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

More projects for Najaf



By Saadoun al-Biri



Azzaman, May 11, 2007



The provincial authorities in the holy city of Najaf have started scores of projects worth billions of Iraqi dinars.



Ahmad Duaibel of the city’s local administration said work on 81 projects had started and on completion they should improve Najaf’s infrastructure.



Health, agriculture and water purification schemes are among the top priorities, Duaibel said.



He said 23 projects to develop the province’s transport infrastructure were underway.



But most of these projects, he said, would only revamp those which were affected “by recent events” in Najaf.



Najaf has been the scene of violent car bomb attacks as well as sporadic clashes involving rival Shiite militia groups as well U.S. occupation troops.



Duaibel did not say when these projects will be completed and declined to reveal the names of the contracting firms

Cooperation pays off for farmers, residents
Friday, 11 May 2007
By Multi-National Division – North Public Affairs Office


The Northern Dokan Dam is the primary water source for Kirkuk Province farmers who rely on the lower Zaab River to irrigate crops. U.S. Defense Department photo by Multi-National Division – North Public Affairs Office.KIRKUK — Iraqi government officials have agreed to immediately increase water flow from Northern Iraq’s Dokan Dam to assist rural farming communities in western portions of Kirkuk Province as a result of joint, cooperative efforts between Coalition Forces and local and provincial government representatives.

Agriculture is a primary sustainable resource in portions of Kirkuk Province and most farmers rely on water from the lower Zaab River to irrigate crops, said to John M. Schnittker, agricultural adviser, Kirkuk Provincial Reconstruction Team, U.S. Department of State. Inadequate rainfall and water levels in the Zaab’s primary water source – the northern Dokan Dam – have created concerns amongst Kirkuk’s agricultural community, Schnittker added.

“Northern Iraq has experienced drought conditions dating back to last fall and Kirkuk Province in particular has received only 60 percent of average rainfall,” Schnittker said. “Historically, flows for this time of the year have never been this low and there is great concern about the adequacy of water for crops, livestock and for the inhabitants of the many villages of Kirkuk Province.”

“Today’s decision to increase water flow from the Dokan Dam is significant for a number of reasons,” said Maj. Patrick Campbell, civil affairs officer, 3rd Infantry Brigade Combat Team, 25th Infantry Division. “Obviously, it will provide much needed relief to farmers and families that rely on water from the Zaab River and Dokan Dam to feed themselves and their livestock. It also reflects increasing cooperation among Kirkuk Province’s diverse ethnic population and serves as yet another symbol of progress for Iraqis.”

Iraqi Special Ops demonstrate capabilities
Friday, 11 May 2007
By Spc. Joseph McAtee
Multi-National Corps-Iraq Public Affairs


Command Sgt. Maj. Marvin Hill speaks with soldiers from an Iraqi Special Operations Forces battalion recently in Baghdad. U.S. Army photo by Spc. Joseph McAtee.BAGHDAD — Iraqi Special Operations Forces battalion soldiers recently demonstrated their improved capabilities during an exercise at Baghdad International Airport, which included skills in marksmanship and clearing structures.

Command Sgt. Maj. Jeffrey Mellinger, former Multi-National Force-Iraq command sergeant major, and his replacement, Command Sgt. Maj. Marvin Hill, observed ISOF soldiers conduct two mock raids and a live-fire exhibition. Hill, the senior enlisted adviser for MNF-I, and Mellinger were hosted by a senior enlisted soldier from Combined Joint Special Operations Task Force – Arabian Peninsula. The soldier said the demonstration was very important for Mellinger and Hill to observe.

“Now, they’re able to spread the word of ISOF’s competence, professionalism and discipline to the highest levels,” he said. Also, he stressed the potential employment of the Iraqi Special Operations Forces, saying “ISOF is a country-wide asset.”

Once they arrived at the exercise site, Hill and Mellinger toured a repair and maintenance facility, where Iraqi soldiers service vehicles. During the past six months, a select group of ISOF soldiers were taught to maximize the efficiency of their operation, leading to better weapons effectiveness and more reliable transportation. Mellinger praised the soldiers for their accomplishments during the last couple of months and noted the need for dependable weapons and vehicles. Later, when speaking to the Iraqi SOF commander, he commended those soldiers on the maintenance they provided.

Shortly after, an ISOF company conducted a mock raid on a two-story, multi-room building, demonstrating its ability to quickly and effectively achieve an objective. Storming onto the site in four humvees, two teams secured the compound and then detained two suspects quickly and without incident.

After the raid, Mellinger and Hill were brought into a “shoothouse,” a building designed for combat training in a controlled environment, and were shown a large collection of equipment at ISOF’s disposal: body armor, weapons and large camouflage suits designed for sand, snow, and wooded environments.

Both top enlisted leaders observed two ISOF squads displaying their marksmanship efficiency using pistols and rifles as their squads maneuvered around and through hanging targets. Finally, a large combat team infiltrated the front of the shoothouse and raided a room inside. After successfully breaching the door with an explosive device, the team employed combat maneuvers and equipment to clear the structure.

After this demonstration of capabilities, Mellinger and Hill met with the ISOF commander to express their satisfaction with the training and professional progress the force has made.

“You have some very, very professional soldiers,” Hill said to the commander.

Iraqi delegation leaves Oman


11 May 2007
Muscat - Mahmoud Rasheed Ibrahim, Deputy Chairman of Financial Audit Diwan of Iraq, and his delegation left here yesterday at the end of their visit to the Sultanate.

The guests expressed their appreciation and pride in visiting the Sultanate and for the opportunity to familiarise themselves with Oman's achievements and to meet with Sayyid Abdullah bin Hamad al Busaidy, Chairman of the State Audit Institution (SAI). They were seen off by Nassir bin Hamoud al Rawahi, SAI Deputy Chairman and officials.

© Oman Daily Observer 2007

Iraq's finances LEX COLUMN


Friday, May 11, 2007

Creditor countries agreed last week to large reductions in Iraq's debt, encouraged by its government's commitment to a series of reforms. These aim to make Iraq "economically sustainable" within five years.

The agreement will write off Dollars 30bn of the estimated Dollars 60bn-plus owed to non-Paris Club creditors - mainly Iraq's neighbours. Last year, the Paris Club agreed to forgive 80 per cent of Iraq's Dollars 43bn debt to it. Repayments to official creditors will begin only in 2011, with interest falling due between now and then capitalised. And private creditors have also settled debt to the tune of Dollars 19bn through cash and debt exchanges. The write-offs should reduce Iraq's debt to Dollars 36bn by 2012 - or 30 per cent of gross domestic product, according to the IMF.

Extensive as the debt write-offs are, the price of Iraq's 2028 sovereign bond, which has a face value of Dollars 2.7bn, suggests they will not be enough. As the debt of other "exotic" countries such as North Korea or Ivory Coast has soared, Iraq's bond has fallen to 64.5 cents, its lowest since it was issued in January 2006.

Mostly, of course, this reflects deepening pessimism over the political and security situation. But even if this stabilises, Iraq's ability to repay its remaining debt is uncertain. The economy is hugely dependent on oil, which accounted for 98 per cent of exports and nearly 90 per cent of the government's estimated revenues last year. Analysts estimate that should the price of its oil fall below Dollars 47 a barrel, or if production stays near the current 2.6m barrels a day, Iraq will need more external finance to meet its future debt-service obligations.

Of course, if security concerns ease, raising finance will not be a problem. The country's huge hydrocarbon resources should more than guarantee its creditworthiness.

Guarantees, sadly, are conspicuously thin on the ground in Iraq at present.



© Copyright The Financial Times Ltd 2007

Originally Posted by big Jim

Thanks for your answere - If the banks receive green backs in return, then wouldn't they have more green backs in their vaults then Dinars? If we have pulled 9 Trillion Dinars out since November, then thats alot of US Dollars to have in the bank vaults?

The CBI does two things with the USD they take in....

They use some of it to pay for expenses out of country (IQD is not a recognized currency yet...) and they tuck the rest away as "reserve". This is how they are building the value of the Dinar. They need to have "proven reserves" to justify an exchange rate....this includes cash on hand (USD, Euros, or any other foreign currency) Gold, Silver or other commodity. There are other factors that equate the overall strength of a nation's currency, but I am not a currency expert. There is a figure called M2(?) that is an official declaration of a nation's currency value.

Remember Socata's tagline: "The more they take, the more we make!"

I'm sure others can help explain in more detail.

Thank you.

Originally Posted by davzgirl

bbbb

100 million dinars? IMO, this does not sound very good for a decent RV anytime soon. I don't know of many (if any) farmers in the world that are multi-millionaires (5 mil each). It would appear that a 1:1 would be out of the question if this takes place. Or, is this a total payout for all? Opinions?...Thoughts?

Patty

when the revalue takes place price adjustments for everything will be made. you cant really base when or if the rv takes place by looking at figures that are still reflecting the old rate.

Iraq Pumped 620 thou barrels from Kirkuk

11.05.2007 14:02
Iraq pumped 620,000 barrels from its Kirkuk oil fields to the Turkish port of Ceyhan Monday and Tuesday after a suspension of three months, Iraqi source said.

Before the U.S.-led invasion Iraq's northern oil output used to reach 1 million barrels a day. He said the fresh resumption brought assets in Ceyhan's storage facilities to 1.92 million barrels. Iraq needs to have enough crude in storage at the Turkish terminal before announcing a new tender. The total capacity of the tanks is 7.5 million barrels

Originally Posted by PAn8tv

OMAHA, Neb. -- Nebraska Rep. Jeff Fortenberry said there's been a breakthrough on Iraq's plan to take a summer vacation.

Iraqi parliament members had said they planned to take a two-month summer vacation.

During an unannounced trip to the region this week, Vice President Dick Cheney told Iraqi leaders face to face that the vacation would be a very bad idea. One senator said on Thursday that there was a rumor circulating that the parliament may only take a week off, but the issue has made some lawmakers in Washington very angry.

Fortenberry released a statement Thursday afternoon after a meeting with Iraq Deputy Prime Minister Barham Salih.

"The Iraqi prime minister informed us that parliament has appropriately changed course and will forgo the proposed extended vacation," Fortenberry said in the release. "This is the right decision. The situation in Iraq remains dangerous, difficult and very fluid. The parliament has an urgent job: facilitate the rapid stabilization of Iraq and make real political progress."

Sectarian Shopping Digg this story!
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Jeff Severns Guntzel, Electronic Iraq, 8 May 2007

It's a deceptive headline: "Life blooms on the side streets of Baghdad."

At first glance, it sounds hopeful. And I am always looking for some reason to be hopeful.

Life in Baghdad hasn't stopped, writes Leila Fadel from Baghdad, "It's receded into Baghdad's side streets where neighborhoods are becoming self-sufficient enclaves" - and here's the troubling part - "in which Sunni and Shiite Muslim residents can shop among their own without fear of retribution."

Shopping without fear of retribution...if you squint, it almost looks like progress. Then this:


Retailers report that they no longer sell some products because the suppliers belong to the rival religious group. Truckers have set up an exchange area outside Baghdad where goods are divvied up to retailers based on their sects. Stores in the historic Shorja market, long considered Iraq's most important, take orders by phone for delivery because customers are afraid to come and inspect the goods in person.

The result has been a new pattern of life for many as they search for ways to stay in their Sunni or Shiite neighborhoods.

The report continues:

Yarmouk, in west Baghdad, once was completely residential, an upscale neighborhood where well-off merchants and professionals lived. Now the streets of the Sunni neighborhood bloom with shops. In the past few months three mini-marts, a clothes shop, a barbershop, two Internet cafes and a computer shop have opened in what were once residents' gardens.

Young men are working as mechanics from their garages. A woman opened a beauty salon in her home. A bakery is under construction.

One store owner said he tried to stock his shelves but couldn't get certain products. When a customer asked for a long lighter for her gas stove, he apologized. He no longer stocked them; they came from a Shiite vendor.

Said one Iraqi man, a resident of the Adhamiya neighborhood: "Our world is becoming smaller and smaller."