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

Trillion and 480 billion dinars to support unemployed
24 November 2006 (Al-Sabaah)

Government decided allocates trillion and 480 billion dinars to support unemployed and help them to face requirements of living, Minister of Labor and Social Affairs Mahmood Sheikh Radhi said.

He added that Finance Ministry confirmed this sum at its budget of 2007 and that would be an important motive to provide enough revenues for many of unemployed who seek for work to help their families.

Worth mentioning that Ministry of Labor adopted project of social protection net to support poor families and other projects aims to decrease unemployment.

On the other hand politicians and researchers think that attracting unemployed to work would help at decreasing violence because terrorist groups tempt unemployed by money to occur its plans.

Trillion and 480 billion dinars to support unemployed | Iraq Updates


Finally, time for action has come!

Singapore firms plan to use Jordan's Aqaba port to enter Iraqi market
24 November 2006 (Channel News Asia)

Singapore businesses have been leveraging on the Jordanian port of Aqaba as a launch pad for doing business in Iraq.

While actual figures for Singapore firms are not readily available, the latest global data shows that Aqaba handled nearly US$12 billion of products bound for Iraq in 2004.

The Singapore Business Federation says companies have been taking advantage of the many opportunities presented by the reconstruction of Iraq from services to infrastructure to procurement of supplies.

The Jordanian port has been serving Middle East countries for many years.

With reconstruction now starting, Iraq is now ready to do business and it has already done so through the port of Aqaba in Jordan.

Transit trade to Iraq through Aqaba more than tripled from US$3.6 billion in 2000 to US$11.7 billion in 2004.

Cody Lee, Assistant Director (Middle East), Singapore Business Federation, said: "Right now, the country is starved of consumer goods, supplies that are needed in reconstruction. We can offer our services, our expertise in infrastructure. And most importantly we can actually help them to procure the supplies that they need for the reconstruction purpose. And we know that the Iraqis have gone to China in a big way, in big procurement affairs. They buy up to billions of dollars of equipment, basic materials and commodities for the reconstruction purposes."

But the seaport city of Aqaba wants to go beyond just being a lifeline for Iraq.

It is transforming itself into the Singapore-equivalent of a Marina Bay Resort to become a tourist haven, and create more than 70,000 jobs.

So far, Aqaba has attracted more than US$8 billion of investments since developing a Special Economic Zone in 2001.

Most of these are in property and resort developments by investors from the Gulf.

Some Japanese and Indian companies can also be found in the heavy industry.

Asians have been known to be conservative in investing in the area, since Aqaba is close to the volatile Middle East region.

But Jordanian officials say there's little to worry.

Saleh Kilan, Economic Development and Investment Commissioner, Aqaba Special Economic Zone Authority, said: "It doesn't really put us at risk. We're like a stabilising force. We are the moderate voice of all the countries around us. They all lean on us. If you look at the history of Jordan, the history of the regime of Jordan, we're the haven, we call it the security haven of the Middle East. Most of the people who work here, they really enjoy it. They invest up here and they make money up here."

Besides resort and property developers, Aqaba is also looking for banks and financial institutions to set up base in the area.

The plan is to make the place a regional financial centre and create jobs for lawyers and accountants.

Singapore firms plan to use Jordan's Aqaba port to enter Iraqi market | Iraq Updates

Poland intends to offer a loan of 250 million euros to Iraq
24/11/2006

The Minister of Housing, Bayan Dizah Yi, said that Iraq obtained a loan of "250" euros without benefit from Poland to build housing units, then pay it back after five years from the date of completing their implementation. Dizah Yi, who met a Polish economic delegation of high-level in Amman, revealed that the Polish side stipulated the implementation of 40% of the construction by Polish companies in return for this loan.

She pointed out that her ministry is about to present the Polish proposal to the Cabinet for consideration and approval. The minister pointed out that the ministry has a four-year work plan to build "three" million housing units that will be distributed among citizens and especially those with limited income. The sums of sale will be collected according to facilitated installments.

She said that her ministry is in need for financial balance to start implementing the plan, which will last for the duration "2006-2010". The Minister of Housing and Construction has participated, for over three days, in the Arab Regional Conference "cities of hope", which concluded its work yesterday in the Jordanian capital.

She presided one of the interesting sessions which tackled the reality of housing in Arab countries. Ms. Dizah Yi met with the Jordanian Minister of Public Labours and Housing, Eng. Hosni Abu Ghida, and explained the role, nature and structure of the Ministry of Construction and Housing in Iraq and its works in various.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2636

Theft and extortion of banks unchecked
24/11/2006

The banker, Fouad Al-Hasani, President of the Iraqi Banks Association and the Executive Director of the Iraqi Credit Bank whom the Kuwaiti National Bank owns 85% of its shares, described the condition of the sector in Iraq as very difficult, and the performance of banks has become absolutely exceptional, which requires exceptional protection in light of the daily fears of workers being exposed to risks in the absence of effective precautionary measures to be provided by the authorities concerned.

Al-Hasani talked about the continuous robberies, extortion and kidnapping against Iraqi banks without any practical deterrent to stop those committing them, and most of them are members of gangs that have become a daily threat to the security of the citizen, the State and its institutions. He referred in this connection to the unknown armed robbery last Friday at a branch of the governmental Rafidain Bank in Bratha at Utteiffia north of Baghdad, killing three members of the Iraqi police and one of the members of the protection of installations; then they broke into the bank and stole 650 billion Iraqi dinars ($ 1.15 million) after they broke the safe using oxygen gas, as the investigations revealed.

Al-Hasani explained that the Iraqi Banks Association has a full visual of the necessary procedures needed to protect the sector "we look for more effective actions taken by the security institutions to protect the sector. The Association has prepared a report in this regard and its content was discuss with several bodies especially institutions relevant to the sector; on top of which: the Ministry of Finance and the Central Iraqi Bank, where duty requires assume full responsibility in the protection of government and private banks alike and to serve the goal of protecting public and private funds ".

He added that several banks had "been subjected to acts of armed robbery and theft of funds and assets during the first days of the recent war on Iraq. The lawlessness increased after the recurrence of such incidents despite the imposition of strict security escorts on banks ", but Al-Hasani pointed to the need to adopt unconventional measures to protect the sector commensurate with the nature of the worsening security situation in the country.

He added that in order not to frustrate the Arab and foreign banking and financial sectors that still have hopes in working in Iraq despite the security risks, "the Iraqi Central Bank has finally approved to the request of six Arab and foreign banks to open branches in Baghdad».

http://www.iraqdirectory.com/DisplayNews.aspx?id=2637


They better can do it, because that money is gonna be a hell of a lot more worth, so better protect it!!

Bringing this out regarding all previous statements tells me that they are working on every aspect to a RV.

The true Start of construction in Kurdistan
24/11/2006

The value of commercial contracts concluded in the second international exhibition for reconstruction, which was held in Sulaymaniyah, were 98 million dollars for various projects in this regard. The exhibition, which constituted an area of 29 hectars in Tazlojah and implementation cost of 2.5 million dollars as a first stage, witnessed high attendence by international companies amounted to more than 350 companies representing various countries around the world and displayed the latest technologies in the field of building and construction as well as various goods and commodities.

Dr. Raad Omar, Head of the Organizing Committee of the exhibition and Executive Director the Iraqi-American Chamber of Trade and Industry, said: This exhibition is a real starting point towards the reconstruction of Iraq, which we seek to start by breaking down the barriers after the delay.

He hinted that the response by large international companies to participate in the second exhibition of its kind held inside Iraqi territory in Kurdistan reflects the genuine desire of major international companies to find real and serious partners of Iraqi businessmen to start ahead and begin implementation.

Omar revealed the intention of setting up a third exhibition on the 20th of January, 2007, but this time it will be held in Erbil, and will be considered a complement of the two previous exhibitions held in Kurdistan.

He said that preparations started from this moment, when the real results produced by this exhibition will be evaluated to benefit from the successes achieved, as well as overcome the mistakes that accompanied the work which are very simple amid such a major accomplishment.

He expressed his delight at the results and said that the success achieved pleased everybody and created a new vision for the major international companies which were impressed and expressed their willingness and readiness to participate in reconstructing Iraq, and this is what the coming days will witnessing, according to him.

Also, Deputy Governor of Sulaymaniyah, Mr. Jotial Weli Abdullah said: The investment and secure environment of Kurdistan and its economic stability were behind the large crowd of international companies that attended the exhibition, and they were all eager to invest in Iraq.

Weli also said: This exhibition, which was held in Kurdistan for the first time, in the city of Sulaymaniyah in particular, is a qualitative leap in the economic realities of the city, especially that it coincided with the implementation of the foreign investment law in Kurdistan, which cleared the way for attracting foreign investments and international companies that discovered the country's thirst for more construction projects of reconstruction.

He suggested that the movement of reconstruction in Sulaymaniyah witnessed a remarkable and rapid implementation at the level of infrastructure projects and services, qualifying it to implement major projects despite the low allocations (according to him). He pointed out that the commercial market is successful because Kurdistan adopts the free market system and encourages private sector.

The Deputy Governor of Sulaymaniyah said that employment opportunities are available and projects to be implemented in Sulaymaniyah attracted many working hands from outside Kurdistan; from Baghdad and the other governorates to absorb a portion of unemployment.

Weli noted that wages are encouraging, identified between 15-50 dollars, according to the skill of workers. Sulaymaniyah absorbed, so far, more than 20 thousand workers from outside Kurdistan, and this phenomenon has led to the creation of huge population, which prompted the regional government to consider the establishment of a work- field compound that includes workshops and hotels to accommodate the population inflation and the coming workers, within the next few months.

Mr. Jito Faris Dizahyi, Executive Director of Seruan Trading and Contracting Company, which is the executing company of the exhibition, explained that the cost of establishing the exhibition facilities as a first stage amounted to 2.5 million dollars, and the achievement was in five months, pointing out that the last two phases, included the establishment of tourist hotels, meeting rooms and other tourist facilities that create a flourishing commercial market in the province.

Mr. Beljeet, Chairman of Izdihar Organization which is a non-governmental foundation, said: This exhibition is very important for the Iraqi economy and a good lab for it. It will contribute to encourage international companies to invest in Kurdistan after finding a good investment environment; however, he pointed to the importance of completing the institutions that guarantee the rights of investors, like the developed banks and international insurance companies which participated in the exhibition to display their services.

Mr. Majgid Michael, a member of the Preparatory and Organizing Committee of the exhibition, stressed the importance of international exhibitions in developing the economic status of countries, after Iraq's delay in entering the global economic process, as he put it.

He stressed that Iraqi economy is in need for progress and development, through these exhibitions which are effective and essential means to achieve that. A

s for the possibility of holding such expositions in the southern region, he said: Yes, it is possible and there are meetings and coordination in this regard. He pointed out that setting up exhibitions outside the Iraqi border has no value because the field is the real test to determine Iraq's needs for projects, either in construction or reconstruction.

The exhibition was concluded with an international festival where the results were declared, and they were represented by the conclusion of significant contracts. The award of the exhibition was a Chevrolet 2006, won by one of the citizens of the city, as well as distributing certificates of appreciation among the participant companies.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2638

The government recognizes the extension of service of staff for one year, and a ministerial committee for granting licenses for mobile phone
Baghdad - (Voices of Iraq)
Books : nakr2004 on Thursday, November 23, 2006-7:24 PM BT

The official spokesman for the Iraqi government to Dr. Skinner that the Council of Ministers decided at its usual today, Thursday, to approve the formation of a ministerial committee to decide on the licensing of mobile phones.

The renewal of the state employees once for a period of only one year and to increase the salaries of local workers in the Iraqi missions abroad.
Skinner said in a statement issued today received news agency (Voices of Iraq) independent copy of the Council of Ministers decided during its sixth ordinary session held today :

1. Approval of the formation of a committee headed by Minister of Communications and Minister of Finance and Planning and a representative of the prime minister, to determine the best formula for the licensing of mobile phone companies in Iraq through public bidding.

2.The cabinet agreed to support and document the International Covenant and the follow-up work to mobilize international support to ensure the success of the initiative and launch the Covenant in order to serve the national vision in the Iraqi political and economic reform and security.

3. Approval of the draft law to combat the smuggling of oil derivatives.

4. Approval of the re-Almerqanh their chains all students for the academic year 2005 / 2006 for the preliminary studies and higher (mornings and evenings). the seminar seats except Almerqanh their chains because of fraud and disciplinary sanctions.

5. Amending the law on retirement and social security for workers No. 39 of 1071.

6. Amend the payment of social security contributions No. 31 of 1978.

7. Approval of the increase in the wages of local employees working in the Iraqi missions abroad.

8. Approval of the draft tax law reconstructing Iraq extension of the force.

9. The approval of the draft Law on the Ministry of Youth and Sports to make connection with the observation of the Iraqi National Olympic Committee and the Ministry of Youth Sports at Enactment of the Committee.

10. Approval of the transfer of Iraqi use of school in London by the Ministry of Education to the Ministry of Foreign Affairs. and the Ministry of Finance to allocate an appropriate amount for the purchase of a building for use Iraqi teacher in London with furnishing.

11. The formation of a committee headed by Minister of Agriculture and the membership of a representative of the Finance and the prime minister, to study the damage in the rice crop due to lightning and frost in the Ghammas, in the province of Diwaniyah.

12. The extension of service of staff for a period of one year and for one time.

ÍßæãÉ - ÞÑÇÑÇÊ :: Aswat al Iraq :: Aswat al Iraq

Iraq watchdog says $24.7bn potential oil exports
BAGHDAD, 24 November 2006 (Gulf Times)

Iraq lost $24.7bn of potential oil revenues in the past three years because violence and political instability have damaged existing operations and blocked new projects, Iraq’s oil watchdog said yesterday.

Years of UN sanctions, mismanagement under President Saddam Hussain and now daily violence since the March 2003 US-led invasion have severely degraded Iraq’s oil sector and it now needs billions of dollars of capital investment.

The general inspector’s office of the oil ministry said in a report that the main reason for dwindling oil production and exports was the failure to complete planned construction projects to expand Iraq’s output capacity.

Iraq’s oil reserves are the third largest in the world.

Poor technical management and a failure to employ new methods of drilling and extracting oil had led to the loss of many productive wells in Iraq’s Rumeila South and north oil fields, it said.

"Problems in oil fields caused a rise in water levels in productive wells which led to lost production in a large number of wells in both Rumeila south and north oil fields," it said.

Iraq had managed to develop only 17 oil fields out of 80, and only 1,600 of its 2,300 wells were actually productive.

The watchdog blamed both US and Iraqi officials, saying many US pledges had not been fulfilled and criticising the Iraqi Oil Ministry for a "lack co-ordination and weak supervision of oil companies attached to the ministry".

Sabotage attacks have made Iraq’s northern export pipeline to Turkey unusable for most of the time since the invasion so Baghdad relies mostly on its main southern Basra oil terminal for exports, which an oil ministry spokesman said this week stood at around 1.7mn barrels per day (bdp).

Iraq aims to double exports by 2010 and raise output to 6mn bpd from 2.3mn bpd.

The report said sabotage of pipelines from the northern fields cost Iraq $8.7bn from 2004 to mid-2006.

Frequent changes in oil ministry staff and executives as a result of political reshuffles had also damaged strategic planning and development.

"All indications confirm that the oil sector in Iraq can’t stand up on its own without the participation of international companies to develop oil fields and increase export rates," the report said.

Major international oil companies are hanging back from investment in Iraq until a long-delayed oil law to regulate the sector is formulated.

Iraq watchdog says $24.7bn potential oil exports | Iraq Updates

Originally Posted by karinc

Could somebody point me to that post/ link please? (About the smaller denoms - that's fantastic news!) I have read all of today's posts, and was going to start reading the history thread...but there's just too much! And it is 3 a.m. here and I'm going to a wedding tomorrow so really SHOULD go to bed now...

Thanks in advance,
Karin

Here you can find the article:

Translated version of http://www.newsabah.com/

quote:

"An official source at the Central Bank of Iraq that the issuance of new categories of the Iraqi currency into circulation depends on the requirements of the Iraqi economy to meet the expenses of the state in the coming stage Mekdaali that there is no intention at present to the bank to change the Iraqi currency."

Australia refuses to set a date for withdrawing its forces from Iraq
Australia yesterday, Thursday, refused to set a date for withdrawing its forces from Iraq despite the announcements Britain plans to hand over control of the city of Basra of the Iraqi forces by early next year. He said Defense Minister Brendan Nelson in a press statement that "setting a schedule for the transfer of responsibilities to the Iraqis will be a stupid by Australia." as he said.

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Maliki ordered regardless sums of money to the families of the victims and wounded Sadr City explosions
Prime Minister Nuri al-Maliki regardless sums of money to the families of the victims and wounded explosions Sadr City. At the same people held the city Sadraliom Friday the number of victims, where mourners started from the Martyr al-Sadr Bureau in the city plaza to the 55 which saw the explosion of a car bomb. The source in the office "that the funeral of a group of victims of the blasts and will be in later today, the funeral of the victims rest in the form of clusters of security conditions that prevailed in the city."

(11:21 Baghdad time)

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