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

Luhaybi: The questioning of a minister in the parliament does not mean guilty

The deputy Taha Lahibi of the Iraqi Accordance bloc that questioning a minister in the parliament does not mean guilty, as far as the existence of accusations addressed to the ministry, stressing that "the accused is innocent until proven guilty"

Said Luhaybi told the independent press (Iba) today, Saturday, the parliament was supposed to turn in the questioning of ministers for a long time, "at least since" where he was supposed to interview a number of ministers, especially after things calmed down the security and political blocs have understood each other.

The Lahibi of the Presidency of the House of Representatives that it is "incompetent, not required level", which questioned more than another Minister has put his name in the House of Representatives, the minister said, adding that his ministry had failed to bear him to his obstacles and corruption in his ministry.

He noted that several names were called, respectively, and asked them, "Oil Minister, the Minister of Water Resources, Electricity Minister and Minister of Foreign Affairs."

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An economist for NOAA: CBE is a key factor in maintaining the dollar exchange rate

The economist said Khaled Haidar said the central bank is a major factor and an important role in the maintenance of price stability against the dollar and the Iraqi dinar.

Haider said in a statement to Radio NOUAN the bank a certain amount per day is pumped from the dollar to the markets in order to obtain stability, indicating that the greater the decline in the market, the dollar value against the Iraqi dinar, and vice versa

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Duh!

Atrushi: Bonds issued by the Government not to close the deficit in the budget

A member of the Finance Committee representative Sami Atrushi bonds issued by the government that will not fill the shortfall in the budget according to the law of financial management.

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Economic adviser: the estimate of income in light of the volume of oil production, the most important steps of financial policy-making

said the economic advisor to the prime minister said the most important steps of the design of fiscal policy in Iraq is the estimate of income in determining the size of the production of oil and the volume of oil exports and world prices.

"Dr. Abdul-Hussein Al-Anbuge told the independent press (Iba) today, Sunday, it is essential that the Ministry of Finance's ability to know and measure the impact of public expenditure in the achievement of the desired objectives of the macroeconomic Saisp, as well as to measure the impact of the tax burden on the segments assigned to the payment of tax.

He pointed out that the Iraqi economy, the greatest need of Maicon to fiscal policy based on economic fundamentals, the vision of the material has a mature approach to reform, as indicated by Article 25 of the Constitution.

He added that the ministry Atjtahed in the collection of revenue and delayed disbursement of the ministries for fear of exceeding the maturity or the idea of bridging the deficit in question and after the planned period. Emphasizing the development of an extensive database, developed and efficient body in charge of financial policy and the outcome of their application.

He called for reforming the Anbuge the banking system to be able to provide the lowest cost credit loan possible for investors and the time and flexibility required and the revitalization of the specialized banks and lending development funds and awareness Sayrafi.

Anbuge promised to involve the Economic Committee in the House of Representatives with its counterpart in the Council of Ministers to review the priorities of the bids would stem political economic decisions regarding the task - as he put it.

The Finance Minister Baqer al-Zubaidi said in an earlier statement that the Iraqi government is serious in seeking to find appropriate solutions, contributing to the increase in economic growth and the strengthening of fiscal policy.

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Dollar sales slashed by more than half

Demand for the dollar significantly dropped in the Central Bank of Iraq’s (CBI) auction on Sunday, reaching $73.540 compared to $186.725 million in the previous session.

“The demand hit $49.730 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $23.810 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 17 banks that participated in today’s session offered to sell dollars.

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Trade Ministry’s registered companies increase by 62%

A total of 745 Iraqi companies were registered with the Ministry of Trade in May 2009, achieving an increase of 62 percent in the number of registered firms.

“A remarkable increase in the number of registered companies occurred last month due to an improvement in the security situation in the country,” according to a ministry statement received by Aswat al-Iraq news agency.

The companies included 730 national limited companies, 11 individual project companies and two private joint-stock companies, the statement noted.

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Iraq to award foreign oil contracts late June

Iraq will at the end of June announce which major foreign oil companies have been awarded new contracts to work in the country, a government spokesman said on Sunday.

The deals will be service agreements in which successful bidders are paid a fee by Baghdad and not production sharing contracts where profits are shared.

"The Ministry of Oil will announce the names of companies who won business contracts in Iraq's oil industry on the 29th or 30th of this month," Assim Jihad, the ministry's spokesman, told AFP.

A first round of bidding in June last year, open only to companies with experience of operating giant oilfields, saw the number of foreign firms competing for the new business whittled down from 120 to 35.

Jihad, however, did not say how many foreign companies will ultimately be awarded contracts after the second round of bidding.

The decision by Baghdad to award only service contracts to foreign companies differs from the country's autonomous Kurdish region, where numerous profit-sharing deals have been struck.

Iraq hopes to pump six million barrels per day, up from its current stated output of around 2.2 million bpd, within the next four to five years as new projects come online.

Although Iraq has the world's third largest proven reserves of oil after Saudi Arabia and Iran, development of the conflict-ravaged country's fields has been very slow.

The economic publication Middle East Economic Survey (MEES) said in a report in April that exploitation of oil and gas in Iraq is likely to continue being hampered by the country's chaotic politics and unclear project proposals.

Iraq's cabinet also last month approved a bill that will hit foreign oil firms with a minimum 35 percent corporate tax in a bid to boost revenues.
Foreign corporations currently pay a flat tax rate of 15 percent, according to the finance ministry's general commission for taxes. The draft law will require parliamentary approval.

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Kuwait to hold talks with Iraq on UN resolutions row: FM

Iraqi and Kuwaiti officials are to meet soon to discuss a row over UN resolutions adopted after Saddam Hussein's 1990 invasion of the emirate, the Kuwaiti foreign minister said on Sunday.

"I have agreed with Iraqi Foreign Minister (Hoshyar Zebari) to hold an urgent meeting of the Iraq-Kuwait joint commission to discuss all issues through official channels," Sheikh Mohammed al-Sabah told reporters, without setting any date.

He was speaking after meeting Kuwaiti MPs to discuss the latest row over Iraqi calls for an easing of the two-decade-old UN sanctions that provide for multi-billion dollar reparations payments to its far richer Arab neighbour.

Sheikh Mohammed said he had held talks with his Iraqi counterpart in London late last week on the outstanding issues between the two neighbours.

Iraq wants the UN Security Council to accept that it no longer poses a threat to international security, the pretext for the sanctions imposed on Saddam's regime and for the 1991 Gulf War in which his forces were evicted from Kuwait.

But Kuwait insists there should be no change in the Security Council's position until its resolutions have been fully complied with.

These require Iraq to satisfy Kuwaiti demands on reparations and the return of property, as well as demarcation of their shared border and the repatriation of the remains of prisoners of war.

Members of parliament in the two countries have traded accusations, with Iraqi MPs urging Kuwait to forgive tens of billions of dollars in reparations and debt, and also renegotiate the demarcation of the border.

Iraq currently pays five percent of its oil revenues to a special UN fund. Kuwait has received about 13 billion dollars from Iraq but a further 25.5 billion dollars remains unpaid.

Kuwaiti MPs had urged the government to recall its ambassador, who only took up post last October as the emirate's first envoy in Baghdad since the 1990 invasion.

Apart from war reparations, most UN sanctions on Iraq were lifted after Saddam's overthrow in the US-led invasion of 2003 invasion aside from some financial restrictions and controls on the supply of heavy weaponry.

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Kuwaiti Foreign Minister affirms his country's keenness on the continuity of good relations with Iraq

Dr. Mohammad Sabah Al-Salem Al-Sabah, Deputy Prime Minister and Foreign Minister of Kuwait said Sunday his country's keenness on the continuity of good relations with its neighbor Iraq to resolve things with each other first through the official channels first. This came in statements by Sheikh Mohammad al-Sabah told reporters after his meeting today, Parliament's Foreign Affairs Committee and a number of Members of the Parliament to discuss the issue of Kuwaiti relations between the two countries in the light of statements made in the matter of Kuwait recently.

The sources said releases had been available during the meeting on the nature of relations between Kuwait and Iraq, especially in light of some of the accusations put forward against Kuwait. The foreign minister stressed that the relations between Kuwait and Iraq, his country well and good .. two days ago, recalling his meeting with Hoshyar Zebari, Iraqi Foreign Minister in London, adding that they talked at length On the need to prevent the vote, which does not want to sabotage the relations between the two countries, but wants to sabotage the political process in Iraq.

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More of a proposal to adopt a new mechanism in the management of the ration-card system

The Economic Adviser to the Prime Minister Abdul Hussein Al-Anbuge, there are more of a proposal for the management of the ration-card system with transparency and efficiency outside the framework of the Ministry of Commerce.

The Anbuge that comes through contracts with large companies and the preparation of contract documents and on the basis of each province to give the company engaged in the delivery of the items of the ration card in the form of one package to all the families of the province to one year in order to dispense with the Department of the Ministry of Commerce of the system of the card.

Noting the possibility of leasing department stores of these companies, in addition to its transport fleet and to maintain the administration of agents to be the ration-card system by those companies.

He pointed out the existence of another proposal to include coupons to families to be able to receive their share at any time of the market that the conduct of the value of the coupons by the banking system in Iraq.

He added that this move will contribute to the private business sector in the provision of items of the ration card, as well as the movement of the Iraqi banking system, easy to find a mechanism to exchange the value of the coupons by the Ministry of Finance open accounts with these banks.

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