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

Central Bank of Iraq: Iraq's debts amounted to nearly 140 billion dollars

Stressed the Iraqi Central Bank Governor Sinan al-Shabibi said Iraq's debts amounted to nearly 140 billion dollars of debt, including the Gulf states.

Shabibi said in a press statement during his visit to the province of Najaf, a long and arduous negotiations with the IMF and the Paris Club, a fire or the cancellation of nearly 80% of which are not only leaving a debt of the Arab Gulf states.

Alshabibi and rejected a proposed new Iraqi government and the Ministry of Finance of Iraq stockpiling cash to meet shortfalls in the budget stating that the stockpiling is located belongs to the people and not the property of the Government, according to the source.

He stressed that Iraq would develop in the banking sector to the existence of new laws on the way to age, including the Banking Act and other laws that will support the development of this sector.

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Britain supports the reduction of the compensation paid by Iraq to Kuwait

The British envoy to the United Nations, John Sawers, Iraq's request to reduce the compensation paid by the Kuwait Gulf War, stating with regard to any reduction needs to be approved by the authorities in Baghdad and Kuwait

Sawers and expressed the hope to solve all pending issues between Iraq and Kuwait, including the issue of missing Kuwaiti citizens and other issues.

He said he would encourage Iraq and other interested parties to reach a strongly alternative solutions to the amounts of compensation paid by Baghdad.

He explained that any new solution will help Iraq to meet the needs of reconstruction would be beneficial to the region as a whole.

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Assem Jihad: the national oil company would be the operational arm of the Ministry of Oil

According to the Ministry of Oil that the National Oil Company will be the E.xecutive arm of the ministry through the development and marketing of petroleum products, indicating that the re-establishment of the company based on the government's plans aimed to support the Iraqi economy.

The spokesman said the information ministry spokesman Asim Jihad told a news briefing here Wednesday that his ministry was keen to re-establish the company, noting that the work of the ministry will be a planning, supervisory and the company would be supportive of this work.

He said the ministry emphasizes the independence of the company's administrative, financial and development plans and programs and giving opportunities for the training of cadres is designed to develop the technical aspects and engineering.

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Iraqi Oil Ministry takes National Oil Company as E.xecutive wing

Iraqi Oil Ministry announced the National Oil Company as its E.xecutive wing, thus it would be charged of developing and marketing oil products through new techniques to support the national economy and gradually endorse the financial budget.

The Ministry is willing to re-establish the Company, said the Ministry official spokesman Assem Jihad.

The ministry confirms the company’s independence on the administrative, financial and planning levels, he noted.

The company will be given the chance to train its cadres in order to develop their technical and engineering capacities, he added.

http://www.alsumaria.tv/en/Economics...tive-wing.html

Ammar Tamah: has no right to the American forces after the 2011 extension of its work only with the consent of the Iraqi parliament

A member of the Commission on Security and Defense Council's Congress Ammar Tamah not entitled to the American forces to remain in the territory of Iraq after the end of 2011 only with the consent of the Iraqi parliament.

He tasted in a press release received by the independent press (Iba) a copy of which said Friday that "the survival of U.S. forces in Iraq after the end of 2011 need to sign a new agreement between Baghdad and Washington, approved by the Iraqi parliament," indicating that "U.S. forces to withdraw non-legally binding Iraq before the end of this history."

He added "Although the situation faced by the fragile security in Iraq and the ongoing political differences on sensitive issues that will determine the future of the country but this does not mean the extension of U.S. troops stay in Iraq without the approval of Parliament."

The commander of U.S. forces in Iraq Raymond Adirnoa last Tuesday rejected any early withdrawal from Iraqi territory by the end of August 2010, stressing that the security situation in Iraq "remains fragile".

The U.S. troops ended in the month of June thirtieth of the last withdrawal from all Iraqi cities under the Security Agreement, signed between Baghdad and Washington "Sofa", and the file containing the agreement to hand over security to the Iraqi side in full at the end of 2011.

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Atrushi: draft supplementary budget of the Government to circumvent the decisions of Parliament to reduce the 2009 budget and the transfer of

Was a member of the Finance Committee in the House of Representatives Sami Atrushi draft supplementary budget of the Government to circumvent the decisions of Parliament to reduce the 2009 budget and the transfer, noting that the government has re-allocation of the organs and institutions that have been the transfer of amounts to other institutions.

Atrushi called and told the independent press (Iba) today, Friday the government to review its decision to submit a supplementary budget for this year, noting that last year's experience proved that the ministries and provinces are unable to spend the amounts allocated to them for the remainder of the year.

He was supposed to focus the government on the state budget for 2010 and the possibility of providing the necessary funds to cover expenses in addition to the deficit for this year, adding that a simple review of the draft supplementary budget submitted by the Government shows that it contains many contradictions can not be accepted, from the formulation which was independent and not bound by the law of the general budget for 2009, contrary to the supplementary budget for 2008, which amended the general budget and the amounts added to the amendment with relevant articles.

He pointed out that what characterized this year's budget from previous years is the lack of recycling of funds from the budget of 2008 for some of the provinces that have not implemented projects to enable the Ministry to close the accounts, and to prevent a default by the provinces are aware that the amounts are guaranteed and will be taking place in the coming year, and " surprised "The government is rotating in the amounts of the supplementary budget.

He said after the apparent delay in the submission of the usual months that are supposed to provide, in June, the draft supplementary budget of the Government to circumvent the decisions of Parliament to reduce the 2009 budget and transfer, as it has been re-allocation of the organs and institutions that have been the transfer of amounts to other institutions, and the estimated amounts of operational PROFILE and investment of more than five trillion Iraqi dinars the same as adopted by the Parliament to reduce the amount of the budget, which was expected to reduce the deficit and not to embarrass the government.

The day did not change anything that the increase in oil prices did not just cover the deficit in the budget and, on the contrary the Government has added another to the budget deficit, estimated at more than two-thirds of the supplementary budget, which add another contradiction of the project where it was stated that with the inability of a second supplementary budget in particular, there Adzan in one year.

He disclosed that the project did not mention the increase in imports of oil, but identified the expected amounts of imports of tax, which was first added to fill the large deficit in the budget of 2009, and the only thing acceptable is the allocation of amounts of the Electoral Commission to conduct the general elections.

Atrushi reiterated his call for the Government to abolish the draft budget and work on the supplementary budget of 2010.

The House of Representatives failed to vote on the draft supplementary budget presented by the government with Prime Minister Nuri al-Maliki said this is for political purposes and not to calculate that the achievement of the government.

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Decline in the sales of the Central Bank of the dollar

Decreased sales of the Central Bank of Iraq in the dollar auction on Monday, the dollar Thursday after Bank of Mapall totaled 127,750,000 dollars at auction.

The bulletin, which received the Independent Press Agency (EYBENS) a copy of which was that the sale price of money (1173) dinars to the dollar, including the commission of the Central Bank in the amount of (3) dinars per dollar, and the cash sales price (1176) dinars to the dollar, including the commission of the Central Bank in the amount of (6) JD each dollar amount and the amount of cash sold (2,940,000) dollars, the amount of money (104,200,000) dollars.

The bulletin said the price basis, which won the auction for sale 1170 dinars to the dollar, and the number of banks contributing to the auction (12) banks.

The Central Bank shall receive a commission of $ (3) dinars per dollar on the amounts purchased.

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UAE Company Enters Northern Iraq's Lucrative Exploration and Production Market

Historic Investment Opportunity in Time of Regional Expansion, Says CEO of Dubai-based BlackGold

Dubai, UAE: BlackGold - a fully owned subsidiary of Al Zarooni Enterprises - has become one of the first UAE companies to enter the lucrative energy exploration and production market in northern Iraq, according to its CEO.

Najib Al Zarooni, Chief E.xecutive Officer of BlackGold, said it had invested millions of US dollars in the Northern Iraq project, and that exploration is scheduled to start in 2010, with production likely commencing in early 2011.

"Northern Iraq holds great promise for both exploration and production investment, and we are excited to be one of the first UAE companies to boldly move into this new regional energy frontier. BlackGold sees this project as an historic investment opportunity in a time of regional expansion," said Zarooni.

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

MP urges govt. to cancel supplementary state budget, speed up 2010

An Iraqi legislator on Friday urged the government to cancel the 2009 supplementary state budget draft and accelerate the 2010 budget, noting the supplementary draft contains “several gaps”.

“Last year’s experience showed that ministries and provinces are incapable of spending the sums allocated for them during the remaining period of the year,” Sami al-Atroushi, a member of the Iraqi parliament’s financial committee, said in a statement received by Aswat al-Iraq news agency.

“Accordingly, the government should focus on the 2010 budget and provide the money necessary to cover its spending as well as offset the current year’s budget deficit,” Atroushi, who belongs to the Kurdistan Islamic Union (KIU) bloc, added.

The committee chairperson, Alaa al-Saadoun, had said that the parliament received the supplementary budget draft for this year, worth roughly five trillion Iraqi dinars.

“A little review of the draft submitted by the government would clearly indicate that it contained several unacceptable gaps,” Atroushi noted.

http://en.aswataliraq.info/?p=117222

Iraq Cabinet ratifies law of establishing national oil company

Iraqi Government Spokesman Ali Al Dabbagh declared that the cabinet has ratified a draft law to establish the national oil company aiming at developing oil sector in the country. The law will be passed to Parliament for approval.

Al Dabbagh affirmed that the cabinet has approved on amending retirement wages law and pass it to Parliament. A maximum of 70 000 dinar will be added to wages of first class retirees and below before 2008 while minimum wage of retirement has been fixed at 220.000 dinar.

http://www.alsumaria.tv/en/Economics...l-company.html