Thread: Archive - Latest News Think Tank - 15/01/09 - 04/05/09

Minister: Iraq is facing serious threats due to dependence on oil

"The Minister of Planning said on Sunday that Iraq must be curbed its reliance on oil revenues, and stimulate investment in agriculture, industry, or face a severe economic crisis if oil prices remained low.

The minister said Ali Baban told Reuters that private investment from inside Iraq or abroad, and foreigners is of crucial importance to ensure that increasingly undermines the economic collapse, but the security gains achieved over the past year.

"There are many risks, and unfortunately there are many threats to the situation in Iraq. But the threat of economic collapse is the most serious threats within the unit."

"He is not now pressing for this year. But I think that if the decline in oil revenues would be a serious threat. We will face a critical situation in 2010."

Iraq has the third largest proven oil reserves in the world, and oil export revenues represent 95 percent of income.

He was the U.S. invasion in 2003 sectarian war that killed tens of thousands of Shi'ite majority is Sunni Arabs who were dominant under Saddam Hussein. But the war started to decrease.

Nevertheless, the prevailing calm is still fragile and still suicide bombings and car bombs remain common. Iraq is making strenuous efforts to take advantage of the untapped oil wealth to a large extent to finance the reconstruction.

But oil prices fell more than $ 100 since its peak at $ 147 a barrel last summer, forcing Iraq to cut the budget for 2009 twice in the 80 billion dollars to the original 62 billion dollars now.

Parliament did not agree on the latter figure may be subject to further reduction of the estimate depends on where the average price of a barrel of oil exports at $ 50, more than the current prices.

In addition, Iraq spent 80 percent of the proposed budget for 2009 on the operating costs accounted for a substantial part of which wages and support for war-weary citizens. Baban said that only 20 percent of the budget funds will be available for investment in services such as electricity, oil and public works, such as housing.

It would be political suicide for the Iraqi government if the government reduced the salaries are dependent on a large part of the labor force in the public sector salaries. The Government committed itself, in fact, an increase in wages this year.

Baban said that meant that no one knows whether any money will be available for investment in the budget for 2010.

"The government is now reaching the point that it can not make more and the participation of the private sector is very important."

The minister recognizes that there is very little private money to invest in Iraq in areas such as agriculture.

Billions of dollars and smuggled out of the country during the rule of Saddam, who was arrested on power with an iron fist and moved billions abroad after the invasion led to the opening of the border.

Baban said that "we must strive as much as possible for the repatriation of capital and migrant Iraqi businessmen able and creators to Iraq to lead the development process in Iraq."

Papin also stressed the need for foreign capital and said it was not satisfied with the efforts so far to attract investors.

"I address a letter to the world that Iraq, which was a source of concern for the international community over the years need to be needed to compensate the stability loss."

He said, "Iraq has paid a heavy price, a need to enhance economic prosperity, political stability in order. I think in spite of the circumstances of the current global financial crisis, Iraq needs to help his friends and allies abroad."

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Paris reach its Baghdad oil field crazy

The Minister of State for Commerce, Mary Ann French Aederik the preparation of the first meeting of the Economic Commission of France-Iraq in Baghdad next month after a hiatus of more than twenty years.

The Aederik, the sectors that will be the priority is energy, including oil, gas and transport, particularly the Baghdad airport and the port of Basra in addition to the railways.

According to sources close to the talks conducted by the French minister with Iraqi officials, that France had asked the Iraqi side of the renewal of the Memorandum of Understanding signed in the era of the Alambad company (Total) to invest in the oil giant Majnoon field in southern Iraq.

Is scheduled to head the Economic Commission of Iraq in the next month and the French Trade Minister Christian Agard, Oil Minister Hussain al-Shahristani.

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the task of economic agreements will be concluded between the parties

Iraqi ambassador in Syria, Baghdad, Alaa Gawwadi the determination of the conclusion of economic agreements with Syria, including the reinstatement of the draft tube, which carries oil from Kirkuk to the port of Banias And the development of a huge gas field near the Iraqi-Syrian border.

Gawwadi said in a statement, told Reuters that senior officials in Baghdad told him that the intention is to overcome the obstacles to the completion of the projects, expected to see rapid progress in progress.

The Ambassador Alaa Gawwadi on the existence of a deep desire among officials in both countries to develop bilateral relations in various fields.

Is noteworthy that the Ala Gawwadi who handed his credentials to Syrian President Bashar al-Assad a few days ago was the first Iraqi ambassador to Damascus for almost 30 years.

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Kurdistan government signed a protocol of cooperation with South Korea

the Government of the Kurdistan region in northern Iraq, on Tuesday, a protocol of cooperation with South Korea to the Koreans charged with overseeing the Irbil International Airport, according to a source close to the presidency.

The source said the utilities of the Iraqi delegation in Seoul told (Voices of Iraq) that "Ashti Hawrami, Minister of Natural Resources of the Kurdistan Regional Government signed a protocol today the presence of President Wahid, son of provincial government and many Iraqi officials and the South Koreans."

And President Jalal Talabani's visit to Seoul, accompanied by a number of officials including the Nechirvan Barzani since Sunday (2-22) to hold talks with South Korean President Lee Myung Bak, a prominent Korean business groups on ways to strengthen economic cooperation.

Barzani said at a signing ceremony of the Protocol, "We are proud to have signed such a protocol, which is the first of its kind signed by the South Korean side with a non-Korean."

The source explained that "under the protocol will be mandated to oversee the Korean Erbil International Airport."

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Finance Minister calls on British companies to contribute to the reconstruction of Iraq

The Minister of Finance Baqir Jabr Al-Zubaidi, Tuesday, the British companies to contribute to Iraq reconstruction and rehabilitation of infrastructure and investment in the areas of energy, electricity and housing.

A statement issued today by the Ministry of Finance received the agency (Voices of Iraq) a copy of which Zubeidi today in Baghdad and received a delegation composed of the panel of the Department for International Development in the British office of Savic and Permanent Secretary of the Ministry of Foreign Affairs and the British Commonwealth Petrr Aict, the agent of the British Ministry of Defense and in the presence of Bill Jeffrey, the British Ambassador Iraq Christopher Prentice valuable. "

The statement quoted Zubeidi call "British companies to contribute to the process of reconstruction and rehabilitation of infrastructure in Iraq and invest in the areas of energy, electricity, housing, hospital construction and rehabilitation of major road networks and water."

He pointed out that "the Iraqi government attaches great importance to expansion of bilateral relations between the two countries, particularly in the area of economic and financial institution to which the British (DFID) to support the Ministry of Finance to ensure the success of project financial management reform in Iraq, where one of the major projects carried out by the ministry in cooperation with the World Bank and the U.S. Treasury Department The United Nations and the European Union. "

Zubeidi added that "the budget in 2009 will focus on the issue of support for investment and to promote economic reality in Iraq despite the decline in world oil prices."

For his part, the British delegation, according to the British ready to contribute to the reconstruction of Iraq in all areas, including deepening the relations between the two countries.

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Meeting in Baghdad to discuss the budget in 2009

in Baghdad, on Tuesday, a meeting to discuss the 2009 budget, the presence of advisors from the Ministry of Finance and a number of officials in the Office of Financial Supervision and the members of the committees of the House of Representatives, according to a source of information in the Chamber in the Parliament.

The source told Voices of Iraq (VOI) that "a meeting to discuss the 2009 budget held today was attended by advisers from the Ministry of Finance and a number of officials in the Office of Financial Supervision and the members of the committees of the House of Representatives."

The source did not give further details.

It is noted that the federal budget for Iraq for 2009 has not been approved so far, amounting to 62 billion dollars, was calculated on the basis of $ 50 per barrel price of oil.

The fiscal balance returned to the Council of Ministers (15/1/2009) to the demands of the presidency and the Ministry of Finance to increase the budget because it is not the prerogative of the House of Representatives to increase the budget.

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President Barzani starts European tour

Kurdistan Region President Masoud Barzani today started a tour of European countries which will include visits to the UK, Germany and Italy. During this extended visit, the President is scheduled to meet with heads of governments, as well as other officials in these countries.

Fuad Hussein, the Chief of Staff of the KRP, said that the President will also meet the Pope and several officials in the Vatican during this tour. He said the purpose of the visit is to "strengthen ties with these countries and to call for more European involvement in Iraq."

He added that the visit will attempt to explore economic relations between the Kurdistan Region and the European countries, particularly in the private sector.

The Kurdistan Region has seen much regional and international attention in recent weeks. This visit comes at a time when the Kurdistan Region has witnessed a number of high-profile diplomatic visits such as the recent visits by Iran and Germany's foreign ministers and the opening of their consulates generals in the Kurdistan Region, as well as the recent visit by Turkey's special envoy to Iraq.

President Barzani also recently visited the Gulf countries of Kuwait and Qatar to seek more cooperation and encourage economic investment in the Kurdistan Region.

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Sec. of State Clinton to visit Baghdad in March

MP Abas al-Bayati, uncovered in a statement to al-Sabah newspaper that the U.S Secretary of State Hillary Clinton will make a visit to Baghdad in March and hold meetings with President Jalal Talabani and Prime Minister Nuri al-Maliki.

He also said that Obama’s administration needs to closely observe the political and security situation in Iraq clarifying that Clinton and the Iraqi officials will discuss the U.S administration attitudes regarding the U.S troop’s withdrawal, outcomes of local elections and other issues.

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Central to the sales decline to $ 108 million in the canteen

the U.S. dollar decreased sales of the Central Bank in an auction for the sale and purchase of foreign currency, on Tuesday, reaching 108 million and 425 thousand versus $ 143 million and 340 thousand dollars at the previous meeting.

The bulletin issued by the Central Bank and the Agency has received (Voices of Iraq) a copy of which was that "the total volume of demand for the dollar stood at 108 million and 425 thousand dollars, a stable exchange rate was 1170 dinars per dollar."

The figure is a decrease from the previous meeting, which recorded total volume of demand for the dollar stood at 143 million and 340 thousand dollars at the exchange rate was 1170 dinars per dollar.

The Bulletin that "the demand for the dollar is distributed by 36 million and 25 thousand dollars in cash, covered by the bank at the exchange rate was 1176 dinars per dollar, including the central bank and a commission of six dinars per dollar."

According to the bulletin, "the value of remittances outside the country reached 72 million and 400 thousand dollars, covered the central exchange rate was 1173 dinars, including the central bank and a commission of three dinars per dollar," did not make any of the 13 banks participating in the auction, offers to sell the dollar.

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Seoul, Baghdad agree on $3.55 billion deal to rebuild Iraq

South Korea on Tuesday signed a US$3.55-billion deal with Iraq to help rebuild the war-torn nation and set up various forms of social infrastructure in exchange for nearly 2 billion barrels of Iraqi oil, Seoul's presidential office Cheong Wa Dae said.

The deal was signed by South Korean President Lee Myung-bak and visiting Iraqi President Jalal Talabani.

"With this agreement, our side can now acquire rights to develop oil reserves in Iraq's Basra region, where most Iraqi oil is produced," the presidential office said in a press release.

In return, Seoul will help build social infrastructure, such as power plants, it said.

"This, of course, is not a small deal because it entitles us to over two billion barrels of oil, which will be enough to supply the entire nation for nearly the next three years," Lee Dong-kwan, a spokesman for the office, told reporters. South Korea imports about 870 million barrels of oil every year.

Tuesday's deal will mean the oil is immediately available to South Korea, whereas in agreements with other countries South Korea has to first help develop oil reserves.

The Basra region is said to account for some 70 percent all oil production in Iraq, the world's third largest producer.

South Korea's offer is only a small portion of some $150 billion expected to be needed over the next eight years to rehabilitate Iraq, but Seoul expressed hope more South Korean businesses will be able to take part in various projects to rebuild the Middle East nation.

"President Lee also requested that South Korean businesses be allowed to take part in Iraq's $550-million project to buy new generators and in designing a new oil refinery, worth $84 million," the presidential office said.

Talabani called for strengthening of the Korea-Iraq relationship while also thanking Lee for Seoul's contribution so far to help his nation.

"Especially, President Talabani noted the important role played by South Korea's Zaytun unit to establish peace in Iraq and rebuild the country and expressed the gratitude of the Iraqi government for the Zaytun unit," Cheong Wa Dae said.

Speaking at a separate meeting with business representatives at a hotel here, the Iraqi president repeated his hope that more South Korean firms will take part in the reconstruction of his country.

“We have a plenty of natural resources. I hope that many South Korean companies will contribute to rebuilding Iraq," Talabani said at a meeting hosted by the Korea Chamber of Commerce and Industry (KCCI).

Sohn Kyung-shik, chairman of the KCCI, welcomed the invitation, noting South Korean firms have carried out large-scale construction projects in Middle Eastern countries for over 40 years and that such experience will be very "helpful."

Meanwhile, a $31-million deal was also signed Tuesday between Seoul's Incheon Airport Corporation and Iraq's Kurdistan Regional Government to provide the Korean airport's operating systems to the Iraqi region where the Zaytun was deployed from 2004 to late last year.

"The deal marks the first case in which our know-how in operating an international airport is exported," the Cheong Wa Dae said.

The Iraqi president is currently on a four-day visit here that began Monday, accompanied by some 60 government officials and business representatives.

Talabani is the first Iraqi president to make a state visit to Korea since the two countries established diplomatic relations in 1989.

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