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

Economic : Iraq's debts vanish

Adnan al-Kinani Previously approved International Monetary Fund on 23 / 12 / 2005 on the back "arrangements STAND BY ARRANGEMENT to cover the stage until 2006, Such arrangements, speed in extinguishing approximately (130) billion dollars of the total debt accumulated Iraq beginning in the era of the former regime. Members of the Paris Club In the 21 / 11 / 2004 on Iraq negotiated a preliminary agreement with the State Eighteen countries collectively make up (the Paris Club) for an immediate write-off rate of 30% of Iraq's debts amounting to about 50 billion dollars credited to Member States (the United States of America to write off all the debt of Iraq's nearly four billion dollars in January 2004). Either write the second installment of Iraq's debts to Paris Club countries, which equivalent to 30% of the other original debt Iraq has signed the Convention (support arrangements) with the International Monetary Fund in the 23 / 11 / 2005 to be implemented. With the entry of Iraq these arrangements with the Fund. the debt will be reduced by additional (12) billion dollars to the Paris Club, that followed the elimination of remaining debt of (8) billion dollars automatically, In the event of success in the implementation of entry (support arrangements) with the International Monetary Fund in 2008. The Gulf Cooperation Council A number of States (Gulf Cooperation Council) Iraq to pay amounts in excess of (50) billion dollars by those States financial assistance to the former regime during the Iraqi-Iranian war period from 1980 to 1988 has received Iraq, assurances from the settlement of those debts under conditions similar to those at the very least, agreed by Iraq with the Paris Club countries. In spite of the tireless efforts and contributions by the Minister of Finance Professor Baqir Jabr Zubaidi and financial assurances to the heads of states of the Gulf Cooperation Council, during his meetings with them in the ongoing meetings of the IMF and the OPEC, The most recent meeting with the Minister of Finance of Saudi the need to exempt Iraq from Saudi Arabia because of all the debt of Arab brotherhood and common destiny was to send a technical delegation to Saudi Arabia recently, However, the results of the visit were not acceptable by the Saudi side ... We hope that understands the Saudi side of the current circumstances in Iraq and the lack of responsibility of the government of national unity on the basis of this debt. As a result will be written off (40) billion dollars. Or more if signing bilateral agreements with the states of the Gulf Cooperation Council during the coming year 2007. States outside the framework of (the Paris Club) Consequences of the Iraq debt convergence (20) billion dollars for countries outside the scope of (the Paris Club). In this regard had been signed with (Hungary, Romania, South Africa, Czech Republic, Slovakia, Malta), which agreed to cancel all debts of 100% and personal efforts by Mr. Baker Jabr Al-Zubaydi of the Minister of Finance, talks are still continuing with other countries with great success, This will be signed soon with (Bulgaria), which returned a few days ago, Professor Aziz Jaafar Hassan Personal Adviser to the Minister of Finance to prepare the conditions for the signing of the bilateral agreement for the settlement of Iraq's debts with Bulgaria. Commercial debt Previously recorded more than (600) business entity claims for the payment of debts owed to Iraq for the period of the previous regime totaling more than 22 billion dollars. where Iraq has made payment of this debt business on the basis of similar to the Paris Club agreement and has completed more than (4) commercial offers cash rate (25 / 10) cents for every dollar reduced total debt by more than (4) billion dollars. in addition to presentations to senior creditors who debts of more than (35) million dollars through the purchase of bonds and pay the total amount of term limits (14) billion dollars. these bonds were issued including roughly equivalent to (3, 225) billion dollars and is expected to reduce Iraq's debt owed to his estate in the rule of the former regime, the prize (130) billion to about $ (50) billion dollars. The dimmer this figure to less than (30) billion dollars if the success of Iraq is in a (support arrangements) signed with the International Monetary Fund in place by 2008. We have summarized the Finance Minister Baqer Jabr Al-Zubaydi professor in one of his meetings with me, The Iraqi government has inherited more than (3) years within the inherited major challenges, including the debt burdens of Iraq nearly 130 billion dollars from the the Principles. When the Iraqi government takes over, however, many of those challenges will be passed, But have them (the problem of heavy debt) of Iraq to the States, the private commercial entities. In the case not recorded in history. enable the Minister of Finance Professor Baqer Zubaidi and his team of debt rescheduling of Iraq, and be resolved next year in 2007 so that most of the debt under the previous regime, which burdened the exchequer Iraq and its economy has gone forever.

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Originally Posted by Treater

How much is it increasing? We have seen it increasing on CBI, but only from 1470 or so to 1465, is that about what youve noticed, or is it better than that? Thanks, and please post more often!! :)

Treater,

Currently, we're paying $684 per mil...two weeks ago, we were paying $674 per mil. An increase, however, not significant. But, I can say this-we're most likely see change (Middle East) here first, IMHO. I will update you all as much as possible.

AL

Originally Posted by adm

Treater,

Currently, we're paying $684 per mil...two weeks ago, we were paying $674 per mil. An increase, however, not significant. But, I can say this-we're most likely see change (Middle East) here first, IMHO. I will update you all as much as possible.

AL

Awesome, thanks!

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Views : cabinet reshuffle

Rasha Abdel-Latif spring In light of the events of the Iraqi street, in terms of the escalation of sectarian violence and the low level of services and the corresponding indignation in the Iraqi political arena on the current government due to reasons known, as well as the government faced great pressures by the American administration and some of the bodies, which insists on the immediate withdrawal For the American troops on one side and the need to develop a timetable for the government to improve the security situation and thus is accompanied by the development of services and stopped another from the Iraqi street, which became indignant of the current situation and that we had to put on the table the need for the Iraqi government to make amendments to some leaders that were not efficient performance Loja Sah ministries and the security service, but if we had to the amendment and within the quotas imposed on the Iraqi government For Maliki to choose among candidates of this ministry in dictation, not by choosing one of the persons who witnessed Alkvoein generally fair, Therefore, the political blocs to be part of the amendment, and perhaps, which includes representatives to submit names of several low-efficiency, integrity and the loyalty of Iraq only. But the question that imposes itself Does this amendment will save the Iraqi government? And the reality of the significant administrative corruption hangs over all government departments Will those services after the amendment to the ministries brighter new outlet for the start of the Iraq towards a promising future? If put the right person in the right place will be those the first step in the reform process, which will overshadow Ministerial quickly on the general situation. That is the task Maliki and the other is the selection of efficient and that the Minister does not accept knowing that some are trying to impose political blocs and we can not and will not be able to you, Mr. Prime Minister, to achieve success for Iraq the first place.

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My mistake

Iraq business fair draws nearly 400 companies | Iraq Updates

Sulaimaniyah, Iraq, 12 November 2006 (Associated Press)
Hundreds of companies from around the world looking for opportunities in Iraq took part Saturday in an international fair in this city in the relatively peaceful Kurdish north.

The fair, organized by the Iraqi American chamber of commerce, was inaugurated by Nechirvan Barzani, the prime minister of Kurdistan's regional government.

Some 370 companies from around the world - including five from the United States, 50 from Germany and 24 from Italy - were taking part in the four-day conference

This is just the first part of the article. Click on the link to finish reading it.

12 November 2006 (PortAl Iraq)
Iraqi Oil Minister Hussein al-Shahristani has called upon Japan and other Asian states to take part in developing the Iraqi oil industry through investment and loans.

Al-Shahristani said during a meeting with Japanese industry, economic and trade ministers that the oil industry is very important to reconstructing Iraq, yet investment alone is not enough.

Al-Shahristani said Iraq has created a law that encourages investment of world companies in the development of the Iraqi oil industry.

Al-Shahristani hopes that Iraq will increase oil production from 2.5 million to 4.5 million barrels per day by 2010.

Interesting that they are not asking the 5 major oil companies to come in.

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Political first : Shahrastani calls for the support of the oil sector and the promotion because through investment

Three billion dollars of oil revenues issued last month Baghdad-Tariq Al-Araji The Minister of Oil, Dr. Hussein Shahrastani is that the cost of producing a barrel of Iraqi crude oil amounts to less than one dollar at a time when per barrel sold in the markets of more than USD (50) provides that such huge sums of money supply budget, as the proceeds of Iraqi oil exported about three billion dollars in Shah R. last to the Ministry has prepared a plan for providing potatoes kerosene and liquid gas for the citizens Smooth through increasing the volume of production of the refineries of derivatives and increase the volume of imports of the two articles by increasing demand in the winter season. The statement singled by Shahrastani (morning) : Iraq is where the wealth of oil and gas potential must be developed and the advancement of local realities and global expertise and support large amounts of investment, especially the production cost per barrel of Iraqi crude oil are estimated to have cost less than $ 1 sold in markets with more than (50) and the net oil and gas which it is hoped a his decision in the coming period will provide an opportunity to contribute to increasing the volume of production and exports through investment benefit to the Iraqi citizen. He pointed out that the adoption of this law will help companies entering the world oil sober quickly, which would help to speed up the reconstruction of this sector, which has suffered from neglect for many years, adding that the process of recognition of this law, after an adjustment for some of the points of difference of views with officials in the government of Kurdistan region and the development of the most pressing lol appropriate for these differences. He explained that the law clarify the authority, in no uncertain terms, it is not permissible for any region or territory to act oil and gas riches of Iraq separate from the Iraqi oil wealth that belongs to the Iraqi people as the Constitution. He proposed oil minister, as well as the oil and gas law for the protection of Iraqi oil wealth formation of a supreme council of oil and gas from the federal various segments of the Iraqi people, is responsible for future projects and private oil explorations and future contracts with international companies as well as the re-Haya e of the National Oil Company as holding control of the work of other companies, pointing out that it was the right of any region produces more than (150) thousand barrels of oil a company that the company is working to be the owner of the Iraqi crude oil. The first will be the establishment of the oil company is the Maysan Governorate, as the coming days will witness the establishment of a company owned by the Maysan oil from the fields of this region and large quantities of production can not be underestimated. And on the investment law passed and the extent of support for the oil sector minister reported that the Investment Law Act was to encourage national and foreign investment to build a solid economic base in Iraq and that the Oil Ministry did not provide any investor presentations for investment in this sector, especially since the law does not include the investment sector only Stchraj and possession of the fields and includes the joints and liquidation refining, transportation and others. In reply preparations for the ministry to provide potatoes oil and gas liquid during the next few citizens Shahrastani pointed out that his ministry had prepared a plan for the provision of these articles by increasing the size of the product of local refineries and to increase the volume of imports. He pointed out that the ministry managed the processing of all the families of kerosene rule in the southern region, the volume of the processing of the citizens of this article in the Furat about 70%, and the city of Baghdad are now distributed by 1, five million liters per day and it is hoped that up to 2, five million liters per day within the next few days and pledged that every family in Baghdad be received (200) liters of kerosene during the winter season and at official rates. And among the provinces in Kurdistan now processed oil refineries from the White Baiji and Kirkuk, as well as those imported from Turkey, which for reasons that are lagging behind in the delivery of the product is easy and that the ministry is now putting pressure on Turkish companies to expedite the processing of the provinces of the central region, especially as the amounts of contracts with the Turkish side Paid Pec each full. The Minister of the oil distribution of liquid gas in the central and southern governorates is progressing normally and that the problem facing the ministry is in the delivery of article to the city of Baghdad to convey that through the pipeline targeted by terrorists on an ongoing basis for this Ministry has mobilized its efforts to provide the product through the tank to create a bio Yen proper of this article in the city of Baghdad, and it is hoped to witness the next few days triggered a crisis in the liquid gas in the town of Baghdad.