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

Parliament intends to enact a Special Law to vote on the Agreement

Neighbourhood: The deputy said that on behalf of Sheriff «Parliament intends to enact a special law to vote on the agreement», terming it b «necessary» since there is no provision in the Constitution illustrates how to deal with the agreement.

He said: «The existing text speaks of the tasks of ratifying international agreements signed by the government», pointing out that «in case of the recent agreement signed it would not be binding on subsequent governments», pointing out that «Adoption understanding of security with Washington must be two-thirds majority », Unlikely at the same time, according to obtain life.

Agassi, the House of Representatives to discuss the security agreement with Washington after the announcement of government officials about the approaching end of negotiations and the completion of a draft agreement to be submitted to the Political Council for approval, then forwarded to the parliament for decision.

The Prime Minister Nuri al-Maliki said the day before yesterday after meeting with Parliament Speaker Mahmoud scene that the government will send the agreement to parliament within ten days, the scene revealed the existence of seven contentious items between Baghdad and Washington, pointing out that these items «require amendments so consistent with the situation Positive in the country ».

Translated version of http://www.aljewar.org/news.aspx?id=6113

Trade Ministry adopts new mechanism to provide ratio card units

Trade Ministry adopted a new mechanism to provide all ratio card units and to add some to the same during Ramadan Month, the minister said during a press conference.

Employees in Al Karakh selling point said that they are ready to provide ratio card units in spite of the problems they faced the last 15 days.

It is to be noted that Trade Ministry exerted lots of efforts in order to put an end to the lack in some units especially during Ramadan.

Trade Ministry adopts new mechanism to provide ratio card units | Economics News | Alsumaria Iraqi Satellite TV Network

A bit long.....

Proceeds border outlets in Kurdistan are going to the Central Treasury ....Denied issuing a new salary for retirees

The Finance Ministry has denied issuance of a new salary for retirees, but hinted during a statement that the Minister Baqir Jabr Al-Zubaidi instructed the formation of a committee to examine the salaries of retirees and the issuance of a new salaries for them ..

Which met with praise large number of economic affairs specialists who have expressed their satisfaction for such a resolution, which does justice of a large and wide in the country of Iraq had served long periods and they deserve it .. with the ministry dispatched a number of senior staff to the Kurdistan region aim to stand on the size of financial returns for the country Alhdodihanak outlets.

A statement by the National Information Centre that the visit comes in line with the terms of Article 18 of the federal budget bill approved by the House of Representatives, which requires that financial returns are obtained from border outlets in the province within the Federal budget of the State.

The statement said that the delegation headed by the Inspector General at the ministry included his membership in the Directors-General of the General Authority of taxes and customs as well as a number of other specialists in the ministry, will visit the E.x.e.cutors of Hebron and Ibrahim Bachmak For the financial proceeds obtained from these perpetrators.

And separates Iran and the Kurdistan region of five border points, including two formal and two Haj Omran in Erbil and Sulaymaniyah in Bachmak, as well as three crossings informal deployed in Irbil and Sulaymaniyah, while linked to Turkey through the Territory Ibrahim Khalil crossing the border town of Zakho in the Dohuk governorate ( A distance of 460 km away north of the capital Baghdad) ..

The experts estimated annual imports money obtained from these outlets billions of dinars, pointing out that the government work in the coming period will maximize the financial resources towards them and not to rely entirely on oil imports, which called on the Ministry of Finance to intensify their efforts to strengthen the financial resources of the State Through what is Vajpayee funds obtained from the border points, or taxes or other deductions that can contribute to the strengthening of state financial assets.

Experts called for further research on other financial outlets that can serve the interest of supporting the state's treasury, considering the dependence on oil imports from the grave errors committed at the present time and that contributed to ignore the financial outlets could have been better exploited if the government sought to early, but The adoption of (government) funds obtained from oil imports make it slow to find outlets other financial .. They also: that the volume of imports reflects Vajpayee can all of the funds through tax deduction or where customs statistics show that Iraq imported 90 per% of materials and goods It needs and this figure shows what could POUNDS funds through direct deductions for those materials imported through various border points. So An official source in the ministry that the minister had ordered the formation of the Committee on its study of the salaries of retirees composed of one of the advisors ministry and the general manager of retirement in addition to the President Association of Retired Persons is hoped that this Committee consider the rate of salaries of current retirees and working to modify the mechanism as it will reach decisions by the Commission, the source pointed out the falsity of the information reported by some media on the development of a new salaries for retirees consists of six degrees, Navia That the ministry had issued such a peace.

The Finance Minister Baqir Jabr Al-Zubaidi has shown dissatisfaction on May charged from the salaries of retirees and pre-Zubaidi said during a t.e.l.e.v.i.s.i.o.n interview surprise rates of salaries and retirees, which according to the views of some specialists are not commensurate with the size of the tender made by retirees during their previous periods, as well as the lack of consistency and reality Living and the rate reached, the prices of goods and services in Iraq.

He called on specialists of the Ministry of Finance to expedite the enactment of a new law to the salaries of retirees and strive to raise the real level of living this segment, which is in dire need of real support by the state suits the nature of daily life and language of continuous rises in prices.

He called on specialists of the Ministry of Finance thoroughly all retirees increases in staff salaries and be granted variances like financial staff stressing the importance of the state to take upon itself the responsibility of caring for these large tranche, which may not find care other than government-sponsored them. The Ministry of Finance and across the Rafidain Bank and Rasheed Has decided to distribute the salaries of retirees through the banking smart card support of this segment, seeking to ease its burden in trouble wait long before the doors of banks or banks in order are usually far from their home ...The ministry has been able effectively to complete the project done by the company's global smart card will direct the event and will soon complete the distribution of the card to all retirees who were divided on meals.

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

Hashemi proposes the establishment of an Iraqi economic forum - Chinese

The Deputy President Tariq Hashimi establishment of an Iraqi economic forum - Chinese to encourage Chinese companies to invest in the country. Hashemi call came during his reception of any Ambassador Jean People's Republic of China in the New Baghdad.

The Vice President of the Republic, according to a statement received "Sabah" yesterday copy of which was happy to start negotiations between Iraq and China on the issue of oil fields and develop Al-Ahdab field. And the transfer of Ambassador greetings Vice President of the Republic of China, expressing his happiness to assuming his position, stressing at the same time that he would do Effort to strengthen and revitalize the historic relationship between the two countries, especially after the marked improvement experienced by the security situation.

The cross-Hashimi During the meeting, expressed his admiration for distinguished achievement and happiness at Beijing's hosting of the Olympic Games and the remarkable concert was able to demonstrate the extent to which technological development reached by which left impressed with the whole world, praising the responsible attitude taken by China to write off its debts on Iraq. It was suggested Investment efforts and energies to begin to rehabilitate the Iraqi projects set up by Chinese companies in Iraq in the eighties of the last century, in addition to the establishment of an Iraqi economic forum - Chinese to encourage Chinese companies to invest in Iraq.

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

Update.......

China to charge $6 a barrel to develop Iraq field

Iraq on Tuesday cleared a plan to develop an oil field by China Petroleum National Corp. at a service fee of six dollars a barrel, giving Beijing a foothold into the world's third largest oil reserves.

Iraqi Oil Minister Hussein al-Shahristani said the cabinet had approved the three-billion-dollar deal that will see China's state-owned company developing the Al-Ahdab oil field in the central Shiite province of Wasit.

"The Chinese company will charge six dollars per barrel of production as service fees which would decrease gradually to three dollars," Shahristani told reporters inside Baghdad's heavily fortified Green Zone.

He said the plan is to be produce 25,000 barrels of oil per day in the first three years.

An Iraqi oil ministry official last month told AFP that the oil field would become fully operational in three years' time and is likely to produce oil for 20 years after that.

The present agreement revives a 1997 contract signed by the former Iraqi regime of Saddam Hussein that granted China National exploration rights to the Al-Ahdab oil field in a deal then worth 700 million dollars over 23 years.

However, activities were suspended due to UN sanctions and security issues following the US-led war in 2003 that toppled Saddam.

Shahristani said Baghdad had successfully managed to change the previous joint venture contract into a mere service agreement.

"Our view is that Iraqi oil should not be shared with anyone. We will pay service fees," he said.

"This is a big achievement in the interest of the country, especially changing the joint venture into a service contract."

One reason Baghdad is yet to strike a joint venture deal with any foreign oil producer is its failure to pass the national law which has been pending in parliament since early last year.

The oil law formulates the distribution of the oil revenues among the country's 18 provinces but has sparked sharp divisions from the leaders of the rival Shiite, Sunni and Kurdish communities.

Shahristani said the deal with China Petroleum is expected to generate employment for Iraqis.

"We have put in a condition that Iraqi workers should be employed and trained" by China Petroleum, he said.

The former nuclear scientist turned minister said the oil produced at Al-Ahdab will be used for generating power in the Zubeidiyah power station which is being set up by China, also in Wasit.

For Beijing, the deal is another potential success in its sometimes controversial global quest for oil that has seen it sign a flurry of contracts in Africa and the Middle East in recent years.

China's demand for oil has grown markedly in recent years, as its economy has grown at double-digit pace and its population of more than 1.3 billion people has grown richer.

The Al-Ahdab oil contract is not expected to generate any revenues for China except the service fees, but still offers an entry into Iraq oil reserves ahead of Western majors.

At the end of June, Iraq's oil ministry threw open six oilfields and two gas fields for international bidding by 41 companies.

The deals, which are also service contracts, pave the way for energy firms based abroad to return to Iraq 36 years after Saddam threw them out.
Iraq wants to ramp up output by 500,000 bpd from the current average production of 2.5 million bpd, about equal to the amount being pumped before the US-led invasion of March 2003.

China to charge $6 a barrel to develop Iraq field - Yahoo! News

Now...that is terrific update from another closer source.

While I was in China this April & May, on one occasion during a private dinner up by Kathleens at Shanghai's talk of the town location, The Bund, we were simply discussing off the cuffs, the oil expansion that is heard down the pipeline, echoing from the national corporation in China.

My host, being a big Daimler Fleet Operator & Captain of his industry there in Logistics and seated with us, VolksWagen VP for Beijing with his wife as well, were exchanging the potential in side stocks with the China Petroleum National Corp. as the volume of oil purchase is just too huge not to get serious negotiations going before the year runs out.... and this spells $$$ savings and vested interest in getting tied to a new supply contract with the Country's supplier of transport oil...VOILA!

I like what I was hearing myself then...
This means, investing in their expansion as I was urged to consider seriously, even as a foreigner, and hearing it from my German friend, the VP in China for VW.... and of course, my host who accommodated our fantastic stay in China, both in Beijing and Shanghai respectively.

VW is the largest supplier of domestic cars in China while Daimler is the monopoly on large transportation and Hyundai trails somewhere along 4th or 5th position.

Iraqi federal government and KRG reached an agreement about Khanaqin issue, Iraqi lawmaker says

“The Iraqi federal government and the Kurdistan regional government (KRG) reached an agreement today about the issue of Khanaqin,” Iraqi lawmaker from the Islamic Al-Fadilah Party , Nadym al-Jabiri told PUKmedia correspondent in Baghdad.

He also clarified that those disputes have emerged because of stepping aside the Iraqi constitution, stressing that implementing the constitution will regulate relations between both governments.

PUKmedia :: English - Iraqi federal government and KRG reached an agreement about Khanaqin issue, Iraqi lawmaker says

An Invitation to the development of the banking sector and resolving the debt problem

The economic advisor to the Iraqi government Kamal Basri, to reform the banking sector, and «amputation of cancerous tumors and parked on the entity of debt», created by the past years, establishing a special body to reform the banking establishment of the first tasks is the nucleus of sophisticated bank reform.

He explained in a study on the banking reform programme, the average capital of banks amounted to about another $ 2003 million, reflecting a very limited role for the private commercial banks in financing the private sector, and the ratio of its contribution to GDP is closer to zero (0.1 percent) According to estimates by the Central Bureau of Statistics, while this ratio equal to 27 percent in Bahrain.

He added that the bank «good», »Rafidain» government did not play any role in the private sector lending, with loans did not exceed 8 percent of the volume of assets, and about 60 percent of the lending went to government institutions.

He pointed out that the two banks cash reserve of more than 80 percent of the total reserve, and are one of the largest Iraqi banks in assets and deposits, as the government sector owns 90 percent of banking activity, and 75 percent of the local banks. The World Bank estimates the sector's assets billion dollars, and its contribution to GDP equal to 8 percent, reflecting the limited role to play in mediating between savers and investors, and financing of capital accumulation, especially in the private sector.

He pointed out that the optical State banks vulnerable to problems, particularly «Rafidain Bank» under the burden of external debt, (is part of the Iraqi debt burden), hit with accrued interest by $ 23 billion, a debt greater than its capital weakening, and 66 in Percent of its assets, and 50 percent of the assets of «Rasheed Bank» consisting of remittances treasury, issued by the Government to fund losses and coverage and provide subsidies for them.

He also explained that 90 percent of banking activity was allocated to finance public activity balance of incompetence, disguised unemployment and accumulated losses, while the campus of the private sector of the financing necessary for the accumulation of capital.

http://66.102.9.104/translate_c?hl=e...0hik6DzjMjNXqg

Opening Iraqi Parliament office in Sulaimani

Dr. Nawzad Salih, the MP of the Iraqi Parliament has opened the office of the Iraqi Parliament In a special ceremony today, in Sulaimani. The event was attended by the head of Kurdistan Parliament office along with a number of organizational and government officials.

“The aim behind opening the office is to facilitate the work of the citizens and reinforce the ties between the residents of the area and the Iraqi Parliament”, Salih said.

The Governor of Sulaimani Dana Majeed Ahmed who also attended the ceremony expressed his happiness to the opening of the office.

PUKmedia :: English - Opening Iraqi Parliament office in Sulaimani

Slight increase in the demand for the dollar

Demand for the dollar was slightly up in the Central Bank of Iraq's (CBI) auction on Wednesday, registering at $113.03 million compared to $104.800 million on Tuesday.

"The demand hit $14.98 million in cash and $98.05 million in foreign transfers outside the country, all covered by the bank at an exchange rate of 1,182 Iraqi dinars per dollar, same as yesterday," an official source from the bank told Aswat al-Iraq - Voices of Iraq - (VOI).

None of the 12 banks that participated in the session offered to sell dollars.

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

Aswat Aliraq