Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

Iraq to re-merge into global economic system – official

Iraq seeks to re-merge into the global economic system, according to the Iraq National Investment Commission on Sunday, expecting the country’s gross domestic product (GDP) to grow by 7 percent this year.

“Iraq, within the frameworks of economic reform policies, is working on joining the World Trade Organization (WTO), in which Iraq is currently an observer,” INIC chief Sami al-Aaraji said in a speech he delivered during the Iraqi-United Arab Emirates business conference, currently in session in the UAE city of al-Sharjah.

The conference, inaugurated earlier on Sunday, is attended by Iraqi Deputy Prime Minister Rafie al-Issawi.

The Iraqi delegation, which comprises Industry Minister Fawzy Hariri, Transport Minister Amer Abduljabbar and Electricity Minister Kareem Waheed, will take part along with senior officials from the UAE and Gulf Cooperation Council (GCC) countries in the event to be held under the rubric ‘Partners in Development’.

Issawi had started a visit to the UAE on May 26 with a delegation that also included Iraq National Investment Commission (INIC) Chairman Sami al-Aaraji, Iraqi government spokesman Ali al-Dabbagh and the local leaders in al-Anbar province as well as experts and investment advisors.

The meeting is discussing ways to further economic and trade relations between Iraq and the UAE and exchange views on current economic issues and challenges.

http://en.aswataliraq.info/?p=113934

Kurdistan Alliance list is for the removal of Iraqi Oil Minister from Office

Rep. of the Kurdistan Alliance bloc, Mahmoud Othman said that the Oil Minister Hussain al-Shahristani, a useless and we as a list of the Kurdistan Alliance to remove him from office.

"Mahmoud told the News Agency reported that 142 signatures were collected against him and we support that, it is planned that the Deputy Chairman of the Committee on Oil and Gas Khalifa Jaber investigation.

According to the documents that will be collected only to condemn al-Shahristani, but may also exceed the conviction, as described.

The Osman al-Shahristani, to the end of the list and also to have met Saturday mass (independent), which is part of the list of the coalition and turned on al-Shahristani, chair of the Khaled al-Attiya and the assumption of his functions, by the end of the expense of al-Shahristani, as he put it.

http://209.85.229.132/translate_c?hl...5JNhNhVwGrBeDQ

Interesting,

Finally, Minister of Oil, Hussain al-Shahristani is under fire for totally stalling oil production which is hitting the bottom line of budget due to price drop in oil over past year.

I just don't understand why he was left to attack the Kurdistan leadership who was signing oil contracts left and right while the oil minister did nothing but throw up one obstacle after the other which stalled oil law for over a year now. How could this crook be allowed to stall progress to such a degree without being challenged sooner?

We have all read about his attacks on Kurds progress almost as if he had a motive to stop oil exports. Kurds agreed to share revenues as the constitution mandated, so there was never an issue other than it would show up Baghdad *****s, and al-Shahrisani was the lead ***** in Parliament for a long time now. The other crook, the minister of trade was ousted and caught fleeing country to avoid corruption charges, so I suspect the final push is on to remove corruption since elections are coming up.

This is no doubt real progress, finally some good news which should finalize last pieces of this puzzle which has held back progress in Iraq, so hang on, this is getting interesting after months of bickering, finally, action is being taken against these crooks.

Success to all, Mike

Dollar sales slump on Sunday

Demand for the dollar significantly dropped in the Central Bank of Iraq’s (CBI) auction on Sunday, reaching $154.445 compared to $202.555 million in the previous session.

“The demand hit $46.530 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $107.915 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 15 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=113953

Sweden: It is wrong that the Iraqi economy is based on funding from the oil sector

Member of the House of Representatives warned Haider Swedish dependence on the oil sector in the financing of the Iraqi economy.

He singled out Sweden, in a statement by the (news) that it is wrong that the Iraqi economy depends on the oil sector, or be the sole financier of the country's budget with the enormous wealth such as agriculture, tourism and religious tourism, which is a major source in Iraq, however, if used correctly it equivalent to 20 percent of the general budget of the country. The Swedish saying that Iraq's economy is growing among most other Arab countries, according to the latest study by the Center for the Study of the global economy, pointing out that the adoption of Iraq to the economy of one sector it is in danger, especially as Iraq has been associated with a view to electronic global economy when there is no financial crisis, Iraq will be simple is affected the most.

http://209.85.229.132/translate_c?hl...mcxcTgyfXFGb-Q

Interesting,

Seems there is a lot going on to finally attack corruption in Iraqi Parliament, even Maliki's own close allies are being attacked, so this is really a good sign. Interesting read below.

http://www.atimes.com/atimes/Middle_East/KF02Ak03.html

Monetary union to 'go ahead'

Ibrahim al-Assaf, Saudi Arabia's finance minister has said the kingdom and three other Gulf countries are proceeding as planned with their monetary union plan. Al-Assaf also said that the location of a Gulf Central Bank is not subject to re-negotiation. 'This is a decision that has been taken by our leaders,' he said.

http://www.ameinfo.com/198782.html

The signing of the Convention for the Unification of the GCC currency

Due to the Gulf Cooperation Council held on the seventh day of June next meeting of Finance Ministers of the Member States of the Council, to sign an agreement to exchange cash for the unification of the GCC States.

The secretary-general of the Gulf Cooperation Council, Abdul Rahman al-Attiyah told a news briefing on Sunday that he is participating in the monetary union plan, along with Saudi Arabia, of Kuwait, Qatar, Bahrain and the Sultanate of Oman and the GCC is also a member the United Arab Emirates.

Note that the United Arab Emirates, the second largest economy in the Arab world, withdrew last month from the issuance of the single currency plan to protest a decision to take Saudi Arabia, the headquarters of the Central Bank of the Gulf Cooperation Council.

http://209.85.227.132/translate_c?hl...-cFVexOGIEUjHQ

Iraq's decision to postpone a decision to develop oil field Nassiriya

Said a senior official in the Iraqi oil sector, Iraq on Sunday to decide on the bids of Japan and Nippon Oil, Italy's ENI and Spain's Repsol to develop the oil field of Nasiriyah.

It was expected that the oil ministry to take a decision on the competing bids the end of May.

He informed the Deputy Minister of Oil, Iraq's Ahmed Schamma reporters that "offers a choice of plans has been postponed due to issues relating to the provisions of the contract and some financial aspects of the agreement would require further research," and Chandler declined to say how long the delay may continue.

Iraq had invited three companies to compete for the southern field, which officials have said that it had pumped 100 million barrels per day within 18 months. According to estimates by officials in a company Eni to produce up to one million barrels per day.

The contract for engineering, procurement and construction of the field of Nasiriyah in the framework of the Iraqi government's efforts to enhance oil production and exploitation of its vast resources.

http://209.85.227.132/translate_c?hl...QaK771euppaiQQ

Investments worth $500bn needed to reconstruct Iraq

The amount of investment required for the reconstruction of Iraq is estimated at $500 billion (Dh1,836bn), Iraqi Deputy Prime Minister Rafea Al Issawi told a conference in Sharjah.

"The investment will cover transport, health, education and accommodation sectors," he said at the Emirates-Iraq Business Forum organised by the Sharjah Chamber of Commerce and Industry. "There is a need to construct 1,200 health centres, 30 hospitals with 400 beds each, 4,000 schools and three million residential units."

He said the forum marked Iraq's transformation - from a country with security problems to one that has an environment suitable for business and investment. "We are here to inform investors that the security situation is stable and their investments will be safe," he added. "There is a big difference between the security situation today and the situation that existed three or four years ago." He said changes to the law meant foreign investors could own land in Iraq. "This will encourage investment initiatives in many fields, such as oil, in all of Iraq's provinces."

Dr Sami Al Araji, Chairman of Iraq's National Authority for Investment, said: "The Ministry of Planning's figures show Iraq's GDP grew in 2008, despite the beginning of global financial crisis, by 10 per cent and inflation went down to 6.18 per cent. Projections say GDP will grow by 9.7 per cent in 2009. Important modifications have been introduced with regard to Iraq's investment map, market control, salaries and economic development. Iraq is also keen to merge with the global economic system and is now an observer at the WTO.

"We are attempting to sign bilateral agreements for investment protection and one of these will be signed soon with the UAE. The changes give investors 15-year tax exemptions and investment authorities in Iraqi provinces have been given powers to grant licences, with the exception of major projects where licences are given by the authority," Al Araji said.

http://www.zawya.com/Story.cfm/sidZA...nstruct%20Iraq