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

finally perhaps the pieces to this complicated puzzle are starting to fall in place...how much money do you think this corrupt politician[the oil minister]took??..he has done nothing but hold up projects that would have benefitted his people..he needs to resign or be shown the EXIT door...good job as usual Seaview....Pat

the high oil prices and the budget

It seems that high oil prices in the coming saluting the rise of global markets are gradually analyzed the causes, pointing to the possible repercussions, Dr. Hammam Shammaa in his article for this day, regardless of the causes and prospects for oil prices and their impact on the Iraqi economy, Iraq is in dire need now more than ever to supplementary budget in the most exclusive or the entire investment and that the Iraqi economy depends, or 95% on oil revenues, the budget of any public or whether they rely on supplementary imports of oil and therefore, in light of the expected rise in oil prices after the increase of demand, the favorable opportunity of the adoption of a supplementary budget this year.

And prepare early for the preparation of the general budget for next year 2010 to invest in the high oil prices and the country's need for huge investments in all economic sectors and themes in the preparation of the budget requires more than the investment side as well as the operational part of the trend should be to increase the rates of production in the oil sector, and higher rates of export, which is still stages at the top of the range between 1.8 to 1.9 million barrels per day at a time draws attention to the significant investment in the coming period in all of these things, higher oil prices will make it engaged in the preparation of the budget is facing difficulties such as those that occurred in the current year budget 2009, which was modified to more the ground several times to reduce unnecessary operational expenses, but this rise in oil prices gives the impetus to adopt the budget on an ambitious Almistooyen, investment and operational advantage gained in this year's budget 2008 budget, which was the highest in the history of Iraq, and if we consider that the investment budget will be a matter of interest and because of the need for Iraq to talk to the current projects in various sectors of reconstruction and development may be an urgent need in the coming years to the budgets of the five-year plans and the places in the current trend to adopt programs and plans for development of medium or long-term, according to the opinion of experts have shown that the annual plans and budgets, ineffective in improving workshops and the national economy, including vocabulary development and evolution is required.

http://209.85.227.132/translate_c?hl...p-arSBv64mgOIg

CBI sells $3.3bn in May

Demand for the dollar increased in the Central Bank of Iraq (CBI) auctions in May 2009, hitting $3.34 billion at a stable exchange rate of 1,170 Iraqi dinars (ID) per dollar throughout 21 sessions– compared to April’s $2.6 billion.

“The demand hit $617.420 million in cash, compared to $339.175 million in April, covered by the bank at an exchange rate of ID1,176, while foreign transfers outside the country registered $2.417 billion compared to $2.262 billion in the previous month, covered at an exchange rate of ID1,173,” according to a CBI news bulletin received by Aswat al-Iraq news agency

None of the banks that participated in this month’s sessions offered to sell dollars.

http://en.aswataliraq.info/?p=114092

Integrity of the sponsors of the international meeting to discuss on the restoration of stolen Iraqi funds smuggled abroad

Held at the headquarters of the integrity of (26) last May, the first coordination meeting between the Iraqi side, headed by Judge Hassan al Rahim, head of the Integrity Agency and the representatives of the World Bank and the Office on D.rugs and Crime of the United Nations on the initiative (STAR) launched by the two authors to assist in the restoration of the States stolen money smuggled abroad, and declared by Iraq to join at the beginning of this year after the approval of the Prime Minister and the Committee on Economic Affairs, headed by the Supreme Barham Salih, Deputy Prime Minister and the Commission on the recovery of Iraqi funds from abroad, headed by His Excellency the Minister of Finance.

The Iraqi side has been asked to assist the initiative in the five aspects of the recovery of funds misappropriated Iraq smuggled abroad, whether before or after 2003, namely: --

1 - Assistance in the investigation of information on the whereabouts of those funds.
2 - to assist in providing evidence of ownership of those funds to Iraq.
3 - Assist in capacity building and training.
4 - Coordination with the States where there are Iraqi funds stolen.
5 - the provision of legal advice.

The meeting was attended by representatives from the Iraqi side of the Committee on Economic Affairs and the Ministry of Finance / Committee for the Restoration of Iraqi funds from abroad and the Central Bank of Iraq / Office for Money Laundering and the Ministry of the Interior.

The Initiative (STAR) launched by the World Bank and the United Nations Office on D.rugs and Crime is an international initiative to assist States seeking to restore stolen or misappropriated funds smuggled abroad through the identification of those who disappeared or hidden by those funds, and to assist States in building their capacity to detection of suspicious transactions and the anti-graft and to seek international assistance in the collection of evidence, investigation and prosecution and the freezing of funds, seizure and confiscation, and help to overcome the legal obstacles that impede the progress of international cooperation in this area, it does not cost the country acceding to any financial costs, do not put any conditions or restrictions on how to spend the funds returned under any circumstances, but must be spent in a transparent manner, and to ensure the disbursement of the benefit of the people from whom it was stolen, and not being robbed again.

http://209.85.229.132/translate_c?hl...nE1_Ox8_7ya2Nw

3 MoUs with Chinese firms to implement investment projects

Missan's investment commission on Wednesday signed three Memorandums of Understanding (MoUs) with Chinese companies to conduct investment projects in the province.

"The projects include the construction of 3,000 housing units, in addition to an environment-related project," the chairman of Missan's provincial council, Abdulhussein Abdulreda told Aswat al-Iraq news agency.

"An industrial city, where more than 50,000 workers, technicians and engineers will be employed, will be established," he added.

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

CBI dollar sales increase

Demand for the dollar increased in the Central Bank of Iraq (CBI) auction on Thursday, hitting $186.725 million at a stable exchange rate of 1,170 Iraqi dinars (ID) per dollar, compared to $101.215 million.

“The demand hit $36.240 million in cash covered by the bank at an exchange rate of ID1,176, while foreign transfers outside the country registered $150.485 million compared covered at an exchange rate of ID1,173,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 16 banks that participated in today’s sessions offered to sell dollars.

http://en.aswataliraq.info/?p=114131

Cabinet OKs 1st draft amendment on investment law

The Iraqi cabinet on Thursday approved the 1st draft amendment on investment law 13/2006 and would refer it to parliament for endorsement in accordance with articles 61 and 80 of the Iraqi constitution, read a statement by the office of the Iraqi government’s official spokesman.

“The approval came to make housing units available for citizens and create an encouraging atmosphere for investors and remove the obstacles facing them so as to accelerate economic development and reconstruction in Iraq,” Ali al-Dabbagh said in a statement received by Aswat al-Iraq news agency.

The new amendments provide that Iraqi and foreign investors would enjoy all the privileges and facilities and the rights to own lands and real estates with the aim of setting up housing projects, Dabbagh added.

http://en.aswataliraq.info/?p=114134

Protection for Iraq’s funds extended for one year

A U.S. embassy official said that the U.S. president has agreed to extend protection for money deposited in the Development Fund for Iraq (DFI) for another year, according to the head of Iraq’s Board of Supreme Audit.

“The anti-corruption coordinator at the U.S. embassy in Baghdad, Joseph Stafford, said that the U.S. president has agreed to the extension for one more year,” a statement received by Aswat al-Iraq news agency quoted Abdulbasit Turki as saying.

An estimated $20-30 billion U.S. dollars is believed to be deposited in the DFI, according to officials.

In May 2003, following the invasion of Iraq in March of that year, the Central Bank of Iraq-Development Fund for Iraq (DFI) account was created at the U.S. Federal Reserve Bank of New York at the request of the Coalition Provisional Authority (CPA) Administrator. A part of the fund has been transferred to Baghdad and Iraq, and the DFI-Baghdad account was opened at the Central Bank of Iraq “for cash payment requirements”.

The DFI have been disbursed mainly for “the wheat purchase program, the currency exchange program, the electricity and oil infrastructure programs, equipment for Iraqis security forces, and for Iraqi civil service salaries and ministry budget operations”.

http://en.aswataliraq.info/?p=114127

Iraqi embassy in U.S. invites firms to enter Iraqi markets

The commercial attaché at the Iraqi embassy in Washington on Thursday called on U.S. and Turkish companies to enter Iraqi markets and seize investment opportunities there.

This came during the annual conference of the U.S.-Turkish business council, which closed in Washington on Thursday.

“We have highlighted the advantages of the Iraqi Investment Law and the benefits offered to foreign investors, as well as the role of the Iraqi National Investment Commission (NIC) and its branches all over the country,” Nofal Abu al-Shon al-Hassan told Aswat al-Iraq by phone.

“There are several investment opportunities in the fields of industry, energy, housing, roads, ports, transportation, and in the agricultural sector, where Turkish companies can play a major role,” he explained.

Hundreds of international companies’ representatives have attended the three-day event, he added.

http://en.aswataliraq.info/?p=114125

Kuwait and Iraq discuss pending issues

Diplomatic and political solutions are the only resort for Iraq to alleviate any possible consequences in result of demanding Kuwait financial compensations for damages inflicted by US Forces invasion and the destruction of the country’s infrastructure, Parliament Speaker Iyad Al Samirraie announced.

A source speaking on condition of anonymity told Al Sabah Newspaper that Al Samirraie held honest talks with Kuwait’s Ambassador in Iraq Ali Al Moemen and discussed pending issues between both countries mainly war reparations, detainees, borders and airlines. The Kuwaiti Ambassador related his country’s point of view saying that talks over the last six years have come fruitful; however, Iraq’s lack of responsiveness has been the major hindrance.

The source noted that Al Samirraie is trying to contain consequences and sooth tension between Iraqi Parliament and Kuwait National Assembly. Thus, he proposed to form a joint governmental committee with Kuwait that discusses different issues in exception for national resolutions. The committee will be charged of finding solutions for pending issues while a joint Iraqi-Kuwaiti parliamentarian committee will be formed to monitor bilateral talks. Therefore, the governmental committee will be responsible for negotiations and the parliamentarian committee will supervise both parties.

Head of Kuwaiti National Assembly Jasem Al Kharafi approved Al Samirraie’s proposal stressing the necessity to agree on this issue especially that both countries have suffered from the former regime.

Al Kharafi said he is confident that official sources in both countries’ governments will take into consideration Iraqi-Kuwaiti joint relationship which should be preserved in lines with regional stability and Arab unity. In this context, he added that the foreign committee in Kuwait’s Parliament will hold a meeting upon the request of deputy Prime Minister and Foreign Minister Sheikh Mohammed Sabah Al Salem to evaluate the foreign ministry’s stand in this regard. He noted as well that the parliamentary committee has called on MPs to attend the meeting. Al Kharafi stressed the importance of dealing with the Iraqi issue from an official perspective while it is not evident for both countries to deal with their pending issue through press statements.

http://www.alsumaria.tv/en/Iraq-News...ng-issues.html