Thread: Archive Latest News - Think Tank - 15/04/08 - 26/08/08

Over the years, rumors and consistent threads with "riches: promised have jaded the real promise of the IQD. While I, as well as many, hoped one day to see the "Big RV", my reasoning was, that in time a true return on investment would occur. We see that Iraq (and Mace you are correct, not poor but truly war torn and Very Weary) is starting to come alive. My son was there several years ago and stays in touch with several Iraqi Nationals he worked beside. They write him often about things getting better day by day. Security, Power, Water, Commerce, it is all in the infant stages of growth at present, but have no doubt great things are on the way.. Millionaires, probably not, but a good ROI will be our reward if we stay the course. Blessings all, Warrior..

Oil-Rich United Arab Emirates Cancels Total Iraq Debt

Sunday, July 06, 2008

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AP

July 6: In this picture made available by Emirates News Agency, W.A.M., Iraqi Prime Minister Nuri al-Maliki, right, is received by General Sheikh Moha

ABU DHABI, United Arab Emirates — The United Arab Emirates canceled billions of dollars of Iraqi debt Sunday and moved to restore a full diplomatic mission in Baghdad, evidence of Iraq's improved security and growing acceptance of its Shiite-led government.
The Abu Dhabi government announced the debt relief and the naming of a new ambassador to Baghdad shortly after Iraqi Prime Minister Nouri al-Maliki began a visit to the wealthy Gulf nation.
The news was sure to bolster al-Maliki's government, which has been urging Iraq's Sunni Arab neighbors to forgive loans made during Saddam Hussein's regime and restore diplomatic relations.
Al-Maliki, who has been in office since May 2006, thanked the UAE for the debt cancellation, telling local businessmen it was a "swift and courageous" decision.
The Emirates' official news agency, WAM, quoted the president, Sheik Khalifa bin Zayed Al Nahyan, as saying he hoped canceling the debt would lighten the "economic burden" facing Iraqis and he urged the country to unite behind al-Maliki's government.
WAM said the debt was $4 billion excluding interest. A UAE official who spoke on condition of anonymity because he was not authorized to speak to the media said the total debt was $7 billion with interest.

Iraq has been appealing for relief of at least $67 billion in foreign debt — owed mostly to Arab nations that have been reluctant to forgive Iraq's belligerence during Saddam Hussein's regime.
In addition, the U.N. Compensation Commission says $28 billion remains to be paid for Iraq's 1990 invasion of Kuwait. Iraq now gives 5 percent of its oil revenue to meet the compensation claims.
Al-Maliki's American backers also have pushed Arab states to restore ties with Iraq, where violence has declined by 70 percent over the past year. Neighboring Jordan named an ambassador last week, and Kuwait and Bahrain say they will soon follow suit.
White House spokesman Gordon Johndroe said the U.S. welcomed the UAE decision to cancel the Iraqi debt, appoint an ambassador and reopen their embassy in Baghdad.
"We appreciate the Emiratis' recognition that a secure and prosperous Iraq is in the interests of everyone in the region. Prime Minister Maliki and the government of Iraq should also be applauded for their continued outreach to their neighbors, and their efforts to advance a positive agenda through regional diplomacy," said Johndroe, who was in Japan with President Bush at the Group of Eight meeting of major powers.
In Abu Dhabi, Iraqi government spokesman Ali al-Dabbagh said Abdullah al-Shehi, the UAE's former head of mission in India, was named ambassador to Iraq. The country said last month that an appointment was upcoming.
The UAE withdrew its ambassador to Iraq after the 2003 U.S.-led invasion and after one of its diplomats was kidnapped and later released.
Sunni militant groups like al-Qaida in Iraq, mistrustful of the government, have warned Arab states not to open embassies in Baghdad. The capital's first major car bomb of the war struck the Jordanian Embassy, killing 19 people in the summer of 2003. Diplomats from Egypt, Morocco, Bahrain, Turkey and Sudan have all been either killed, wounded or kidnapped in Iraq.
Al-Maliki chided his Arab "brothers" at an April conference of Iraq's neighbors in Kuwait, saying he found it "difficult to explain why diplomatic exchange has not taken place." Most major Western diplomatic missions in Baghdad are located in the U.S.-protected Green Zone.
Iraq's deputy foreign minister, Labid Abbawi, said Sunday that the country plans to open consulates soon in Detroit, Michigan, and San Diego. He told The Associated Press they chose those cities because they have large Iraqi communities.

FOXNews.com - Oil-Rich United Arab Emirates Cancels Total Iraq Debt - International News | News of the World | Middle East News | Europe News

Growing demand for motors in Iraq - ministry

The Iraqi Ministry of Trade on Monday revealed a high demand for cars in Iraqi markets, which it attributed to the state of security and stability in most Iraqi provinces.

"The demand is higher in comparison to previous months," read a ministerial statement received by Aswat al-Iraq - Voices of Iraq - (VOI), quoting the general director of the General Company for Cars and Machines Trade, Abdul Kareem al-Nouri.

Al-Nouri linked the increasing demand to the relative security, which he said has been restored to most Iraqi provinces following security operations conducted by police forces in the provinces of Ninewa, Basra, and Missan.

Al-Nouri noted that his company has provided 314 sedans, 67 buses, 136 Nissan pick-ups, 35 Mazda pick-ups, and 10 Mercedes cars.

Aswat Aliraq

Huge demand for the dollar on Monday

Demand for the dollar was higher in the Iraqi Central Bank's auction on Monday, reaching $84.480 million compared to $49.560 million on Sunday.

"The demand hit $27.930 million in cash and $56.550 million in foreign transfers outside the country, all covered by the bank at an exchange rate of 1,194 Iraqi dinars per dollar," according to the central bank's daily bulletin, which was received by Aswat al-Iraq - Voices of Iraq - (VOI).
None of the 12 banks that participated in the auction offered to sell dollars.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

http://www.aswataliraq.info/look/english/article.tpl?IdLanguage=1&IdPublication=4&NrArticle =84901&NrIssue=2&NrSection=2

Shahrastani: oil contracts with major oil companies may not sign

The two deputies of the Committee on Oil and Gas, "The Oil Minister Hussein Shahrastani told legislators that the contracts for short-term technical support with major oil companies worth around three billion dollars might not expect."

The two deputies emphasized that "Shahrastani is not satisfied with the delay in reaching agreement on contracts due to the repayment terms." The value of each of the six contracts being negotiated approximately five hundred million dollars, which aimed to raise Iraqi oil production quickly total of five hundred thousand barrels a day.

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Re: Reactions to economic and legal .. refrain from accepting deposits from the category of a thousand dinars creates confusion and problems

The decision of the Central Bank of Iraq to adopt the 10% ratio of only accepting deposits from customers of a thousand dinars category Sydney reactions hardly be compatible between the economic and legal While some jurists several explicit violation of existing laws impede other economic sectors blowers warning that its impact on The volume of currency trading small. The text book Central Bank of Iraq / Directorate General for the issuance of safes No. 12/1716 on 3/6/2008 and wave to all branches of the Rafidain Bank to a bank rate of adoption
A - (90%) of 5000 dinars highest category and 10% of the 1000 Sydney dinars.

He says Chairman of the Legal Committee of the Board of Dhi Qar lawyer Salah Hassan Al Shammari of the impact of the Iraqi central bank's decision on the movement of small circulation of currency.

The influence is clear is the nature of complaints received in this regard to the provincial council, which refers mostly to the reflection of the said resolution on the process of withdrawal, deposit and its negative impact on the owners of companies and economic projects and owners of fuel stations and squares sale of gas and ration agents and drivers of vehicles who deal in small groups of Iraqi currency He pointed out that the actions mentioned that would lead to a reduction in the value of cash in small groups (one thousand dinars Sydney) result with workers in the sectors listed on the deal or as a result of having to replace currencies in cash for a price greater for the purpose of deposit at banks and government reimbursement prices on materials they receive Institutions to deal only instruments bank warned Chairman of the Legal Committee of the Board of Dhi Qar from the implications of central bank action on the economic conditions of low-income, as they confuse the actions of those in circulation movement in local markets across some sectors of the economy by imposing certain categories of cash in transactions Commerce and other groups refused.

The Oil Products Distribution Company branch of Dhi Qar, has recently submitted a request to the Council of Dhi Qar which invites him to intervene with the Central Bank of Iraq to back down from its decision, which indicates the company as causing problems and creating confusion among citizens, especially the owners of petrol stations selling gas and squares who deal in small currencies General thousand dinars Sydney and who require the company said the filing of oil prices on their products processed by them in government banks.

Council action and Dhi Qar thereon said Chairman of the Committee on Energy Council in Dhi Qar Engineer Alaa Hassan parts:

After the Board found that the impact of the central bank's decision on the economic and social aspects and the consequent results from the application of the resolution of undesirable repercussions reflect negatively on the poor segments of society decided to transmit the request of the President of the Oil Products Distribution Company and other applications similar to the legal committee of the Council of Dhi Qar For study and approached the Chamber of Deputies and the Central Bank of Iraq are facing with the proposal to abolish the resolution Awaltraja him at the present stage or increase the proportion of small deposits of currencies to 50%. He pointed out that banks are duty-bound to facilitate the process of government cash circulation. Over the Chairman of the Committee on Energy expressed his surprise at the content of the resolution saying.

For his part, a response interested in economic affairs procedures for the Central Bank of Iraq to put pressure faced by banks in government delivery of banking transactions, pointing out that the handling of large groups of cash that can be easily counted would cut the time and easing burdens on the charge of receiving cash deposits, but with this expressed reservations on such This procedure is currently stressing the importance of the commitment of banks to receive all categories of cash from the Central Bank of Iraq without exception.

http://www.almadapaper.com/paper.php?source=akbar&mlf=interpage&sid=46120

Iraq to Open Consulate in San Diego

Coming Soon to California: a consulate of Iraq
To take the strain off the Iraqi embassy in Washington, D.C., and help expatriates scattered around the United States, the Iraqi Foreign Ministry plans to place consulates in Detroit and San Diego.

Detroit and San Diego?
"Yes, there's quite a big community in Detroit," Labid Abbawi, Iraqi foreign undersecretary, said.

"Also we have quite a big number in San Diego as well," Abbawi said. "There are also in Los Angeles a lot, but we thought San Diego was more suitable."

There were 3,705 Iraqis in Detroit, 2,039 in Los Angeles and 822 in San Diego, according to the 2000 U.S. Census.

But there are also Iraqi communities in east San Diego County, particularly Christian Chaldeans. Many small market owners and professionals in the area are Iraqi. Some estimate that, including second generation, there are 25,000 Iraqis in the county.

Those numbers are likely to increase as the U.S. State Department gears up its post-war refugee program. The Bush administration set a goal of admitting 12,000 Iraqi refugees this year.

The San Diego consulate should open before the end of the year, Abbawi said.

It will assist Iraqis with documentation, passports, visas and other consular services.

Americans flying from the West Coast to Iraq will also find it convenient. Now they will be able to pick up their visas in San Diego, which could be preferable to waiting a day or two in Amman, Jordan, to get the necessary papers.

For now, it may be only reporters and military contractors who would care, but Abbawi thinks wider need could be coming soon.

If Iraq has turned the corner on security, as Abbawi believes, tourism should follow.

"We hope the day will not be too long where you'll be able to come and have a walk in Baghdad quite freely," Abbawi said. "I hope this will not be long."

PUKmedia :: English - Iraq to Open Consulate in San Diego

UAE Cancels Nearly $7 Bln in Iraq Debt

The United Arab Emirates has cancelled almost $7 billion of debt including interest and arrears payments owed by Baghdad, becoming the first Gulf Arab country to forgive all of Iraq's debt.

The United States has pressed Arab governments to support Iraq's recovery by joining Western nations in forgiving their share of Iraqi foreign debts that total up to $80 billion.

Washington also wants Arab capitals to establish high-level diplomatic representation in Iraq.

In a step toward easing Baghdad's diplomatic isolation, the UAE appointed its new ambassador to Iraq on Sunday during a visit by Iraqi Prime Minister Nuri al-Maliki.

The move came a month after the UAE's Sheikh Abdullah bin Zayed al-Nahayan became the first Gulf Arab foreign minister to visit Baghdad since the U.S.-led invasion in 2003.

The UAE's official news agency WAM said the principle debt owed by Iraq totaled $4 billion loaned at different times. A UAE diplomatic source told Reuters the total sum that would be forgiven was almost $7 billion including interest and arrears.

"The UAE state's decision to cancel the debts accumulated by Iraq is an expression of brotherhood and solidarity between the two countries and is to help the Iraqi government carry out its reconstruction and rehabilitation plans," WAM quoted UAE President Sheikh Khalifah bin Zayed al-Nahayan as saying.

Maliki, who is also due to visit Bahrain, welcomed the move, which he said would help his government to "restore security and stability" by lifting a major financial burden.

Washington also welcomed the UAE decision to cancel Iraqi debt, appoint an ambassador and reopen an embassy in Baghdad, White House spokesman Gordon Johndroe said in Toyako, Japan, where President George W. Bush is attending the G8 summit.

"We appreciate the Emiratis' recognition that a secure and prosperous Iraq is in the interests of everyone in the region," Johndroe said.

Over the past three years, about $66.5 billion of Iraq's overall $120.2 billion foreign debt has been forgiven. The Paris Club cancelled $42.3 billion, including Russia's $12 billion.

Non-Paris Club members have cancelled a total $8.2 billion. A total $16 billion has been cancelled by commercial creditors.

Last year, Saudi Arabia pledged to cancel 80 percent of more than $15 billion in Iraqi debt but has yet to follow through. Kuwait, also owed $15 billion, has yet to write off any debts.

EASING ISOLATION

In further signs of Iraq's easing diplomatic isolation, the country is expecting visits from Jordan's King Abdullah and Turkish Prime Minister Tayyip Erdogan. King Abdullah would be the first Arab head of state to visit Iraq since the invasion.

Sunni Arab governments who once funded Iraq's 1980-1988 war against Shi'ite Iran have held back from establishing top-level ties with Baghdad since the U.S.-led war toppled Saddam Hussein, citing poor security and extensive Iranian influence.

No ambassador from any Arab country has been stationed permanently in Baghdad since Egypt's envoy was kidnapped and killed shortly after arriving in 2005.

The UAE withdrew its top envoy from Iraq in May 2006 after one of its diplomats was kidnapped and held for nearly two weeks by Islamist militants.

It has maintained only low level representation since, but the appointment of Abdullah Ibrahim al-Shehhi, currently the UAE's envoy to India, marks a significant change. Saudi Arabia and Bahrain have also promised to send ambassadors to Iraq but the UAE is the only Arab country to move ahead with the process.

Shehhi's appointment has been endorsed by the Iraqi government and now awaits a final signature from the UAE president, the source said. It was not clear when Shehhi would arrive in Baghdad.

PUKmedia :: English - UAE Cancels Nearly $7 Bln in Iraq Debt

The new investment climate in Iraq and the necessity not an option

Political change occurred when the military destruction in Iraq on 9 / 4 / 2003 was one of the first building blocks that have been developed (and had been drawn from among the scenarios prepared), was the subject of the Iraqi economy and the transition to transfer from the chaos of the ideological development of appropriate corrective intellectual framework which ensures appropriate Copes Transitional desired.

But above all, what of the Iraqi economy, please??

The transition mentioned assumes change and numbers of many mechanisms that have gotten used to force the Iraqi economy and their access to the world through them, and this is not easy and it is not simple - From my perspective modest - more dangerous than change the military and even tougher than even political change, Intellectual wording of these mechanisms necessitating the creation of climates and even intellectual still five years after the change has to miss most levels of those working in the area academically and application, although the degree of legislative shortcomings of this!!

Therefore, when Itnadi concerned by economists and others to talk about the theme of investment and investment law to periods if they started from a stand against this process of change: Is it inevitable or not?? Is it his duty in such an early stage, or are they or are late on the contrary?? May be important to say that it (any change process) is a necessity of the Iraqi economy and is a real and actual feasibility of the change process, the College will not be any change in the same value Remember only to re-formulate the political stage is only!!

Hence, the move in the area of investment (because the current theme of the article) should and must move towards the interior and changing all the details of this home: a legislative and technically and institutionally Thus, the observer for the event Iraqi economic and specifically in the area of investment, it did find that the escalating pace is slow and one time And supports and sees on the contrary, it quickly at other times, and this disparity only under varying domestic political pressure and external alike. But that is not in harmony with the severity of the need for such a law and requirements of Applied and success factors which makes the eyes of the international parties are moving with anticipation and fear "often" to the process of political and legislative mechanisms work in the new Iraq. احد. Perhaps nothing new if we said that Iraq needed investment and specifically to the institutions supporting actor and more explicitly state institutions to be in accordance with logical controls the economy and free events for Democratic Change, the new group more objective in lifting the Iraqi economy from its ordeal and dangerous pests stagnation and marginalization and waste Irrational for the national economic resources and, therefore, remains observer Orbiter follow the political course of the event before any other event because he realizes that the first legislation does not guarantee any institutional or other words that it would not be there any financial institution-building to ensure the political climate necessary and sufficient at the same time.

I say this track news interviews with Iraqi decision-makers of international parties trying to attract investments and investors, this is really important but not sufficient, as traditionally supporters of sports economics say that it is a necessary but not sufficient, without state institutions will not see the point of investing in particular whatever Identity submit to invest in Iraq. I also assure From this rostrum, we are also without a money-changer system performance and advanced thought and technology and looking towards the goals of a more serious and realistic that we can not get state institutions to develop the economy of investment one of the most important economic priorities now and in the future.

Iraq needs to live up to the renaissance of the revolution in the way banking and then in our demands for the advancement of many Iraqi economy and openness to the world and is inevitable in such situations it now requires all parties to the silt flow of capital movements and then smooth financial and monetary process Investment, which must ensure that the legal systems of care and a series of laws and legislation supporting. The Marshall Plan and the new dimensions of the imagination of everyone who appeared several photographs of the Covenant and the international donor conferences and others can not succeed, the Iraqi interior living under the yoke of underdevelopment in institutional performance And intellectual aspiration. Gentlemen have a lot to do and what has been done is less than a few, specifically in the theme of investment, and therefore the investment needs are all integral part of the economy and can play that Iraqi below. So long been talk to the Iraqi reality necrosis factor and the first indication of the economy and Jrth the quotas and wastage of economic intellectual capital as Iraqi and owner of the corruption that has strengthened the pace of redistribution to strike at Iraqi base of intellectual violent led to miss the most important investment opportunities, which is occupied by human capital, which led to the rule of outlets in poor patterns of economic life This enhanced presence emergency and illogical and illegal practices of a series of corruption and waste, which swallowed and still swallow billions of Iraqi funds,which are the right of every Iraqi individual, because it is simply a right guaranteed by the new Constitution in light of the new Iraq.

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Japanese financial receive loan

took over the Ministry of Finance Japanese loan facilitator of 3 billion dollars grant rate of up to 81% when the interest rate does not exceed 0.05% and for a period of 40 years and begins repaid after ten years.

The eighth and Finance Minister Baqer Al-Zubaidi during a press conference yesterday, the positions of the Japanese government and people for supporting Iraq, including extinguishing the entire debt on Iraq in the Paris Club and loan facilitator of 3 billion dollars. Zubaidi stressed that the projects are ready been signed and ratified ten of them, four have broken down between Baghdad and Sulaymaniyah, Dahuk and Arbil. Zubaidi provided details of the Japanese loan, pointing to its compatibility with IMF conditions which emphasizes that the grant is less than 50% of the loan.

He explained that "the Iraqi private sector and Arab and foreign did not enter Iraq after and unable to implement projects either Japanese companies have pledged to implement as well as for the Italians and Iranians which means that there is substantive and technical assistance to implement those projects. Zubaidi, revealed that Japanese companies have chosen 12 projects implemented in the areas of electricity and water The sewage treated as a major problem afflicting the capital and other provinces.

Translated version of http://www.aljeeran.net/economic.html