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

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????

wooooOOOOOtttttt!!!!!!!!!!

Originally Posted by One Oar

Unless I am reading something wrong, I cannot think of a better time to wrap this whole thing up than right now. Banks closed for 10 days and I'm guessing many businesses shut down. Perfect opportunity to reprice items, rework systems, distrikbute smaller denoms (?).
All of the things that have been taking place in the last month or so fit into this almost too nicely, including the events this week with CBI site, no news on check distribution, lack of auctions, etc. These signs seem to indicate very good things. We've been disappointed many times before, but this moment in time just has too many ingredients not to get fired up.

I think October 29th or 30th are our days. They will get everything in place and open the doors for business after their week off. I'll bet you at that time the CBI site will be up and updated with the new exchange rate. Too many things fitting into place to have this fizzle like it always has in the past.

Originally Posted by Justpraying

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

That was a great find (M) and a super read. thanks for e-mail on it. D For those of you that have not read the Hydrocarbon law, Let Justpraying know and Im sure he will e-mail it to you,its well worth your time to read it.

Originally Posted by Adster

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?????????!!!!!!!!

WOOOOOOTTTT WOOOOOOTTTTT WOOOOTTTTTT!!!!!

I CONCUR!!! they not only want to be but the un is handing it over!

Originally Posted by texaslonghorns

I think October 29th or 30th are our days. They will get everything in place and open the doors for business after their week off. I'll bet you at that time the CBI site will be up and updated with the new exchange rate. Too many things fitting into place to have this fizzle like it always has in the past.

I look for them to bring CBI back up and begin international trading at anytime. This would allow them to get currency on the international market and address any technical issues if any...then open up locally and deal with local and regional issues. This would probably provide a smoother transition. Just thinking outloud.

Originally Posted by pipshurricane

Source : Encyclopedia of Mesopotamia-19 / 10 / 2006
قرر مجلس محافظة بابل صرف مبلغ خمسين الف دينار لكل طفل يتيم في دار رعاية الايتام في الحلة .وكان علي القصير عضو مجلس ا لمحافظة ورئيس اللجنة الاعلامية في المجلس قدم اقتراحا بهذا الصدد في جلسة المجلس وسيجري منح المبلغ بشكل نقدي ليضاف الى دفتر توفير كل يتيم مطاعا الاسبوع القادم.The Council of the governorate of Babil payment of an amount of fifty thousand dinars for each child orphans in the care of orphans in Dar Hillah. It was a short board member of a conservative and president of the media committee of the Council submitted a proposal in this regard at the Council meeting and will be given a cash sum to be added to provide each orphan book MataeiaNEXT WEEK .

http://66.249.93.104/translate_c?hl=...language_tools

WOW !!!!!!!!

Originally Posted by shotgunsusie

oh yeah i think theres some big news comin for the Grand Oil Party no doubt.

Yes, Waiting on the Karl Rove October Surprise.........Certainly solves alot of issues doesn't it?

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......

umm, adster, this IS the end of week, 7:28PM BAGHDAD THURSDAY OCTOBER 19, '06

Just wondering if anybody had ordered dinar and could not pick it up today because of rates or tried to place an order and was rejected.

With all extremeties Crossed. I hope all the Dinar wizzards are correct . and a RV takes place SOON. I am Getting so upset with USA news casts of the events in Iraq. When will all the killings stop? I feel that that is the major holdup on everything. Stop the killing, and the world will react more favorably to the efforts being made to improve the well being of the Iraqi People.JMHO.