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

CBI off on Wednesday on army day

The Central Bank of Iraq (CBI) will not hold its regular session on Wednesday on the occasion of the anniversary of the foundation of the Iraqi army.

“Sessions will be resumed on Thursday (Dec. 7),” a source from the CBI told Aswat al-Iraq news agency.

http://en.aswataliraq.info/?p=124757

Kirkuk officially objects to 2010 budget

Kirkuk governor said on Wednesday that he sent an official objection to the 2010 budget allocated to Kirkuk.

“We have received the budget allocated to Kirkuk (ID 115 billion) in 2010 and we officially objected to it in a letter sent to the planning ministry,” Governor Abdulrahman Mustapha told Aswat al-Iraq news agency.

“The budget is not enough and does not suit the province and its needs,” he explained.

“We hope that the ministry would reconsider this budget to help us reconstruct the destroyed infrastructure,” he added.

http://en.aswataliraq.info/?p=124761

Iraq is demanding a $ 10 billion in compensation for the manipulation of oil for food program

The Ministry of Finance of Iraq, said Tuesday that the Iraqi government has moved to prosecute the number of foreign companies for their involvement in issues of financial corruption within the oil-for food, which was implemented by the United Nations for the period 1996 - 2003, while foreign media sources indicated that the amount of compensation claimed by Baghdad up to ten billion dollars.

And Undersecretary of the Ministry of Finance Fadhil Nabi , in an interview with "Alsumaria News", that "the Council of Ministers of the Iraqi government has moved recently to sue foreign companies because of its involvement of corruption with respect to the oil-for food and medicine."

Nabi said that "the Council of Ministers is the subject of follow-up to prosecute the companies involved issues of corruption that has touched its program," without giving more details about the names of those companies and the courts made the claims.

The French newspaper Liberation reported here Tuesday that Iraq could prosecute foreign companies from different countries in a U.S. court and demand compensation worth ten billion dollars against the backdrop of embezzling funds from Iraqi oil sales contracts within the oil for food program which was implemented under the supervision of the United Nations for the period 1996 - 2003

The paper disclosed that one of the lawsuits will be filed in U.S. courts in New York, calls which 39 foreign companies and institutions from different countries damages the amount of ten billion dollars for violating the oil for food program.

Among the companies that reported their names on the paper issue, Renault and bank BNP Paribas of France, and Siemens, Fiat, and Glaxo Smith Klein.

And must be according to the newspaper companies to respond to the accusations by Iraqi deadline of mid-January, current January, before the Court begins to hear cases.

The oil for food program, was introduced by the United Nations to help the Iraqis under the sanctions imposed on Saddam Hussein's regime after it invaded Kuwait in 1990.

The program provided for Iraq and for the period 1996 - 2003 to buy food and medicines in amounts estimated at 46 billion U.S. dollars were collected from the sale of a limited oil.

It has been uncovered in the 2004 scandal and foul in the program ended after one year to the Director of the program, Benon Sevan resigned from the United Nations.

And contributed to hundreds of companies from many countries, particularly France, Russia and China in the program, and demonstrated an independent investigation by the Commission led by the Federal Reserve chairman Paul Volcker, former U.S. of a manipulation of the program, on the different types such as invoices and selling adulterated oil company was given as gifts or for imported goods without the knowledge of the United Nations.

It is noteworthy that Iraq had raised after the war in 2003 and in several occasions the issue of oil coupons "lots of oil," awarded the former regime figures for Arab and international support for the announcement of Iraq's political positions.

http://pukmedia.com/english/index.ph...15484&Itemid=1

Iraq approves oil deals, paves way for massive investment

Iraq has approved all pending deals with foreign energy firms over oil fields auctioned last year, paving the way for more than 100 billion dollars in investment, the oil ministry said Wednesday. The nine contracts, which will be officially signed soon, will dramatically ramp up Iraq's oil output in the coming seven years and could make it one of the world's biggest crude producers, providing much-needed revenue for a country in dire need of rebuilding.

"All of the contracts have been agreed by the cabinet," oil ministry spokesman Assem Jihad told AFP.

"More than 100 billion dollars will be invested by these companies."

Jihad said the government had introduced what he described as minor legal amendments to the contracts, but declined to specify what changes had been made. He said the oil ministry had received official documents from Anglo-Dutch giant Shell, Malaysia's Petronas, Japex of Japan and Angola's Sonangol giving their assent to the changes. Once the ministry receives similar documents from firms working on three other fields, "we will set a date to hold a ceremony for all the companies to put down their final signatures."

Jihad said the latter group of companies, which include Russia's Lukoil and Gazprom and China's CNPC, had already voiced their approval over the telephone.

"It (the ceremony) will be soon, and the companies will start work immediately after signing," he added without giving a specific date.
"The companies want to start work as quickly as possible. They are very enthusiastic."

Iraq awarded seven contracts in a December 11-12 auction of oil fields, including the rights to extract crude from the massive Majnoon and West Qurna-2 reservoirs.

Those were in addition to three contracts handed out at an earlier auction in June. Two of those contracts have yet to be officially signed, however.
The successful companies will be paid a fixed fee per additional barrel of oil extracted, and not a share of the profits.

The deals could increase Iraq's projected oil output to 12 million barrels of oil per day from current production of around 2.5 million bpd, providing a cash influx to a country that relies on oil sales for 85 percent of government income. But security and dilapidated infrastructure remain key obstacles to Baghdad achieving that target.

http://www.zawya.com/Story.cfm/sidAN...e%20Investment

Maliki confirms that Iraq will solve its problems with its neighbors diplomatically and that the military mission to protect the sovereignty of the country

Iraqi Prime Minister and Commander of the Armed Forces, on Wednesday, the mission of the new Iraqi army is to protect the sovereignty and borders of the country, while stressing that Iraq will solve its problems with its neighbors through diplomacy.

He made it clear in a speech during his meeting with 89 well-wishers, the way to establish the Iraqi army in Baghdad, said "The Iraqi army has become a professional army to protect his citizens and the Iraqi people, after it was dedicated to protect the dictatorial regime," adding that "the army was previously governed by trends introduced by abnormal wars and adventures, which caused the violation of the sovereignty of Iraq ", noting that" the army is now working to protect the sovereignty of any override or extend."

Maliki said, "We were able to fall sectarianism from the ranks of the Iraqi army, there is currently no differentiation on the basis of partisan and non-racial and religious", noting that the current Army is "Army of all walks of life."

Maliki said that "we now proceed to resolve our problems with neighboring countries through diplomatic channels," he "not to give up any inch of Iraqi territory, because we want to increase our friends."

The President of the Republic of Iraq and the Supreme Commander of the Armed Forces, Jalal Talabani, attended earlier in the day, at a ceremony, included a review of a number of sectors of the Iraqi army, was held at the tomb of the Unknown Soldier in Baghdad's Green Zone on the occasion of 89 anniversary of the founding of the Iraqi army, said in his speech that the task the new Iraqi army after the ninth of April 2003 devoted to the fight against terrorism and to defend Iraq, and that he would not participate in any future foreign war.

http://translate.googleusercontent.c...klorxGbbhBPJAQ

MP Haydar Abbadi reason not to politicize the financial budget approved by members of the House of Representatives

The member of the House of Representatives from a coalition of law Haider al-Abadi To the need to Are not subject to the ratification process of the budget in 2009 For the purposes of Purely political.

Ebadi said in a statement singled out by the reporter Members of parliament left their political differences and work hard to speed up passage of the financial budget before the end of the constitutional period of the work of the Council of Representatives.

He added that most of the differences on that issue dealt with by consensus through the amendment of some paragraphs and gaps in the budget, not just a matter of simple things for their conclusion.

The Essential The emergence of this legislation during the next week, because behind the detriment of the country's public

http://al-iraqnews.net/new/siaysiah/49342.html

Writer: There is a real will to approve the Financial Budgeting

MP Ali al-Adeeb leader in the Dawa party / wing of Nuri al-Maliki has said there is a real will of the parliamentary blocs to approve the budget, despite some obstacles. He said: "The process of approving the budget be passed by the parliamentary blocs."

He added: "There are some blocks you want to stop the work of social benefits during this phase until after the elections and seek to exploit this issue, but the larger blocs like the adoption of the budget in the interest of the country," he said.

Observers believe that the insistence of some blocks to postpone the adoption of social benefits, stems from the apprehension in these blocks from the potential misuse of public funds in election campaigns.

http://translate.googleusercontent.c...RVY6X0TVs2UiRg

Monetary and financial market in Iraq

Issued to the legal and banking expert Badr Gillan are a new book, monetary and financial market in Iraq, which he introduced through the seven chapters of the important topics on the market of monetary and fiscal first quarter.

Address the monetary market in general and what are the conditions for its establishment and the means to achieve and tools in the second quarter came loaded with information on developments in the money market and investment tools and elements of domestic debt and the role of government spending in a growing debt burden and explained in chapter III the evolution of the monetary market through the control of external funding in Iraq and the stages of the process of foreign exchange since the establishment of the Central Bank and accepted by the Commission to monitor the currency transfer instructions to cancel all outside in 2008.

The fourth chapter discusses the evolution of the banking system in Iraq since the late nineteenth century in the history of this device, especially after the nationalization in 1964 and then return to make way domain of the founding of private banks in 1991 and Chapter V turns to talk about the financial markets in general and then the emergence of these markets in the Arab and developing countries and the stages reached by the support and efforts in these markets either Chapter VI was dismissed by the stock market through the establishment of the Baghdad market securities and then the Iraqi market for securities, which was founded according to Law No. 74 of 2004 Chapter VII dealing with the future of monetary and financial market in Iraq and the role of the banking and investment institutions in the development and support the market, monetary and financial authors add new versions of the ad hoc monetary and financial affairs.

http://www.alsabaah.com/paper.php?so...page&sid=95948

Budget and the social benefit

Social benefit in the budget in 2010 will have many supporters and to the occurrence time of the vote on the budget in the same space of time for the political blocs preparations for the upcoming elections.

And keen to include paragraphs of its programs for a broad and significant towards addressing poverty, unemployment and social welfare and other ranges but according to the budget and resources generated from oil, which is not expected to exceed revenues in 2009, which amounted to 36 billion dollars, the Appropriations social remain as it is not undergone significant increases.

Therefore, the demands for increased salaries for beneficiaries who receive $ 50 thousand dinars per month will not meet the budget estimates in accordance with the financial allocations that are already suffering from a deficit of about 20 trillion dinars think 2010 will probably be in the planning of knives and plans for the next four years - the government session - which will witness the initial investments of foreign oil and the start phases of increased revenues due to a rise Bmdiat export, which must be understood when talking about the social aspects and benefits the poorer segments of public funds and whether you will be able constituencies and financial houses and banks to meet the needs of the middle classes through the activation of lending operations and operating and whether government will be able to develop a program to improve services and keep the supply and delivery of items in a new way to recipients this is what we hope in 2010, which probably will mark the beginning of the advancement of social reality.

http://www.alsabaah.com/paper.php?so...page&sid=95949

Iyad al-Samarrai: We will decide on certain days of the vote on the resolutions to ensure the presence of Representatives

Parliament Speaker Iyad Samarrai, "The presidency of the Council will determine certain days of the vote on the resolutions of the discussion is completed to ensure the presence of Representatives."

Some of the congressmen and their statements during the press have called the Presidency of the Council to take appropriate measures against absent from meetings of the Council.

He said al-Samarrai told the independent press (Iba) on Wednesday that he "was meeting Tuesday with heads of political blocs have asked them to invite Congress to attend their parties and a commitment to meetings of the Council, referring to the existence of some laws that need to be a quorum for approval."

House of Representatives was unable to hold any meeting since Sunday due to lack of quorum, which led to the delay in approval of several important laws placed on the agenda, the most prominent of the current year budget.

And the Samurai "It was agreed to set certain days in the future to vote in the House of Representatives is busy with consideration campaigning."
It is due to end its acts of parliament before the current month to hold parliamentary elections scheduled in the seventh of March next year.

http://www.ipairaq.com/index.php?nam...itics&id=19579