Thread: Iraq/Dinar News until 5/23/07 Midnight CST

sorry if already posted:


International Compact with Iraq

Statement by Mr. Takatoshi Kato
Deputy Managing Director of the International Monetary Fund
Sharm el-Sheikh, Egypt
May 3, 2007


As Prepared for Delivery
Mr. Secretary General, Prime Minister Maliki, Vice-President Mahdi, your excellencies, ladies and gentlemen, it is a great pleasure for me to address this important meeting on the occasion of the launching of the International Compact with Iraq. I congratulate the Government of Iraq, together with the United Nations and Iraq's partners, for their work in developing the Compact. The medium-term framework for political, security, and economic reform endorsed by the Compact aims to secure a better future for the Iraqi people. It is certainly encouraging that the Compact enjoys the strong support of the international community as demonstrated by the large gathering present here today.

The Fund has been closely engaged with Iraq since 2003. Initial work focused on setting up a macroeconomic database, including the preparation of a debt sustainability analysis, and on providing technical assistance and policy advice, mainly on monetary and fiscal policies and key structural reforms. In September 2004 the Fund approved Emergency Post-Conflict Assistance for Iraq, and this—in combination with the debt sustainability analysis—paved the way for the critical November 2004 debt reduction agreement with Paris Club creditors.

The current Stand-By Arrangement was approved in December 2005. It supports the authorities' broad economic reform program, aimed at maintaining macroeconomic stability and improving the conditions for sustainable growth over the medium term. The macroeconomic framework of the Stand-By Arrangement underlies the economic component of the Compact.

Despite extremely difficult circumstances, the Iraqi authorities have continued to implement their economic program. They have taken some courageous measures, including the gradual increase in domestic fuel prices and, starting in 2007, the elimination of all direct budgetary fuel subsidies, except for kerosene. Iraq has also embarked on an ambitious structural reform program, in order to make the transition to a more market-based economy. The government is working to modernize public financial management, streamline the social safety net, and amend the pension law to make it fiscally sustainable. The central bank is overhauling its accounting, reporting and auditing systems, and a modern payments system was established. Steps are also being taken to restructure state-owned banks and to bring the banking supervisory system in line with international best practice. In the oil sector, legislation was enacted to liberalize imports of fuel products and progress is being made in establishing a modern and transparent legal and regulatory framework. In that context, Iraq has indicated that it intends to participate in the Extractive Industries Transparency Initiative.
The sharp deterioration in the security situation during the past year was not foreseen at the outset of the program. As the daily news brings home to all of us, this has precipitated a dramatic increase in human suffering, directly as a result of the violence, as well as through the worsening of living conditions and the displacement of large numbers of people.

The unstable security situation has also exacted a heavy toll on the economy by disrupting its normal functioning and increasing the emigration of skilled labor. It has also hampered the execution of reconstruction and investment projects, and worsened shortages of key commodities, especially fuel products. The shortfall of investments in the oil sector together with the interruptions caused by the insurgency prevented the expected expansion of oil production, keeping economic growth low at 3 percent in 2006. Fuel shortages were a major factor behind the jump in inflation from 32 percent at end-2005 to a dangerously high rate of 65 percent at end-2006.

In response to these developments, and against the background of efforts to improve the security situation, the immediate challenges that Iraq faces in establishing a stable macroeconomic framework are lowering inflation and expanding oil-related investments. To combat inflation, action has been initiated on three fronts. First, the Central Bank of Iraq raised its policy interest rates sharply and allowed a gradual appreciation of the dinar. These measures aimed to de-dollarize the economy in order to enhance the central bank's control over monetary conditions, and also to reduce imported inflation. Second, the government budget for 2007 aims to contain current spending so as to limit inflationary pressures on the small non-oil economy. And third, the government is in the process of facilitating private fuel imports to ease shortages and help reduce black market prices. The first signs of the effects of these policies are encouraging: the annual inflation rate in February and March 2007 has fallen to about 37 percent. Of course, it is yet too soon to know whether this recent outcome represents the beginning of a sustained downward trend, and the authorities remain committed to continued action to reduce inflation further. The 2007 budget envisages a high level of oil-related investments and practical steps are being taken to improve project implementation.

In view of the encouraging progress made by the Iraqi authorities in strengthening economic policies and undertaking structural reforms, the IMF Executive Board completed the third and fourth reviews under the Stand-By Arrangement in early March 2007. At that meeting, the period covered by the arrangement was also extended by six months through September 2007, in order to provide more time for the program to achieve its growth and inflation objectives.

Looking ahead, the discussions on the fifth and final review under the current Stand-By Arrangement and on the 2007 Article IV consultation are scheduled to begin this summer. The Iraqi authorities have also indicated that they intend to request a successor arrangement to cover the period needed to reach the last stage of the Paris Club debt reduction agreement by December 2008. In the meantime, it will also be important to make further progress in reaching debt reduction agreements with non-Paris Club creditors.

I would like to emphasize that with the launching today of the International Compact with Iraq, the country is entering a crucial period in its political and economic recovery. Much remains to be done. It is our hope that this new partnership with the international community will help to improve the political and security situation, which is an indispensable condition for future economic development. The Fund is ready to contribute to the success of the International Compact with Iraq through the medium-term macroeconomic policy framework supported under the Stand-By Arrangement and its possible successor arrangement, as well as by providing policy advice and technical assistance in the areas of our expertise. The medium-term framework and the reviews of the Stand-By Arrangement can provide valuable information on economic developments in Iraq for donor countries subscribing to the International Compact with Iraq.

In conclusion, we wish the Iraqi authorities much success in the implementation of the measures envisaged under the Compact

International Compact with Iraq, Statement by Mr. Takatoshi Kato, Deputy Managing Director of the International Monetary Fund, Sharm el-Sheikh, Egypt, May 3, 2007

Cheers!
DayDream

Iraqi official : Iraq reconstruction exhibit in Amman opportunity

(صوت العراق) - 12-05-2007

(Voice of Iraq) - 12-05-2007

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Iraqi official : Iraq reconstruction exhibit in Amman, the opportunity to meet with large companies

Amman / Dietary Dawood

He said the Deputy Minister of Industry and Minerals Iraqi Mohammed Abdullah Ani exhibition that the rebuilding of Iraq primarily currently in the Jordanian capital Amman is a good opportunity to meet with cadres of the Iraqi ministries of the Reconstruction representatives of large companies.

."

The Ani, on the sidelines of the exhibition, which opened last Monday, is that "the direct implementation of projects in Iraq will lead to improved security reality, especially as the hottest area in Iraq currently, which began Anbar progress towards stability is a candidate to attract investors now."

"

He pointed out that "the direct cause of terrorism is poverty, where Egd many Iraqi citizens source of capital from to provide them with their needs."

He added, "if we in the province of Anbar our Mahamlena we will all operate large numbers of workers and busy working people."

Regarding the impact of the security situation and to complete the administrative corruption private investment projects with reports on the suspension of projects funded by the United States-Ani said, "When I talk about the Ministry of Industry and Minerals is why I say that there is the presence of large American companies so far. "One of the problems that must be attentive to the American investors and others that it should come and contribute and participate funnel Like other companies also should not stop the process of investment because of the presence of administrative corruption, we desperately need to be based companies operating affiliates Reconstruction fear of traveling to areas riot The other, we must find jobs and encourage investment within the country. "
He added that "most of the operations in which an administrative corruption was led by the American bodies under the supervision of the Iraqi side was not directly responsible for her as she was granted American."
He pointed out that "one of the reasons for the failure of many projects of America was of subcontracts awarded to small companies," and said "we are aware that administrative corruption and violence both contribute to damaging to the country and perhaps the most influential administrative corruption on Iraq from violence."
Ani He also highlighted the importance of benefiting from the new Iraqi investment law, which "would bring about the composition of the file active economic able to appoint security file and overcome the violence and restore stability to Iraq."
The Salem Khazzalh Jordanian Minister of Industry opened last Monday fourth international exhibition for the reconstruction of Iraq, organized by the International Exhibitions (their electorate Group) in the draft Abdali Jordanian capital Amman. And will last for four days.
The minister said in Amman, the Jordanian The goal of this exhibition is to contribute to the reconstruction of Iraq by providing an appropriate atmosphere of convergence between businessmen and companies Iraqi companies global.
For his part, the Executive Director of the Iraqi Business Council that there are obstacles to the entry of investors into Iraq in the forefront of the security situation deteriorated.
He told (Voices of Iraq) on the sidelines of the exhibition, said that "there are obstacles hampering Iraqi exit investor wants to invest in other countries, of the difficult conditions and regulations, people in the Iraqi business bow to several laws for investment outside Iraq, and therefore can not achieve all aspire to as a lack of knowledge of the Iraqi reality of the actual needs in Iraq. "
Regarding the volume of investment in Jordan said Iraqi reformer, "Iraqi investment volume in 2006 reached 120 million Jordanian dinars in various areas of investment as a statistical distribution of investment, but the reality is much more of this, possibly as much as twice that figure."
As for the impact of investment in the Iraqi market, Jordanian Is it long or short-term? The reformer, "the Jordanian market open market has big investments and most businessmen expected that there will be significant investment in Jordan, short, medium and long-term is divided between housing and tourism, hotels and tourist complexes and industry."
Regarding the response to a request by Jordan Business Council to provide special laws to attract investors to invest in Iraqi territory retail development on the border between Iraq and Jordan reformer explained that "the land of retail development is still under study by the facilities between the two sides and the Jordanian government promised to be a great facilities and facilities still under discussion, and there is a joint committee is studying the request by the Board composed of ministries of labor, agriculture, industry Jordanian addition to the Director-General of the Jordanian distribution investment. "
Recall that the council had announced in April last tentative agreement with the Jordanian Ministry of Labor to implement development projects particularly retail on the ground. A project launched by King Abdullah II of Jordan on an area of nine kilometers first stage of resolving a number of special projects for Iraqi businessmen, including training school for helicopters and medical soluble plant, a factory for the production of iron and other medical supplies to the factory for the building blocks ready and ethics of the industry laboratories.
The council had suggested to the government to provide guarantees and facilities to investors if the Iraqis projects notably the extension periods of residence of the investor Iraqi-10 - 5 years, and establishing housing complexes for the Iraqis in the region. The increase employment rate for the Iraqis in the project to more than the permissible by the Jordanian Labor Act of 30% cheap foreign.

المدى العراقية

Long Iraqi

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

Talabani : will bring all Iraqis into the political process

(صوت العراق) - 12-05-2007

(Voice of Iraq) - 12-05-2007

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He said in London that the politicians in Baghdad to prove that they deserve the support of Britain and America

London : Meena Laaribi
The Iraqi President Jalal Talabani yesterday on the need to achieve national reconciliation in Iraq in order to save the situation in Iraq and «isolate Al Qaeda», and this was the basic message carried by Talabani to visit with him informally to Britain began the day before yesterday and told British officials and the Iraqi people of the community. Talabani stressed in a press conference with British Prime Minister Tony Blair in the British capital yesterday : «We plan to genuine national reconciliation in order to achieve genuine unity», and added that he expects that through «weeks or months and would be an important step in bringing all Iraqis to a political process and even isolate Qaeda». He believed that Talabani «terrorism» hinder development in Iraq, adding that «terrorism threatens not only Iraq but the Arab world from Morocco to Saudi Arabia».
Talabani said he came to Britain to «thanking Prime Minister Blair and his call to other areas in Iraq, such as Kurdistan and the south of the country where the successes». The Western press «to shed light on the good in Iraq, Kurdistan and the south and west regions of the country». British and popular opposition to the British presence in Iraq and the role of London in the war, Talabani said that the overthrow of the former regime «was a truly historic achievement, but we had to show tangible results of the British people and we hope that during the coming weeks and months». Replying to a question on the day before Blair's announcement yesterday that he will resign from his post next month, Talabani said : «feel sorry for the departure of a senior commander of the British people and a friend of Iraq», adding : «hero that helped in the liberation of Iraq», continued : «successor to run the same pace, the requirement that the Iraqis demonstrate they deserve this support through genuine national reconciliation ».

For his part, Blair said that terrorism in Iraq «comes from outside the country and against the interests of Iraq and the demands of the Iraqi people», adding : «Our international community to help achieve the ambitious Iraqi people», explaining : «as terrorists try demolition of the future of Iraq, we must help the Iraqis to secure». At a reception held for the Iraqi embassy Talabani yesterday evening, Talabani said : «Baghdad was moving forward», stressing that the success of steps forward depends much on achieving national reconciliation. He added : «We welcome everyone except Sadamien (ie following the former Iraqi President Saddam Hussein) and the organization« Qaeda », said :« all parties, especially our brothers from the Sunni Arabs and Anbar are insisting on the fight against Al Qaeda ». Talabani called «brothers in Tehran and Damascus to help us and to continue the success we have achieved in Sharm El Sheikh», in a reference to meetings last week in Sharm El Sheikh for the neighboring countries of Iraq. It was noticeable that the majority of Arab ambassadors and the ambassadors of Iran and the United States, Russia and other European countries attended the reception, in contrast to previous Talabani's visit to London in October (October) 2005, where the presence of Arab diplomatic slightly. The Talabani met British Minister of Defense and the American Ambassador in London, Robert Tuttle yesterday evening before heading to the reception. Al «Middle East» Tuttle reported that Talabani strongly discontent in Washington of the situation in Iraq and the patience of the American people vacuum, stressing the need to «obtain actual results». Talabani stressed in his speech the day before yesterday on this point, saying that Vice President Dick Cheney «was frank in his talks in Baghdad, and encouraged national reconciliation and encouraged us by saying that the United States supports the Iraqi people but needs to concrete results us».

الشرق الاوسط

Middle East

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

Leading Shiites : radical changes imminent in the Supreme Council

(صوت العراق) - 12-05-2007

(Voice of Iraq) - 12-05-2007

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Leading Shiites : radical changes imminent in the Supreme Council for Islamic Revolution

The amendments include dropping the word «revolution» of the name and to «flavor of the largest Iraqi» it

BAGHDAD : «Middle East»
Examine the Supreme Council for Islamic Revolution, the largest Shiite political groups in Iraq, radical changes in structure and program, in a step interpreted by observers as an attempt to move away from Iran, where originally lived leaders and cadres, until the fall of the former Iraqi regime in 2003.
According to Council sources, which is headed by Abdel Aziz al-Hakim, the new program for the organization tends to rely more on Ayatollah Ali al-Sistani reference away from the idea of the rule of the jurisprudent posed by Iranian Supreme Leader Ayatollah Ali Khamenei, as well as dropping the word «revolution» of the name and to «flavor of the largest Iraqi» it.Jalal Eddin Saghir leading figure in the Supreme Council for Islamic Revolution in Iraq, said that it engages serious discussions to study these changes. He added in a telephone conversation with «Middle East» The changes come «harmony with the constitutional status quo in the country». He added that the structure of the Supreme Council, whose name was conceived when the party was in opposition, and said that «the country's transition to legality and the Constitution unavailability of reviewing all programs before».He said that small «word revolution unnecessary presence far as what we wanted has been achieved». He said that these changes should have been made six months ago but «circumstances» prevented it from achieving that. He ruled that the small change in key leadership in the party, and added that a statement would be issued by all these changes but it has refrained from the date of issuance, but the leading another sign it today.

He denied the small to be behind these changes disagreement with Iran, which founded the party, and said that «our relationship with Iran has been and still moving toward friendship», and added that Iran has served the Iraqi opposition.

He said another prominent leader of the Council, told Reuters, requesting anonymity, said that the changes would give the organization «Iraqi flavor more». He added that the change would be a step towards «Arguenh» Shiite groups in Iraq. He said that among the changes drop the word «revolution» of the name of the organization to become «the Iraqi Islamic Supreme Council». Justifying the leading name change to the fact that the word «revolution» was referring to the struggle against the regime of former President Saddam Hussein.

A statement of the Supreme Council for Islamic Revolution, the mass-Hakim, leader of the United Iraqi Alliance (the largest parliamentary blocs), presided over the past two lengthy meeting included cadres of the Supreme Council, and during the meeting was to assess the general conditions in addition to determining future work plans and diagnosis attitudes about events and actors.

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

Heritage Oil releases first quarter 2007 results and operational update

http://www.newswire.ca/en/releases/a.../11/c7923.html

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, May 11 /CNW/ - Heritage Oil Corporation (TSX: HOC) todayannounced its financial and operating results for the first quarter of 2007.Heritage's consolidated financial statements and Management's Discussion andAnalysis for Q1 2007 have been filed and are available on SEDAR at www.sedar.com and can also be viewed on the Company's website at www.heritageoilcorp.com. All figures are in US Dollars unless otherwise noted.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

The first months of this year have been very active for Heritage, with asignificant oil discovery in Uganda, completion of testing of a significantoil and gas discovery in Oman and the commencement of a multi-well drillingprogram in the Zapadno Chumpasskoye field, Russia. In addition, $165 millionwas raised by the issue of an 8% convertible bond (2007 bonds) and there wasthe redemption of existing bonds for $82.5 million. With a strong cash position of $93.4 million at March 31, 2007, including$19.8 million of restricted cash, which is held in escrow to finance the firstthree semi-annual interest payments on the 2007 bonds, Heritage is wellpositioned to finance 2007 programs which include drilling in Western Siberia,development of the West Bukha field in Oman, seismic programs and furtherdrilling in Uganda and formalising a Production Sharing Agreement (PSA) in the Kurdistan Region of Iraq.

Heritage's operating and financial highlights for the first quarter of2007 include the following:

<< - In Uganda, the Kingfisher deviated well in Block 3A, Uganda (Heritage operator, 50% interest) was drilled to a total depth of 3,195 metres. Four intervals were tested successfully, producing an aggregate flow rate of 13,893 bopd. The 2007 work program has been accelerated and the shooting of two seismic surveys has commenced; a 325 square kilometre 3D program over the Kingfisher and Pelican structures in Block 3A and a 500 kilometre 2D survey in Block 1. Heritage is looking to drill another well on the Kingfisher prospect later this year to target the primary objective which lies beneath the approximate 3,200 metres reached in the Kingfisher well. Drilling of the Pelican structure is expected to commence in 2008.

- In the Zapadno Chumpasskoye field, Russia (Heritage operator, 95% interest) Heritage commenced drilling the first well in a multi-well program, comprising three appraisal wells and an initial 16 development wells. The well currently being drilled is an appraisal well that is to be drilled to a total depth of approximately 3,000 metres. It will target the Late Jurassic sandstone reservoir, which is the same horizon as nearby well No.226 which tested at the end of 2006 at a rate of 124 barrels of oil over a five hour period (corresponding to 600 barrels of oil per day). Commercial production is scheduled to commence before the end of the second quarter 2007.

- Progress continues in the Kurdistan Region of Iraq. Following last year's strategic review, a decision was made to terminate the existing corporate relationships in the Kurdistan Region of Iraq. This decision acted as a catalyst to re-energise Heritage's initiatives and an application for a PSA has been submitted to the Minister of Hydrocarbons of Kurdistan in the first quarter of 2007. The draft oil and gas law, prepared by the Council of Ministers and the Oil and Energy Committee, was sent to the Iraqi Parliament for approval at the beginning of May 2007.

- Testing of the West Bukha-2 appraisal/development well in Block 8 Oman (10% interest) was completed in Q1, 2007. The well test produced a combined flow-rate from the Ilam/Mishrif/Mauddud and Thamama zones of approximately 12,750 bopd of 42: API oil and 26 MMscf/d. The development of the West Bukha field continues, with first production slated for the first half of 2008. The West Bukha field is to be tied into the Bukha field and production will be brought onshore through existing facilities.

- In March 2007, Heritage disposed of its non-core equity interests in Natural Pipelay Worldwide Limited and Naturalay Technologies Limited, for consideration of 605,000 common shares in SeaDragon Offshore Limited ("SeaDragon"), a private company, resulting in a gain on disposition of $1,082,120. SeaDragon is building one of the world's largest semi-submersible rigs.

- In order to secure adequate financing for the Company's expanding operational base, Heritage raised $165 million five year convertible 8% bonds with J.P. Morgan Securities Ltd. in February 2007.

>> Q1 2007 Financial results

Total revenue from continuing operations of $1,080,957 in the firstquarter of 2007 was $1,040,771 lower than the same period last year as aresult of the periodic nature of condensate sales from Oman, where there aretypically two sales per annum. Only LPG was sold during the first quarter of2007, while in the same period last year 17,578 barrels of condensate weresold, generating revenue of $1,119,325.

On January 17, 2007, the Company gave notice that it had exercised itsoption to redeem 550 outstanding unsecured senior convertible bonds at 150% ofpar value for total proceeds of $82,500,000 plus accrued interest, which waspaid on March 28, 2007. This redemption, which was financed by the 2007 bondsthat have a conversion price of US$47.00 per share compared to US$18.00 forthe existing bonds, resulted in a significant reduction in dilution toexisting shareholders. The consideration of $82,500,000 was allocated betweenthe liability and equity components which resulted in recognition of loss onredemption, net of transaction costs, of the liability component of$3,740,780, included in the statement of earnings (loss), and a premium onredemption of the equity component of $26,195,196, which was charged to retained earnings.

The net loss in the first quarter of 2007 was $7,973,111, compared toearnings of $434,168 in the same period in 2006. In Q1 2007, basic and dilutedloss per share was $0.36, compared to basic and diluted earnings per share of$0.02 in the same period last year. The results of operations in Congo wereclassified as discontinued operations in 2006 and 2007.

Heritage is an international oil and gas corporation with a diversifiedportfolio of properties, including a producing property in the Sultanate ofOman, a development property in Russia and exploration projects in theRepublic of Uganda and the Democratic Republic of Congo. The Company is also pursuing opportunities in the Kurdistan Region of Iraq and in other areas of Iraq.

The Company's Common Shares trade on the Toronto Stock Exchange under thesymbol HOC. If you would prefer to receive press releases via email contact AnaAugusta ([email protected]) and specify "Heritage press releases" in the subjectline.

FORWARD-LOOKING STATEMENTS:

Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

etc, etc.

Originally Posted by Hkp

Leading Shiites : radical changes imminent in the Supreme Council

(صوت العراق) - 12-05-2007

(Voice of Iraq) - 12-05-2007

ارسل هذا الموضوع لصديق

Send this topic to a friend

Leading Shiites : radical changes imminent in the Supreme Council for Islamic Revolution

The amendments include dropping the word «revolution» of the name and to «flavor of the largest Iraqi» it

BAGHDAD : «Middle East»
Examine the Supreme Council for Islamic Revolution, the largest Shiite political groups in Iraq, radical changes in structure and program, in a step interpreted by observers as an attempt to move away from Iran, where originally lived leaders and cadres, until the fall of the former Iraqi regime in 2003.
According to Council sources, which is headed by Abdel Aziz al-Hakim, the new program for the organization tends to rely more on Ayatollah Ali al-Sistani reference away from the idea of the rule of the jurisprudent posed by Iranian Supreme Leader Ayatollah Ali Khamenei, as well as dropping the word «revolution» of the name and to «flavor of the largest Iraqi» it.Jalal Eddin Saghir leading figure in the Supreme Council for Islamic Revolution in Iraq, said that it engages serious discussions to study these changes. He added in a telephone conversation with «Middle East» The changes come «harmony with the constitutional status quo in the country». He added that the structure of the Supreme Council, whose name was conceived when the party was in opposition, and said that «the country's transition to legality and the Constitution unavailability of reviewing all programs before».He said that small «word revolution unnecessary presence far as what we wanted has been achieved». He said that these changes should have been made six months ago but «circumstances» prevented it from achieving that. He ruled that the small change in key leadership in the party, and added that a statement would be issued by all these changes but it has refrained from the date of issuance, but the leading another sign it today.

He denied the small to be behind these changes disagreement with Iran, which founded the party, and said that «our relationship with Iran has been and still moving toward friendship», and added that Iran has served the Iraqi opposition.

He said another prominent leader of the Council, told Reuters, requesting anonymity, said that the changes would give the organization «Iraqi flavor more». He added that the change would be a step towards «Arguenh» Shiite groups in Iraq. He said that among the changes drop the word «revolution» of the name of the organization to become «the Iraqi Islamic Supreme Council». Justifying the leading name change to the fact that the word «revolution» was referring to the struggle against the regime of former President Saddam Hussein.

A statement of the Supreme Council for Islamic Revolution, the mass-Hakim, leader of the United Iraqi Alliance (the largest parliamentary blocs), presided over the past two lengthy meeting included cadres of the Supreme Council, and during the meeting was to assess the general conditions in addition to determining future work plans and diagnosis attitudes about events and actors.

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

having a bit of a modern revolution of sorts. good, very good.

Originally Posted by DayDream

sorry if already posted:


International Compact with Iraq

Statement by Mr. Takatoshi Kato
Deputy Managing Director of the International Monetary Fund
Sharm el-Sheikh, Egypt
May 3, 2007


As Prepared for Delivery
Mr. Secretary General, Prime Minister Maliki, Vice-President Mahdi, your excellencies, ladies and gentlemen, it is a great pleasure for me to address this important meeting on the occasion of the launching of the International Compact with Iraq. I congratulate the Government of Iraq, together with the United Nations and Iraq's partners, for their work in developing the Compact. The medium-term framework for political, security, and economic reform endorsed by the Compact aims to secure a better future for the Iraqi people. It is certainly encouraging that the Compact enjoys the strong support of the international community as demonstrated by the large gathering present here today.

The Fund has been closely engaged with Iraq since 2003. Initial work focused on setting up a macroeconomic database, including the preparation of a debt sustainability analysis, and on providing technical assistance and policy advice, mainly on monetary and fiscal policies and key structural reforms. In September 2004 the Fund approved Emergency Post-Conflict Assistance for Iraq, and this—in combination with the debt sustainability analysis—paved the way for the critical November 2004 debt reduction agreement with Paris Club creditors.

The current Stand-By Arrangement was approved in December 2005. It supports the authorities' broad economic reform program, aimed at maintaining macroeconomic stability and improving the conditions for sustainable growth over the medium term. The macroeconomic framework of the Stand-By Arrangement underlies the economic component of the Compact.

Despite extremely difficult circumstances, the Iraqi authorities have continued to implement their economic program. They have taken some courageous measures, including the gradual increase in domestic fuel prices and, starting in 2007, the elimination of all direct budgetary fuel subsidies, except for kerosene. Iraq has also embarked on an ambitious structural reform program, in order to make the transition to a more market-based economy. The government is working to modernize public financial management, streamline the social safety net, and amend the pension law to make it fiscally sustainable. The central bank is overhauling its accounting, reporting and auditing systems, and a modern payments system was established. Steps are also being taken to restructure state-owned banks and to bring the banking supervisory system in line with international best practice. In the oil sector, legislation was enacted to liberalize imports of fuel products and progress is being made in establishing a modern and transparent legal and regulatory framework. In that context, Iraq has indicated that it intends to participate in the Extractive Industries Transparency Initiative.
The sharp deterioration in the security situation during the past year was not foreseen at the outset of the program. As the daily news brings home to all of us, this has precipitated a dramatic increase in human suffering, directly as a result of the violence, as well as through the worsening of living conditions and the displacement of large numbers of people.

The unstable security situation has also exacted a heavy toll on the economy by disrupting its normal functioning and increasing the emigration of skilled labor. It has also hampered the execution of reconstruction and investment projects, and worsened shortages of key commodities, especially fuel products. The shortfall of investments in the oil sector together with the interruptions caused by the insurgency prevented the expected expansion of oil production, keeping economic growth low at 3 percent in 2006. Fuel shortages were a major factor behind the jump in inflation from 32 percent at end-2005 to a dangerously high rate of 65 percent at end-2006.

In response to these developments, and against the background of efforts to improve the security situation, the immediate challenges that Iraq faces in establishing a stable macroeconomic framework are lowering inflation and expanding oil-related investments. To combat inflation, action has been initiated on three fronts. First, the Central Bank of Iraq raised its policy interest rates sharply and allowed a gradual appreciation of the dinar. These measures aimed to de-dollarize the economy in order to enhance the central bank's control over monetary conditions, and also to reduce imported inflation. Second, the government budget for 2007 aims to contain current spending so as to limit inflationary pressures on the small non-oil economy. And third, the government is in the process of facilitating private fuel imports to ease shortages and help reduce black market prices. The first signs of the effects of these policies are encouraging: the annual inflation rate in February and March 2007 has fallen to about 37 percent. Of course, it is yet too soon to know whether this recent outcome represents the beginning of a sustained downward trend, and the authorities remain committed to continued action to reduce inflation further. The 2007 budget envisages a high level of oil-related investments and practical steps are being taken to improve project implementation.

In view of the encouraging progress made by the Iraqi authorities in strengthening economic policies and undertaking structural reforms, the IMF Executive Board completed the third and fourth reviews under the Stand-By Arrangement in early March 2007. At that meeting, the period covered by the arrangement was also extended by six months through September 2007, in order to provide more time for the program to achieve its growth and inflation objectives.

Looking ahead, the discussions on the fifth and final review under the current Stand-By Arrangement and on the 2007 Article IV consultation are scheduled to begin this summer. The Iraqi authorities have also indicated that they intend to request a successor arrangement to cover the period needed to reach the last stage of the Paris Club debt reduction agreement by December 2008. In the meantime, it will also be important to make further progress in reaching debt reduction agreements with non-Paris Club creditors.

I would like to emphasize that with the launching today of the International Compact with Iraq, the country is entering a crucial period in its political and economic recovery. Much remains to be done. It is our hope that this new partnership with the international community will help to improve the political and security situation, which is an indispensable condition for future economic development. The Fund is ready to contribute to the success of the International Compact with Iraq through the medium-term macroeconomic policy framework supported under the Stand-By Arrangement and its possible successor arrangement, as well as by providing policy advice and technical assistance in the areas of our expertise. The medium-term framework and the reviews of the Stand-By Arrangement can provide valuable information on economic developments in Iraq for donor countries subscribing to the International Compact with Iraq.

In conclusion, we wish the Iraqi authorities much success in the implementation of the measures envisaged under the Compact

International Compact with Iraq, Statement by Mr. Takatoshi Kato, Deputy Managing Director of the International Monetary Fund, Sharm el-Sheikh, Egypt, May 3, 2007

Cheers!
DayDream

wasnt that percentage not including fuels?? which, of course, would make it quite abit higher.

Originally Posted by Hkp

Talabani : will bring all Iraqis into the political process

(صوت العراق) - 12-05-2007

(Voice of Iraq) - 12-05-2007

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He said in London that the politicians in Baghdad to prove that they deserve the support of Britain and America

London : Meena Laaribi
The Iraqi President Jalal Talabani yesterday on the need to achieve national reconciliation in Iraq in order to save the situation in Iraq and «isolate Al Qaeda», and this was the basic message carried by Talabani to visit with him informally to Britain began the day before yesterday and told British officials and the Iraqi people of the community. Talabani stressed in a press conference with British Prime Minister Tony Blair in the British capital yesterday : «We plan to genuine national reconciliation in order to achieve genuine unity», and added that he expects that through «weeks or months and would be an important step in bringing all Iraqis to a political process and even isolate Qaeda». He believed that Talabani «terrorism» hinder development in Iraq, adding that «terrorism threatens not only Iraq but the Arab world from Morocco to Saudi Arabia».
Talabani said he came to Britain to «thanking Prime Minister Blair and his call to other areas in Iraq, such as Kurdistan and the south of the country where the successes». The Western press «to shed light on the good in Iraq, Kurdistan and the south and west regions of the country». British and popular opposition to the British presence in Iraq and the role of London in the war, Talabani said that the overthrow of the former regime «was a truly historic achievement, but we had to show tangible results of the British people and we hope that during the coming weeks and months». Replying to a question on the day before Blair's announcement yesterday that he will resign from his post next month, Talabani said : «feel sorry for the departure of a senior commander of the British people and a friend of Iraq», adding : «hero that helped in the liberation of Iraq», continued : «successor to run the same pace, the requirement that the Iraqis demonstrate they deserve this support through genuine national reconciliation ».

For his part, Blair said that terrorism in Iraq «comes from outside the country and against the interests of Iraq and the demands of the Iraqi people», adding : «Our international community to help achieve the ambitious Iraqi people», explaining : «as terrorists try demolition of the future of Iraq, we must help the Iraqis to secure». At a reception held for the Iraqi embassy Talabani yesterday evening, Talabani said : «Baghdad was moving forward», stressing that the success of steps forward depends much on achieving national reconciliation. He added : «We welcome everyone except Sadamien (ie following the former Iraqi President Saddam Hussein) and the organization« Qaeda », said :« all parties, especially our brothers from the Sunni Arabs and Anbar are insisting on the fight against Al Qaeda ». Talabani called «brothers in Tehran and Damascus to help us and to continue the success we have achieved in Sharm El Sheikh», in a reference to meetings last week in Sharm El Sheikh for the neighboring countries of Iraq. It was noticeable that the majority of Arab ambassadors and the ambassadors of Iran and the United States, Russia and other European countries attended the reception, in contrast to previous Talabani's visit to London in October (October) 2005, where the presence of Arab diplomatic slightly. The Talabani met British Minister of Defense and the American Ambassador in London, Robert Tuttle yesterday evening before heading to the reception. Al «Middle East» Tuttle reported that Talabani strongly discontent in Washington of the situation in Iraq and the patience of the American people vacuum, stressing the need to «obtain actual results». Talabani stressed in his speech the day before yesterday on this point, saying that Vice President Dick Cheney «was frank in his talks in Baghdad, and encouraged national reconciliation and encouraged us by saying that the United States supports the Iraqi people but needs to concrete results us».

الشرق الاوسط

Middle East

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

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