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

Thanks cigarman for the info. Now if they would just peg already!

Go dinar, go! Peg (high) dinar, peg! (And hurry up will ya?)

worf

Does anyone have any news? I am sure we are all starving since the forum was not on yesterday. I went on IIF and same ole, same ole, there. I am looking for scoops. Good going Cigarman! You are always good for some good stuff. Janet

http://64.233.179.104/translate_c?hl...rticle%26sid%3 D1494

Abdul-Mahdi receives Governor of the Central Bank


Examine the files of inflation, debt and foreign investment

Baghdad / justice.
Met with the Vice-President, Dr. Adel Abdel Mahdi Central Bank Governor Dr Sinan Shabibi

During the meeting, discussion of many of the most important files inflation happening in the economy of Iraq. And file of the debt and foreign investment law which will be presented to the parliament for ratification, Mr. Governor that the causes of inflation Lattalk phenomenon cash basis, but the financial situation in general terms that there was pressure to spend on the security aspect and the aspect of service with the lack of supply of goods, resulting in inflation. What is needed is coordination between fiscal policy and monetary policy. (on the law of investment (We expect many positive benefits in addition to a flow of the economy. The investment is not a country but a financially and administratively, as well as securing complement domestic investment in order to increase GDP. And the possibility of raising the value of the Iraqi dinar ... The rise in the value of parents t rise through reliance on that the country can provide the quantity of foreign currency through exports, increase exports and reduce debt is the result of the economy, which raises the value of the dinar.

I really like the last part of that article!

"The rise in the value of parents t rise through reliance on that the country can provide the quantity of foreign currency through exports, increase exports and reduce debt is the result of the economy, which raises the value of the dinar."

Originally Posted by Raditz

I really like the last part of that article!

"The rise in the value of parents t rise through reliance on that the country can provide the quantity of foreign currency through exports, increase exports and reduce debt is the result of the economy, which raises the value of the dinar."

I know, I saw this post yesterday, on another forum, and I particularly like that line also!

08 August 2006 (Al-Hayat)

Iraq faces several economic dilemmas. Some date back to the legacy of past wars, international embargos and mismanagement, and others started and have worsened over the last three years.

Perhaps the most serious case is the persistent attrition in money and manpower that has cost the country dear. There are also many challenges that manifest themselves, and are aggravated. These should be confronted in a positive manner, and correct solutions should be reached. The challenges include the rise in unemployment and poverty, the deterioration of basic services and infrastructure, the shortage of financial resources, and the need for root-and-branch economic reform.

Here arises the role of investment as a key channel for dealing with these major tasks. The advantages of foreign direct investment (FDI) can be summarized, inter alia, as follows:

• Contributing to solving the problem of unemployment and poverty by creating areas of work combined with the acquisition of new skills and qualifications through training and learning courses.

• Adopting cutting-edge technology and scientific innovations in the areas of modern production and management to raise productivity, economic efficiency and competitiveness.

• Promoting exports to neighboring markets by increasing production, and the resultant surplus of hard currency, as well as by the diversification of exports from transformation industries. In this way, the State, the beneficiary of investment, will ensure avoidance of the damages caused by price fluctuations in foreign markets, especially for traditional commodities, such as oil, on which the Iraqi economy entirely depends.

• Rehabilitating and building basic structures and essential services that will leave a positive impact on economic performance, expansion of production capacity, securing the needs of the population, and raising the standard of living.

These great advantages were, and still are, a direct cause of the fierce international competition to attract foreign investments on the one hand, and an incentive for the countries to provide guarantees, exemptions and facilities to foreign investors, on the other.

Iraq, with all the enormous pressures and challenges, financial difficulties and economic bottlenecks it is suffering from, has a golden opportunity to benefit effectively from FDI, in accordance with regulations and legislations to safeguard national interests.

We have previously stated the problems and prerequisites of the Iraqi economy. We have also emphasized the importance of seeing to these needs through the development of financial resources, the adoption of sound management of oil revenues, and the formulation of a sustainable development strategy.

These objectives cannot be achieved by relying solely on oil export revenues, because this may result in serious risks. For example, there is no guarantee for the continuation of this vital resource in a stable and durable way. Stability and durability are governed by many factors, including the troubled world oil markets and price fluctuations. Other risks spring from the serious danger to the oil sector, due to sabotage, disruption of export, smuggling and corruption.

Everyone is aware of the size of the adverse factors and the recurring difficulties the Iraqi oil industry is encountering today as a result of the absence of security and stability, the surge in terrorist attacks and violence, in addition to the weakness of the State.

The persistence of the Iraqi economy in this way, as a distorted, unbalanced and single-commodity-based economy, is something of an oddity that raises deep concern for the future of the country and the coming generations. Therefore, we must work to diversify the economy and provide new sources of income through the development of other productive sectors and by increasing the economic growth.

In fact, significant studies and estimates show that Iraq is in need of 100 billion dollars in order to carry out programs of reconstruction, rehabilitation of infrastructure and utilities, such as electricity, water, education and health; as well as combating poverty and unemployment and drawing out the required frameworks and setting up the necessary institutions.

This would incorporate the rehabilitation and development of the productive capacity of the oil sector, either within the scope of the oilfields already in use, or by creating additional capacity from new oilfields. Hence the vital importance of adopting a new law to encourage investment in Iraq is very clear. It is a moot point in light of the newly-proposed bill that has recently been tabled by the government.

The proposed legislation has many advantages: guarantees, exemptions and other incentives for foreign investors. It also includes setting up a relatively independent national body charged with promoting investment and licensing projects.

More significant is that there are several advantages of this bill that are not different from those ensured by investment laws in neighboring countries. This provides the possibility to compete and strive to attract Arab and foreign investors, and encourage them to take advantage of the opportunities available in Iraq.

However, the crucial requirements indispensable to success in this fierce competition are the consolidation of security and stability, the restoration of the role of the State in strengthening the supremacy of the law and order, fighting corruption, and ensuring proper mechanisms at the financial, administrative, and legal and other levels. In other words, we must create an appropriate and investment-enticing environment at the institutional levels in an appropriate way.

In this context, this will enhance the environment of expanding the role of the Iraqi private sector, and will provide new capabilities and opportunities for the private sector to forge partnerships with foreign investors and accomplish joint ventures as demonstrated by the successful experiences of other developing countries.

*Mr El Hafez is the Head of the Iraqi Center for Development and International Dialogue

last paragraph :)))


http://www.izdihar-iraq.com/news/PDF...27_roundup.pdf

Thanks PH, I'm putting that last paragraph here to make it easier for everyone:

New investment law under final review
The Parliament sent the new investment law draft to the Investment Committee for final review. The final vote is expected to take place on the 10th of August.
Al-Adala


Translated and edited by: IZDIHAR Public Relations Department. To subscribe: [email protected]; USAID Iraq IZDIHAR Project.
This publication was made possible through support provided by the United States Agency for International Development (USAID) under the terms of Contract No. 267-C-00-04-00435-00 implemented by The Louis Berger Group, Inc. and The Services Group, Inc. The authors views expressed in this publication do not necessarily reflect the views of USAID or the United States Government.

Originally Posted by whatever

Thanks PH, I'm putting that last paragraph here to make it easier for everyone:

New investment law under final review
The Parliament sent the new investment law draft to the Investment Committee for final review. The final vote is expected to take place on the 10th of August.
Al-Adala


Translated and edited by: IZDIHAR Public Relations Department. To subscribe: [email protected]; USAID Iraq IZDIHAR Project.
This publication was made possible through support provided by the United States Agency for International Development (USAID) under the terms of Contract No. 267-C-00-04-00435-00 implemented by The Louis Berger Group, Inc. and The Services Group, Inc. The authors views expressed in this publication do not necessarily reflect the views of USAID or the United States Government.

I noticed that the date of this article was July 22- July 27. As far as we know, is everything still on track with the Aug 10 final vote?

Monica

Originally Posted by readytogo

I noticed that the date of this article was July 22- July 27. As far as we know, is everything still on track with the Aug 10 final vote?

Monica

We will seen this in 2 days.Hope this date will not posponed to a later
date.I don't think so but we never know!!!