I don't think they would consider any kind of RV that low....with Oil behind it ...would "Peg" somwhere around 1:3 USD somthing....and only be able to vary 3 to 4 % per the IMF....think about that ...
Printable View
Hi guys I'm back--on the ship and should be able to check in regularly...Would someone please fill me in on the last couple of days..internet is soooo slow on the ship and reading back through the posts takes too much time with others waiting to use the computers...
What happened with the ICI? How are we looking? Anybody have a new timetable??
Thanks! Cheers Tracy
Friday preachers calling activation decisions Sharm el-Sheikh
(صوت العراق) - 05-05-2007(Voice of Iraq) - 05-05-2007
http://www.sotaliraq.com/iraqi-news/...taliraqcom.pngارسل هذا الموضوع لصديقSend this topic to a friend
Friday preachers calling activation decisions Sharm el-Sheikh and a demonstration in Najaf to denounce the abuse of reference ... Alkerblaney warns targeting Shiite cities and Sumaida'ie demanding the government to fulfill its obligations
Baghdad, Najaf-Kazim, Fadel sounded Rashad life-05 / 05 / 07 / /
http://www.daralhayat.com/arab_news/...jpg_200_-1.jpgVaried Friday sermons in Iraq yesterday, the call to support Sharm El-Sheikh conference and activating its claim, a claim Iraqi government to assume its duties to spare Iraqis and providing requirements, and a warning from the reaction of uncalculated targeting Shiite holy places, and denounce the harming religious authority in Najaf through the channel «island».
Mahmood Sumaida'ie front of the mosque imam, or villages in his sermon yesterday said that «exit of the Sharm el-Sheikh positive recommendations and mechanisms do implement those recommendations is welcome to the Iraqis who are awaiting any move to ensure the departure of the occupation and the restoration of security in our wounded».
He called on the Iraqi government to «fulfill their promises to the Iraqi people, and turning verbal commitments into actions». He urged «Iraqi neighboring states, especially those that have the upper hand in the complicated situation in the country and spread violence, not to interfere in the Iraqi political and assistance that would ensure security and prosperity».
For his part, Sheikh Muhanad Aboudi, in front of the Abbas mosque preacher in Sadr City (east Baghdad) Iraqi government «assume its obligations towards the Iraqi people and not left vulnerable to abuses American», indicating «the occupation soldiers to the youth in the seven palaces (north of Baghdad) (...) In a grotesque scene reflects the American flagrant violation of human Iraqis and dignity ».
He criticized the government Aboudi Maliki «because it did not show any sign of easing the burdens on the people, in services, health, security and politics, did not intervene to stop the violations against Iraqis, as it did not abide by the clear demands of the Iraqis to establish a specific timetable for American withdrawal from Iraq».
In Karbala, Sheikh Abdul Mahdi Alkerblaney, representative of the religious leader Ayatollah Ali al-Sistani that «targeting holy cities and honorable assault on the sanctity of Muslims», recalling what happened to the military shrine in Samarra and its repercussions », warned that« may not be able to control the feelings and reactions of citizens in time if that abuses ».
He called Alkerblaney central governments (of Baghdad) and local (Karbala) b «support of the security forces in Karbala and equipped with explosive detection in addition to the activation of intelligence agencies and monitor potential material for the advancement of its work».
He criticized the positions of some of the satellite channels, a channel «island», and abuse through programs to the supreme religious authority in Iraq, and assaulting and labeling of reference are not only interested fundraising rights and the issuance of fatwas.
The demonstration in Basra to protest the continued detention of charge in the current Sadri Saleh AL ZAYANI.(ا ف ب)(AFP)
Turning Alkerblaney to Sharm El-Sheikh conference, calling on the major countries and regional participation in the conference to «support the Iraqi people to get out of its financial, security and construction and service» warned that «unstable Iraq would have on the entire State, and the stability of Iraq is top on everyone», calling for resorting to «principle of dialogue and understanding to solve differences, far from interfering internal affairs of countries ».He added that «may not settle accounts on the land of Iraq, because the loss will affect everyone».
In Najaf, Sheikh Sadreddin Al Kabangi that «Iraq need to assign States gathered in Sharm el-Sheikh to support the political process and reconciliation and reject terrorism and stop incitement against Iraq and Shiites in Iraq», adding that «Iraq is the decision and we will not accept any decision imposed on us».
Denounced Qabbanji abuse religious authority issued during a television program on Channel «island» He said : «We denounce the most egregious offended Shiites these statements, which came on the eve of the Sharm El-Sheikh conference also comes in the context simultaneously with the call for overthrowing the Iraqi government elected», warning «we will not allow to happen encroaching».
On the other hand, emphasized that Qabbanji «Resistance is a legitimate right provided that the killing of innocent people and the sectarian war and its effects of internal strife», adding that «the Shiites are not willing to be a bridge to the occupation or Baathist or Tkeverien».
In addition, hundreds of people demonstrated in Najaf after Friday prayers yesterday to protest what it misuse of the religious reference in the broadcast channel «island» country last Wednesday.
She condemned the demonstration, which was attended by representatives of political parties and members of the local council, Canal «island» and carried banners and slogans in support of religious reference.
The channel country before Wednesday evening meeting with Shiite clergyman Jawad says of the program «Sans Frontieres» address the role of the Shiite religious authority, especially Ayatollah Ali Sistani, regarded as derogatory reference to the guarantee of Aiding them support the occupation and to curb the resistance movements.
The official media in maintaining Ahmed Dabell Maintaining decided to terminate the grace period for the channel «island» stay in Najaf after receiving a letter from the Iraqi Interior Ministry accused the channel «heart of the facts and raise sectarian sedition and incitement to murder and violence in Iraq».
Translated version of http://www.sotaliraq.com/
Well, it seems that the ICI was not successful! Debt negotiations still going on! There are a lot of people not happy, me included. So what do we do?
(A) Buy more?
(B) Sell some or all?
(C) Holdem
The correct answer is all of the above. Buy, sell and hold!
Actually the correct answer is. Be your own person, and make up your own mind. This could be a long haul, plan for a plan B. Any ideas?
The fourth international exhibition for the reconstruction of Iraq based on Monday
(صوت العراق) - 05-05-2007(Voice of Iraq) - 05-05-2007
http://www.sotaliraq.com/iraqi-news/...taliraqcom.pngارسل هذا الموضوع لصديقSend this topic to a friend
The fourth international exhibition for the reconstruction of Iraq based on next Monday in Jordan
The participation of more than 700 companies from 40 countries
RIYADH : «Middle East»
Witness the fourth international exhibition for the reconstruction of Iraq to be held in the period between 10-7 May (May 5) in the Jordanian capital Amman, where large turnout internationally involved more than 700 companies from 40 countries in addition to the 300 global brands, as a rule to go to the Iraqi market, Jordanian and meet the requirements of Iraqi businessmen and Jordanians It is the neighboring countries. The exhibition will be held by the group organized by the International Exhibition and the Riyadh Exhibition Company Ltd. Square in Amman for exhibitions that has been developed specifically to the area of more than 100 thousand square meters on the side of the road to the airport Club Dions Amman, where they were processing 24 thousand square meters of buildings of the vast supply of incubation Interior addition to 5 thousands of square meters of the space.
The advantage of this international event since its first session held in Kuwait in 2004 successfully exceptional at various levels, which receive support and care consistently from various organizations and quasi-governmental international and Arab. Participate in the exhibition this year, companies from Austria, Australia, Belgium, Brazil, Bulgaria, France, Germany, Greece, India, Indonesia, Italy, Japan, Korea, Malaysia, the Netherlands, Russia, Spain, Thailand, Turkey and the United States, the United Kingdom, Pakistan, Iraq, Iran, Saudi Arabia, Jordan, the UAE, Kuwait and Lebanon.
And the participating products and solutions and equipment for several sectors, notably building and construction, oil and gas, health care, education, information and communication technology, as well as consumer materials and household items. Exhibitors and looks forward to the establishment of international relations in addition to meeting with businessmen and the Jordanian and Iraqi companies and their counterparts from Arab states.
The exhibition is the reconstruction of Iraq 2007 an important occasion for the Iraqi businessmen and the Jordanians and Arabs to identify companies crossbar and sign contracts dealerships, distribution and joint ventures.It is noteworthy that Saudi Arabia is the participation of prominent wing in the exhibition this year with the participation of 35 Saudi companies and factories.
Translated version of http://www.sotaliraq.com/
Can you tell me what the M2 is???
Also why you think the fiat system would be necessary, when Iraq seams to be in pretty good shape after so much debt has been forgiven. Articles have come out about an additional 100 billion barrels of reserve oil to add to their 116 BB of oil reserve known about. What I have read, is that Iraq could be #1 not #3. Don't you think this is a major backing for the Dinar to take a strong RV?
After all, the Dinar was at a $3.22 rate when Saddam was in power, with an export of 2mbd, by the end of this year they are expecting to export 3mbd, and within the next few years export up to 6mbd. This my friend is not a country with nothing to back their currency.
Mike, thanks for this one.
This, I think, is going to get the ball rolling. I know its just one more step, but, THIS IS REALLY ENCOURAGING. I was getting the feeling that we were going to just coast for another year, but to instigate something on this magnitude fairly well makes this a new ball game. Better get the rules set and right going into to it.
OSW, glad to see you're doing well. Everyone is pretty much down in the dumps since it seems everyone was expecting an RV by today at the latest.
I expect nothing. That way every day is a surprise!
hello all.
chin up!
germany took around 3 months to revalue after the signing of the Marshall plan. iraq just signed the ICI just now...
Iraq im sure will take less than 3 months, cos of the Oil. Everyone wants it.
maybe a month, maybe 2mrow??
but no longer than the oil summit surely!
cheers
so does any one know when
its been so long , is this really going to happen for us or what
I have been waiting and strugling a year
does any one know when the dinar will finally peg or revalue
as they call it
thanks
Quote:
April 30, 2007 Massive heart failure strikes Rolclub when auto emails were generated by the CBI reporting the rate of the Iraqi dinar at $5+. In related news, the Pension law passed in Iraq.
NOBODY knows when. Lots of people have provided this forum with hours of research, kept everyone up to date with the news, shared their thoughts and their rumors and have been in this investment for well over a year. It must be kinda disheartening for them to be asked this question over and over again and to be relying on this investment to come off in the immediate future is rather foolish as any investment is speculative. Hopefully we will all do very well out of this one, but nothing is for sure. I hope for your sake your struggles will ease but please don't depend on this one investment.
Good answer...if someone knew when it was going to revalue (it's already pegged to the dollar) you wouldn't have to ask that question, you would have already read it on this forum. All dates/rumors are speculative guesses based on information and news gathered by the many great folks on this forum. I understand/empathize with your struggle for the past year, but realize that some of us have been involved for over 3 years, and yes questions like this can sometimes get under your skin.Quote:
DM0619
so does any one know when
its been so long , is this really going to happen for us or what
I have been waiting and strugling a year
does any one know when the dinar will finally peg or revalue
as they call it
thanks
Hopefully soon...good luck to all!
Vice President to Visit Middle East
Quote:
Vice President to Visit Middle East
White House News
Vice President Cheney will depart for the Middle East on May 8, 2007. He will visit the United Arab Emirates (UAE), Saudi Arabia, Egypt and Jordan. President Bush has asked the Vice President to travel to the region for discussions with the leaders of these nations on key issues of mutual interest. The Vice President will meet with President Khalifa of the UAE, King Abdullah of the Kingdom of Saudi Arabia, President Mubarak of Egypt, King Abdullah of the Hashemite Kingdom of Jordan and senior officials of their respective governments. The Vice President also will meet with U.S. military commanders and speak with U.S. troops stationed in the Persian Gulf region.
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.
ÌÑíÏÉ ÇáÕÈÇÍ - ãáÇÍÙÇÊ ÈÔÃä ãÓæÏÉ ÞÇäæä ÇáäÝØ æÇáÛÇÒ
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.
ÌÑíÏÉ ÇáÕÈÇÍ - ÅØÝÇÁ Ïíæä ÇáÚÑÇÞ æÏÚãå ÈãäÍ ÌÏíÏÉ
I've always liked reading Iraq The Model. This one from Dec. 9, 2006 has been one of my favorites.
http://iraqthemodel.blogspot.com/upl...der-726265.jpg
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.
ÌÑíÏÉ ÇáÕÈÇÍ - ÃßÏ ÊÕãíã ÇáÔÚÈ Úáì ÇáÊãÓß ÈÇáÏíãÞÑÇØíÉ æÏÚÇ Ïæá ÇáÚÇáã Åáì ÏÚã ÇáÚÑÇÞ
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
Official Document Of The International Compact
Working on translation from Arabic!!!! If anybody else can crack it post it here, Its 34 pages long!!!!http://www.investorsiraq.com/images/smilies/happy64.gif http://www.investorsiraq.com/images/smilies/happy64.gif
http://nahrain.com/d/law/nhr0503a.pdf
Employment trumps privatisation in Iraq economic plan
BAGHDAD (AFP) - The UN-brokered economic compact signed this week with great fanfare aims to create a liberal free market in Iraq, but US officials admit that for now this approach will take a back seat to more statist job creation schemes.
The deal was approved on Wednesday at a conference in the Egyptian resort of Sharm el-Sheikh by the leaders of more than 50 countries, who agreed to fund reconstruction if Iraq meets certain economic benchmarks.
The agreement urged Iraqis to set up what the US State Department's pointman on Iraq, David Satterfield, described last month as "the basis for a liberal, investment-friendly, investor-friendly economic regime."
But, while the language echoes Washington's dreams for transforming Iraq before the March 2003 invasion, officials on the ground admit that, in the short term, reviving state-owned industries to create jobs will take priority.
"At this stage in Iraq's situation, I would argue very strongly that profitability is not the key aspect in assessing your state-owned enterprises," a senior US official in Baghdad involved in economic policy said this week.
"Employment in this situation is frankly more important in many ways than profitability," he told reporters.
Observers estimate that around 48 percent of Iraq's workforce is unemployed, creating an army of the dispossessed which is a fertile recruiting ground for the many illegal militias and insurgent gangs fighting in the war.
In March, Paul Brinkley, the US Department of Defence's undersecretary for business announced a plan to reopen dozens of Iraq's old state-owned businesses and initially re-employ 10,000 workers.
"There is a recognition that security and economic prosperity go hand in hand, and that unemployment in Iraq is contributing to the frustrations of people and creating sympathy for insurgents," Brinkley said, at the time.
"The factories served as the engine for the Iraqi economy and must be restarted."
The new US position, contrasts heavily with the neo-conservative influenced policy of early days of the occupation.
In the aftermath of the 2003 invasion, the subsidies and tariffs protecting local industries were lifted, forcing the state-owned industries to close and tossing nearly 100,000 people out of work.
Coming hard on the heels of policies disbanding the army and firing Baath party members from the their jobs, the result was a huge number of disgruntled, unemployed men that went on to swell the ranks of the insurgency.
"There was a lot of foolishness in 2003 and they failed to recognise the realities and be sufficiently practical in dealing with the situation," said the US official.
"The policy balance that is required in this period is rather more sophisticated than what you saw in the enthusiasms of the Coalition Provisional Authority in 2003," he added.
One of the biggest signs of a policy shift was the return of top US diplomat Tim Carney to Baghdad in January to oversee the reconstruction effort.
Carney spent two months in Iraq right after the invasion trying to restore the industrial sector and then resigned in disgust when it became clear they were just being left to close down or be sold off.
There are still hopes that Iraq will be able to sell off industries to private sector and foreign investors -- much to the chagrin of many Iraqis who fear their national patrimony will disappear in a fire sale.
US officials say that the ultimate goal still is a free market system and that privatisation must happen -- but not now, not when lots of unemployed angry young men are turning to violence.
Other efforts to boost employment include a 30-million-dollar micro-loan programme by the Iraqi labour ministry for entrepreneurs to start small businesses like electronics repair shops.
The industry ministry has a 20-million-dollar programme to help businesses hurt by violence.
The US military has a number of initiatives of its own, including the year-old Iraq First programme favouring Iraqi contractors instead of foreign ones.
"For the past 12 months we've made a concerted effort to increase our contracting with Iraqi companies," Major General Darryl Scott, head of military contracting in Iraq and Afghanistan, told reporters recently.
"This has been a true shift in thinking about reconstruction and contracting in Iraq and movement towards developing capacity of Iraqi firms to provide for the needs of their own people," he said.
Now, half of contracts are awarded to Iraqi firms compared to only a fifth a year before, he said.
There is also a plan to create a secure area next to the massive US base at Baghdad airport for Iraqi businesses to provide maintenance and repair services -- something that could be extended to other bases around the country. The move comes after observers noted that, in contrast to other countries hosting US forces, Iraqis derive almost no economic benefit from the bases in their midst, which import nearly all their food and labour from abroad.
http://news.yahoo.com/s/afp/20070505...PSCq71dCxX6GMA
Iraqi lawmakers reject US pressure on holiday plans
BAGHDAD (AFP) - Iraqi lawmakers said Saturday that they might yet cut short their planned summer recess in order to pass key laws, but warned the United States not to push them to do so.
Some members of parliament said privately that pressure from Washington might even persuade some anti-American parties to insist on taking the two-month break as planned, as a gesture of defiance.
"This is unnecessary interference," said Kurdish legislator Mahmud Othman. "Parliament has a sense of responsibility. If they find there is a need to legislate laws urgently they will not go on leave.
"This American interference is strange and could have negative results."
Some US politicians have angrily insisted that the Iraqi parliament cancel a recess due in August and September in order to have more time to pass bills designed to aid war-torn Iraq's quest for national reconciliation.
The Iraqi assembly is due to debate a law to rehabilitate former members of ousted dictator Saddam Hussein's ruling Baath Party and allow them to return to public life, and has a draft of a bill on sharing national oil revenues.
US policy-makers see these and other reforms as vital in convincing minority factions opposed to Prime Minister Nuri al-Maliki's government to get behind moves to defeat a violent insurgency and quell sectarian fighting.
At the White House on Friday, national security spokesman Gordon Johndroe noted that the US Ambassador to Iraq, Ryan Crocker, had raised Washington's objection to a two-month recess with Maliki.
"US officials, including Ambassador Crocker, have said this may send the wrong signal not only to the international community but to the Iraqi people," he told reporters.
No decision on the recess has been taken, Iraqi lawmakers said, but they held out the possibility of extending the legislative session if voices in Washington stopped pushing for it.
"We asked for the holiday to be cancelled before the Americans spoke, to pass an abundance of laws. We must finish them by the end of the year," said Nassar al-Rubaie, a member of radical cleric Moqtada al-Sadr's bloc.
First deputy speaker Khalid al-Attiya, a member of the Supreme Council for the Islamic Revolution in Iraq, said: "The summer holiday is an internal affair. The council is the body to decide whether to go on leave or not.
"The internal rules stipulate a holiday, but there are a host of laws that have to be finished during this legislative term," he added.
"If we do not finish them in time, the council may shorten or cancel the holiday as it did in the winter term when the budget was in discussion and had to be finalised. The council cut the holiday from one month from two."
Wael Abdul-Latif a judge and lawmaker from the secular Iraqi List party, said: "If there are laws important for the country for us to debate we may not enjoy a holiday.
"The people elected us to work 24 hours per day. It is improper that America tells us to work for the interests of our country. We must do so anyway."
There has been pressure from politicians in Washington to tie future military and financial assistance to Iraq to its government meeting certain political "benchmarks" to prove that it is committed to finding peace.
This is an old article but very informative..
Hidden Devaluation
From OWS Magazine | January 1999 Issue
By Gary Scott
January 1, 1999 - The recent round of cuts in U.S. interest rates is a precursor of what's to come in currency markets over the months and years ahead. The U.S. dollar will fall, pushed by lower rates and the propensity of the Federal Reserve Board to stimulate global rather than just U.S. growth. If you're alert, however, some currencies may be well worth holding. Our view of currency rates is based on history. The interest-rate drops, along with the International Monetary Fund's bailout attempts in South Korea, Indonesia, Russia, Brazil and elsewhere, are suspiciously reminiscent of the post-World War II Marshall Plan. Secretary of State George Marshall in 1947 stipulated that the United States would finance the rebuilding of devastated economies all over the world.
Today, U.S. banks and U.S.-backed institutions are pouring billions of greenbacks into other markets. Is there a fundamental difference between now and the Marshall Plan era?
The only significant difference I can detect is that now Japan and rich European nations have also joined in the rescue, throwing big bucks into structural reform of the emerging world. But here's the catch. If history repeats itself with these worldwide do-gooder rescues, so, too, will economic outcomes. And that does not bode well for developed world currencies.
If the rescues work, emerging nations should boom, just as Japan, Germany and other Western European nations did after World War II. And if history repeats itself, the developed nations' currencies (the U.S. dollar, along with the yen and euro) should collapse relative to the emerging nations' currencies.
With dollar- and hard-currency-backed bailouts back in the picture, the world's currency systems should shift again. Too much money has been printed in the developed world, and it's mostly been wasted on too many grand schemes. What's worse, the deluge of new paper has not created any upturn in production.
So, how and when will the world currency system change this time?
In working on my recently published currency parity/interest rate study for 1998, I started to see how this "new currency system" might have, in fact, already begun, although its effects are not yet visible.
The study suggests that the new system devalues currencies through interest rate differentials, rather than by shifting parities. If you supplement this notion with a realization of how technology has improved the efficiency of currency markets, such a system makes a lot of sense.
Greater precision in currency markets, along with more transparent economic statistics in emerging countries--all delivered by super-fast, smart-programmed computers--could create just such a system. This new accuracy allows markets to accurately forecast a currency's potential devaluation. Once that is known, interest-rate adjustments could make a currency more valuable than other currencies, without a revaluation.
I first became aware of the interest-rate differential effect in Ecuador a couple of years ago. The nation's sucre was devaluing at about 24 percent per year vs. the dollar. Sucre rates were 44 percent. The real return of 20 percent was much better than earnings I could have made in the United States.
In 1998, this same kind of hidden revaluation took place several times. Some investment-grade Turkish lira bonds offered yields of 125 percent --while the lira devalued only 34 percent against the U.S. dollar--and investors earned a huge return of 91 percent.
Aren't these currencies with whopping interest rates more valuable--even after taking normal risk premiums into account--than major currencies that earn 3, 4 or 5 percent? For now, these are not hard conclusions, just theory. But we have to be aware that change is ahead. We need to be conservative and prudent, but we also need to acknowledge that the system will shift.
When there is turmoil in other markets while the U.S. dollar appears muscular, it's hard to consider investing in foreign currencies. But too many dollars, yen and ECUs have been thrown by the bucketful into wasted efforts abroad. Both fundamental economics and history tell us that this waste can be hidden for only so long. Eventually, the countries that printed too much currency must pay, and they usually do it by devaluation.
Perhaps the fall of hard currencies won't come from reduced parities this time, but through lower yields. Perhaps not. But mark my words, the fall will come. Smart investors and their advisers should know this and be ever alert. ?
The January 1999 issue of Gary Scott's World Reports is devoted to his currency parity, inflation-interest rate study.
On Wall Street - A SourceMedia and Investcorp publication
Cheers!
DayDream
Here is a link to what I think is the full translation of the English Version of the International Compact - 30 pages long :-
Although I think it's dated Dec 23rd.
http://www.iraqcompact.org/Document/...DecEnglish.doc
Here is an Annex JMM 2007 link - :-
http://www.iraqcompact.org/Document/...nglish2007.pdf
Here is another Annex JMM 2008 & after link - :-
http://www.iraqcompact.org/Document/...nglish2008.pdf
http://www.investorsiraq.com/images/misc/progress.gif
Good Luck. :biggrin:
Here is a link to a Legistative Timetable.
Table 1: Fiscal and Oil sector Accounts :-
http://www.iraqcompact.org/Document/...FF_English.pdf
Here is a link to the Reconciliation Process.
The National Reconciliation and Dialogue project
In order to confirm the coherence between the Iraqi people, establishing the basis of national unity among their different components, to treat the remains of terrorism and administrative corruption, spreading the spirit of the loyal nationality to Iraq in order to build wide national front to confront challenges and to regain the pioneer position of Iraq regionally and internationally …for all that we release the initiative of national reconciliation and dialogue that depends on two basic elements:
1- The reliable procedure.
2- Principles and required policies.
http://www.iraqcompact.org/Document/...tE nglish.pdf
Here is a link to the Principles and foundations of GoI political program.
Council of Representatives members,
GoI releases its program in a framework that maintains Iraqi people unity, its races
and fragments to build a constitutional, democratic, federal and pluralistic Iraq relying
on constitution and laws that assure rights and freedom for all Iraqis as well as ensure
active participation of women in order to enhance the role of civil societies and their
independency
http://www.iraqcompact.org/Document/...oI_English.pdf
May have been already posted.
http://www.iraqcompact.org/Document/...English_2_.doc
Joint Statement on the ICI meeting co-chaired by Dr. Barham Saleh and Ibrahim Gambari
On Sunday, 8 April 2007, a High Level briefing meeting for The International Compact with Iraq (ICI) was held in Baghdad, co-chaired by HE the Deputy Prime Minister of Iraq, Dr. Barham Saleh, and HE Ibrahim Gambari, the Special Adviser of the United Nations Secretary-General.
The Baghdad meeting comes as a follow-up to the successfully held ICI meeting in New York at UNHQ on 16 March 2007, hosted by the UN Secretary-General Ban Ki-moon, and co-chaired by Iraqi Vice President Adel Abdul Mahdi. During the New York meeting the Iraqi Government presented its vision for Iraq and its commitments to addressing the political, security and economic challenges that face Iraq. These were tabled in an ICI document that included a Joint Monitoring Matrix (JMM) which lists indicative actions that would enable the government to meet Compact benchmarks. This JMM will facilitate the monitoring and reporting of progress toward the successful implementation of the ICI.
Dr Saleh announced that the International Compact for Iraq would be formally launched in in a ministerial meeting in Sharm el-Sheikh, Egypt on 3 May 2007. This meeting will invite the international community to express its support for the government of Iraq and the International Compact through commitment to various means of financial and/or technical assistance and debt relief. This launch of the ICI will be followed on May 4th by a ministerial meeting of Iraq, its neighbors, permanent members of the UN security, the G8 and Egypt and Bahrain.
The meeting was attended by representatives of number of States through their diplomatic missions in Baghdad, as well as multilateral institutions.
The International Compact for Iraq was developed by the Government of Iraq with the support of the United Nations and the World Bank, to deal with the serious challenges that currently face Iraq. The ICI represents the framework for a partnership between Iraq and the international community to achieve political stability, reconstruction and development.
The ICI's objectives, strategies and benchmarks were devised in response to these challenges and aim to meet the government’s vision for a ‘secure, unified, federal and democratic nation, founded on the principles of freedom and equality, and providing peace and prosperity for its people’.