracts and contract negotiation and instructions).

7-Article X, Th. Thirdly, in the "approval of the contract," So the contract is in force unless the "no" vote during the day (60) This is what would send a lot of contracts pretext months to the end of a decision rejected by the Federal Council of oil and gas, and in this way into contracts in place laws Iraq. ( The ministry or the Iraqi National Oil Company, or regional body to reluctance on the initial contract and the reasons for it through (60) days of receiving the initial contract by the Federal Council of oil and gas, and the contract is the first approved in the absence of a decision by the Board after the above-mentioned period. In the case could not a meeting of the Federal oil and gas through (60) days of receipt of the first contract, the Board shall take its decision on the contract during the last (45) days following "using various means of communication available, and the contract would take effect" in the absence of a decision after that time.

8-as stated in Article (39), on "conflict resolution" is supposed to be Iraqi law is the first reference must be resolved those conflicts by eliminating Iraqi between contracting parties and may resort to arbitration committees or courts outside Iraq, we find that there is an imbalance in paragraph "w" on the (1) of the above article, the fact that the Iraqi judiciary has general jurisdiction at all public and private persons in addition to the adoption of the international conventions in this regard requires an endorsement of the State of Iraq to those conventions. being an arbitration between the Republic of Iraq and foreign investors as follows :

1-systems arbitration proceedings to the International Chamber of Commerce in Paris, Geneva and Cairo for the settlement of disputes between States and Nationals of Other States or depending on the settlement of disputes between States and Nationals of Other States, on the basis of Iraqi law.

Second : Economically

1-focused law in most aspects of the production without the need of refinement and interior of oil derivatives.

2-law did not take into account periods of time for the processing of oil tankers and the delay that might result from the technical and political problems, which could lead to the cessation of production, which is expected to be obtained after the direct action, and this is what causes the imposition of fines on the oil sector Takhireh paid to tankers anchored in the port of Basra, which reached the one hundred million dollars as a result of stopping the tanker in some lines of production.

3-stated in paragraph (d) of article 14 which is the state where the company invested compensation for any loss without specifying the type of loss, and it must be a new formulation of this paragraph, taking into account the likelihood of the collapse of the oil market any circumstance emergency. ( Compensate affected parties for any loss or damage resulting from the operations oil as required by law).

4-paragraph (b) of Article 32 seemingly not subject to Iraqi investment law, which provides for no compensation from any period of time after the end of the investment and the above paragraph violation of this law. ( All commissioned to restore the site and the Wolf accompanying become due upon conversion with regard to any acts facilities are paid by the Iraqi National Oil Company, the owners of the other production licenses under the plan termination commissioning).

5-ratios set forth in paragraph (a) of Article (34) on the right to property "rent" rates are low, and should provide for higher percentages of the above paragraph (paid the Iraqi National Oil Company and the holders of exploration and production licenses others royalty on oil produced from areas of development and production by "12.5%" of total production is calculated from Utility link entrance gate to the President.

6-paragraph (a) of Article (35) of the "record-keeping" with a major financial forms in which the state in a weak position against producing companies, where the conversion net profits belonging to the companies investing directly out of Iraq is not in the interest of the Iraqi economy, where they are supposed to benefit the preservation of productive (in particular) of these profits in other projects contribute to the development (owners have the right to convert licenses net profits derived from the operations of oil out of Iraq after the payment of taxes due on them.

7 - contents of this note is taken from a study of economists (1) Should the percentages in this equation will be lost material about Iraq ($ 18 million plus million barrels of crude oil per day) and the equation is :
What is the product currently oil - and Iraqi oil production after the expected investment, the country will be the loss of approximately 32 billion, and a quarter of a billion annually if the law remains as it stands, as follows :

* Iraq now produces about two million barrels per day.
* Average price of 55 dollars a barrel.
* Financial benefits per day of Iraqi oil 110 million dollars (daily).
* After application of the law of oil and gas is expected to increase production of Iraq in the period close to three million barrels per day.
* Assume that the average price per barrel is still 55 dollars.
* Financial benefits per day $ 165 million will be divided as follows :
- 12.5% royalty production, according to the law or the equivalent of 20.5 million dollars (twenty and a half million dollars) of this amount going to the Iraqi government.
- Cost of production of around 3 dollars per barrel equivalent to nine million dollars going this amount production companies.
- The amount remaining within the limits of 135.5 million dollars (one hundred and thirty-five and a half million).
- This amount is 2 between the Iraqi government and the company involved in production 67.750 million (sixty-seven and three quarters million), the share of each party.
Macro-financial benefits to the Iraqi government is collecting royalties production with half the profits to get the 88.250 million (Eighty-eight and a quarter million).

Conclusion

* When Bemlakath Iraq produces two million barrels a national financial benefits be 110 million dollars by imposing average price of 55 dollars a barrel.
* When Iraq produces three million barrels per day by helping companies according to what is contained in the draft law of oil and gas declining financial benefits of the Iraqi government to about 88 million dollars per day.

Third : the political point

1-through reading history note that the most important decisions taken in serious and critical times and extraordinary life of the peoples, which would negatively affect their lives if taken in a hurry, and on this basis we believe to be very high accuracy in decision-making in this period they will be bound for future periods may require a lot of difficulties to avoid mistakes.

2 - The political positions of the different political blocs in the parliament, which shows similarities complete loss of confidence between the components may make this law in its current form in the current time is a time bomb that may explode at any moment, the community where the first oil targeted, as could turn any problem between the political blocs in the door to investment the battle fought on the terrain of oil wells.

3-believe, as we understand the reality of that historic decisions of the long term should not be used in exceptional circumstances and the urgency of time and circumstance and the presence of the occupation, which makes the occupier fingerprints clear in passing the law.

4-believe that the solid Earth, which must be established by law is the credibility and good faith, with most parties, and mutual confidence, which is almost lost between the political blocs.

5 - There are some paragraphs which includes law, which are almost unanimously persecution of many of the communities where it is one of the paragraphs in the law to the formation of the Federal Council of the essential components of the Iraqi people, and the clear marginalization of minorities to the rest of the people, anchors of sectarian clear.

6-speed in decision-making and pass this way without definition by showing their clear imprint to the pressure the IMF and the generals oil in this area.

7 - There are many ambiguities on the issue of economic advisers, and what identity! This facilitates the entry of a lot of places, lovers of Ahl and therefore requires exploitation and leads to involve political and professional work.

8 - lack of understanding of district councils to the administrative and legal powers, may create Tkataa in the movement to work with the government and perhaps into conflict in some provinces controlled by some parties control almost entirely to the emergence of hot spots threatening to erupt at any moment.

9-State might have or government center now address each of the idea of trying out their control in the above-quoted in the use of military force, and the solution is here in the worst way (militarily), and we have thus wasted lives in the battle before funds can be avoided drafting laws binding possesses the duties and rights are guaranteed.

We diagnose those observations to the oil and gas planned to vote in the National Assembly, we welcome any decision the purpose of the supreme interest of the country, and our goal of identifying these gaps only for the purpose of processing and upgraded so that leaves no room for compromising human Iraqi citizen.

As if the law was applied correctly and in good faith for the hard work we see in the near future great achievements at the economic level, which will cast a shadow on other levels.

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The International : nine general obligations three files President
05.05.07
Sharm el-Sheikh Sabah envoy

Resulted in the International Conference, which concluded its work on Thursday to extinguish the 30 billion dollars of Iraq's debt, the Paris Club pledges commitment to this as well as to provide new grants for Iraq worth five billion dollars in response to the request of the international community for the reconstruction of Iraq as well as continued political support and security to the government of Maliki to achieve security, stability and reconciliation national and promote the political process.

The document includes the International issued at the conclusion of the Sharm El-Sheikh conference Thursday under the title (a common vision and mutual commitments), nine international commitments to Iraq is in debt forgiveness and cancellation of awards and grants, loans and financial aid and investment and the administrative and technical assistance to develop Strategeyat private sector and the signing of international conventions through regional initiatives and international.

The document also contains three files of the President are : political, economic and security, providing political side to a schedule of 15 points for the legislation are scheduled to be ratified by the end of 2007, the most important legislation of oil and gas law and the law of justice and accountability and the provincial elections that will determine a date for the local elections. It is hoped that promote these objectives Chairperson reconciliation and attract points away from the armed actions and back to the political process.

As for the economic identifies the number of financial and economic objectives. He says : that Iraq hopes to achieve the economic growth rate of 4.15% in 2007 compared with three per cent in 2006 and is expected to achieve growth rate of 12.9% in both 2008 and 2009 and by 9.8% in 2010 and by 5.3% in 2011.

The target for the production of 3.5 million barrels per day of crude oil by 2011, bringing the annual return of crude oil to nearly twice to reach 50 billion dollars, and aims to produce 700 thousand barrels per day of refining products by 2011.

It also includes other measures reconsider tax policies, customs and develop a plan to fight corruption, while the security side stressed that the army and police of Iraq and the sole responsibility for security throughout Iraq in accordance with the principles of "democratic civilian control" and "one army of one country" with the aim of self-sufficiency before the end of the Covenant. This includes the disarmament of militias.

The Secretary General of the United Nations Ban Ki Moon : The States participating in the "International Covenant document" for Iraq in Sharm El Sheikh, Egypt pledged to drop the $ 30 billion of Iraq's debt.

He said Mon reporters after the end of the Covenant : "financial commitments made by certain States is estimated at more than 30 billion dollars."

The Paris Club is a group of 19 government creditors of the major industrial states dealing with rescheduling of debts, has agreed to cancel $ 32 billion (80%) out of 40 billion dollars was owed by the Saddam regime the Principles.
The seven States participating in the Sharm el-Sheikh summit to write off 80% of their debt under the Paris Club rules, notably Saudi Arabia $ 15 billion, and South Korea $ 2.6 billion, as the volume of grants submitted by participating States to about five billion dollars.

Where Iran submitted ten million dollars and a loan of $ 1 billion paid over (30) years, as Saudi Arabia offered support for Iraq worth $ 1 billion in cooperation with the International Monetary Fund and the Great ten million pounds sterling.

The Foreign Minister of Britain, Margaret Beckett said that Britain would lighten Iraq's debt to 3.2 billion dollars will also be provided in support of Iraq valued at about 200 million pounds sterling in the coming years to add 744 million pounds sterling by the support of Iraq since the Madrid Conference.
For his part, pledged Denmark's Foreign Minister to his $ 35 million grant to Iraq are not at $ 18 million in 2007 and $ 17 million next year to reach the total of Denmark to Iraq since 2003 to about 123 million dollars in addition to participating in the training of Iraqi police and rebuild Iraqi army.

From his part, Minister of Foreign Affairs and Trade Korean his country's willingness to provide 40 million dollars to Iraq this year to reach their Korea to Iraq to about 260 million dollars in addition to providing $ 200 million during the period from 2008 to 2011 in the form of grants and soft loans.

So expect Finance Minister Baqir Jabr strike to remove Egypt on Iraq's debt (800) million.

He added Zubaidi told reporters that China has agreed to write off (80)% of Iraq's debt amounting to eight billion dollars, adding that Iraq awaits a decision by the Kuwaiti parliament to write off the debt of Baghdad $ 2 billion.

Finance Minister stressed that Russia wants free access to Iraqi oil fields for a large write off the debts owed to it by Iraq, which is unacceptable to Baghdad.

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I've always liked reading Iraq The Model. This one from Dec. 9, 2006 has been one of my favorites.


Saturday, December 09, 2006

More money to the people.
According to a recent paper published last November by Dow Jones (don't have a link, read a summary on paper) after the world economic forum in the dead sea, Iraq's income from oil exports for this year was at 35 billion dollars with a 14.3% increase from last year's total.

And that if oil export levels retain the current level and under stable prices, the coming year will witness a record income that was never reached in the history of modern Iraq and revenues will jump up to 40 billion dollars; a huge figure given the humble plans of the government and a figure that will put the government in a position where it must come up with new and ambitious plans to match the new revenue figures.

In fact and from what can be read in papers and heard from official statements it seems most government departments failed to spend the funds allocated by the government for those departments to execute their projects.
That's not because of security challenges only since there are several regions in the country that are relatively stable and where work can be done but more because of bureaucracy and corruption that make it extremely difficult to implement plans and make sure the money is spent in the right direction.

I think this was what pushed the government to announce a number of new measures to cope with the condition, perhaps the easiest measure to come up with was to announce plans for massive raises for civil servants; according to al-Sabah the raise will be as high as 60% of current payments in some cases, especially to those with lower incomes.

Another announcement followed soon, yesterday al-Sabah brought the news that the parliament is discussing a suggestion to set aside 30% of oil sales income to distribute among the citizens of Iraq. The draft law sets 3 classes of payments according to age and subsequent needs and responsibilities; from one month to 6 years, from 6 to 18 years and the third one 19 years and older.
People who migrated from Iraq, those with salaries higher that 1 million dinars/month and convicted criminals will be excluded from the payment program, the report added.

The people here met the news with some delight, hope and some skepticism too although the announcement came through the government's paper.

If this plan comes to materialize I think it can reflect positively on the security situation to some extent. The economy is part of the problem and also part of the solution and the government should move forward with reforms that involve economy and infrastructure as well as, of course and above all, security.
I personally like the idea of distributing the money directly among the population because I believe the people are more capable of making good use of that money than the government and instead of having billions lost to corruption and mismanagement that money will be used to revive the market and reduce the government's control over the economy. Plus, it will give people the sense that they do have an actual and visible share of their country's riches.


The private sector in Iraq had witnessed giant leaps immediately after the fall of Saddam; that could be seen in the form of the thousands of private businesses that were established in the course of the past three years and that had a direct positive effect on the standards of living after long years of deprivation.
It's worth mentioning that between 1946 and the beginning of 2003 a total of 8374 businesses were registered while between April 2003 and the end of 2005 more than 20,000 have been registered. During last month alone 286 new businesses were added.
Such statistics seem quite extraordinary under the current security situation which sadly continues to overshadow and limits further improvement of this aspect of life in Iraq.

On the other hand, the exchange rate of the Iraqi dinar improved significantly in the past few weeks and is now at 1410/$1 instead of 1480/1$ in early November. I am no economy expert but this looks like a good sign; it improves the purchase ability of people who get paid in dinar, which is the vast majority of course and at the same time it serves to reassure the people of the value of the national currency.

Let's imagine if the government intensifies its efforts in this direction and takes some candid and well-studied steps to offer a convenient environment for business and investment particularly in Baghdad, the heart of the country's economy. A lot of progress can be made, especially that the foreign investment law has been instated and approved which by the way looks like a good paper. This economic activity can move Iraq forward in a matter of few years and the country can catch up with what it missed.

The potential is huge; a stable climate is the key to unleash that potential.

IRAQ THE MODEL

Political first : The determination of the people to uphold democracy and called on the world to support Iraq
05.05.07
In the battle against terrorism
Maliki in Sharm el-Sheikh : the militias and law opposites and reconciliation Lifeboat
Baghdad-up morning

Describing Prime Minister Nuri al-Maliki draft national reconciliation that Lifeboat for all Iraqis, stressing devote at the Sharm el-Sheikh yesterday and the day before yesterday that people determined to adhere to his experience democracy despite all circumstances.

He called Mr. al-Maliki neighboring countries and the international community to support Iraq in its fight against terrorism, pointing to the refusal of tutelage and thinking behalf, and Mr. al-Maliki pledged to disarm the militias, saying : that the militias and the rule of law does not meet opposites.
In his Ministerial Conference to neighboring countries, Prime Minister Nuri al-Maliki regional countries bordering preventing infiltration of terrorist groups into Iraq and depriving them of access to finance material and political support and media, pointing out that support terrorism would not provide any benefits for any quarter will not put them in danger of Mina murderers.

He stressed that al-Maliki vicious terrorist attack against our people in all its components did not prevent the government of national unity to embrace the initiative of national reconciliation which is Lifeboat for all Iraqis, pointing out that terrorist organizations felt the horror to the success of the initiative of national reconciliation in easing sectarian tension and the strengthening of national unity and consolidating civil peace.

He explained that the people in spite of the challenges determined to adhere to his experience democracy and the protection of its constitutional institutions, pointing out that the Iraqis agree to defeat the scourge of terrorism and achieve security and stability, and that they alone can solve their problems themselves, but what can be done by siblings and friends is the support and backing sincere and honest and non-biased.

He said in this regard : "We reject the logic of tutelage and thinking on our behalf, with all due respect to the principle of consultation and dialogue and the exchange of ideas, opinions and suggestions concerning the prospects of cooperation and integration, adding : I tell you with all confidence and assurance that there is no danger to Iraq from civil war or sectarian war, Iraqis Although hemorrhaging blood will they unite today, and Iraq was not a marginal state history nor be satisfied with the recognition that the former regime's policies have caused a great disservice to Iraq and its people.

The Prime Minister Nuri al-Maliki called in a speech delivered at the opening of the International Conference on Iraq Thursday States participating in the conference to provide support and solidarity with the government and people of Iraq to build a new democratic Iraq.

Maliki said : security and the economy are the two parallel lines, just the path of progress and prosperity and we look forward to the support of brotherly and friendly countries to help Iraq in the face of challenges.
He stressed in his speech that the government of national unity serious disarming militias and countless state only disarmament but said : militias and the rule of law does not opposites meet and the government was working on the integration and rehabilitation of those militia members to work in the civil institutions of the State.

Reviewed Maliki in his steps taken by the government to activate the initiative of national reconciliation and reintegration of former Iraqi army officers to service, and to ensure pension rights for those who could not be accommodated in institutions of the new Iraqi army, along with the introduction of a bill accountability and justice to the House to reconsider the uprooting the Baath.

The Prime Minister in his speech to say : look forward to a close the International Covenant beginning of a new phase in Iraq's relations with all countries of the world, starting in the correct and balanced mutual relations with the international community based on mutual respect and common interests.

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It is so typical of the Arab countries to close their doors
May 4, 2007

It is so typical of the Arab countries to close their doors in front of any initiative to help Iraq. I am not surprised to hear that they are not willing to drop off the billions of Saddam debts, which he used in his wars. They are doing their best to make sure Iraq becomes the worst place in the area so that they keep their countries safe, stronger and more prosperous than Iraq. They know very well that if Iraq stands on its feet again, they will be gone, not by Saddam-style military operations, but by huge economical prosperity.


The BBC reported from Sharm al-Sheikh in Egypt that some Arab countries, particularly Sunni Arab nations like Kuwait, are still keeping their distance from Iraq except Egypt which agreed to write off all the money it was owed by Iraq.

These countries refused to drop off the debts and some did not even mention the issue despite the calls for the International Compact with Iraq, which sets ambitious benchmarks to achieve a stable, united, democratic Iraq within five years.


Of course, Kuwait and Saudi Arabia are two of the most countries that are ignoring this issue. But as I said, it’s typical of them. I don’t know why they are even participating in this conference. I wonder when Iraq will take the initiative of withdrawing from the Arab League, which is nothing but a puppet in the hands of the Arab tyrannical regimes. I like how Libya started the first initiative to do so. Although I have reservations against Qaddafi the tyrant, but I think he was smart enough to withdraw his country from this phony unity which once I believed in.

It is said that during hard times, people get to know who the friend and the enemy is. Unfortunately, we called these cowards “brothers” once upon time. But now, I raise my voice and say that they were not and will never be our brothers. What kind of brothers who mourn the death of a tyrant who did nothing but bringing destruction to one of the great countries in the region. Of course, they pray for him and cry for him. He benefited them on our expense. But wasn’t what he gave them enough? Didn’t Kuwait get revenge from all what he did in 1990? Wasn’t the war they helped in creating enough to get revenge? They vowed to destroy the entire country and they did. But isn’t it the time to stop their hatred and try to help stabilize the region? Isn’t time for them, the Saudis, the Jordanians, the Syrians and the Egyptians to try to stop flowing these criminals who tempted unemployed Iraqis and disbanded army members to destabilize the country? Don’t they know that these terrorists will move to their countries if they take over Iraq?

Don’t Arabs feel shameful that Paris Club, Bulgaria, Britain, South Korea, Australia, Denmark, Spain and China decided to drop off some of the debts while they don’t? Of course, they don’t because they are Arabs. They are disgrace to their nations and the history of Mesopotamia and the Nile Valley.


I am sure some people will say I am speaking against the tyrannical regimes only. NO, I am speaking against the people as well who cried rivers of tears on Saddam when he was executed. I don’t feel honored to have those as brothers or sisters. I am proud to respect and admire only those who really supported Iraq and Iraqis with their blood, education, assistance, and everything possible to help even small groups of people, not those “brothers and sisters” who did nothing but send suicide bombers and cry on someone who did all what he could to destroy Iraq and give it on a burned plate to foreigners and terrorists.


I am glad Iraqis are no more silent about this. I am glad Iraqis can see the real face of the Arabs who call Iraqis traitors because Saddam was gone. Well, they are the traitors. They are the terrorists and they are the ones who deserve to be spat at.


[email protected]



Posted by Treasure of Baghdad at 2:08 AM

Saudi Arabia calls Mr. Maliki to visit Riyadh

Sharm el-Sheikh Sabah (special) The information within the Sharm El-Sheikh conference that Saudi Foreign Minister Prince Saud al-Faisal told Mr. Hoshyar Zebari at the official invitation from the Saudi government of Prime Minister Nuri al-Maliki to visit Riyadh. Sources said to Al (morning) : The Faisal expressed regret His Majesty King Abdullah on the news reported by the news agencies said : The Kingdom apologized for the reception Mr. Maliki. On his part, MP and member of the Iraqi delegation, Dr. Humam Hamoudi : Saudi Arabia is ready to provide aid and support to Iraq in order to achieve stability. This came following a bilateral meeting between Dr Hamoudi and Prince Saud Al-Faisal on the sidelines of Sharm el-Sheikh. Hamoudi said : Saudi Arabia declared its readiness to host conferences and meetings in the Iraqi expression of its support him. It seems that Saudi Arabia is trying to make examples of its support for Iraq after the acrimony raised by the reported refusal to host Maliki during his Arab tour on the 22nd of last April, which included Cairo and Kuwait The Muscat. It is noteworthy that Saudi Arabia announced in Sharm el-Sheikh subsidy of one billion dollars to Iraq as well as its commitment to extinguish debt that Iraq owes.

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

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

Vote yes to this poll please

Originally Posted by Lunar

Episode 6 Synopsis: The Financial Sector and Money Markets
Airdate: August 6, 2005
Economic Files does
not necessarily reflect
the views of CIPE


Economic
Files
www.cipe.org/iraq

The program discussed the financial sector and money markets in
Iraq, with a special focus on the role of the Central Bank of Iraq.
The program addressed the following topics:

• Regulation and stocking of Iraqi currency
• Monitoring of credits according to the general monetary
policies of the government.
• Fixing the rate of the Iraqi Dinar and fighting inflation
• Partnership opportunities between local and international
private banks
The three guests from the Central Bank discussed the bank’s
plan to enhance the Iraqi banking sector and financial markets
throughout 2006. They highlighted a series of steps that have
already been taken, including:
• Establishing the Central Bank’s independence from the
Ministry of Finance
• Training 70% of the bank’s staff on international best
practices

• Printing a series of 14 new Iraqi Dinar notes and coins

However, guests on the show representing private banks and the
private sector, as well as average Iraqis interviewed on the street,
voiced the following concerns about the policies of the Central
Bank:
• There is only one financial market within Iraq, the Iraq Stock
Exchange, which is dominated by a few key players.
• The procedures for participating in the Iraq Stock Exchange
are very cumbersome. For example, it takes 45 days for a
certificate to be issued to a new stockholder.
• Private banks require support from the Central Bank to
obtain training for their staff in areas such as information
technology, international best practices, and English.
• Checks issued by private banks are not accepted by state and
government entities.

http://www.cipe.org/regional/mena/ir...nopsis_ep6.pdf

old news. yes this tells us that there is still 5 unaccounted for denominations still lurking in their vault.

Originally Posted by Mike5200

OS, in light of what we have learned about Iraq's oil reserves the last few weeks ( could possibly surpass Saudi Arabia ) that the M2 argument could be dead in the water. Confidence in the Dinar backed by oil is perhaps what they are shooting for? Anyone else ?

yup, we await the petro-dinar.