Thread: Archive Latest News - Think Tank - 01/01/08 - 14/04/08

Talabani Stresses need for Participation of Christians in Iraqi State Institutions

Today the Iraqi President, Jalal Talabani, met with a delegation from the Assyrian Democratic Movement including Yonadam Yousef Kanna, the Secretary General of the movement, and a member of the Iraqi National Assembly and other members of the movement.

The political situation in Iraq and Kurdistan region was discussed during the meeting where President Talabani stressed the need for participation of the Christians in the Iraqi state institutions, reiterating his support to all their legitimate rights.

On their part, the delegation thanked President Talabani and appreciated his views to built a new Iraq and supporting all the Iraqi fractions regardless of their political, ethnic and religious affiliations.

PUKmedia :: English - Talabani Stresses need for Participation of Christians in Iraqi State Institutions

Bush to freeze US pullout from Iraq in July

Despite public opposition to Iraq war, and mounting pressures of US presidential elections as well as rising confrontations between US President George W Bush administration and Congress, the level of US troops in Iraq will return the same as January 2007 with the elections of new US President.

As expected, President Bush announced that he will carry out withdrawal of US troops from Iraq by July, and then suspend the pullout for 45 days in order to consider the course of combat operations. Bush affirmed that he has agreed with top US Forces Commander General David Petraeus to drawdown troops from 20 to 15 brigades by July, and then assess the situation on the ground before pursuing withdrawal.

Bush asserted that despite progress made in Iraq, there is still a lot to do since the United States aims through its intense operations to strike Al Qaeda definitively. As for Iranian influence, Bush stressed that his country will defend its interests in Iraq against Iranian threats noting that Iran must chose in Iraq between living in peace with its neighbor or continue arming and funding armed groups terrifying the Iraqi people.

Moreover, Bush announced that the mandate of US troops in Iraq and Afghanistan will be reduced from 15 months to a year.

At the end of his speech, Bush said Iraq is a turning point for the United Sates and victory in Iraq consists of reaching a democratic and independent Iraq which would be an ally of the US. He added that future Iraq will engage in the world and vice versa as a free and independent Iraq is within the interest of Arab as well as foreign countries.

Bush to freeze US pullout from Iraq in July | Iraq News | Alsumaria Iraqi Satellite TV Network

Iraq Sadr Bloc threatens to end Truce

Al Sadr Bloc official in Al Sadr District Salman Al Fraiji denounced the embargo imposed by the US Army on the city threatening to end truce declared last August. Al Fraiji affirmed that residents are constant targets of US raids and sniping. He added the bloc is obeying orders of Sayyed Moqtada Al Sadr, however, he will cancel the truce if violence against Iraqis pursues.

Iraq Sadr Bloc threatens to end truce | Iraq News | Alsumaria Iraqi Satellite TV Network

Al Hashemi receives letter from Al Sadr

Vice President Tarek Al Hashemi received a delegation from Al Sadr’s office headed by Hazem Al Araji and Sheikh Mohannad Al Izzawi. Al Hashemi was handed a special letter from Sayyed Moqtada Al Sadr on the current situation in Iraq. Iraqi Vice President hoped to overcome the existing crisis in order to avoid bloodsheds stressing the importance of Al Sadr Bloc in the political process. For its part, the delegation affirmed that Al Sadr Bloc will not accept to be an extension of any other country while it is not against disarming militias if this campaign includes all militias.

Al Hashemi receives letter from Al Sadr | Iraq News | Alsumaria Iraqi Satellite TV Network

Al Maliki’s decision to disband militias well received

Prime Minister Nuri Al Maliki met with representatives of political powers who extended support to the government’s decision of disbanding militias and laying down arms to the State. However, members of Kurdistan Alliance party refused to label Peshmerga forces as militias saying Pehsmerga are a protective force of Kurdistan region. To view the video report of this article, click on play movie.

In Arbil, Kurdistan leader Massoud Barazani affirmed support to the central government in its determination to impose full control on Iraq and disband militias.

Al Maliki’s decision to disband militias well received | Iraq News | Alsumaria Iraqi Satellite TV Network

Iraq political powers welcome Petraeus report

A number of political powers welcomed the report of top US Forces Commander in Iraq General David Petraeus about the fragility of the security situation in Iraq and the non-preparedness of Iraqi Forces to take over security responsibility as well as the necessity to keep multinational forces in the country for a longer period. To view the video report of this article.

Iraq political powers welcome Petraeus report | Iraq News | Alsumaria Iraqi Satellite TV Network

Iraq losses during five years reached 250 billion dollars

In the fifth anniversary of the former regime fall, head of Integrity (Al Nazaha) committee, Judge Moussa Faraj revealed that Iraq’s losses during these five years have reached 250 billion dollars due to financial and administrative corruption. In statements to Al Hayat Newspaper, Faraj considered that the ministerial council general secretariat is the most dangerous source of corruption after canceling the economic affairs committee which authorities were transferred to the General Secretariat. Faraj clarified that Iraq has lost during this period as well 45 billion dollars from crude oil smuggling and another 45 billion dollars from oil derivatives in addition to burning out 600 million square meters of gas per year without benefiting thereof. He noted that during the last five years, no refinery was built up despite alluring offers from world companies to implement such projects.

Iraq losses during five years reached 250 billion dollars | Economics News | Alsumaria Iraqi Satellite TV Network

Lawmaker says Sunni bloc to return to govt. soon

A lawmaker from the Sunni Iraqi Accordance Front said the IAF would return to the government of Iraqi Prime Minister Nouri al-Maliki very soon.

"The circle of differences between the government and the IAF has started to narrow and the negotiations are going well. The next few days will see the IAF's return," Nadra Ayef al-Aani told Aswat al-Iraq – Voices of Iraq – (VOI) on Friday.

Aani, however, did not set a date for the Sunni bloc's return.

"All parties were convinced that dialogue is the optimal means for the service of Iraq, and consequently the IAF believes it should be the strongest representative of Sunni Muslims in the (Shiite-led) government," she added.

The IAF had withdrawn its five ministers and deputy premier from the Maliki government in early August 2007. The step was followed by withdrawal of other blocs including former Premier Iyad Allawi's Iraqi National List (INL), which had five cabinet ministers.

The IAF, which has 44 out of the Iraqi parliament's total 275 seats, is the third largest bloc after the Shiite Unified Iraqi Coalition (UIC)'s 83 seats and the Kurdistan Coalition (KC)'s 55 seats.

Aswat Aliraq

Aberdeen’s Diment finds bargains in Iraq

Brett Diment, manager of the Aberdeen Global Emerging Markets fund, has profited from investing in Iraqi US dollar-denominated bonds.

'They have been almost negatively correlated to the rest of the global credit markets,' he told a Citywire forum in Vienna. In a downward market, the bonds have risen 8% over the past year. By way of comparison, South African rand bonds have dropped 12% over the same period.

He believes the Iraqi government currently has large dollar reserves which it cannot spend, but he admits the bonds remain controversial while Iraq continues to owe vast sums to other Arab nations.

2.5% of his fund was invested in the bonds, but he has recently taken the profits and reduced the position to 1%.

Elsewhere, Diment remains invested in Brazilian local currency debt.
'We expect Brazil to get an investment grade rating in the next 12 months, and this is already priced into its dollar denominated bonds but it is not priced into the Real-denominated bonds,' he says.

Diment thinks Brazil has tamed its inflation rate to keep it below the 5% mark, while he has been buying 5 year fixed rate bonds which offer a yield of 13%.

In Peru, meanwhile, the manager thinks both its dollar-denominated and local currency bonds are attractive. In Asia his top picks are Indonesia and the Philippines.


http://www.citywire.co.uk/personal/-...aspx?ID=300711

After searching for ages, finally, I have found a well known reputable firm that are taking a bet on Iraq, sort of.

Plus I like the fact that they are also betting on Brazil - where I have placed a punt in the last year. I love this article.

Commentary: Iraq oil circus came to town

This week the circus came to town. Not Ringling Bros. and Barnum & Bailey, but Gen. David Petraeus and Ambassador Ryan Crocker, and with it the three rings of a five-plus year war and occupation, politicians in their populist best pitches and the media echo of what's going on with Iraq's oil revenue.

Petraeus, the commander of coalition forces in Iraq, and Crocker, the top U.S. diplomat in the country, were obliged to lead what was for this week the greatest political show on Earth: explaining the meaning of the war a year after the "surge" in U.S. troops led to a decrease in violence (aside from the massive uptick over the past two weeks).

The two said Iraq is improving its ability to spend money on reconstruction and most new U.S. spending, outside of security, would be on capacity-building needed to spend the funds.

The five years have meant hundreds of billions of dollars in U.S. taxpayer spending -- mostly on military -- and Congress is asking now "for what?" And Congress -- armed with a failed "benchmark" of passing an oil law, the inclusion of which may have added a fracture in the polarized Baghdad political scene -- breathed fire on Iraq's leadership for how it uses its oil revenue and turned the snake charmer onto Americans and the media.

Iraq's government "has not secured the confidence of most Iraqis or demonstrated much comp****ce in performing basic government functions, including managing Iraq's oil wealth," Sen. Richard Lugar, R-Ind., said in a hearing this week.

The reality is Iraq has actually increased oil production and exports despite an active and ongoing warzone. But the political leadership is stuck on a key and controversial issue of privatizing the oil sector, one that a nascent and tumultuous country might be expected to be stuck on, considering how important Iraq's oil is for its future.

Iraq has the third-largest oil reserves in the world and both increased exports at higher oil prices -- not the $100 plus per barrel level, though -- has gone beyond covering its budget but giving it extra funds.

All of the money Iraq makes goes to one bank account. It's in the Federal Reserve Bank of New York. That's required as part of a 2003 U.N. Security Council resolution aimed at both ensuring transparency of Iraq's earnings and expenditures, and making sure various creditors from Saddam Hussein's time don't bleed the new Iraq dry.

But the new Iraq has had a hard time spending all its budgeted funds, especially on capital projects, aka reconstruction. Be it because of violence, being accused of corruption, or plain old lack of institutional capacity, only a small percentage is spent each year.

"The result is that far from financing its own reconstruction as the (Bush) administration promised five years ago, the Iraqi government has left the U.S. to make most of the capital expenditures needed to provide essential services and improve the quality of life of Iraqi citizens," said Sen. Carl Levin, D-Mich., in a separate hearing this week.

Levin is referring to then-Deputy Defense Secretary Paul Wolfowitz' claim that Iraq's oil sales would be able to fund reconstruction. Instead Congress has appropriated more than $20 billion for reconstruction.

While criticizing Iraq's government wouldn't necessarily be misguided -- especially if you ask the millions of Iraqis still in need of fuel, electricity, clean water and food -- a look in the mirror might be good about now.

"U.S. efforts to date have not resulted in key Iraqi ministries having the capacity to effectively govern and assume increasing responsibility for operating, maintaining, and further investing in reconstruction projects," former chief U.S. auditor David Walker testified before a Senate committee last month.

Indeed, investigations by U.S. departments and agencies have discovered billions of dollars in U.S. funds, including reconstruction funds, either missing, mismanaged or misspent in Iraq. And that's after more than 200 years of a (mostly) stable government here.

But Congress this week, having mostly kept from holding accountable those funds it appropriated over the past five years, lashed out at Iraq in what appears to be frustration of an unpopular war spiraling ever expensive and without end.

This, perhaps, is what led to such a series of factually incorrect statements by lawmakers, and then media. To recap, Iraq would not make $100 billion in oil sales this year -- as talk show host Ed Schultz told Larry King Live this week -- unless the price of oil went substantially higher, like nearing $200 per barrel. And the "surplus" would be anything beyond the $50 billion 2008 budget, which at current oil prices will give it just about a $10 billion surplus.

Iraq's funds are kept only in one bank in the United States, not banks "around the world," aside from the Central Bank of Iraq in Baghdad which allocates the funds to the Finance Ministry.

"U.S. lawmakers publicly are asking why the Iraqis themselves can't pick up the tab for their own reconstruction. Privately, several of them are going one step further — asking whether they Iraqis actually are playing the U.S. taxpayers for suckers," CNN's Wolf Blitzer wrote in a blog post following an episode of "The Situation Room."

"Why is the U.S. government, American taxpayers, still paying the lion's share of what's needed to rebuild Iraq?" he asked one guest, Sen. Lindsey Graham, R-S.C.

They're not, Graham basically explained to Blitzer. (The host and CNN reporter Michael Ware also botched the discussion on the "benchmark," confusing an oil law with a revenue-sharing law. Iraq is redistributing oil revenues, though the law itself hasn't been passed, despite what Ware told Wolf.)

Anthony Cordesman, Iraq expert at the Center for Strategic and International Studies, points to a Special Inspector General for Iraq Reconstruction report published in January that between 2003 and 2008, $50.6 billion of Iraq's money was spent on reconstruction, $47.5 billion was spent in U.S. funds and nearly $16 billion in other donations.

"In short, we used more of their money for reconstruction than ours," he told United Press International.

Lou Dobbs on CNN, along with guests Mark Simone of WABC Radio in New York and Mildred Gaddis of WCHB in Detroit, moved forward the idea of forcing Iraq to pay back America for its reconstruction and military expenses (repeating the $100 billion profit inaccuracy).

This was a major development this week, where a number of U.S. Senators and Representatives from both parties talked about legislation or binding deals forcing Iraqis to spend a certain amount of money in the way Washington sees fit, repay the United States for its expenses thus far in the war, or force Iraqis to take as a loan all future U.S. spending there.

This begs the question as to whether a country can invade another country – which inherently destroys the capital, political and societal infrastructure – poorly spend both occupying and occupied funds, unilaterally create conditions of chaos requiring ongoing security and reconstruction funds, and then bind the occupied country to make reparations and take out loans from the occupying country?

Sen. Ben Nelson, D-Neb., asked Crocker if fund Congress appropriated earlier this year were structured as loans.

No, Crocker answered, and said to do so would mean a "halt" in reconstruction.

"Well, I think that's all well and good, but I wish we'd have thought more carefully earlier and got this set, such as back in 2003."

Perhaps, senator, et al. Perhaps, you should have.

Commentary: Iraq oil circus came to town - UPI.com