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

Iraq takes steps to settle YTL 2 bln debt with Turkish CB
Iraq takes steps to settle YTL 2 bln debt with Turkish CB
Today's Zaman - [09/05/2007]


The Iraqi government has taken a constructive step in efforts to settle its YTL 2 billion ($1.5 billion) in debt to Turkey's Central Bank, nominating US accounting and consulting firm Ernst & Young to negotiate its amount outstanding with the Turkish Treasury. As the central bank's biggest partner, the Treasury is dealing with the collection problem in the name of the bank and has also enlisted the help of the UN towards this goal.

The debt began accumulating before the US invaded Iraq in 1991. In accordance with commercial agreements between the two countries before the first Gulf war, the Turkish Central Bank was proceeding with payments to Turkish exporters and contractors that do business in Iraq. The funds expended were later collected from the Iraqi government. The system was working smoothly until it broke down after the US invaded Iraq 16 years ago. Iraq has been unable to pay the remaining debt since then due to internal disorder created after the war.

The central bank’s latest activity report for 2006 once more included the amount owing from Iraq in its “bad and irrecoverable debts” item. Of the bank’s YTL 2 billion in receivables, YTL 1.83 billion stems from notes, while the remainder originates from uncollected loans that resulted from the central bank providing funds for Enka Construction for the Bekhme Dam project that the Iraqi government couldn’t cover. The amount of this loan was YTL 130.12 million.

The Iraqis’ debt to the Turkish Central Bank is equal to 31 percent of the bank’s annual expenditures. The central bank’s spending climbed to YTL 6.25 billion in 2006, a 52.6 percent increase from YTL 4.1 billion in 2005. Interest payments, as an item of expenditure, were YTL 3.63 billion, whereas non-interest expenditures were YTL 2.24 billion.

Payroll expenses amounted to YTL 270 million, and the other spending was YTL 107.42 million. Although the bank is making allowances to hedge the risk for bad debts, it has not made any provision for receivables from Iraq since 2002, when it adopted international accounting standards.

Iraq owes $900 million to BOTAق,

The state-owned Turkish Pipeline Company (BOTAق) is also owed a significant sum by Iraq, totaling as much as $900 million. This debt stems from transportation costs through the Kirkuk-Yumurtal‎k oil pipeline.

BOTAق officials say they are waiting for the Iraqi government to settle its debt with the government since there is no appropriate authority to deal with the problem. They claim that the current situation of BOTAق, which is in serious financial trouble due to uncollected receivables from its domestic customers, the biggest of which is the Ankara Metropolitan Municipality, will be alleviated if they can obtain the money owing from Iraq.

Iraq reconstruction may cost $300 billion
Iraq reconstruction may cost $300 billion
Press TV - [09/05/2007]


An Iraqi lawmaker has urged foreign firms attending an international reconstruction fair in Jordan to help rebuild his battered country.

"Iraq needs more than 300 billion dollars for reconstruction in all fields -- oil, economy, industry, agriculture, infrastructure," said Yunadem Kanna, a member of Iraq's parliamentary commission on the economy, investment and reconstruction.

"Iraq is a huge market that needs expertise and technology in order to take its seat among world countries," he said at the opening of the 4th Rebuild Iraq international trade fair which lasts through Thursday.

"There are security problems but we have safe areas in the north and the south, and there is an investment law that gives foreign firms many benefits," he said.
More than 700 Arab companies and foreign firms from Iran, China, Egypt, France, Germany, Italy, Japan, Russia and Saudi Arabia are at the fair.

Observers believe Iraq has great potential because of its abundant oil and gas resources.
Last week the leaders of more than 50 countries agreed at an international conference at Sharm al-Sheikh to fund Iraq's reconstruction if the embattled nation meets certain economic benchmarks.

Originally Posted by rvalreadydang

hmmmm, i checked too, nothing.........

oh wait, would the assisination affect the auction? I don't think it was CBI where the guy was killed, a neighborhood bank.

No Auction posted yet? And Cheney made a secret trip to Baghdad? Naah, that means nothing....carry on.

Anyone disect this yet? I don't have time but it says something about exchange rate adjustment and global imbalances.

http://www.imf.org/external/pubs/ft/...007/050707.pdf

Cheney in Baghdad for key talks

US commander Gen David Petraeus welcomed Mr Cheney to Iraq

US Vice-President Dick Cheney is visiting Baghdad to press feuding Iraqi leaders towards a political accord that could stem the daily violence.
"This is a very important time. There's a lot to talk about," Mr Cheney said.
He met the top US commander in Iraq before heading into talks with Prime Minister Nouri Maliki and his cabinet.
Boosted US troop numbers in Iraq have been struggling against daily violence, with the latest bomb attack reported in the usually calm Kurdish north.
On arriving in Baghdad, Mr Cheney held talks with the US ambassador, Ryan Crocker, and with the commander of US forces in Iraq, Gen David Petraeus.
Ambassador Crocker said the vice-president would try to dissuade Iraqi politicians from taking a two-month holiday this summer.
"For the Iraqi parliament to take a two-month vacation in summer is impossible to understand," he said, given the "major effort" being made by US and Iraqi security forces.
Mr Cheney was also expected to urge Iraqi leaders to work harder to heal political rifts.
His previously announced trip to Iraq comes at the start of a Middle East tour that will also take him to the United Arab Emirates, Saudi Arabia, Jordan and Egypt.
Congressional battle
Meanwhile, the Pentagon has told 35,000 US troops they may be required in Iraq this autumn.
A policeman evacuates a casualty from the Irbil explosion

President Bush has already placed an extra 30,000 troops in Iraq as part of the 12-week-old security "surge" to contain the unrest in Baghdad and in the western province of Anbar,
The latest Pentagon order would enable this push to be maintained until the end of the year, if necessary.
However, a defence department spokesman said no decision had yet been taken on prolonging the current surge.
In Washington, the president's Republican party is battling Democratic rivals who want Congress to place checks on funding for the war in Iraq.
Irbil attack
In northern Iraq, a bomb attack in the city of Irbil killed 14 people and left some 70 hurt.
Television pictures showed the blast had destroyed a building and left a large crater on a road where interior ministry offices are located.
A witness quoted by Reuters news agency spoke of "fire coming out from the blast area. A man was burned to death."
A security official, First Lt Mariwan Kareem, told the agency the explosives in the truck had been hidden under kitchen cleaning products.
The near-daily bombings and instability that have gripped much of Iraq remain rare in the autonomous Kurdish northern region.
However, political tensions are rising over the drafting of a bill that will redistribute oil wealth among the country's Kurdish, Sunni and Shia population.
Most of Iraq's oil is concentrated around the Kurdish north and Shia south.
Irbil last saw a major attack in May 2005, when the offices of a local political party were hit by a suicide bomber.

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May 9, 2007
Cheney: 'Game time' in IraqPosted by Mark Silva at 6:40 am , updated 7 am CDT
"It's game time'' in Iraq – where Americans are attempting to convince Iraqi leaders to forgo a summer vacation.
Vice President Dick Cheney dropped in on American military commanders in Baghdad this morning. Air Force Two landed at Baghdad International Airport at 8:56 a.m., local time, and Cheney flew by helicopter to the Green Zone, where he proceeded to the U.S. embassy.
His trip to Iraq at the start of a tour of several other Middle Eastern nations had been unannounced, just as he had traveled to Pakistan and Afghanistan in February. The vice president was planning to meet with U.S. and Iraqi leaders as well as leaders of various factions in a nation besieged by sectarian violence, according to a senior administration official who spoke with reporters en route.

another:
U.S. Vice President Dick Cheney makes unannounced visit to Iraq<br><br> - Haaretz - Israel News

"There's a lot going on. This is a very important time. There's a lot to talk about," Cheney said in a meeting with Ryan Cocker, the new U.S. ambassador to Iraq.

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

Imad Principality

Banks characterized activity eligibility in Iraq since the 1990s and there are a number of obstacles in its tracks banking, private banks suffering from the result of modest financial resources and limited ability to interact with the data bank of modern technology.

Especially in the light of the high Asaaralamadat and modern methods in real terms compared to the resources of these banks and private banks facing limited interaction with foreign banks and this led to a large information gap and that it lacks what might be called historical depth, which enables it to employ banking relationships precedent for use during the contemporary stage, and one of the most prominent aspects of the suffering of private banks in providing expertise and technical strength is its dependence on elements Bank (Rafidain and Rasheed), particularly those who have completed their services schemes and then moved to work in private banks or who resign for any reason, and this Cadres though experienced in the field of banking (public sector), but lack the work requirements Al-Serafi talk has led excessive reliance on the banking sector tables year to a state of strong competition between private banks to make such Cadres regardless of whether caused by complications related to the banks However, it managed private banks Iraqi Since its founding contribution in the provision of services bank to the Iraqi economy, although this contribution was modest in both activity and attract liquidity individuals and companies in the field or to provide them with credit facilities, a situation of great disparity between the levels of private banks, the result of different experiences and competencies departments of these institutions.

Today, as the changes are the way to correct economic imbalances. The move seemed clear in the pursuit of partnership with global financial institutions advantage entering new investment law into practice shows that the next few days will see a noticeable improvement in the performance of the banking sector and this is what the National reliable to involve the private sector in economic activities and to sort out the transition from the totalitarian economy to a market economy.

FIL?

Window-Economic Banks Eligibility!

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Banks characterized activity eligibility in Iraq since the 1990s and there are a number of obstacles in its tracks banking, private banks suffering from the result of modest financial resources and limited ability to interact with the data bank of modern technology.

Especially in the light of the high Asaaralamadat and modern methods in real terms compared to the resources of these banks and private banks facing limited interaction with foreign banks and this led to a large information gap and that it lacks what might be called historical depth, which enables it to employ banking relationships precedent for use during the contemporary stage, and one of the most prominent aspects of the suffering of private banks in providing expertise and technical strength is its dependence on elements Bank (Rafidain and Rasheed), particularly those who have completed their services schemes and then moved to work in private banks or who resign for any reason, and this Cadres though experienced in the field of banking (public sector), but lack the work requirements Al-Serafi talk has led excessive reliance on the banking sector tables year to a state of strong competition between private banks to make such Cadres regardless of whether caused by complications related to the banks However, it managed private banks Iraqi Since its founding contribution in the provision of services bank to the Iraqi economy, although this contribution was modest in both activity and attract liquidity individuals and companies in the field or to provide them with credit facilities, a situation of great disparity between the levels of private banks, the result of different experiences and competencies departments of these institutions.


واليوم، اذ اخذت التغيرات طريقها الى تصحيح الاختلالات الاقتصادية...
Today, as the changes are the way to correct economic imbalances ...
فان تحركا بدا واضحا في مجال السعي نحو الشراكة مع المؤسسات المالية العالمية مستغلة دخول قانون الاستثمار الجديد حيز التطبيق ما يشير الى ان القادم من الايام سيشهد تطورا ملحوظا في اداء القطاع المصرفي الاهلي وهذا ما يعول عليه في اقحام القطاع الخاص في الانشطة الاقتصادية وبما يفرز الانتقال من الاقتصاد الشمولي الى اقتصاد السوق.
The move seemed clear in the pursuit of partnership with global financial institutions advantage entering new investment law into practice shows that the next few days will see a noticeable improvement in the performance of the banking sector and this is what the National reliable to involve the private sector in economic activities and to sort out the transition from the totalitarian economy to a market economy.
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Beat you to it RollsRoyce..

But I think it is.

I'm not one for deciphering these articles, but it sure sounds good to me!