Thread: Archive Latest News - Dinar Think Tank - 27/08/08 - 15/01/09

Zebari: Iraq war against Al Qaeda almost over

Iraqi Foreign Minister Hosheyar Zebari affirmed that Iraq’s war against Al Qaeda and sectarian militants is nearly over noting that coming elections due next year will be a crucial test of Iraq’s stability.

“I think the war over al Qaeda has reached its final stages. I would say they have been dealt a severe blow, they are on the retreat”, Zebari said in an interview.

Zebari noted that the dispatch of extra US troops in addition to a decision by Sunni tribal chiefs to turn on al Qaeda, the growing professionalism of Iraqi security forces and a crackdown on rebel militias all contributed.

But Iraq will continue to face threats of terrorism, of intervention, of violence because really what Iraq has been through was revolutionary in a way,” Zebari added.

http://pukmedia.com/english/index.ph...=7886&Itemid=1

President Talabani condemns Mumbai Attacks

President Jalal Talabani condemned in his telegram to the Indian President Pratibha Devisigh Patil, the terrorist attack that recently targeted Mumbai city.

The President said that the Iraqi people are aware of the pain and the destruction caused by terror and express their sympathy with the friendly people of India.

He also said that this brutal act is another proof of the necessity to gather the efforts of all states and peaceful parties to confront all kinds of violence.

http://pukmedia.com/english/index.ph...=7890&Itemid=1

Five committees set up to solve differences over oil with Kurds

The government has set up five separate committees to negotiate with Kurds on how to solve differences over a draft oil and gas law.

The law has been ratified by the government but has yet to be approved by the parliament to become effective.

“We have formed five committees to coordinate with the government of the Kurdish region to solve outstanding issues with regard to the draft oil and gas law,” Member of Parliament Abdulhadi al-Hassani said.

The Kurds are reported to have accepted a government condition not to export oil on their own.

Hassani described Kurdish acceptance to ship any quantities of crude oil produced in their enclave via twin pipeline via Turkey as “positive.” The Kurds can now export up to 100,000 barrels per day via the pipeline which links northern Iraqi oil fields to Turkish terminals on the Mediterranean.

Oil Ministry officials privately say Kurdish agreement to let the central government control exports is a major concession.

They said it removes one major hurdle and makes the central government the sole body in charge of exports and collecting the revenues. But it is not clear whether the latest concession by the Kurds will eventually persuade the parliament to pass the law.

One remaining thorny issue relates to the signing of contracts. The Kurds say they have the right of striking oil development deals without central government approval. They have already singed nearly 20 such deals which have helped them develop several fields in the Province of Dahouk capable of producing up to 100,000 barrels a day.
The Kurds say they will have the capacity to produce 250,000 a day by the end of 2009.

Another sticky problem relates to the distribution of oil royalties with the Kurds demanding at least 17% of foreign cash on oil sales. The government backed by almost all Arab members of parliament sees the percentage too high and proportionately unrepresentative of the number of people inhabiting the Kurdish region within its current borders.

http://www.azzaman.com/english/index.asp?fname=news\2008-11-30\kurd.htm

Investment Authority: a plan for the development of the banking sector

Established the National Investment Plan for the development of the banking sector and strengthen the work of financial institutions in Iraq.
An official source at the ministry told the independent press (Entcha) today, Sunday, said the plan aimed to overcome the problems and constraints that impede investment in this important sector.

He added that the problems experienced by the sector in Iraq are the weak banks and the Iraqi banking system, where there can be no sustainable development or investment in the world without a good banking system, banks strong. Referring to a proposal that the interest rate on loans for investment projects ranging from (2 x 3.5) per cent.

The source is another problem lies in the weakness of the bank's capital is twice as Iraqi banks of the main reasons discouraging investors to come to Iraq. Indicating that the plan took into account this point. He explained that the change in plans was in many economic interactions and engagements despite the difficulty of the task.

He added the source has succeeded in attracting a lot of investment into Iraq, where the issuance of licenses granted many of the giant investment projects and large and medium throughout Iraq and the various investment projects are in the record if we take into consideration the short time which was formed by this body.

Translated version of http://www.ipairaq.com/index.php?name=inner&t=economy&id=7071

Central Bank: the granting of credit for the secondary banks as short-term credit support

Iraqi Central Bank decided to grant credits to banks as a secondary support on the basis of credit and short-term duration of entitlement that did not exceed 30 days.

A source at the bank told the independent press (Entcha) today, Sunday, said the decision includes the bank is unable to secure financing from the market, provided that this credit line with the recovery of the organized market sources of funding as documented Maigrrh bank and give credit interest rate higher than the price The first credit.

He added the bank to decide in exceptional circumstances to grant credits of last resort to any bank is unable to secure financing from the market, provided that the bank's solvency to ensure adequate and appropriate to provide the requested financial assistance based on the need to improve liquidity. Alluding to the presence of Ba to give the bank a description of its plan to be able to return to rely on sources of funding.

The source noted that the Bank's right to modify the interest rate from time to time and announced before the start of work on the bank and the bank's request for advance by the appropriate period to be guaranteed mortgage.

The bank issued before a summary of the tools of monetary policy of its own.

Translated version of http://www.ipairaq.com/index.php?name=inner&t=economy&id=7063

PM’s advisor: Al-Maliki wants everyone to take responsibility of SOFA

Iraqi PM’s adviser Abu Ahmed al-Basry, exclusively told PUKmedia correspondent that al-Maliki wanted all Iraqis to take the responsibility of the security pact with U.S.

Al-Basry clarified that the pact is a successful attempt for the U.S. forces to walk out from Iraq without shedding blood.

PUKmedia :: English - PM’s advisor: Al-Maliki wants everyone to take responsibility of SOFA

+100 companies request investment permits in Basra

More than 100 foreign and Arab companies have requested investment permits in Basra province throughout the current month, an official source from the Basra Investment Authority said on Sunday.

“The authority has received nearly 100 requests throughout the current month, including 18 official requests for investment permits in the province,” Munadil Abd Khanjar al-Mayahi told Aswat al-Iraq.

Basra, 590 km (340 miles) south of the Iraqi capital Baghdad, has an estimated metropolitan population of 2,300,000 in 2008.

Basra, a Shiite province with 20% of the population are Sunnis, is the cradle of the first civilization of Sumer. It has the seven main Iraqi ports. The first built in Islam 14 A.H. (After Hegira), the city played an important role in early Islamic history.

The area surrounding Basra has substantial petroleum resources and many oil wells. The city’s oil refinery has a production capacity of about 140,000 barrels per day (bpd).

+100 companies request investment permits in Basra : Aswat Al Iraq

Jordan receives 700,000 barrels of Iraqi oil in 2 months

Iraqi crude oil received by Jordan during the period between September 23 and November 29 reached 700,00 barrels, on a rate of 10,000 barrels per day (bpd), carried in 42 tanks, according to the CEO of the company that implements oil transport from Iraq to Jordan.

"Oil flow from Iraq to the kingdom (of Jordan) still continues in accordance with the agreement signed between the two countries' governments," the Jordanian newspaper al-Dustour quoted Nael al-Thiyabat as saying.


"Transport and unloading operations are going smoothly. The stable security conditions inside Iraqi territories have helped facilitating all procedures," he said.

The paper quoted Thiyabat as saying that the number will be increased soon to hit 30,000 bpd in line with the agreement, renewed lately to extend for three years the memorandum of understanding signed by the two sides on August 15, 2006.

PUKmedia :: English - Jordan receives 700,000 barrels of Iraqi oil in 2 months

International Bank organizes a Conference with Iraqi participation

Under the slogan (Temporarily Strategy for Iraq), the International Bank will organize a conference in the Marriott in the Jordanian capital Amman on December 3rd, 2008 with the participation of several Iraqi companies including the Iraqi Company for Banking Bails.

The conference will open the doors for Iraq to carry out several economic projects, which help in reconstructing the country and developing the economic and social situations in Iraq. A Large number of people are depending on this conference and betting on its success.

The Iraqi Company for Banking Bails was established in 2006 upon the aid of the Central Bank of Iraq, and is owned by 11 private banks including 187 branches distributed in all the Iraqi provinces. It is a limited company and will be transferred to a private one.

The company supports the banking loans for medium and small projects. Its loans are between 5000 and 25000 US$ for a period of 1-5 years and its granted loans are 110 with an amount of 3 million US$.

Brief on Iraq’s membership in the International Bank:

Iraq is a founding member of the International Bank of Housing and Reconstruction and got 6 loans between the years 1950 to 1973 for the sectors of agriculture, education, controlling floods, communications and transportation. Its last loan was closed in 1979 and the remaining loans remained in the non-check stance since 1990.

The bank presented consultative services to the supreme committee, which is related with the Prime minister, to make a private national developing strategy for Iraq.

The bank is still a member in the International consultative Control Council, which starts its work in 2004 and included International Monetary Fund, Arabian Fund for Social and economic Development and a representative from the caretaker government, as a supervisor committee to audit the development fund of Iraq.

http://pukmedia.com/english/index.ph...=7929&Itemid=1

Dollar demand down in CBI auction

Demand for the dollar dropped at the Central Bank of Iraq’s (CBI) auction on Sunday, reaching $67.295 million compared to 120.455 million during the previous session.

The demand reached $29.690 million in cash, covered by the bank at a stable exchange rate of 1,179 Iraqi dinars, and $37.605 million in foreign transfers outside the country covered by the bank at a stable exchange rate of 1,176 Iraqi dinars per dollar, according to a CBI news bulletin.

None of the 14 banks that participated in today’s session offered to sell dollars.

Dollar demand down in CBI auction : Aswat Al Iraq