Alliance Alcardstadta hopes on the return of Talabani to end differences

16/09/2012 10:21

Baghdad, September 16 / September (Rn) - The Kurdistan Alliance bloc Sunday, hoped that the resolve of President Jalal Talabani after his return to the country's political differences, indicating that the reform paper had no effect so far.

And spin wide differences between the coalition of state law and the Iraqi against the backdrop of recent indictment of Prime Minister Nuri al-Maliki of mismanaging the country.

The deputy head of Muhsin al-Sadoun bloc, told the Kurdish news agency (Rn) "We Think of the President of the Republic after returning to convene a meeting to resolve the national political differences."

He pointed out that "there were only return Talabani to resolve the differences, on the grounds that a reform paper has no effect until now," adding that "he can to convene the national meeting."
And whether the national meeting will be held before determining a standardized worksheet which discusses, among Sadoun that "the meetings that will be held prior to the call for a national meeting has resolved this matter."

And exacerbated differences between Baghdad and Erbil over the past few months on pending issues since the adoption of the country's constitution in 2005.

The differences relate to the management of oil wealth and disputed areas the former regime change its demographic in favor of Arabs at the expense of the Kurds, in addition to the budget of the Kurdistan Regional Guard "Peshmerga" and other files.

The face of the region more than once barbs to al-Maliki, accusing him of seeking to monopolize power. But an agreement reached last week between the Kurdistan region and the federal government could end the crisis lasted for more than four months on the export of oil from the region and foreign oil companies dues.

 

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Arab Bank studying presence in iraq as part of his future plans

09/16/2012

BAGHDAD / JD / .. Arab Bank confirmed that the process of studying the presence in Iraq as part of his future plans, Mtdarka: but it needs to be assessed and thus to time.
The head of the Board of Directors of the Arab Bank Sabih Masri said in an interview with the magazine (Economics and Business) English: that the Council will rapidly in collaboration with the executive management plan to activate the bank guarantee his return to competition and to achieve growth and profitability, and the plan includes assessing presence geographical and operations of the Bank in order to bridge the gaps existing and strengthening branches or subsidiary banks and some restructuring with a focus on enhancing cooperation between the units and branches of the group, and keep the Palestinian identity of Jordan to the bank.
He stressed the importance that the Governing Council remains homogeneous and work in solidarity with the executive management represented by the CEO of the bank Nemeh Sabbagh.
The magazine reported in a comprehensive investigation that plan activation Bank concentrated in the switch current culture of the Arab Bank that need rehabilitation process, so that the new leadership is looking forward to evaluating the opportunities available to the bank in order to be activated and will no doubt trading in assessing presence geographical and operations of the Bank in order to bridge the gaps existing or strengthen the presence of branches or subsidiary banks and some restructuring with a focus on some topics, such as that the bank intends to activate the key markets such as Tunisia, where he works as a bank Tunisia has 120 branches across the country.
There is also a special attention in Egypt, where he owns a network of 26 branches as well as in Algeria, where enjoys a prime location in the financing of exports and business processes oriented, and there is also a re-evaluation of the contribution of the Bank at the Bank of Libyan Wahda with branches the 71 across Libya, noting that the Arab Bank right to raise its stake in Libyan bank to 51 percent before the passage of a particular order. It is expected to examine Bank Multi presence in Iraq as an Iraqi bank, but it needs to be assessed and thus to time. / End / / 22

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AMF Iraq depends managed float regime for currency exchange

09/16/2012

BAGHDAD / JD / .. Confirmed the Arab Monetary Fund said Iraq from among the countries which depend on the system flotation orbit currency exchange, pointing out that the drainage systems prevailing in the global economies and Arab currencies, including 3 types first "floating fully" and that left to market forces by identifying currency exchange rate, as dependent other countries system "peg a single currency or a basket of currencies" and states "cooperation", Jordan and Lebanon, as well as drainage systems combine the former regimes.
The head of the training section of the Fund during the "financial stability", which concluded yesterday at the Fund in Abu Dhabi Ibrahim Alkrasna "are diverse exchange in the Arab countries to 3 types," noting that both Jordan and Lebanon and the GCC countries peg its currency fixed exchange rates against the dollar. "
He added, linking Libya and Syria their currencies unit SDRs, while Morocco linking exchange rate DRAM basket undeclared currency, where the euro weight largest in the basket and determined central bank exchange rate Moroccan dirham daily, and selecting the minimum and maximum exchange rate of the dirham.
And that link to a basket of currencies is to choose a system linked to a basket of currencies available, such as SDRs and other currencies baskets, usually based on the currencies of major trading partners of the state.
He Alkrasna adopt all of Iraq, Tunisia, Algeria, Mauritania and Sudan system "floating orbit of exchange", where value is determined currency in the market, according to the forces of supply and demand, and the government to intervene when necessary to re-route the exchange rate, in line with a set of criteria including the status of the current account and currency reserves foreign, depends both Egypt and Yemen floating exchange system.
He pointed out that "free-floating" leaves the freedom of exchange rate change continuously over time, consistent with market forces, and only the intervention of the authorities in this case to influence the pace of change in the exchange rate only, and not to limit that change.
And said Alkrasna "indicate the literature on exchange rate regimes that there impact of exchange rates on economic growth and influence either directly through influenced by the exchange rate or indirect impact of the exchange rate on both investment and trade and financial sector development."
Economic theory indicates that the effectiveness of countries to deal with the trade shocks depends primarily on the exchange system adopted in these countries, which in turn is reflected in the country's economic growth.
"In the event prices fall exports State, the impact on economic growth depends on the exchange rate regime, whether fixed or floating, pointing out that the low price of exports will reduce state revenues, which will lead to a decline in economic activity, as well as in employment. "
"In the case of the adoption of the state system a fixed exchange rate, it requires the state to intervene to keep the exchange rate of the local currency by starting to buy the local currency, will reduce the availability of these currency, to grant facilities and investments, which will negatively impact on economic growth."
He stated that in the event of the adoption of the state to a flexible exchange rate or floating, the state is committed to intervene to raise the exchange rate results in a lack of foreign currency and lead to a further decline in the price of the local currency which will reflect positively on exports and thus an increase in economic growth.
He explained that the impact of the exchange rate regime based on the level of sophistication in financial markets, as the flexible exchange rate is usually coupled with fluctuations high and that could have a negative impact on the economy unless the financial system is able to absorb shock and provide dealers with tools hedge occasion, so thought that there must be a sophisticated financial system if I want to take advantage of the flexible exchange rate. / End / Emirati Union /

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Finance Committee expresses its surprise government from sending supplementary budget

16/09/2012 08:51

Baghdad, September 16 / September (Rn) - The Finance Committee of the House of Representatives, Sunday she was surprised to send supplementary government budget back to the House of Representatives after rejection, indicating that the current year's budget law sets priorities exchange without the need for approval of the House of Representatives.

The House of Representatives rejected in principle supplementary budget bill and return it to the government to amend it and act in accordance with what is stated in Article 23 of the Code of Federal budget.

Said committee member Najiba Najib told the Kurdish news agency (Rn) that "the House of Representatives rejected the supplementary budget when sent, according to the federal budget law, the House of Representatives is supposed upon ratification of the supplementary budget within one month of sent by the government and not the council that."

She said Najib that "the budget attributed to the government, which has legal cover for the exchange of the supplementary budget in accordance with Article 23 of the federal budget without the need to authenticate the House of Representatives," indicating that "exchange will be checked several points contained in Article 23 of the federal budget."

The Iraqi cabinet has approved a supplementary budget in the (3/7/2012) for the year 2012 the total amount of 10.875 trillion dinars.

Article 23 first federal budget law to that "the Council of Ministers to submit a supplemental budget to the House of Representatives, and in case you can not bit the House bill within 30 days of receipt of the bill Vlcil Minister added allocations to the federal budget by paragraph II of this article" .

The Second of Article 23 of the Budget Law to it "to the Federal Cabinet add allocations to the federal budget for the year / 2012 when achieve an increase in revenues from exports of crude oil exported through the first six months of this year, taking into account the calculated share of the Kurdistan region by (17 %) after covering the deficit and excluding expenses and sovereign ruling that found ".

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welcomes the agreement between Baghdad and the oil region

16/09/2012

"UNAMI" welcomes the agreement between Baghdad and the oil region
   

Six million barrels a day of Iraq's oil exports by 2017
Alsumaria News: confirmed Iraqi Oil Minister Abdul Karim and coffee Saturday that Iraq's exports of crude oil will rise to six million barrels per day by 2017, as he emphasized pursuit of his ministry to deliver oil exports in the next year to two million and 900 thousand barrels per day.


Said Abdul Karim and coffee during a press conference held in the ministry building that "Iraq's exports of crude oil will reach six million barrels per day by the year 2017," noting that "the Ministry is seeking to reach exports of oil to two million and 900 thousand barrels per day over the next year 2013." Predicted for coffee that "of Iraq's oil exports during the year 2014 to three million and 500 thousand barrels per day, up in 2015 to three million and 750 thousand barrels per day." The Oil Ministry announced last May for Iraq's oil exports rise for the month of April to about two million and 500 thousand barrels per day, stressing that such exports are the highest in 23 years. Meanwhile, welcomed the Special Representative of the Secretary-General of the United Nations in Iraq, Martin Kobler, announcing an agreement between the Kurdistan Regional Government and the federal government to resume oil exports from the region. Kuebler said in a statement that "Iraq needs security for investment, and I hope that the solution to this long-standing dispute will open the way for final approval and adoption of oil and gas legislation urgently needed by the Iraqi Council of Representatives." He added that according to the provisions of this Agreement, "will also be released for payments for energy investors," adding that "Iraq is now the second largest oil producer in OPEC and the oil industry is the mainstay of the Iraqi economy." Kobler said, "UNAMI has now an internal task force was set up recently are ready to do the role of a neutral facilitator and provide support to the Iraqi authorities in the oil and gas program."

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Economy parliamentary government is demanding more details on the Law of infrastructure

16/09/2012 08:48

Baghdad September 16 (AKnews) - The Commission asked for the economy and investment government Parliamentary Sunday more details on the infrastructure bill, and excluded law put to the vote on Monday, expressed fears of fund management by the government.

The claim comes after Prime Minister Nuri al-Maliki and a number of Almsúan executives detailed explanation of infrastructure bill to the House of Representatives yesterday.

The former House refused to pass a bill infrastructure made by the government of 70 billion dollars politically motivated.

Said Commission decision Mahma Khalil told the Kurdish news agency (Rn) that "the government claim in more detail and there are fears by MPs on corruption and the distribution of projects and renamed and profits, companies and guarantees from the companies that will be neither Iraq will depend on money."


Khalil said that "the fear comes from money management by the government are not valid for seven years has spent billions of dollars on infrastructure and did not accomplish anything, فالمخاوف remain until now, the law includes legal and technical gaps and unconstitutional."

He continued that "the law needs to agree and more consultations, and until now, the blocs is consistent, there are many questions to the House of Representatives So Vmodo need more time."

The decision of the Economic Commission ruled that the bill is thrown for a vote on Monday, and stressed that "the law needs to consensus and discussions."

The allocation amount for infrastructure projects a new gateway to pass the payment on credit projects, the Government intends to implement across the infrastructure bill, which it ratified in earlier, worth 37.5 billion dollars and forwarded to the Parliament, but had problems with approval.

 

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