The Dinar Daily, Saturday January 11, 2015
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    The Dinar Daily, Saturday January 11, 2015

    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:

    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.

    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:

    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.

    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.

    The Republic of Iraq – Ministry of Planning


    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…

    2) the Gold Article…

    3) the IIER report…

    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.

    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.

    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.

    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…

    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??

    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.

    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”

    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??

    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 84 of the massive SIGR report.

    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________


    Coins put on the market !!

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century


    CBI is preparing to issue a monetary metal parts

    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.


    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.


    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters

    KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country's banks today when they open for the first time since the end of the Iraqi occupation.

    Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.

    "We expect a rush of people," said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.

    Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.

    When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.

    Balances of customers' accounts will go back to what they were on Aug. 1, a day before the invasion.

    Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.

    The new Kuwaiti money will be exchanged for old at a one-to-one rate.

    BGG ~ Thanks to wmawhite for some facts on the subject.

    Hi BGG,

    Just thought I would drop you an email. I listened to the call, and was interested in what was said about Kuwait, if I may - I will add my 2 cents worth.

    You were spot on with what you said, I have a close friend who's father made a killing on the KWD. He bought from people who had fled the country and he paid pennies on the dollar (we are in Australia). He took the chance that Iraq would be kicked back out and he was right.

    When the money was reinstated, he exchanged it for AUD at a rate in the mid 3s. The interesting thing about it is, Iraq invaded in November 1990 (I think), they were kicked back out at the end of Feb 1991, the banks reopened with a brand new KWD in late March, that's not a bad time frame to get a currency designed, printed and made ready to use, also the time that the old KWD was valid was initially only for 2 months, then extended to 6, so it was valid until Sept 1991, interesting I think.

    Also the other thing that seems to be a "fact" in Dinar land is Bill Clinton used the Kuwait RV to pay off the debt. However, Clinton was not President in 91, he did not take office until 93, even I know that and I am an Aussie.

    Anyway thanks for the site and enjoy listening to your calls.

    Kind Regards,

  2. #2

    Re: The Dinar Daily, Saturday January 11, 2015

    Parliamentary economy calls for the formation of a committee of the Ministries of Finance and Planning and the World Bank to monitor the monthly revenue

    Member of Parliament for a coalition of state law Jawad al-Bolani

    Tomorrow Press / Baghdad:
    The head of the Commission on Economy and Investment parliamentary Jawad al-Bolani, Saturday, to form a higher committee of the Council of Ministers and the Parliament and the Ministries of Finance and Planning and the Central Bank to monitor oil revenues every month and presented to the House of Representatives.

    Bolani said for "tomorrow's Press," Our Committee "proposals submitted to the government requires the consolidation of customs fees at all border crossings, because the justice of the most important features that must be achieved by the budget," noting that "the Committee of Economy has formed a committee to study the issue of savings to be currency difficult. "

    "We have asked that the border crossing points in Kurdistan contribute to the state budget and not just oil exported from the region, because the federal government paid the salaries of staff and the Peshmerga and they must contribute to the budget of the federal state, so we asked to have us Nzakm unified customs."
    Bolani said that "the Legislative Council is trying to take advantage of the quotient of understanding between Baghdad and Erbil to solve many of the problems", suggesting that "the formation of a committee of the Council of Ministers Ministries of Finance and Planning and the Central Bank to control Iraq's oil revenues and other monthly and accurately and to inform Parliament on them, so that the House of Representatives of the Department of control the affairs of state institutions. "

    The Council of Ministers approved in its regular, in 23 of the current December, the budget bill and sent it to Parliament for formal approval, pointing out that the budget approved B123 trillion dinars and a price of $ 60 per barrel of oil and a large deficit.
    Last edited by sczin11; 01-10-2015 at 09:58 AM.

  3. #3

    Re: The Dinar Daily, Saturday January 11, 2015

    Wall Street Journal: ambitious al-Maliki in power hinder the political process in Iraq

    Zhandan- Zia Caliph

    Deemed newspaper (Wall Street Journal) that ambition Maliki in power, "the prime minister" hinder the political process in Iraq and the political reforms that began to be implemented by current Prime Minister Haider al-Abadi.

    The newspaper said in a news report that "former Prime Minister Nuri al-Maliki is trying hard to revive his political career, five months after leaving office, which complicates the push behind him (Haider Abadi) for true reconciliation and finding allies of the Sunni Arabs to participate in fighting al Daash."

    The newspaper added that "a number of senior officers in the army loyal to the owners were forced to resign or retire request, especially after al-Abadi announced his determination to end corruption in the military establishment and the assignment of some of the officers to the investigation."

    The paper points to "enable Abadi in the last month of the conclusion of a political deal with the Kurdish leaders to solve the oil crisis between the two sides, paving the way for the settlement of the conflict on the domestic energy, which was a source of political division of resources for years."

    The paper explains that "Maliki, who still leads the Islamic Dawa Party, which belongs to him by current Prime Minister Haider al-Abadi locked in a battle with al-Abadi power within the party."

    The paper quotes close to Maliki as saying that "Maliki is trying to take advantage of his support within the party to oust al-Abadi, when the time is right."

    The newspaper found that "in the event of failure to defeat al-Abadi Daash and the disintegration of the current political coalition, the road will open up in front of al-Maliki to achieve his ambition and return to power."

    The newspaper also pointed out that "Maliki's office refused to comment on questions from the newspaper."
    Last edited by sczin11; 01-10-2015 at 08:52 PM.

  4. #4

    Re: The Dinar Daily, Saturday January 11, 2015

    Finance Committee decided not to re-balancing of the government, despite the continuing decline of oil prices

    BAGHDAD - ((eighth day))

    Finance Committee revealed on Saturday, it had decided at its last meeting not to return the budget to the government and to continue to discuss it in the House of Representatives in spite of the continuing decline of oil prices in the global market.

    A member of the Finance Committee MP Jabbar Abdul Khaliq said "the reason for delay in approving the 2015 budget is a continuous decline in the global oil market," not striking that "the stability of the House of Representatives for approving the budget, the price of a barrel of oil as soon as possible will not wait."

    "The country is going through an extraordinary economic circumstance at the current stage and in spite of the conviction of some that the oil price will recover, but the Finance Committee recommended against the adoption of alternatives and wait for the oil to supplement the state budget to be able to implement the programs and plans."

    He said Abdul Khaliq that "allow OPEC to increase its share of Iraq's oil exports is a positive step to improve the economy", calling for "seize this ceiling to support the budget."
    Last edited by sczin11; 01-10-2015 at 10:08 AM.

  5. #5

    Re: The Dinar Daily, Saturday January 11, 2015


    Hakim: the reopening of the Saudi embassy in Iraq proves entrench democracy and the stability of his government

    [Follow-where] The head of the Islamic Supreme Council of Iraq Ammar al-Hakim said, "Saudi Arabia's move to reopen the Saudi embassy in Iraq proves that democracy has become entrenched in Iraq and stable government."

    Hakim said in a press statement in response to a question about his assessment of the reopening of the Saudi embassy in Iraq, "said the openness of the Arab countries on Iraq and dealing with the Iraqi government proves democratization and stability of the government and there are countries trying to deal with the Iraqi government."

    He said on the sidelines of his visit to Iran, "We welcome the good relations existing between Iraq and neighboring countries and emphasize the strategic relations between Iraq and Iran."

    It is said that a delegation headed by Saudi technically Abdul Rahman Monthly vice president of the information department at the Saudi Foreign Ministry is visiting Iraq arrangements necessary for the reopening of the Saudi embassy in Baghdad and procedures after closed in 1990, as well as open a consulate general in Erbil. "

    Saudi Foreign Minister Saud al-Faisal had told his Iraqi counterpart Ibrahim al-Jaafari during their meeting in Jeddah Conference, which was held on 11 September, the opening of the Saudi embassy in Baghdad soon to be "in a sign of the return of the two countries after the formation of the new Iraqi government.

    The witness the opening of the Saudi embassy attend Foreign Minister Saud al-Faisal to Bgdad.anthy

    Last edited by sczin11; 01-10-2015 at 10:07 PM.

  6. #6

    Re: The Dinar Daily, Saturday January 11, 2015

    Parliament to raise its third day after tomorrow

    Long-Presse / Baghdad

    Raised the Presidency of the Council of Representatives of Iraq, on Saturday, the third session of the second legislative term legislative year, the first to post on Monday, as witnessed Hosting Prime Anbar morning province Krhot and chief of operations and discuss the financial budget for the current 2015 law, and an end to the first reading of the bills the meeting, stressed A parliamentary source that identified the presidency on Monday, the deadline to discuss the budget.

    The source said in an interview to the (long-Presse), "The House of Representatives Speaker Salim al-lift, this afternoon, the third session of the second legislative term legislature for the first year to the day after Monday," noting that "the meeting saw a host Prime Anbar province morning Krhot The official security committee to discuss the security situation in the province. "

    The source, who asked not to be named, said: "The meeting Chhdt continuation of the discussion of the draft federal budget for the 2015 law, and the end of the first reading of the draft accession of the Republic of Iraq to the Promotional Framework for Occupational Safety and Health No. Convention on the Law (187) for the year 2006, the first reading of the draft contract law Treaties ", noting that" the President of the House of Representatives Select a day after the Monday deadline to discuss the budget bill. "

    The Presidency of the Council of Representatives, decided, on Saturday convert paragraph host the Chairman of the Board of Anbar province morning Alkrhot and head of the security committee during the third session, which was held under the chairmanship of President Saleem al-Jubouri and 207 deputies to the secret, the accuracy of the information that will be launched during the debate on the security situation in apologized operational commander Anbaralloa Gen. Qassem Mohammadi for the meeting because of the security situation in the province.

    The Iraqi Council of Representatives held on Saturday, its third of the second legislative term of the first legislative year, led by Salim al-Jubouri, and the presence of 207 deputies, while the agenda of the meeting included host Prime province Anba and an official of the security committee and commander of the Anbar Operations to discuss the security situation in the province, and continued reading Second to balance in 2015, as well as the first reading of the draft legal.

  7. #7

    Re: The Dinar Daily, Saturday January 11, 2015

    Parliament is still required to cut expenses in preparation for the adoption of the budget during the week

    BAGHDAD / Mohammad Sabah
    Parliamentary Economic Commission revealed, for the government went to pay off the debts of foreign oil companies through external borrowing by issuing treasury bonds worth $ 12 billion.

    With that said, the budget deficit rose to 43 trillion dinars, due to the continued decline in oil prices, the government called for the postponement of the payment of foreign loans worth 3.733 trillion dinars.

    Conversely Finance Committee confirmed that it has not been any transfers in the doors of the budget until the completion of retrenchment and discussed, "indicating that in next week's federal budget will be ready to vote."

    The Commission has repeatedly accused the government put allocations exaggerated within the current austerity conditions, and said it would ask for reduced security ministries grades, although the circumstances of the war with Daash.

    Confirms Jabbar Abdul Khaliq, a member of the Finance Committee, that "the decline in oil prices will lead to significant impacts will occur on the budget, which will increase the percentage of disability."

    But Abdul-Jabbar, adds in an interview for the "long", that "experts in the oil sector expected rise in oil prices in the next few months," adding that "the House of Representatives in the ongoing discussion of the budget during the current week."

    Explains a member of the Finance Committee said, "Next week will be the federal budget is ready to vote," pointing to his committee "has not been any transfers in the doors of the budget until the completion of the discussion and reduce unnecessary expenditures."

    Says Najiba Najib, a member of the parliamentary Economic Committee, said that "the House of Representatives on a daily basis and listen to suggestions and additions made by the political blocs in the hope included in the draft budget for the year 2015 Act."

    Predicted Najib, in a statement to the "long", "The House of Representatives ends of the receipt of additions and suggestions on the draft budget in the next session Monday and then will open the way to the Finance Committees and the economy to review the budget items to be submitted to a vote at the earliest."

    And emphasizes the economic committee member that "the proportion of the deficit in the draft budget amounted to 43 trillion dinars because of falling world oil prices to $ 44."

    They pointed to the non-inclusion of certain financial revenue, wondering, for example, the absence of information about the financial returns "of petroleum products for domestic consumption, in the draft budget" and wondered, "Where is this money goes and how much size and whether can be used to fill some of the shortfall?".

    And reveal the Kurdish MP for the "trend in government external borrowing through the issuance of treasury bonds worth $ 12 billion, to pay the expenses of oil companies operating in Iraq," indicating that "the budget law gives the Minister of Finance to resort to the validity of this borrowing."

    The former oil minister Ibrahim Bahr al-Ulum stressed the "long" that the Iraqi government is required to pay about $ 27 billion for foreign companies that worked on the development of the southern fields during the past two years, revealing spending foreign oil companies about $ 43 billion over the past two years, and it plans to invest 87 billion dollars until 2016.

    The parliamentary Finance Committee revealed the "long" that Iraq will not reimburse the full amount of the companies, due to the financial crisis and the collapse of oil prices, and perhaps provide them with guaranteed bonds worth $ 12 billion only, to postpone the rest.

    Demanded Rep. Najiba Najib government to "postpone the payment of benefits and premiums Bzmtha which are estimated at 3.733 trillion dinars, including Paris Club debt and entitlements of the Arab Fund and the International Monetary and benefits of the World Bank settlement of six loans with repayment versions of Money the Old Treasury days of the former regime since, which is estimated at 200 billion dinars. "

    Explains Najib said the "size of the premiums Paris Club agreement amounting to 932 billion and 800 million dinars, and the Arab Fund dues amounting to 46 billion and 600 million dinars, and that the premiums of the International Monetary Fund amounting to 839 billion and 500 million dinars, while the six interest on loans amount to 1 trillion and 252 billion dinars."

    It draws out that "Total loans and interest on the Iraqi government paid, during the current year, $ 3 trillion dinars and in the form of premiums."

    It goes by the Economic Commission for saying "the government's debt and interest put in a special report within the budget to clear us know clearly and precisely," pointing out that "previous governments had refused to send it to parliament for unknown reasons."

    A report of the Finance Committee, which submitted it to the parliament that the lack of data tables and private budget in 2015 for the ministries that what the economic principle of government policy is still controlled by the central planning clearly without getting any of the practices of decentralization detailed the role. "

    The report adds that "the proposed loans amounted to estimate (22.4) trillion in revenue side devoted mostly to cover the deficit in absolute terms without paint a budget mechanism to use and customize to meet the ongoing consumer spending."

  8. #8

    Re: The Dinar Daily, Saturday January 11, 2015

    Saudi delegation to Baghdad: Iraqi government directives facilitated our mission and the embassy will be opened soon

    Long-Presse / Baghdad Stressed the Saudi Foreign Ministry delegation to Baghdad on Saturday, the Iraqi government directives significantly contributed to facilitate the task of the taxpayer delegation inaugurated the embassy, ​​and expressed the hope that the embassy in "operational condition in the near future", and with the exception of Iraqi Deputy Prime Minister Bahaa al-Araji opening Embassy "to end the state of estrangement and the intersection he wanted some," pointed out that the consolidation of relations between the two countries push for stability in the region.

    The Deputy Prime Minister said Bahaa al-Araji's office said in a statement received (range Press), a copy of it, that, Araji "received at his office in Baghdad delegation Saudi Foreign Ministry, headed by Abdul Rahman Monthly," noting that "the two sides reviewed the developments in the re-opening of the Embassy of the Kingdom file developments Saudi Arabia in Iraq. "

    He expressed his concern Araji through the statement that "these are normal relations between the two countries, but strong," asserting that "the opening of the Saudi embassy in Baghdad is to end the state of estrangement and the intersection he wanted some."

    He said al-Araji, to "stay away from Iraq and Saudi Arabia will generate a lot of problems while consolidating these relations push for stability in the region," expressing his concern that "there is an Arab policy, and one in particular neighboring countries against terrorism and how to find ways to combat it."

    Araji pointed out, that "the current government is keen to be a normal relationship and that this relationship is to achieve the interests of the two countries."

    For his part, President of the Saudi delegation, Abdul Rahman Monthly, "We talked in our meeting today on the action brought by the Custodian of the Two Holy Mosques to reopen the Saudi Arabian Embassy in Baghdad and the opening of the General Arbil consulate," asserting that "the Iraqi government directives have had a great impact in facilitating the task in charge of the delegation to reopen the embassy. "

    Monthly and expressed the hope that "the Embassy of Saudi Arabia in operational condition in the near future, in order to serve the interests of the two countries and the people of Iraq and the people of Saudi Arabia," noting that "the cooperation between the two is the original and terrorism is a scourge hit countries in the region, although the kingdom fixed position and frank of this scourge, namely flatly rejected, whatever its claim to be emanating from Islamic principles and Islam completely innocent. "

    One of the Saudi Foreign Ministry technical delegation arrived in (January 4, 2015), to the Iraqi capital Baghdad to discuss logistics for the opening of the Saudi embassy in Iraq.

    The Saudi Press Agency official Saba, uncovered, in the (January 3, 2015), that the Saudi delegation will visit Baghdad this week to begin preparations for the re-opening of the Saudi embassy in Iraq, while showed that Saudi Arabia also plans to open a consulate general in Erbil. "

    The head of the Iraqi government, Haider al-Abadi in (December 2014) 3, called for the development of relations between Iraq and Saudi Arabia for "to accelerate the defeat of the" organization (Daash), with Saudi Foreign Minister Saud al-Faisal announced that he will visit Iraq soon, expressed his happiness and joy to "Achievements "Now that achieved in Iraq.

    The lives of the Iraqi-Saudi relations a state of apathy and deadlock since the Prime Minister Nuri al-Maliki as prime minister in 2006, it has accused Saudi Arabia on more than one occasion, the Iraqi government and its president to exercise a sectarian approach in power, while al-Maliki, under some affiliated with the National Alliance Shiite leaders accused Riyadh of being behind Violence in Iraq, confirmed that the presence of Saudi militants in Iraq demonstrates this, as tended these relations to thaw after the arrival of Prime Minister Haider al-Abadi to power, which stressed on more than one occasion on his quest to re-bridges again with all countries of the world, particularly neighbors, where Iraqi Foreign Minister Ibrahim al-Jaafari visited Saudi Arabia before the visit of the President of the Republic. D8%B9%D9%88%D8%AF%D9%8A_%D8%A5%D9%84%D9%89_%D8%A8% D8%BA%D8%AF%D8%A7%D8%AF_%D8%AA%D9%88%D8%AC%D9%8A%D 9%87%D8%A7%D8%AA_%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9 %85%D8%A9_%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9% 8A%D8%A9_%D8%B3%D9%87%D9%84%D8%AA_%D9%85%D9%87%D9% 85%D8%AA%D9%86%D8%A7_%D9%88%D8%A7%D9%84%D8%B3%D9%8 1%D8%A7%D8%B1%D8%A9_%D8%B3%D8%AA%D9%81%D8%AA%D8%AA %D8%AD_%D9%82%D8%B1%D9%8A%D8%A8%D8%A7

  9. #9

    Re: The Dinar Daily, Saturday January 11, 2015

    Barzani's party: the problem of late payment of salaries and the staff of the region ended Setslmunha

    Long-Presse / Sulaymaniyah Kurdistan Democratic Party led by President of Kurdistan, Massoud Barzani, revealed on Saturday, the provincial employees will receive their salaries in conjunction with the receipt of Iraq staff salaries, while stressing that the problem of late payment of salaries over.

    And the transfer of the Kurdistan Democratic Party site a source in the Ministry of Finance and the central government followed the (long-Presse), said that "the problem of late payment of salaries has ended and will receive Kurdistan staff regularly from now on with the rest of the staff of the Iraqi provinces."

    The Web site said that "the agreement between the KRG and Baghdad also included addressing the problem of salaries."

    Referred to as the Baghdad and Erbil agreed in (2 December 2014), to solve the outstanding issues between the two sides, including the Peshmerga forces allocations and the problem of the export of oil problems, as the President of the Kurdistan Regional Government Nechirvan Barzani at the time he hoped "to reach a radical solution to the problem of the region employees' salaries during the month January 2015 ".

    The head of the Kurdistan region Massoud Barzani attacked, in the, (February 25, 2014), the former Iraqi government to cut the region salaries, promised that the move was a "declaration of war on the people of Kurdistan," and among the region "did not take one step outside the framework of the Constitution." the subject of oil, stressed that "there is no problem with the Kurds, Shiites and the problem with the wrong policies of those who rule Baghdad."

    It is noteworthy that the staff of the region are suffering since the beginning of last year, 2014, the problem of unpaid wages as a result of the financial crisis experienced by the region after the former Prime Minister Nuri al-Maliki tradition by issuing orders to stop submitting the region's share of the Iraqi general budget. 9%8A-%D9%85%D8%B4%D9%83%D9%84%D8%A9-%D8%AA%D8%A3%D8%AE%D8%B1-%D8%A7%D9%84%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D8%A7%D9%86

  10. #10

    Re: The Dinar Daily, Saturday January 11, 2015

    Parliamentary committee: Customize trillion dinars for the displaced within the budget is not enough to meet the needs

    Khandan -ali Naji Economic Commission representative revealed, for the allocation trillion Iraqi dinars in the draft financial budget law for 2015, as shown that this amount is not enough to provide for their needs. A member of the Committee MP from the Union of National Forces Knight Knight told the "Khandan" The " The federal government has allocated more than a trillion to file displaced people scattered in the provinces of Iraq, "adding that" this amount is very small and not sufficient to meet part of their needs, and should increase the amount to 5 trillion Iraqi dinars. " He noted that "there are claims of the Union of national forces to increase the amount within the budget, "noting that" approving the budget this amount means adding to the suffering of other suffering taking place in camps for displaced people.

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