Central reduces the risk of high dollar and is expected to increase growth rates 12 percent a year
Stressed the importance of the withdrawal of foreign forces in the doubling of demand for investment companies
BAGHDAD - Fulayyih Heidar al-Rubaie
An official source at the central bank to total GDP in the years 2014-2015 more than $ 300 billion, asserting that Iraq was on the verge of great economic revival would make it a destination for global investments in the coming years, while he expressed a number of stakeholders in the economic fears of recession entry of firms and investors after the withdrawal of foreign troops from Iraq, the source said foreign forces out a clear signal to turn Iraq from a country's wars to a field of large investments by the civil power of companies and businessmen who seek to enter the arena of investment Iraqi remarkably and significantly.
The deputy governor of the Bank CBI appearance of Mohammed Saleh during his speech (morning): The process of withdrawal of U.S. troops and other foreign from Iraq is a sign of clear and explicit on the end of what was brought by the seventh item, a step which demonstrates the weakening of this item a manner that will turn Iraq into a force reconstruction, construction and investment is signs of turning pages of military and replace it with another civilian.
He noted the benefit of that investment oil giant has worked to transform the country into a big workshop will lead later to revive all the economic aspects, particularly the increasing rates of development and high rates of GDP, and expected to rise in output during the years 2014 -2015 to up to $ 300 billion, a figure that will be exploited in the construction and reconstruction, wider than the rest of the areas, according to Saleh, who stressed the need to continue the country in attracting more oil companies and held rounds of other licenses and exploitation of all potential underground Iraqi best.
Continues ...read more .. The Deputy Governor of the Central Bank that the increase in polarization of giant oil companies will transform the country to the importer of the labor force and diminish unemployment rates after use fully, which will help increase the growth rate more than is reached by major industrialized countries such as China, emphasizing that those rates will jump thanks to the development plan of the country that have been developed for the years 2010-2014 to reach 9.4 percent, rising from the annual rate of 12 percent, a figure which he said was large compared to the rest of the achievements of the major countries that did not exceed the growth rates from 8-9 percent more.
And on the high exchange rate of the dollar against the dinar in the local markets during the past few days ...
Saleh said that these things do not go beyond that to be more than speculation practiced by many currency traders at times, confirming the presence of large capacity with the Central Bank to intervene to contain any of the vibrations that may be exposed to it the Iraqi dinar on the strength of large reserves with the CBE, amounting to more than $60 billion, noting that the financing of some of the trades of Foreign Affairs by Iraqi businessmen as a result of what is happening to some Arab countries and neighboring countries has led to increased demand for the dollar and thus rising prices against the dinar, as well as a conversion factor to fund some of the free trade deals for local projects,
Saleh said in this regard: that the central bank is a major economic power capable of restoring the situation in the domestic market at any time he pleases.
The Central announced the initiation of a project key national who cares about the introduction of modern technologies in the banking system by facilitating the work of the payments and instruments in Iraq, and the benefit that this project is an electronic device inventor called "Qassim national" works to facilitate the withdrawal of money fast and brief for people who have credits in Iraqi banks of any bank they want within this device instead of going to the bank and let it be trusted, for the purpose of facilitating the payments system and the exchange of instruments between banks in Iraq, as well as the introduction of technology mobile to know the bank account and credit transfer by a Mobile collaboration with telecommunications companies in Iraq.
He added that a national Qassim managed by a company that specializes in this work for certain wages and are monitored by the Central Bank of Iraq to determine its performance and the extent of its capabilities and efficiency in the process of providing financial services to the citizen.
Withdrawal will encourage Arab and foreign companies to invest in Iraq
Congress «morning»: the Iraqi economy requires a redoubling of efforts to promote
Baghdad - Shaima Rashid saw the deputies and specialists that the withdrawal of U.S. forces will encourage investment companies to come to Iraq and investment.
and they confirmed in their statements »Sabah» that the Iraqi economy requires more efforts to promote and up to the required level. The MP for the coalition of state law, Abbas al-Bayati said «the withdrawal of U.S. forces would encourage investment companies to have a bigger role in investing in Iraq under the activation of framework agreements, in addition to holding a second conference for business in Washington evidence of their desire to come to Iraq.
Al-Bayati said that the Arab companies will have a significant presence and this will activate the Iraqi market, ranging from opening up to all the countries of the region, as it is and after the withdrawal, we will adopt a market-disciplined and not rampant and the government should monitor the market and do not make traders dominate him.
Continues ...read more .. Either on budget 2012 Between al-Bayati, it is a budget are substantial and promising and increase by 20 percent from last year, saying: There is no doubt how the budget will do the Iraqi economy and the ration card and lead to address the imbalance in some sectors that suffer from the weaknesses of its aspects.
He continued: International Monetary Fund had Note on the budget, which demanded that $5 billion from the operational budget to the investment budget, but at this stage we can not so huge leap despite the fact that the investment budget will see significant development this year.
For his part, said the Iraqi List MP Abdul Khader al-Tahir:« We hope that there is growth of the Iraqi economy in the presence of international relations, real after the U.S. withdrawal, and in the presence of a real investment and be faster than others in terms of economic growth, but now we're talking numbers at hand and rushed to say that there is to eliminate unemployment and creating job opportunities in going forward operational for the next year.
He Immaculate: The a huge budget for this year drain of operating on the consumer and this means that the situation in Iraq is a social care to millions of employees and consumers either wheel building and investment remains paralyzed.
He added that the state of the economy depends on the Elimination on unemployment and creating job opportunities and the existence of projects.
In turn, President of the Committee of Economy and investment representative Ahmed Alwani: The economic situation is still volatile because of the economic policies wrong, as there are dependent on the oil sector in the economy more than rely on other resources.
He added that the Iraqi economy is clearly not dependent foundations objective , where the remains of our economy is suffering from a real crisis by relying on the oil sector by 95 percent, and that it governed the price of oil and the amount of rise or descent.
He Alwani that the Americans did not add anything new to the Iraqi economy, but rather Our economy has been affected like all other sectors such as transport and trade agriculture and other, adding that there is still inflation, unemployment and lack of investment.
For the budget of 2012, the official pointed Alwani that next year's budget did not read an accurate reading and Snthfez them, stressing that he can not pass without that there is an estimate of the accounts, since there is an item from within the budget provides for the accountability of Ministers who had not completed 75 percent of the budget granted to them.
The Kurdistan Alliance MP Sheriff Solomon has pointed out that the Iraqi economy depends on the oil sector, largely without relying on other sectors that have not experienced a major development, where still many sectors suffer from weakness and neglect.
He said Suleiman that Iraqi imports have not seen the increase hoped to have, and that all sectors on the same token, because it was not the same, but some sectors of the earth.
As for the development of the Iraqi economy after the withdrawal, Solomon said: We hope that the economy is developed after the withdrawal, and this depends on the agreements to be signed, and the agreements concluded would be a private oil at the expense of other sectors which witnessed reluctance such as trade, industry and investment.
The Solomon that the budget 2012, not bad, but the budget operating more than consumer will not change anything significant, and the government is now steps which reduce grades by half, although Some of the objection by the House of Representatives compared to previous years and this negative thing.
Expectations of recovery, the economic reality after the withdrawal of foreign forces
BAGHDAD - Haider Flaih Rubaie
confirmed specialists in the economic aspect, the process of withdrawal of foreign troops completely from Iraq will give more confidence to Oaqaan economic and development in the country, noting that the productive sectors will be in front of a task that requires them only success and increase returns of Finance to meet the need of local goods and materials , and are of the view a number of specialists need to review the economic agreements with the U.S. side and to achieve maximum benefit from them, revealed experts that the period after the withdrawal will lead to the recovery of economic reality with a combination of most of the views and ideas that serve the interests of supporting the reality of development in Iraq in general.
The Framework Agreement Strategic agreement signed between Iraq and the United States has stated in one of its clauses to enable Iraq to continue to develop its national economy through the rehabilitation of economic infrastructure has, as well as provide essential services to the people, and continue to preserve Iraq's resources of oil, gas and maintenance as well as on its assets financial and economic abroad, including the Development Fund for Iraq.
Continues ...read more .. Also focused agreement on openness to the global market, which engineered Vdhaeha in light of the objectives of Sections V and VI of which, when pointed to the need for cooperation between the two countries in order to (integrate Iraq into the global economy and its institutions) or ( support for Iraq's further integration in the departments and financial institutions and international economic), as stated in section V / fourth paragraph - as well as what came in the second and third paragraphs of Section VII of the Convention, which confirmed to support the exchange of information and opinions for the Liberation of IT markets in Iraq.
He says economic expert Amer Jeweler Speaking (morning) that «the economic impacts of the withdrawal of U.S. forces will give the self-esteem and a sense of independence real stimulate all the forces of business for the advancement of economic activities, and will lead to lower tensions and differences that existed because of the presence of these forces and thus to improve relations between all parties in Iraq, would be reflected on the security situation improved with the behaviors of government management, both with a direct link with the business environment.
According to the jeweler that among the advantages of the withdrawal of foreign forces from Iraq is the face of legislative channels, planning and implementation of Iraq greater responsibility in supporting the local economy, and is the confrontation with the need to accelerate the legislation of laws related to reform, economic development and the requirements of development and amending old laws, as well as speed up institutional reforms and adjust the work ethic.
Despite the breadth of the size of the positive aspects in the process of withdrawal of foreign forces from Iraq, but the specialists stressed the importance of attracting companies of those countries of investment after the departure of its military forces, and argued that this exchange of military investment sponsor revive the country's infrastructure and paper and reality of economic, especially as many countries entered Iraq military had bilateral agreements provide for the support of the economic reality in it.
And confirms the jeweler once again that the U.S. withdrawal from Iraq would lead to unite the views of everyone to become a confrontation with the necessity of reform, development and the economic boom and diversify the local economy and enhance its competitiveness, and this would achieve positive results on the short-term and short. He added that all government economic institutions will be faced with the choice (why after the departure of the foreign). And then will not accept any excuses, either the successful management of the facility general economic and improve the profitability and performance, or step down from his mismanagement.
In regard to the Iraqi private sector and the possibility of its presence stronger in future periods explained the jeweler that this sector will have a confrontation with the fierce competition for goods and services of foreign to develop its capacity and productivity and the quality of its performance and services and reliability, the responsibility for individual and institutions of the sector and the role of the official, who is supposed to fall on government agencies to support the capabilities and requirements of its development.
Calling for the formation of cell comprehensive action take on the advancement of economic reality shared by all parties and representatives of the productive sectors of government and private . To that, the economic expert Nazim Ugaili that next year will see the activation of many economic sectors, especially in light of economic mobility the local direction of the world, and the call to the participation of the Iraqi private sector peers in the countries of the world, with the common desire to implement the projects of reconstruction and construction of the two sides in Under the stability of the security situation in Iraq during the last period, as well as adjustments made to the Investment Law No. 13 of 2006 and promises of officials to study law again and stop at each paragraph to be more suited to the reality of the investment.
He added that «what would encourage international companies to work within the country is in the ability of the security services Balhfad stabilization and the maintenance of internal security, which is the most important joints of the investment business ». He pointed out that the US-Iraqi relations will be on large strategic projects that benefit both sides, especially as the U.S. companies have the technology developed in more than one sector.
Consultant: the economic reform process requires activation of the private sector
Baghdad, Called on the Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein
Anbuge to the need to adopt a clear program of economic reform, and that the private sector an active role in achieving growth in all sectors.
He said Anbuge (of the Agency news): The economic reform must begin to direct government spending in the paths serve to activate economic sectors, pointing out that the phase transformation to a market economy requires a private sector a more active role and be directed to the economy of the country, explaining: that thus went require a banking system capable of mobilizing large financial savings expected by Iraq, especially that coming on the stage of economic growth and broad, as well as follow-up of the various economic projects, and stand at the economic feasibility of them earned.
He Anbuge: that the economic reform process requires that the head of government banks towards lending to private banks, to expand its work and services that must be provided to the local economy.
The majority of economists calling for concerted efforts of the private sector and government to develop the local economy by examining the reality of work, legislation and legal requirements of international companies.
The opening of the Baghdad International Fair for Construction and Building with the participation of 210 companies
Baghdad, opened in Baghdad on Monday, the Baghdad International Fair for Construction and Building with a number of local companies, Arab and foreign specialized affairs of reconstruction and general manager of the General Company for Trade, Ministry of Commerce approved Sultan for the opening of the Baghdad International Fair for Construction and construction supervision of the Ministry of Construction and Housing in collaboration with Baghdad province.
The Sultan told the Kurdish news agency (Rn): The Baghdad International Fair for construction and reconstruction, which opened at the Baghdad International Fair attended by the relevant ministries in the field of reconstruction and construction and by 210 companies representing various nationalities from Lebanon, Syria, India, Italy, Malaysia, Britain, UAE, Turkey and Iran."
Continues ...read more .. Sultan said "The exhibition will last four days, and will witness the signing of a number of important agreements in the field of reconstruction and construction of international companies and between ministries, as well as between international and local companies to develop projects of reconstruction and construction in the capital, Baghdad."
Iraq has suffered infrastructure crumbling as a result of long years of siege and war, But his efforts in attracting capital and investors to Iraq collide sometimes security conditions where fluctuations as well as corruption.
criticize the economists the government's performance in addressing the housing crisis, because it does not have a clear strategy to resolve the crisis once and for all, although the government has been able to attract more than 300 companies foreign specialist for the construction of housing units in an effort to alleviate the crisis.
November 4th ~ U.S. Ambassador to Iraq James Jeffrey discusses America's commitment to economic development and trade between our two countries.
Monday 12/12/2011
Today the opening of the second exhibition of the housing
Baghdad / term economic
Starting on Monday of the second exhibition for the reconstruction of the Baghdad International Fair, organized by the province of Baghdad in cooperation with Beramides.
The head of the Office of Reconstruction and development in the province of Baghdad, Ali Al-Attar's Agency (news): There is a demand for well by local companies and foreign exhibition, which will continue until the fifteenth of this month, stressing that the goal of this first exhibition is to inform beneficiaries and the institutions of the Executive on the capabilities and possibilities of existing and the willingness of companies to provide services to Iraq, as well as exchange information and expertise between companies and between companies and citizens.
Continues ...read more .. Al-Attar added: that such a step in the establishment of an international exhibition is the second of its kind, you need to initiatives and more support, warning over the need for Iraq to establish this kind of special exhibitions reconstruction since they are in some kind of payment process and support for the movement of construction in the country.
Iraq has suffered a housing crisis sharp due to wars and design is considered to previous governments.
The Ministry of Construction and Housing revealed earlier about the existence of obstacles facing the national strategy launched in the fourth month of October last, especially in the organization of investment relations between them and local governments.
The Ministry of Municipalities had earlier announced from their complete plan for the redesign of cities according to global designs, at the time confirms economists that the Ministry of Construction and Housing has failed to develop plans mission to solve the housing problems in the past years.
The Iraqi government ended its mandate to attract more than 300 foreign companies specialized in construction of housing units, in an effort described by the government circles that aims to solve the housing problem experienced by Iraq for decades.
Calls for the adoption of a parliamentary justice in allocations to the provinces
Baghdad / economic-term follow-up
member of the Committee called on the economy and investment Aziz Sharif Mayahi to the distribution of allocations of the justice of the development of regions, taking into account the privacy of poor provinces. Mayahi said, according to the independent press (Iba): The establishment of the government to double the financial allocations within the budget of 2012 for the development of regions.
Continues ...read more .. Will promote the service and the economic reality of the provinces and rapidly. He added that increased allocations must be accompanied by justice in the distribution, taking into account the privacy of the provinces that suffer deprivation Caldewanah, Muthanna, and Babylon. He Mayahi: Local governments that is creating the specialized technical personnel and agreement with the qualified engineers to oversee the implementation of these projects and contracting with foreign companies, professional implementation.
Iraq budget sees steady decrease of deficit to $4 billion in 3 years
Baghdad, Iraq’s budget deficit should fall to 5 trillion Iraqi dinars ($4 billion) at end-2014 from 14 trillion dinars ($12 billion) proposed for 2012, as the country benefits from increased oil revenues, Finance Minister Rafie al-Esawi said.
Esawi said that, according to the Finance Ministry’s three-year strategy plan for 2012-14, the deficit will decrease steadily as oil production and exports grow.
“In the mid-term plan, the deficit is supposed to decrease to 5 trillion. In 2014 we expected it to reach 5 trillion [Iraqi dinars],” Esawi told Reuters in an interview Thursday.
Baghdad has signed a deals with international oil companies to boost its oil production capacity to 12 million barrels per day by 2017 from 2.95 million bpd at present. That could vault Iraq into the top echelon of producers.
Continues ...read more .. But many analysts are skeptical that Iraq will reach its ambitious target due to infrastructure constraints. Iraqi Oil Minister Abdul-Kareem Luaibi said in September a production capacity target of 8-8.5 million bpd would be “more suitable.”
Budget shortfalls have been a challenge to Iraq’s ability to rebuild after years of conflict following the 2003 U.S.-led invasion that ousted dictator Saddam Hussein.
Esawi said the proposed 2012 budget of $100 billion, which still needs parliamentary approval, was based on forecasts for 5 percent GDP growth and inflation of 5 percent for the year.
Iraq’s Cabinet approved a draft 2012 budget of $100 billion Monday and it is expected to be sent to parliament in few days for final approval.
Iraq’s core annual rate of inflation fell to 6.9 percent in October from 7.3 percent in September, a central bank official said last month.
Esawi noted that oil prices are currently better than the $85 for a barrel of oil assumed in next year’s budget. Global crude prices rose toward $110 a barrel Thursday.
Iraq is recovering after years of war and sanctions and oil still dominates the economy, accounting for 95 percent of government revenues. It is slowly rebuilding its dilapidated infrastructure, and needs investment in virtually every sector.
International Federation of business calls for private sector involvement with the country's economic development
Baghdad, Opinion of the International Union of businessmen Iraq Hamid punitive need to involve the private sector with public sector in the economic development of the country.
Punitive said in a statement to a reporter (News Agency news) Friday: Iraqi private sector does not have a major and active role in the process of economic development as a result of the non-activated and rehabilitate its operand, by calling: the need to engage with the public sector for the development of the country's economy.
Continues ...read more .. And between punitive: rehabilitation of the private sector comes through the distribution of soft loans and involvement with the public sector is subjected to abnormal conditions such as war of Iraq and the continuing terrorist operations which led to the deterioration of infrastructure and isolation on the local and global markets.
He added: the Federal Government did not go so far as activating the economic sectors of the private sector as the agricultural and industrial and other vital sectors preoccupied with political issues and leaving important economic topics.
Head of the International Union of businessmen Iraq: there is no legislation and laws serving the private sector and supported by, making it an active role in developing the economy of the country as a result of the absence of clear economic visions in Iraq. Earlier, economic researcher stressed the need to implement star's economic sectors prepared in anticipation of a global economic recession during the coming years.
The star said in a statement earlier (News News Agency): the Federal Government must take to activate the country's strategic economic sectors such as industrial and agricultural as well as to take advantage of human brains in public and private sectors in anticipation of a global economic recession are difficult to treat.
The Star: If there is recession in the world, this impacts greatly on Iraq's economy because it produces one-sided supported on the oil sector, therefore, any global economic crisis affect the local market.
Parliament will soon approve the first amendment to the law of the salaries of staff
BAGHDAD - Alaa al-Tai - Muhannad Abdul Wahab
is scheduled to pass the House during its next Law First Amendment of the Law of the salaries of state employees and the public sector No. 22 of 2008. The aim of the law of the First Amendment, to lift the injustice done to chip the staff of the university degree the initial period of studied five years, and master's degrees and doctoral degrees.
According to a source in the Finance Committee's "morning," then there are other amendments to the law aims to improve the reality of living to slice staff, where he is scheduled to include amendments to the upcoming owners of the lower and even the fifth, and then there's amendment would include the rest of the grades, in order to achieve justice in the salaries of staff, taking into account the degree and years of experience.
the text of the law of the First Amendment of the Law of the salaries of state employees and the public sector.
Economist calls for House on the need to enact economic laws
Baghdad, Economist Nabil called Shaukat need special trip aimed at enhancing economic laws that serve the general interest of the Iraqi people and meet their aspirations for development of the country's economic structure.
And Shaukat reporter (News Agency news) Tuesday: that the Iraqi Government enacted various laws, while they ignore the economic laws that have great importance in the service of the Iraqi people.
Continues ...read more .. He noted: there are several laws still on the "shelf" House is not driven by political blocs is the local product protection act and the law of the infrastructure and other such laws, when enacted will play an important role in economic revitalisation of the movement in all productive sectors and service thus reflect a positive benefit of the people.
All local economists akedo in earlier statements (News News Agency): that Iraq needed to activate these laws at present because of their importance to the future of the Iraqi economy.
Finish the budget in 2011 in service projects and economic
Babel - a special - taking notice of good
Babil province ended the spending amounts allocated to the 2011 budget in service projects and investment.
The first deputy governor of Babylon, Ali Abd al-Suhail, "that the province has spent all the funds allocated within the budget of 2011 of $ (146) billion dinars under which a number of projects service and investment in the province and district.
Continues ...read more .. said Abdul-Suhail, "which included paved the road denominator - Dgarh and the way forward Aoun (p) in terms of the vanguard and through Arashaad addition to the paving of a number of rural roads in the district of Mahaweel and on the barrier and the road to the village of phones and Dir'iya to Agueta that the plan included also the construction of schools in terms of denominator and spend Mahawil and Musayyib and rows of attached in a number of schools that suffer from the momentum student in the field of electrical projects and water and the installation and operation of power plant secondary fixed (33/11) in the area of Jordan, and processing and the installation and operation of the power plant, a secondary fixed in the Mahesm , and the purchase of 400 transformer capacity 400kva and the creation of complexes of water in the villages of Hkoth Midhtah capacity of 350 m 3 / Q and Jerbuaah in the denominator and
Aallinat Jnajh in Jordan and the son of Zaidoun in Shomali and the establishment of modern buildings of the Directorate of Municipal Musayyib, and the police station the rock cliff, and the health center in Omeriye Musayyib and development of carrot moderation in Mahaweel and the network of raw water and amusement park and commercial markets in terms of the project and the project by the energy and offshoots include exposing the main road and re-clothing and Rehabilitation branches Yusufiya, salty and Po Dleafa and Po morning and villages of the manger and the Albu Hamdan and Sayyed Jawad coracoid and chosen, and Syed Ali coracoid in addition to a number of other diverse projects that have been implemented in districts and the areas of the province.
He said the supplemental of $(69) billion Danaraodh has been allocated for the preparation of designs three Mgesrat intersections Bab Al-Hussein, the Assembly and the mother by the companies specialized in this field and to support sports clubs and youth in addition to the implementation of a number of other projects aimed at developing infrastructure in the province including the creation of sidewalks and paved streets, according to the specifications applicable to it and a reference Abdullah Suhail, "that there is a reluctance in the implementation of the project building, office maintenance shops by the Supreme Council for the reconstruction to agree either to withdraw the project or form a committee to speed up work and we as mayor would prefer to form a committee acceleration due to a potential material for contractors, therefore, possible that the committee paid work and the building completed on time.
Analyst: Iraqi economy continues to flounder and needs to organize
Baghdad, Economic analyst finds cute Abdul Salem announcing that the Iraqi economy continues to flounder and needs to be organized in order to grow and evolve.
Announcing said in a statement to a reporter (News Agency news) Monday: that Iraq possessed large economic fundamentals that could make him sites on the world market and have an impact, but these ingredients are not exploited properly and organizer.
And between the Iraqi economy announcing: flopped and needs to be re-examined and regulated through economic policy understandable and accurate, noting: that Iraq oil exports and imports of oil products "process is not just economic."
Continues ...read more .. He stressed that the Federal Government to develop a new economic order in accordance with scientifically accurate that develops strategic bases from which to build the Iraqi economy and its evolution, saying: to keep abreast of modern global economic development in order to improve the local economy and rehabilitation is now supported on oil revenues.
Economic analyst invited to take advantage of Iraqi minds abroad and built through economies of many States in the world, in addition to the use of foreign expertise and the organizations of the United Nations that its primary role development of underdeveloped economies.
Earlier, a student member of the parliamentary Economic Committee and the National Alliance Deputy//Abdul Hussein ressan was arrested with five-year strategy plan preparation or decimal restructure the Iraqi economy to its laws and institutions.
Ressan was arrested said reporters (News News Agency): the Federal Government is preparing a five-year strategy plan or decimal whether medium or long-term future scientific study-based restructuring of the Iraqi economy to its laws and institutions and cadres working, as a result of the now economy of chaos and instability.
Ressan was arrested: he should take the Ministry of Commerce turn properly and seriously in the interest of the Iraqi economy that has a major responsibility in the development of the economy and development.
There is global consensus that Iraq is on his way to assume the lead as an economic powerhouse in the region, especially after its entry in energy investments and to check out the exploitation of an optimum post-oil contracts signed with major international companies and most recently investment SOC.
Reflected the strength of Iraq's economic strategic location geographical through panoramic view of the number of global markets, the task especially the GCC, Turkey, Iran, Jordan and Syria, according to experts as well.
This feature makes it a promising market in the possibility of being used to transit trade corridor to these markets among themselves, and indicate the current events in the region to the possibility of this transformation, especially the announcement by Turkey days before the transfer of trade by Iraq rather than Syria, meaning that it is likely to play a major role in global activity.
Continues ...read more .. about these visions global strength and durability of the Iraqi economy and the future revealed what is required to do in order to accommodate this role to the fullest?
fact that an investment such as this window of opportunity close to actually require Iraq to the restoration and establishment of infrastructure that can accommodate such a development in the commercial field, which generates the Iraq revenue we were looking for an alternative to unilateralism in Aloizna.
the first requirements to speed up the completion of the port of Faw With this move should be implemented, Roads and Transport new world-class, plans and designs and sophisticated railway sophisticated and that's not all.
but there is a need in other areas need attention to it and the need to speed up the provision of the most important:
the free zones in Iraq, where information indicates that the active senior started to appear on the Iraqi arena in this area but the picture is incomplete from this area was due to the law governing this activity and perhaps most of the world depends on the activity of the free zones to reap significant revenues in Iraq is still activity is limited, therefore, needed to activate the Free Zones Act, which amounted to the progressive development of transit trade important in the development of the Iraqi economy.
There is also a problem, apparently through Malmsnah of a modern Director-General of the General Authority for Free Zones in Iraq at the intersection of instructions between border crossing points and customs, taxes, hampering operations to attract investors and traders.
These four directions are the responsibility of the Ministry of Finance as sponsor it, what is needed to speed up the amendment of laws so as to ensure smooth high for this important activity and the ability of financial and Ozerha known in the solution to such problems simple.
With regard to the Ministry of Transport, Housing and Construction are Adre of the importance of the infrastructure that we talked about at the beginning of the column and Our big hope is to pay attention to this of ideas.
Iraqi government launches tomorrow 2987 the degree of functional
Baghdad, Iraqi government announced on Tuesday that the Ministry of Finance will launch tomorrow, 2987 degrees and careers of employees in the Office of the elections.
The lack of employment opportunities at the top of the demands that citizens are protesting them on an ongoing basis, particularly among young people.
The Iraqi government says that the rate of unemployment in the country does not exceed 15 percent, reports indicate some of the local and international organizations, as high as about 30 per cent.
The Economic Adviser in the government peace Quraishi, told the Kurdish news agency (Rn) "launches tomorrow, the Ministry of Finance 2987 degrees and careers in the Dependants of the Electoral Commission."
Continues ...read more .. "The Iraqi government has agreed today to launch the Ministry of Finance jobs and names are identified through the Committee of specialized government."
Quraishi pointed out that "the General Secretariat of the Council of Ministers are trying to find solutions to the workers in the election commission and the others who have up to 4 thousand mostly worked less than a year in the Office."
Iraq has been allocated 115 thousand jobs in the country's budget for next year, which according to government estimates of 131 trillion Iraqi dinars (about $ 112 billion), up 36% from the current year budget and a deficit of 23.3 trillion Iraqi dinars (20 billion dollars).
Bankers flock to Iraq despite dangers In Iraq commerce is forced to co-exist with extreme violence. When al-Qaeda-linked militants attacked a church in Baghdad's affluent Karada district last year, resulting in scores of deaths, the Iraq Stock ExchangeIraq Stock Exchange opposite the church still opened its doors the next day.
The number of bombings and attacks has fallen sharply from the peak in 2006-2007 but Iraq still seethes with barely contained sectarian tensions and intermittent bouts of violence.
However, that is not deterring investment bankers hungry for potentially lucrative mandates. Over the past year, a trickle of visits from intrepid bankers has turned into a steady stream of senior executives from some of the world's largest financial institutions.
"The international banks can smell the opportunities," says Shwan Taha, an Iraqi who formerly worked for the family office of hedge fund manager George Soros, and returned to Iraq in 2007 to set up Rabee Securities, now one of the country's largest brokerages. "More and more bankers are flying in, and more will continue to come."
Continues ...read more .. The head of a major private security company says he has seen a noticeable increase in visits by investment bankers in the past four to five months.
"We'll provide access to secure accommodation and personal security details, including close protection," he says. "The biggest single threat to those kind of people is really kidnap - that's obviously a fairly nasty outcome."
Yet the lure of Iraq is obvious. The country sits on about a 10th of the world's known oil reserves, and has managed to ramp up production to about 2.7m barrels of oil a day. The International Energy Agency estimates that Iraq will be the biggest contributor to global oil supply growth between 2010 and 2035.
In addition, Iraq's economy is expected to expand rapidly on the back of heavy government investment in rebuilding the country.
It is primarily these rebuilding efforts that are enticing bankers. Some estimate that the total bill for sorely needed investments in oil and gas infrastructure, electricity, healthcare, sewage and roads will end up being more than $500bn in the coming decades.
The tiny but growing Iraq Stock Market (ISXISX) is also attracting some attention. It was opened for foreign investment in 2007, and in 2009 moved to daily trading and introduced OMX's electronic trading system. The total market capitalisation of the 85 listed companies is still a minuscule $3.5bn but the market has risen by about a third this year.
The planned listing of Iraq's three phone companies could almost double the market's size if they go through as proposed.
"We would like the ISX to become an integral part of the growth of Iraq," says Taha Ahmed al-Rubaye, the exchange's chief executive. "For that we are encouraging more companies to list and also educating the public and businesses on the benefits of capital markets."
Yet despite all its promise, bankers concede that Iraq is fraught with potential pitfalls.
Security is the largest concern. Baghdad remains riddled by checkpoints, monstrous concrete barriers and barbed wire. "It's a lot better than it was but security is still a major problem," concedes a senior American banker.
Iraq's convoluted, dysfunctional politics is another obstacle. While an Iraq Securities Commission has been established to regulate the capital markets, the law that spells out those regulations is still awaiting its turn in parliament - much like the long-delayed petroleum law that has stymied the development of Iraq's oil industry.
Banks also run the risk of falling foul of Iraq's murky politicking, vividly highlighted by a scandal at the Trade Bank of Iraq, set up and assisted by a JPMorgan-led group of banks.
Hussein al-Uzri, the bank's founder and chairman, was this summer forced to flee the country after the authorities accused Trade Bank of financial irregularities. Mr Uzri said the allegations were fabricated, and Sir Claude Hankes, an independent adviser to the bank, sent a damning open letter accusing prime minister Nouri al-Maliki of widespread "political corruption".
One senior investment banker says his institution is staying out of Iraq due to the "reputational risks" that can result from operating in the country.
Nonetheless, for many international banks contending with a bleak outlook in more traditional markets, Iraq's potential is simply "too big to ignore", says one senior banker.
Development allocations «cost of living» and the settlement of the salaries of staff
Finance Committee: an expected increase in the salaries of retirees
Baghdad, Tariq al-Araji - Alaa al-Tai
Recommended that the Secretariat of the Council of Ministers, the relevant committee to reconsider the pay scale, taking into account the grades lower, and the settlement of the salaries of staff in all ministries, with the introduction of provisions under the heading "cost of living" added to the salaries are variable.
This comes at a time in which he disclosed the President of the Finance Committee in the House of Representatives for Haider Abadi, an expected increase in the salaries of retired next year, while the opposition said the World Bank to increase staff salaries, but he stressed that the amendment will be on the scale of salaries currently approved.
The Secretary-General of the Council of Ministers on the Keywords, in a statement singled out the "morning" that the said Committee which was formed recently held its first meeting at the end of last week, attended by members of the House of Representatives and a representative of the General Secretariat of the Council of Ministers and the relevant ministries.
He added that the General Secretariat of the Council Ministers urged the Commission to follow several steps to improve staff salaries, the most prominent review of the salaries of the lower grade so they can cover living expenses that are rising steadily.
Continues ...read more .. He Keywords that the second recommendation stressed the importance of finding the system ensures that the difference in salaries between the Ministry and the other, rounding differences, with The third recommendation to address the problem of high prices and keep pace with annual inflation by calculating the allocations under the name of "cost of living" through which to control the wage bill by adding the amounts varying according to economic conditions.
The Keywords that there is another committee to consider reviewing the salaries of retirees, stressing the importance of the subject of all these procedures to studies that are based on the basis that takes into account the financial obligations of such an increase, with no effect in the amounts allocated to the services and projects. revealed in this connection that the differences that were calculated in the salaries of employees of the Ministry of the Interior commissioned the state treasury three billion dollars, in addition to one billion and five hundred thousand dollars, the value added to the salaries of staff of the Ministry of Education.
He noted the Secretary-General of the Council of Ministers to work in the peace of the new salary is subject to the completion of the law was passed and approved by the government and parliament, expected to take several months. within therefore, the head of the Finance Committee in a statement to the "morning": that "there is a tendency to unify the pension law and safeguards for the public and private sectors, and we expect to see pensions increase, are now prepared a draft law by a committee of the membership director of retirement and the Ministry of Finance commissioned by the Finance Committee of the Parliament.
He added, Abadi said the current trend is in the guarantee "the rights and pensions in the public sector and private sectors and improve the pensions of the owners of the lower tiers, especially that some of their salaries are not enough to meet the breath to live a segment ruled a large part of her life in service of the state and asked through a surplus in the current year to improve the salaries of retirees, as it must be a minimum of pensions appropriate to not more than what is received by an employee of State of his peers and vary depending on the points that enjoyed by retired and taking into account years of service and witness.
"ruled out the Chairman of the Committee of Finance" there is an increase close to the salaries of the employees, but he said that there is an amendment to the law of the salary scale is currently in the Finance Committee.
He reported the existence of objection from the World Bank to increase in the allocations of salaries that was completed this year for the staff of the Ministries of Interior and Education, and to raise salaries again must take the approval of World Bank to increase the operating budget because the non-productive salaries clause of the state and this creates problems.
Specialists warn that the continued rise in inflation in the country
Markets witnessed the capital Baghdad and other provinces rises slightly in the price of food, clothing, household items, both attributed the observers reasons that rises to the expensive prices in the countries of origin on the one hand and to the uncontrollable price of the market, which is not subject to control and the laws of the competent authorities in Iraq,
in the meantime confirmed Central Agency for Standardization and quality control high rates of inflation for the past month by 5 percent, which called for many professionals to warn of the consequences of continued high inflation indicators, which they said will contribute to the reduction of the growth processes as well as causing increased rates of poor and needy.
The economic researcher as Abdul Hadi said inflation in Iraq in total due to increased supply of money winning by the expansion of the general budget and increase government spending, is that Abdul-Hadi said during his speech (morning) that the most prominent factors that led to the worsening inflation in Iraq back to the inconsistency two policies of financial and cash in the country and the different visions and destinations between the central bank and politicians, which purports to from behind, to address inflation and other policies that prevent the application of the efforts the Central Bank.
Continues ...read more .. He said Abdul Hadi said the expansion of government spending will shift to the private sector by spending multiplier, as well as increased demand for goods and services and increased demand it, and the high rate of import, which leads to the result of increased demand for foreign currency and thus leads to high rates of inflation.
hinted researcher that inflation varies from month to month, but that the result is tremendous pressure on money supply and thus cause a decline the value of the dinar against the rest of the foreign currency and this damage is most likely posed by inflation in Iraq. In order to reduce the effects of inflation, which could reflect negatively on the overall economic process in Iraq, he called Abdul Hadi need to activate the real sectors productivity Kalqtain industrial and agricultural in order to meet part of domestic demand, winning many materials that are imported at the present time, and this can be traced by the equilibrium price of the material.
The Ministry of Planning has announced the registration of slightly higher inflation-indexed in Iraq for a month last October by 0.3 percent compared with September the previous year.
The statement by the Ministry of The inflation indices for the period from October 2010 until October 2011 saw were higher by 5 percent. The statement noted that the Central Bureau of Statistics completed the inflation report for the month of October 2011 which was prepared on the basis of collected field data on the prices of goods and services components of the consumer basket of selected sample of outlets in all provinces of the country.
The statement said that prices in the Kurdistan region recorded in the month of October 2011 compared to the previous month, a drop of 0.1 percent resulted mainly from a decrease in the prices of food and non-alcoholic beverages by 0.1 percent, and prices of clothing and footwear by 0.2 percent, and transport prices by 1.3 percent, and the prices of recreation and culture by 0.1 percent, and prices of miscellaneous goods and services at 2.7 percent. and the average prices in the central region during the month of October 2011 compared to the previous month rise of 0.5 percent resulted mainly from the increase in prices of food and beverages non-alcoholic rate of 0.4 percent, and prices of clothing and footwear at 0.6 percent, and housing prices at a rate 1.0 percent, and prices of health, a rate of 0.6 percent, and the prices of restaurants by 0.1 percent, and prices of miscellaneous goods and services at 0.6 percent.
The statement also said that prices in the south recorded in the month of October 2011 compared to the previous month increased by 1.1 percent resulting mainly from the increase in prices of alcoholic beverages and tobacco by 0.7 percent, and housing prices by 8.7 percent, and prices of health by 0.5 percent, and the prices of recreation and culture by 0.1 percent, and the prices of restaurants, a rate of 0.4 percent.
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Economy Discussed the Parliamentary Law of the Infrastructure
Committee revealed the economy and invest in the House of Representatives, for the law of the infrastructure has been discussed over the past few days in the presence of members of the committees of construction and financial services, explaining that the legislation of this law prepares the ground for the entry of investment companies to Iraq.
A member of the Committee of Economy and Investment parliamentary Salman al-Musawi’s “Twilight News” that the economic and investment commission discussed the draft law on infrastructure with the participation of the committees of construction and financial services under the auspices of the Vice President of the Council Qusai al-Suhail, “adding that” the amount of monitoring the application of this law, an estimated $37 billion. “
The House defeated a bill of the former Iraqi infrastructure made by the government at that time, the law requires the granting of investment companies large infrastructure projects worth $70 billion in a postpaid when many of the industrialized world, including major financial crisis.
However, the bill requires new infrastructure to the implementation of foreign companies, especially Korean, including infrastructure projects, such as schools, hospitals, water projects, in a payment on credit by $35 billion.
Musawi said, “lies the importance of this law in the legislation configured to ground the necessary infrastructure needed Alajnah investment companies that desire to invest in Iraq.”
Iraq has suffered from dilapidated infrastructure sectors in the overall result of long years of siege and war during the last two decades of the last century.
Despite the passage of eight years to topple the former Iraqi regime, the Iraqi government could not provide basic public services for citizens, which are often protesting the lack of it.
18/12/2011
