Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by MrsCK

The official spokesman of the Iraqi government to Dr. Skinner

(Voice of Iraq) - 10-19-2006
The Republic of Iraq
مجلس الوزراء- دائرة الإتصالات الحكوميةCouncil of Ministers-the governmental communications
اMedia Relations
ب/ Press ReleaseA press statement / Press Release
ا 19-10-2006Thursday, 10-19-2006
:The official spokesman of the Iraqi government, Dr. Skinner on the following :

:The Council of Ministers held its third session this habitual approved today, Thursday, 19 / 10 / 2006, and adopted the following resolutions :

1.1. .Approval of the extension of the term of service of the staff of the dissolved entities for a period of one year from the date of 18 / 10 / 2006 for the purpose of completing the task and the reasons for its formation.

2.2. .Approval of the increase in attorney's fees set forth in the (first-a) of the Bar Act (No. 173) of 1965 as amended, including not exceeding 150, 000 dinars.


3.3. .The approval of the draft law amending the rents of housing units belonging to government departments and the public sector to ensure that (construction area) instead of (area), referred to in the table.

4.4. ا .Approval of the allocation of the amount of (two billion dinars) to the Iraqi National Olympic Committee to cover the costs of participation of the national team in the Asian Games, and training camps, in order to upgrade the sport and the support and encouragement of our team, which will be the name of the national and the people of Iraq. The Committee is to submit in advance the details of the paragraphs in question amount to be covered for the purpose of adoption.

5.5. Approval by the Department of Transportation to sign a contract or contracts with security protection to ensure the protection of the international road to Syria and Jordan, whereby companies providing security services for a flat borne by the Ministry of Finance.

6.6. اRatification of the proposal and the formation of the Ministry of Finance financial experts under the law to replace the International Advisory and Monitoring Board (IAMS), and is considered an amendment to the law is on the law of financial management.

7.7. Approvals for the building of ten hospitals in Iraq 400-bed hospital capacity and the method of rapid construction within budget-2007 allocations to the Ministry of Health.

I have the IAMS happening on : 30/31 Oct IAMB Meeting and ICBG to launch - There early. THOUGHTS ANYONE???

Hhhmmmmmmmmmmmmm, you're right on the 30/31st meeting, interesting indeed..........

IAMB LINK

Press Release
August 10, 2006
Statement by the International Advisory and Monitoring Board on the Development Fund for Iraq

The International Advisory and Monitoring Board (IAMB) on the Development Fund for Iraq (DFI) met in New York on July 17-18, 2006 and issued the following statement:

"The IAMB met to continue its oversight role over the use of resources of the DFI, which is the principal repository for Iraq's oil-export receipts, and continued to oversee audits of the DFI in line with its mandate under UN Security Council Resolution 1637. The IAMB
(i) reviewed the latest audit reports; (ii) approved the reappointment of the auditor of the DFI; and (iii) reviewed progress on the special audits of the single sourced contracts using DFI resources.

"In regard of the ongoing financial audits, the IAMB reviewed draft audit reports by Ernst & Young covering the audits of Iraq's oil export sales and the DFI operations for the period from July 1, 2005 to December 31, 2005. A summary of the results of the most recent audit is available on the IAMB website (www.iamb.info). The final audit reports, which supplement earlier reports covering the periods from May 23, 2003 to June 30, 2005, will be made available on the IAMB website when received.

"The audit reports continue to be critical of the financial and accounting control systems in place in the spending ministries, the US agencies in respect of the outstanding commitments using DFI resources, and the Iraqi administration of DFI resources. The audit reports note in particular that the DFI overall control systems are ineffective, inter alia, due to (i) the lack of written policies and procedures and adequate governance arrangements, (ii) the focus on basic daily transaction controls rather than the overall control environment, (iii) staff who are not properly trained to deal with the nature and complexity of DFI transactions, and (iv) an ineffective internal audit function for the DFI.

"The audit reports recommend that (i) the DFI’s internal control system and governance arrangements be developed, for instance, by the appointment of a fund manager to direct the overall DFI activities, the establishment of an executive committee to oversee the DFI operations, and training of DFI staff in basic internal controls. The Board urges the Government of Iraq to take concrete steps to address the audit findings and recommendations to ensure that oil resources are better protected.

"The IAMB was also briefed by audit firms on (i) the review of the settlement between Kellogg, Brown and Root (KBR) and the US Government, and (ii) the further review of other sole-sourced contracts using DFI resources. Progress continues to be slow in executing these special audits. The follow-up audit of sole-sourced contracts by KPMG is scheduled to be provided to the IAMB by the end of September. The US Government is finalizing the contract of the audit firm selected to complete the review of the KBR settlement and fieldwork has not yet commenced. The IAMB continues to urge the expeditious completion of these special audits and expects to be provided with draft reports in advance of the next IAMB meeting.

"On the issue of transition, the IAMB was informed by the Iraqi representative that steps are being taken to establish an Iraqi oversight body to succeed the IAMB with a formal handover of responsibilities in December 2006.

"The next meeting of the IAMB is tentatively scheduled for October 30-31, 2006."

THERE EARYLY!!!!!!!!!!!!!!!!!!!!!!!!! IS THE A WOOT????

Lifted elsewhere.....Still nothing from CBI though......

Eid is our Islamic Holiday similar to the Easter Holiday and it is a National Holiday. Our bank will be closed as well as all private and public companies and institutions from Friday 20th of October until 29th of October 2006. This includes the ISX. We will execute all the orders on the 1st of November 2006.

We submitted all our orders to our brokerage on Tuesday at the end of the working day. However due to the time difference your order was received on Wednesday and our brokers were already at the trading session.

Your order has been taken into priority and will be executed on the 1st of November 2006.

Please note that I will be out of the office in Beirut during the Eid holidays and I will be back on Monday 30th of October 2006.

I thank you for your cooperation.

Originally Posted by MrsCK

IAMB LINK

Press Release
August 10, 2006
Statement by the International Advisory and Monitoring Board on the Development Fund for Iraq

The International Advisory and Monitoring Board (IAMB) on the Development Fund for Iraq (DFI) met in New York on July 17-18, 2006 and issued the following statement:

"The IAMB met to continue its oversight role over the use of resources of the DFI, which is the principal repository for Iraq's oil-export receipts, and continued to oversee audits of the DFI in line with its mandate under UN Security Council Resolution 1637. The IAMB
(i) reviewed the latest audit reports; (ii) approved the reappointment of the auditor of the DFI; and (iii) reviewed progress on the special audits of the single sourced contracts using DFI resources.

"In regard of the ongoing financial audits, the IAMB reviewed draft audit reports by Ernst & Young covering the audits of Iraq's oil export sales and the DFI operations for the period from July 1, 2005 to December 31, 2005. A summary of the results of the most recent audit is available on the IAMB website (www.iamb.info). The final audit reports, which supplement earlier reports covering the periods from May 23, 2003 to June 30, 2005, will be made available on the IAMB website when received.

"The audit reports continue to be critical of the financial and accounting control systems in place in the spending ministries, the US agencies in respect of the outstanding commitments using DFI resources, and the Iraqi administration of DFI resources. The audit reports note in particular that the DFI overall control systems are ineffective, inter alia, due to (i) the lack of written policies and procedures and adequate governance arrangements, (ii) the focus on basic daily transaction controls rather than the overall control environment, (iii) staff who are not properly trained to deal with the nature and complexity of DFI transactions, and (iv) an ineffective internal audit function for the DFI.

"The audit reports recommend that (i) the DFI’s internal control system and governance arrangements be developed, for instance, by the appointment of a fund manager to direct the overall DFI activities, the establishment of an executive committee to oversee the DFI operations, and training of DFI staff in basic internal controls. The Board urges the Government of Iraq to take concrete steps to address the audit findings and recommendations to ensure that oil resources are better protected.

"The IAMB was also briefed by audit firms on (i) the review of the settlement between Kellogg, Brown and Root (KBR) and the US Government, and (ii) the further review of other sole-sourced contracts using DFI resources. Progress continues to be slow in executing these special audits. The follow-up audit of sole-sourced contracts by KPMG is scheduled to be provided to the IAMB by the end of September. The US Government is finalizing the contract of the audit firm selected to complete the review of the KBR settlement and fieldwork has not yet commenced. The IAMB continues to urge the expeditious completion of these special audits and expects to be provided with draft reports in advance of the next IAMB meeting.

"On the issue of transition, the IAMB was informed by the Iraqi representative that steps are being taken to establish an Iraqi oversight body to succeed the IAMB with a formal handover of responsibilities in December 2006.

"The next meeting of the IAMB is tentatively scheduled for October 30-31, 2006."

THERE EARYLY!!!!!!!!!!!!!!!!!!!!!!!!! IS THE A WOOT????

Sounds like they want to be in charge of their own financial affairs. Now let's think about this. In order to convince the IAMB they must have come up with some sort of package/plan to show the IAMB they can go it alone so to speak.....Wonder what that could be as part of the master plan...........

Do I hear a wooottttttttttttttttttt?????????!!!!!!!!

Wouldn't it be great to get word on the hydrocarbon law tomorrow, they said end of the week........IF it gets passed tomorrow we'll know something big is defo on the cards......

Originally Posted by Socata 850

They were referring to the auctions of last Sunday and Monday. Nothing new since then.

This statement from a google search of the CBI indicates that there was an auction on Monday Oct. 16.

Exchange Rates
The 790 daily currency auction was held in the Central Bank of Iraq day Monday 2006 / 10/ 16 so the results were as follows : ...
www.cbiraq.org/cbs6.htm - 38k - Cached - Similar pages
[ More results from www.cbiraq.org ]

Originally Posted by Socata 850

To SGS: You are right, after I read the post more closely, it was referring to the Sunday and Monday auctions of earlier this week. Just wonder what is happening over there

its their way of not looking obvious by not posting a rate for an auction???? ... lol

Monday 16th was last auction, nothing since then....

Originally Posted by Adster

Does this person still frequent the forums Sus??? If so, are they known by us as a matter of interest?

yes. i believe he is a member here.

Originally Posted by Adster

Wouldn't it be great to get word on the hydrocarbon law tomorrow, they said end of the week........IF it gets passed tomorrow we'll know something big is defo on the cards......

Boy do you have that right, after reading through the article I found last night, I understand better why it is so important.!