Thread: Archive News - Iraqi Dinar Think Tank - 08/09/09 - 09/01/10

Iraqi MPs fail to reach agreement on key election law

Iraqi lawmakers failed on Tuesday to reach agreement on a compromise election law amid disagreements over the disputed province of Kirkuk, despite intense lobbying from the United Nations.

The deadlock over the law has sparked concern that the polls, scheduled for January 16, will have to be delayed because electoral authorities will not have enough time to organise them.

"No agreement was reached today, and they will return to the talks on Wednesday," an MP who was involved in the discussions told AFP, speaking on condition of anonymity.

The proposed changes to the law would require parties to publish full lists of candidates on ballot papers, in contrast to the current closed list system under which voters see only party names.

According to the lawmaker, UN special envoy Ad Melkert, who was involved in the meetings, made a proposal to overcome the issues surrounding Kirkuk, an oil-rich ethnically mixed province in Iraq's north.

The UN proposal involved holding elections across the country, including Kirkuk, on the same day. Diplomats have expressed concern that elections in Kirkuk would have to be delayed because of disputes over voter records there.

The MP said the proposal envisages current voter records being used in the Kirkuk vote, but that these would then be updated after the election.
The Kurds, who form the majority of the population in Kirkuk, have long demanded that the province be incorporated in their autonomous region in the north despite the opposition of its Arab and Turkmen communities.

A UN spokesman told AFP, however, that the organisation's "message was not a proposal, it was a discussion."

"There has been a great deal of discussion that the UN has been involved in," said the spokesman, Said Arikat.

"Mr. Melkert is constantly meeting with political leaders, different parliamentary leaders, and our political team meets with them, too."

The UN's proposal differs from one put forth by a senior political committee made up of Prime Minister Nuri al-Maliki, President Jalal Talabani and parliament speaker Iyad al-Samarrai.

According to Abdul Hadi al-Hassani, an MP in Maliki's Dawa party, three options were advanced relating to Kirkuk: postponing elections there, using voter records from 2004, or separating the province into two electoral constituencies.

Well-respected Kurdish MP Mahmud Othman said those proposals were dismissed by parliament's Kurdish faction, telling AFP: "We reject any proposal that gives Kirkuk special status, and we also reject adopting the electoral records of 2004 and 2005."

Pressure has been placed on Iraqi MPs to reach agreement on the new law from a wide variety of sources, including US President Barack Obama, the UN and Iraqi religious leaders, as well as the prime minister.

Some parties are reportedly delaying putting the bill to a vote so they can avoid publicly backing the closed system but ensure the same result by forcing the government to fall back on existing legislation which uses closed lists.

The political deadlock threatens the poll as the electoral law is supposed to be in place 90 days before voting takes place. Constitutionally, the election must be held by January 31.

"One thing that we emphasise is the need to pass this law," Arikat said. "Holding the election on the 16th of January is critical."

He added: "With every day that passes without passing this election law, without holding this election on time, the political calendar will be set back," Arikat said.
While supporters of the closed system argue that their system pushes parties' programmes of action to the fore, critics say that sitting MPs who support the closed list are in fact concerned that they could lose their seats.

http://www.zawya.com/Story.cfm/sidAN...election%20law

Stock Market to raise its (5) meetings per week

Body began to prepare for the Securities held five meetings a week after it was three sessions a week.

The economic source in the market for correspondent That "the stock market, and the Securities Commission and the decision of the Board of Governors had agreed to hold five meetings per week and this will be a daily trading volumes will hold its first meeting on the first of November next."

http://al-iraqnews.net/new/iconomi/40037.html

Delay adoption of the laws ... Disrupt economic growth

The expert economist Kamal al-Basri: that the extension of the size of the negative influences in the Iraqi economy was approved by the absence of economic laws, stressing that the political dispute was, and still has a role in the late issuance of the new legislation including the law on customs tariff and the law of the reconstruction as well as a draft law amending the payment of contributions the social order No. 31 of 1978 and the draft law of oil and gas.

The draft law on Second Amendment Act No. 27 of the common retirement for the year 2006 in addition to a draft law granting pension rights for people with special grades assigned agency after 9 / 4 / 2003. And the proposal of the First Amendment of the Law of the University Service No. 23 of 2008. The draft law on salaries of the staff of the Presidency. The draft law on First Amendment of the Revolution Command Council Decree No. 120 disbanded in 2002 and a draft law to recover money Iraq and his compensation.

Basri said: There is an urgent need for social and economic losses resulting from the absence of such laws. And its negative effects in the reality of economic advancement. He pointed out that the need for the oil law, they express the desire to increase production and exports, and then income. If we assume that the law was enacted in 2007 and were treated with the oil companies the same account. Find oil experts believe that Iraq will be able to raise its capacity to export crude oil to a minimum 0,5 million barrels per day and at a higher 2,0 million barrels per day. The result is an increase in the per capita annual amount of Iraqi Dinar Iraqi 468,000 minimum and 1,872,000 at the most. He pointed out that the Iraqi individual has lost 3,3 per day, equivalent to 1,404,000 dinars in the year. When calculating the impact of the absence of legislation in the weakness of investment allocations to construction projects which are estimated at the lowest value 187 billion dollars. We find that the duration of the provision of such assignments will drag on for more than (20) years less appreciated.

And increased visual for the law of the federal budget, we find the late issuance of an annual budget bill, which leads to disruption of the implementation of investment projects. Thus reducing the rate of implementation of investment projects and the low level of services provided to the Iraqi citizen.

On a related Basri said: There is a need for banking reforms through the design of policy reform, banking and diagnosis of the necessary mechanisms. By establishing a new bank model for the purpose of a necessary change in government banks. As they prefer to offer an alternative role model by the banks. The modernization of production in the field of industrial and agricultural usually requires a p.ioneering facility to adopt modern techniques. At a time other facilities as an observer and follower and learner. Beyond the Banking Commission formed for this purpose to establish a new bank (the core of banking reform) is working on the mechanisms of modern banks to watch the work by the Banking Commission. And managed on the basis of a profit in addition to, it will require the establishment of an institute for the development of banking works on the development of banking capabilities in Iraq and promote research and studies. For all banks the right to benefit from the Institute to build the capacity of the workers, who want to work in the banking sector and public sector. At the time of creating all the necessary development of staff working in the banking sector.

http://www.alsabaah.com/paper.php?so...page&sid=92291

Monetary policy content and substance of fiscal policy

Fiscal policy represents Financial Policy an integral element of the policy pursued by any State is the fiscal policy on the one hand Akharyoselp to determine the direction of a State in the implementation of projects in different fields, even if that blueprint paper or electronically enforceable.

The monetary policy. Monetary Policy engine is the heart of fiscal policy as it continues to cash flow from the source and methods of movement and access to the important result to identify the savings or deficit during the fiscal year to perform an activity of the institutions associated with the implementation of that policy.

In a country like Iraq controlled by the different circumstances between desires and attract the scar may make the planned fiscal policy, I mean both of them (the Central Bank and the Ministry of Finance in particular) faces great difficulties in circumventing the circumstances and subject to the will of proper planning?.

Was the planned use if provided with the staff aware of the tasks of planning, where aspiring resort to crisis management and this means that there is clarity and transparency in place of the planning institutions as well as coordination in the exchange of information to facilitate management and access solutions to the possibility of damage to a minimum expected.

As a matter of theorizing of the subject, the fiscal policy is the role of government in the direction of the economy where government spending is one of the elements of aggregate demand and that this spending will affect the level of aggregate supply in the economy.

On the other hand, the tax an effective role in fiscal policy, especially in a country that lacks natural resources but we are in Iraq may not play such a role taxes since reliance on oil revenues in the first place where the adoption of the budget planning estimates of potential oil revenues, as president, but analysts Finance to look at government spending and taxes the most important instruments of fiscal policy, which seeks in terms of reasoning to be the total supply = aggregate demand and this tie is not achieved in practice even in the most economically advanced countries, therefore the resulting imbalance in the racial equation requires review from the point of economic planner, to get to an acceptable balance.

If we assume that aggregate demand has become greater than the overall width of a situation in Iraq, the phenomenon of what is causing the price rise can not have significant segments of the society and president of satisfying their basic needs as well as luxury, for example, from the reality of the situation and the sake of argument, we find that domestic meat prices, which constitute President of the material in the diet of the Iraqi individual has become affordable to a broad spectrum of Iraqi society has impacted negatively on the profession of butcher professionals because of high prices has affected both supply and demand are forced to leave many of them any butchers in this profession and to Alatja service occupations such as taxi drivers.

Similarly, in the high production costs in the Iraqi market, which means resorting to the purchase of the imported product because it is less cost without taking into account the quality factor when it is from an accounting point resort to administrative and accounting methods that provide mechanisms for decision makers to differentiate between the decision to buy from the market or manufacture in accordance with accounting implications missing from our industrial unfortunately.

For this the government should address unemployment resulting from insufficient aggregate demand for equality of aggregate supply in order to face the deflationary gap and specialist literature suggest that such a topic to resort to the use of taxes as an instrument of fiscal policy, for example, that a special tax cut income tax leads to increase the income level of the individual and then the high level of consumption by the tax multiplied by the marginal propensity as well as the high level of savings by the tax multiplied by the marginal propensity to save.

In terms of monetary policy, which pointed out that the central bank in charge of implementation, they used to address economic problems such as inflation, unemployment, economic stagnation and based on this policy, several tools from the accounting point of view and the central bank an active role in its implementation and can be summarized as follows:

1. - open market operations

Open Market Operations
Where it enters the central bank either seller or buyer in the financial market when the central bank selling treasury bonds at an interest rate is relatively high, the amount of money in circulation in the economy is down, which means reducing the purchasing power of consumers, who buy these bonds and defer part of their consumption.

Also affect this measure to reduce the size of the investment by investors in other projects as they tend to buy these bonds, even for real-time phase either in case of purchase by the Central Bank just opposite, with high amount of money in circulation and to increase the volume of investment.

2. - Saral_khasm Discount Rate. Reflects the rate of discount In other words, the prevailing interest rate which the central bank be imposed on deposits and loans of commercial banks to the Central Bank.

When a central bank raising interest rates on deposits with commercial banks, it will lead to the reduced volume consumption of the applicants for the goal of filing and access to high interest rates as it reduces the amount of currency in circulation.

As well as the high interest rate or discount on loans helps to reduce the volume of investment in other projects for the profit in the interest of rapid and secure relatively high in terms of the degree of risk either in the case of an interest rate cut, the data will be inverted, which means encouraging investors to borrow and increase the volume investment spending.

3. - Legal Reserve reserve ratio, a figure the Central Bank imposed on commercial banks total deposits, the public has to be deposited has the pretext of protecting the public and deposit reserve ratio was high in the Central Bank of Iraq and has reached up to 75% of the total deposits, which constitutes an obstacle in the work of commercial banks affects the volume of money in circulation and when m undermine the central bank to reduce this ratio would lead to increase the capacity of commercial banks to give loans and this leads to the high volume of money in circulation and this is a healthy phenomenon in the economy.

http://www.alsabaah.com/paper.php?so...page&sid=92289

Massoud Barzani, refused again to give the privacy of Kirkuk during the next election

President of Kurdistan region Massoud Barzani said that his government will not accept to give privacy to the province of Kirkuk during the upcoming parliamentary elections.

Barzani explained in a speech during a meeting of the Kurdish parliament Wednesday that they will not give Iqublo privacy of Kirkuk during the Iraqi elections, and elections must be the same if other Iraqi cities.

Barzani stressed on strengthening the relationship between the Authority and the people, and not the formation of armed forces of the Kurdish parties and the consolidation of security institutions in the region.

http://radionawa.com/ar/NewsDetailN....0954&LinkID=99

Businessmen Turks seem ready implementation of some investment projects in Basra

Search businessmen Turks, with the possibility of establishing an investment Basra tourism projects in the province.

The deputy head of the Basra Investment Tohme Jalal Noori in a press statement that a delegation of businessmen Turks discussed Monday the possibility of the establishment of tourism projects in the province, pointing to a presentation made by a local company to build a residential complex in Basra.

Nouri said he was reviewing qualifications enjoyed by Basra on this side and the Turkish delegation expressed its readiness to work in the implementation of some investment projects, pointing out that there is 330 dunums in the district of Abu fertile south of Basra are ready to invest in the tourism sector.

He Nouri to an offer by a local company to set up a residential complex in Basra to an area of 2500 dunums.

He explained that the flower of the Gulf Company for General Contracting submitted a draft to the Board for the establishment of a residential complex includes 2500 house building horizontally, as well as building a central market and two schools and set up infrastructure and green areas.

http://radionawa.com/Ar/NewsDetailN....760&LinkID=105

Wael Abdul-Latif: amendments to the House of Representatives on the investment law the most important steps during the current phase of work

back MP Wael Abdul Latif modifications that were recently conducted by the House of Representatives on the investment law, the most important steps the Council's work during the current phase.

Abdel-Latif told the independent press (Iba) on Wednesday that "the investment marks a nerve president of development and economic growth of countries, and recent amendments if Matbatha serious steps to develop the oil sector and to increase the ceiling of two million barrels to 8 or 10 a day, you will surely jump to the Iraqi state an important stage of economic success."

"It is expected to announce the results of recent visit of the National Investment Commission to the United States recently, and what are the projects that have been agreed upon and proposed programs, as reliable after several conferences held inside and outside Iraq. Calling to give priority to housing projects and infrastructures."

And Abdel-Latif Maashia recently, "from the removal of economic laws to the next parliament. Describing the media statements of a number of MPs as mere expectations."

"Abdel-Latif," there is still further amendments to the laws related to economic affairs, months, ahead of the Council to pass laws and to vote on the draft law. Alluding to the existence of the prospects of cooperation between the Council and the Government, and their vision of the role of authorities in this position is required from each authority."

It should be noted that a number of MPs said earlier that the laws of oil and gas, banking and insurance sector and a number of other economic laws are likely to move to the next parliament.

http://www.ipairaq.com/index.php?nam...onomy&id=17046

UNAMI made a new proposal to resolve the issue of Kirkuk, which impede the adoption of the electoral law

The United Nations Mission in Iraq's (UNAMI) a new proposal on the issue of Kirkuk, which impede the adoption of the electoral law, which had all the positions should be held in 16 of January next.

A presidential statement has received a copy of the Tigris Radio today that it came during a meeting between Vice President Adel Abdul-Mahdi and the U.S. ambassador to Iraq, Christopher Hill, top U.S. commander General Raymond Odierno.

He pointed out that the UNAMI submitted a new proposal on Kirkuk states that after the parliamentary elections constitute a committee of the Electoral Commission and the UN mission and representatives of the House of Representatives to check the records of the electorate, not to engage in another election until after the audit committee of those records.

The statement added that it was also discussed the security situation in the country after two suicide bomb attacks and the Ministry of Justice and the Baghdad Provincial Council.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-10-28

Iraq's oil exports of up to more than 58 million barrels over the last month

Amounted to Iraq's oil exports during the month of September, more than 58 million barrels while revenues earned from these exports 3 billion and $ 877 million.

The Spokesman of the Ministry of Oil Assem Jihad, in a press statement that the exported quantities of crude oil during this period, distributed among the Basra oil with total exports 8 ر 43 million barrels an income of two billion and 892 million dollars in the Kirkuk oil exports 14 million and 900 thousand barrels as recorded These exports revenue estimated at 985 million dollars.

The jihad that the rate of selling price of a barrel reached 5.66$ per barrel.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-10-27

Occidental Petroleum Corporation: negotiations to invest Zubair oil field

Announced (Occidental Petroleum Corp) is in negotiations with the Government of Abu Dhabi on a possible participation to the fund government investment in the Company's share of U.S. oil giant in the field of al-Zubayr in southern Iraq.

The company ENI, who heads the consortium in an interview with the Financial Times that there is a need for investments worth ten billion dollars.

The consortium believes that the Zubair field contains 6.6 billion barrels of oil reserves, compared with current estimates that approximately four billion barrels.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-10-26