Thread: Archive News - Iraqi Dinar Think Tank - 06/10/2010 - 24/01/2011

Private Banks Perform Better Than State-Owned – CBI

The Central Bank of Iraq (CBI) said on Friday that the performance of private banks is better than the performance of state-owned banks, indicating that the lack of restrictions and bureaucracy in private banks gave them a competitive advantage.
Muzher Mouhammed Saleh, the chancellor of the CBI, told AKnews:

“The future in Iraq will be for the banking transactions of private banks to be free from governmental red-tape.

“Investment companies and businessmen don’t have fears when depositing their money in private banks …. The increasing number of private banks in Iraq shows the recovery of the economy and liberation from old banking restrictions.”

The Iraqi Finance Ministry decided on May 19 to form a committee to develop and organize the work of private banks in the country, because of fears of businessmen and investors to deposit funds in these banks.

The total capital of Iraq’s private banks is now $1.6 billion [1.9 trillion Iraqi dinars], up from $30 million in 2004.

There are now 31 private banks throughout Iraq, with more than 600 branches, and they compete in their number and quality of services with branches of the state-owned Rafidain and Rashid banks.

http://www.iraq-businessnews.com/201...ate-owned-cbi/

IMF Dissatisfied with Iraq’s Monetary Policy

The International Monetary Fund (IMF) has cited Iraq’s monetary policy as the reason for turning down an Iraqi request for a loan package to reduce its 2011 budget deficit, an advisor to the Iraqi government said on Sunday.

AKnews reports that despite the IMF’s rejection, talks between Iraq and the fund continue.

“The IMF… is not satisfied with the current Iraqi financial policy and has urged the government to make extensive changes”, said Abd Hussein al-Jaberi, a member of the board of advisors to the Council of Ministers.
The IMF has reportedly called for:

• changes at the level of the spending;
• reduction of inflation;
• a plan to encourage the private sector; and,
• a plan to address employment levels in governmental departments.

The Iraqi Finance Ministry called on the Ministry of Industry and Minerals to work on transforming its subsidiaries into self-financing companies in order to cover the expenses of its employees.

The Ministry of Planning and Development has said there is a huge workforce in governmental departments.

“Iraq has promised the IMF to address the monetary issues”, said al-Jaberi, “but talks are still underway between the two sides to come up with solutions”.

The Iraqi Finance Ministry announced last month the finalization of Iraq’s 2011 draft budget, the majority of which has been devoted to investment. The 2011 budget amounts to US$86.4 billion, up from around US$72 billion last year.

http://www.iraq-businessnews.com/201...netary-policy/

Authentication and the Ministry of Planning to complete the petro-dollar projects

Ratified the Ministry of Planning to complete projects at a cost of 300 billion dinars first batch provided by the Ministry of the amounts obtained from the local budget (petrodollar) to the province of Basra.

The head of the Basra Governorate Council Jabbar Amin Latif said the Directorate of Government contracts of the Court of Basra province lagging behind in the Declaration on the projects needed by the city of Basra, most notably with regard to the electricity sector, sewage and water liquefaction as well as a number of infrastructure projects, noting «The ball is still in the courtyard of the Directorate of Contracts government to announce such projects through tenders or direct calls to companies executing.

In the meantime, said Director of Information for the province of Basra Iyad emirate: the government tenders with a number of stages of the complex as measures of administrative and described «routine prolonged» in order to compare and study the feasibility of full a disruptive basis that facing the work of executive government in the province of Basra, which seeks to overcome these obstacles through See section on the mechanism of action of government contracts in the provinces of Najaf and Wasit.

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USF Intellignece Conference to Boost Iraq’s Financial Security

Iraq’s intelligence community to network across ministries in an effort to assess and promote processes leading to developing a more financially-secure and self-sustaining nation as U.S. Forces continue to draw down.

The Intelligence Officer Financial Manager Conference was conducted at the Babylon Conference center here Nov. 2, and was attended by directors and senior financial managers from various Iraqi intelligence and security organizations from the Ministry of Defense and Ministry of Interior.

“This meeting is a step toward developing Iraq’s intelligence organizations,” said Mr. Mohammed Hamza Hussein, a representative with the Iraq’s Council of Representatives Defense and Security Committee. “As MoD and MoI advisors we will bring our mutual concerns about budget provisions to members of parliament.”

Attendees shared information relative to improving the current financial management processes and enhancing their knowledge of the internal processes required in the acquisition of defense equipment and services through the MoD and MoI contracting process.

“Looking out into the future can be a difficult challenge,” said Peter Fisher, director of Iraq Training and Advisory Mission-Intelligence, who served as the facilitator for the conference. “But it is a necessary requirement in planning the ability to sustain intelligence capabilities, infrastructure, life-cycle replacement of buildings and equipment, training opportunities and personnel costs.”

USF-I officials see this conference as a first step toward establishing visibility of common financial challenges within Iraq’s intelligence community which will lead to enhanced strategic communications across ministries.

http://www.iraq-businessnews.com/201...cial-security/

State-owned companies between the hammer and the anvil of the financial policy of self-financing

Despite the passage of nine decades since the emergence of what might be called the Iraqi economy but he is still unable to diversify its economic base in spite of the agreement of all governments that have taken place affairs on the importance of this diversity, which is designed basically to get away as far as possible from dependence on the extractive sector oil in Iraq's development which make them significantly with the volatile oil prices in the international market.

Emphasizes dialectical development of constructive interaction between private interests and the public national interest to confront controversial retardation elements of a traditional internal and external, and what was the state sector is the fundamental guarantee of the interests of national economic and privatization are, in fact, cancel the protection of these interests, the Iraqi public sector has faced and is facing today dilemmas fabricated not from nature. It is necessary to stand in front of Petrit delete calls and the marginalization of the state sector which calls receive broad support from the global economic institutions. The possibilities of (the public sector - state - regional authorities) on investments in possible annual increase many times the capacity of the private sector and civil, cooperative and mixed in the whole of Iraq. reinforces the leadership of the public sector now and in the future, especially for the magic hand of the market mechanism more often than slow movement has exacerbated the economic situation worse before it heals the wound Bulsmha economy.

Received invitations to convert government institutions in Iraq to the systems of corporate governance and self-financing on a commercial basis - the principle of profit and loss - on deaf ears in order to improve the productivity of the sectors concerned and profitability and make it more stable, being the embodiment of the principle of decentralization and the bulk of the financial and administrative autonomy. And usually resort to management systems companies due to poor performance of the sectors concerned and the heavy financial burden on the state budget.

Manages the Ministry of Industry and Minerals (76) a public company include various industrial fields, including (266) laboratory which also oversees the (18) is a company from public sector which are mostly with a history of excellence in supplying the domestic market products matched the quality of products of neighboring countries and even foreign countries , as was proven in many of these companies on their ability to cope with the requirements of market mechanisms of free and full competition in an atmosphere characterized in many cases of injustice which was confirmed by the Minister of Industry and Minerals in that his ministry had revenue of successful adoption of the sale of materials and services during the years 2006 to 2009, which demonstrates the ability of companies and his ministry to continue in the productive process and to note that there is an increase in the absolute value of the production, referring to the problem of the suffering of the local product in Iraq in general and from the products, installations and his ministry there are many cases of dumping and the lack of import controls add to the problem of allocations of salaries and expenses for the purchase of raw materials used in industry and to the limitations suffered by the production lines, which has been suffering for a long time the lack of investment allocations.

In light of this fact, come invitations cascading from the Ministry of Finance to convert all its affiliates to the Ministry of Industry and Minerals to the profitable company and not to rely on government funding under the pretext that it confuses the Iraqi economy and puts more obstacles to progress financial system in the country and that is done by 2011. Despite the fact that 2010 witnessed a shift (13) company to profitable company (in terms of calculation, at least the fact that most such companies have dispensed with the cadres working and working to cover current expenditure) and to transmit ten companies, including self-financing and is expected to be converted (15 ) with another company, beginning in 2011, it was not only needs a political decision is based on the obligations of the Ministry of Finance at the International Monetary Fund or World Bank.

First of all we seemed to realize that the experience of self-financing is the experience of an old back to the mid-nineties of the last century has been the adoption of this system to companies and the Ministry of Industry and Minerals in Iraq, and through which the financing of staff salaries by 60 percent of the salaries of staff, compared with 40 percent funded from the production facility The laboratory, however, that the deterioration experienced by the economic reality of Iraq in that period did not qualify that experience because of the deterioration of purchasing power for the Iraqi people because of declining levels of income of individuals and the closure of several facilities of the Ministry of Industry and Minerals because of the lack of raw materials as a result of the economic blockade that was imposed on Iraq, The system of self-financing was accompanied by support measures with government action to protect national products.

That the ad hoc support from the Ministry of Finance came into effect from 01.06.2008 The agreement between the companies and the Ministry of Industry and Minerals, Ministry of Finance to advance by standing (3) years up to 01.06.2011 and to transform the self-financing companies into joint stock companies public or private At the end of the period. That the reality of Iraqi institutions of the Ministry of Industry and Minerals in the light of the deteriorating assets investment and the deterioration of its laboratories and the lack of real protection in spite of the adoption of the House of Representatives Law on the Protection of Iraqi products, which is still tainted by many of the weaknesses of the texts in the claim (article 4 - first) the domestic product of Iraq or representative to provide information and documents that support the existence of dumping practices, which is a great burden for the product can not meet the Iraqi tags through the necessity of having documents related to foreign producer in the country of origin.

Also, these facilities suffer from high production costs in those facilities (in the face of rising costs for raw materials imported in most cases, and the deterioration of the productive capacity of plants) and non-utilization of those facilities of aggregate demand experienced by the Iraqi market after 2003 and the absence of any form of government support of the domestic product, or provide him protection in addition to the staff of these facilities are mostly of the cadres is not eligible for the administrative work which will lead to the continuation of their burden on the budget of the facility, makes it all the way dead end in the light of this reality to bring life to these facilities and the funds placed which will be governed by waste time on current expenditures for those facilities that address their problems require rehabilitation are real through the allocation of budgets sufficient investment and protection of legal frameworks appropriate, and be rid of surplus labor, on which the generated mostly from re-separated, and through the return to service in the community and other ministries.

That dwarf the installations of the Ministry of Industry and Minerals and make imports enough salaries to it, without having had the opportunity to achieve capital accumulation required to develop their production would be devoted to making Iraq in the near term a consumer and not producer and the shadow of the accumulation value is achieved away from their natural resources, even in significant parts should have been that Iraq shall have a large share, such as petrochemical industries, which have the basic components and expertise required and this is what will deepen the large deficit in the balance of trade of Iraq in the reality of the Iraqi private sector to make it a far cry from the investment in basic production sectors to diversify the economic base because it does not have the funds necessary to meet the requirements of this sector of the huge investments, and to the fact that the wishes of the private sector differ from those of investment for development and its quest for quick profit, does not possess that patience, the money invested.

That the node the real stand out with dealing with the facilities of the Ministry of Industry and Minerals is in the Ministry of Finance, which considers that the employees of the Ministry of Industry and Minerals are a burden on the Ministry of Finance, although a quick look at the numbers the federal budget for 2010 shows us that the allocations earmarked for the Ministry of Industry and Minerals has not exceed (64016.652) million Iraqi dinars from the general budget of the Iraqi government reached (84657467.556) million, which did not exceed 0.78% of them, and most of those allocations go to the implementation of projects and rehabilitation of the amount (500000) million and a staff salaries and operational costs only a small percentage of those customizations.

And pressure unjustified managers of public institutions and companies working in the Ministry of Industry and Minerals to show a surplus in the balance of their organizations and achieved profits unfounded to announce their ability to self-financing would abort the Advancement of partial may have been witnessed in those institutions, it behooves us to allow her to take its correct capacity-building Let this call for concerted efforts of fiscal and monetary policies to provide the climate necessary to bring life to the industrial sector of Iraq.

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Economist: economic factors behind the rampant corruption

Economic factors are the main causes of the most important in the spread of the phenomenon of corruption The lack of incomes of individuals to low levels is not sufficient for living by the lack of interest in the structure of government legislation on wages and salaries and the lack of justice in the distribution of GNP.

Within this context, "said Dr.. Ahmed Hashim Enamelers director performance career in the Department of the Inspector General of the Ministry of Commerce: The lack of balance between the requirements of living and wage levels are an important reason to increase the tendencies of some individuals to achieve revenues of extra through illegal means as may be the individual compelled to this trend to increase Mdjulath through engage in aspects of administrative corruption to cover the cost of living as that of inflation and rising prices for other reasons reflected in the incomes of individuals and increase the pension burden of the individual. The low wages and high levels of inflation may be caused by the financial policies wrong or decline in the gross national product as a result of state spending on the sectors of non-productive or increase public spending at levels higher than normal levels or the state budget is incorrect or not the balance of payments all these reasons, reflected living on the ability of the individual and a suitable environment for public sector employees.

Prevention of administrative corruption
He has dealt with the subject of many literature administrative, legal, and tried a lot of public and private organizations alike to find effective ways to make the area of administrative corruption in the least that can or acceptable levels is impressive and includes the means of prevention and treatment re-consideration of the evaluation plans of the organization or public sector departments . He efffective of goals and access to routine operational procedures in the executive levels and review the extent of involvement of any part of the increase in the area of corruption, and certainly, this part will be amended has been reflected in this amendment to the organizational structure and methods of communication and dealing with citizens.

Good governance
The Delegation said one of the most important means of prevention lies in the role of the prudent management and good governance through to take the decisions necessary to complete the work and the wisdom of those decisions in the narrow (areas of administrative corruption), and these decisions those relating to wages and training necessary to complete the work and the right choice to workers through a suitable qualifications with work as well as use of scientific methods in the selection and appointment process and the adoption of the principle of equal opportunities and qualifications and competition as a basic rule in recruitment for public sector organizations choose structure Altnzemi appropriate or modify the current structure, which helps in building a transparent and non-concentration of decision-making in certain locations and the complexity of routine procedures in the administrative apparatus because of This would help to diagnose cases of administrative corruption.

And remedies of corruption
Said Hashim that there are many remedies for administrative corruption, including the development and building awareness among members of society in general and individuals working in the administrative apparatus, especially against practices of corruption and requires the implementation of the media plan and comprehensive educational and meaningful in the light of diagnostic field, for reasons of administrative corruption and the creation of legislation, a special judicial dealing with various phenomena and administrative corruption so as to enhance the mechanisms for seizure and the implementation of the deterrents and penalties relating to the implementation and severe punishment and to apply them is crucial at all levels, as well as the reform of the judicial system and the provision of the possibilities and immunity, controls and components that enable the judiciary to do its work with integrity and professionalism and to be immune to the phenomena of corruption and follow-up cases that demonstrate the ineffectiveness of legal mechanisms or remedies for any reason whatsoever. He stressed that the means of prevention and treatment in the fact of the matter is not effective unless adopted by senior management through the decisions of good and wise at the state level and the organization at the same time and will be the preventive aspect of gravity the largest in the elimination of administrative corruption and the greater the activation of this aspect more chances to make the corruption in the narrower border should be noted in this side to the danger levels of corruption Supreme At the State level will be reflected on society as a whole and concluded by noting that the seriousness of corruption increases as the spread at the top of the organizational hierarchy.

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Nujaifi raises the parliament session to the morning of Wednesday

The chairman of the House of Representatives Osama Najafi, the parliamentary session held on Tuesday, to the morning on Wednesday.

Nujaifi said after the meeting, which began at atheist ten this morning (Tuesday) that the meeting "was raised to ten o'clock on the morning of Wednesday."

http://radionawa.com/ar/NewsDetailN....566&LinkID=151

Director of distribution PRODUCTS oil is expected to increase oil exports to 15% during the next two years

Expected Mdimie PRODUCTS oil Hussein Bahraini increase oil exports during the next two years after licensing rounds for oil fields.

He said the Bahrain News Agency's news that there are great expectations Bxiaodt oil exports during the next two years at a rate ranging between 10% to 15%.

He added that Bahrain's oil exports currently ranging up to a million and eight hundred to two million two hundred thousand barrels a day and a year ago was between one million and text to a million and seven hundred thousand barrels a day.

He pointed out that there Bahraini importance to attracting foreign investment to develop the field Algazatabiei in Iraq by launching a licensing round.

He said the most important alternatives that match the oil exports is the gas that Iraq has huge amounts of it, which is estimated with the highest reserves in the world.

He said that the Bahraini investment gas fields in the coming period will witness the development to provide the Iraqi gas to Europe.

http://radionawa.com/Ar/NewsDetailN....550&LinkID=155

Gul: Talabani's remarks, startling revelations

Turkish President Abdullah Gul said his country has never stand against the reinstatement of President Jalal Talabani of the Republic of Iraq. He expressed his astonishment at the remarks of Talabani. Saying, «I have spoken to him on the phone ahead of the Eid al-Adha, without the express reproach me for any particular. The call took place in a very friendly atmosphere».

This came in response to comments by Talabani that «Turkey bet on the wrong horse». In response to a question on the press criticism Talabani to Turkey «due to its opposition to his re-election as President of the Republic» Gul replied, saying, «On the contrary of that, Turkey has contributed to a positive role in the formation of the Iraqi government and the election of the President of the country».

The Turkish president said Turkey did not stop never the position of opposition to the presidency of Talabani, and cited his speech delivered in the General Assembly of the United Nations, saying «I said in my speech in the section on Iraq, said the responsibility of Iraq's neighbors to respect its sovereignty and the right to elect their own government and president of his own free .. I do not know how to reach Talabani to this conviction, we did not even Wendell Nomi him or any other Iraqi official in any such thing». The Turkish Foreign Minister Ahmed Davutoglu had also expressed «very surprised» Talabani's remarks.

http://www.markazaliraq.net/?state=news&viewId=5851

Global companies demonstrate their willingness to activate the tourism sector in Iraq

The Ministry of State for Tourism and Alatharan major global companies have expressed willingness to promote the tourism sector in Iraq.

He said ministry spokesman Abdul Talaqani in a statement to the Agency by news that Iraq had recently participated in the festival market Ambassrvi the British capital London, where he was the first participation after a long break because of the policies of the former regime with these countries at the time.

He added that Iraq participated in the festival on the sidelines of meetings of the directors of tourism in the World Tourism Organization held a dialogue about the importance of coordination between the public and private sectors in the field of tourism in order to provide Doravdil for this vital sector and the need for developed countries under the flag of this organization.

He described the Talqani Iraq's participation in this exhibition positive through most of the absurdity of the Iraqi wing of the knowledge of the nature of tourism in this country who introduced a set of folders, publications and products that are renowned for Iraq.

Talqani confirmed the existence of dialogues held between the representatives of Iraq and their counterparts in class international companies have expressed an interest please come and invest in Iraq, pointing out that these companies were dedicated to building hotels and tourism and travel groups and the introduction of religious and archeological tourism.

http://radionawa.com/Ar/NewsDetailN....530&LinkID=155