The Dinar Daily, Sunday January 11, 2015
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  1. #1

    The Dinar Daily, Sunday 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, Sunday January 11, 2015

    Currency Auctions

    Announcement No. (2862)

    The latest daily currency auction was held in the Central Bank of Iraq on the 11-1-2015 results were as follows:

    Number of banks 13
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 155,137,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 155,137,000
    Total offers for selling (US$) -----

    ​Market Rate 1227

  3. #3

    Re: The Dinar Daily, Sunday January 11, 2015


    Mahmood: Release Shabibi, Allawi was legally and without pressure

    Sunday January 11, 2015 11:42

    Alsumaria News / Baghdad
    The President of the Supreme Judicial Council, Medhat al-Mahmoud, Sunday, that the former Central Bank Governor Sinan al-Shabibi and former Minister of Communications Mohammed Allawi forward appeal the verdicts issued against them have been freed, stressing

    that the release of al-Shabibi,

    Allawi was legally and without


    He said Mahmood in a press conference held today at the headquarters of the judicial authority in Baghdad , attended by "Alsumaria News", "the former Central Bank Governor Sinan al-Shabibi and former Minister of Communications Mohammed Allawi ahead stabbed in absentia verdicts issued against them," noting that "the judiciary has decided to release Shabibi Allawi after appeal by them for lack of evidence against them. "

    Mahmood said that "the release of al-Shabibi, Allawi was legally and without pressure."

    A spokesman for the judiciary Judge Abdul Sattar Bayraktar, in (December 22, 2014), that the competent criminal court to consider the fairness issues in Rusafa ruled the release of former central bank governor Sinan al-Shabibi and Telecommunications Minister previous Mohammed Tawfiq Allawi, attributing the reason for that not to insufficient evidence.

    It is noteworthy that the Iraqi judiciary issued in (4 September 2014), was sentenced to seven years imprisonment against former Central Bank Governor Sinan al-Shabibi based on the charges against him during his administration of the Central Bank.

    It is noteworthy that Communications Minister Mohammed Tawfiq Allawi, has submitted his resignation of former Prime Minister Nuri al-Maliki on the background and suspicion in Mali corrupted files affected his ministry and the attempts by some telecommunications companies pass shady deals in Iraq, which was denied by the Minister of Communications, asking not pushing his ministry in the political differences and intersections.

    Last edited by sczin11; 01-11-2015 at 11:28 AM.

  4. #4

    Re: The Dinar Daily, Sunday January 11, 2015

    Abadi call to open wide the doors to investment

    January 11, 2015 12:11Last Updated: January 11, 2015 12:11

    Called Mr. Prime Minister, Dr. Haider Abadi House of Representatives for not returning the budget to the government and to work according to his constitutional powers reduction and transfers and cooperation with the government in this regard.
    According to the site the prime minister has Abadi stressed the need to assign the farmers and peasants and not to reduce T_khasasathm, also called for open investment wide door, and said: We will not accept any obstruction to invest and we will consider disabling investment crime of terrorism crimes because it disrupts the economy of the country.
    He stressed that the corruption scourge which is not only theft of public money, but dereliction of duty and waste of public money and the lack of citizen service and lack of attention to the time calculated for the job all this corruption, and with regard to the general budget, he said that the budget is very important for the country and for the citizens of a strengthened citizen means a fair distribution of wealth and must be directed properly and to the benefit of the public, stressing that the responsibility and duty we make it necessary to defend the weak and do not have the money and prestige and abandoned betrayal.


  5. #5

    Re: The Dinar Daily, Sunday January 11, 2015

    Member of the Finance Committee: the budget will be submitted to a vote in parliament next week

    Sunday January 11, 2015 12:55

    Alsumaria News / Baghdad
    Said the parliamentary finance committee member Sarhan Slafaty, Sunday, that the committee is working to reduce the expenses of ministries within the authority available to it, indicating that the budget will be submitted to a vote next week.

    Slafaty said in an interview for "Alsumaria News", "The Finance Committee is working to reduce costs in the ministries within the authority available to us."

    He added that "tomorrow is the last day to discuss the budget," adding that "the budget will be presented for a vote at one of the next meetings of the Council per week."

    The President of the House of Representatives Saleem al-Jubouri, on Saturday (January 10, 2014), that the Board will take into consideration the government's orientation reduction in the budget, as pointed out that the budget discussion is nearing completion in the parliament.

    As prime minister called Haider al-Abadi, on Saturday, the House of Representatives not to return the budget, and as he emphasized that the validity of Parliament reduction and transfers, student ministries and provinces to open wide the door of investment, and warned that it will be considered investment like a terrorism offense is disabled.


  6. #6

    Re: The Dinar Daily, Sunday January 11, 2015

    Saudi Arabia receives its embassy building in central Baghdad

    • Agency eighth day
    • January 11, 2015, 12:24

    BAGHDAD ((eighth day))

    The Iraqi government announced on Sunday to hand over the Saudi delegation Riyadh embassy building in the capital Baghdad.

    According to Deputy Prime Minister Bahaa al-Araji said in remarks reported by the Saudi newspaper "Middle East" and seen by the agency ((eighth day)) that "the Iraqi government handed over the Saudi private Headquarters embassy delegation in the diplomatic compound in the Green Zone in Baghdad, along with another location for the accommodation of staff, did not leaving only the restoration and creation of the embassy building by Saudi Arabia.

    He added that "the Iraqi government provided the delegation of the Saudi Ministry of Foreign Affairs, which oversees the process of re-opening the embassy, ​​all the possibilities in this regard, stressing that" Saudi Arabia will open its embassy in Iraq within the next two months.

    He added that "the Saudi embassy would end the state of estrangement, which lasted since the era of Saddam Hussein's regime and after the American occupation," pointing out that "there are hidden hands and having played a role in the strained relations between Riyadh and Baghdad during the past period.

    Araji pointed out that "with respect to the rest of the countries, but the Saudi Embassy while opening is not just like any other embassies, due to the weight of the Saudi Arab, Islamic and moral Great. Ended 6


  7. #7

    Re: The Dinar Daily, Sunday January 11, 2015

    Report: Iraq is the fifth Arab and 37 of the world gold reserves rank

    Sunday January 11, 2015 12:59

    Alsumaria News / Baghdad
    World Gold Council, said Sunday that Iraq was ranked 37 globally and fifth gold reserves of the Arab world, while the United States ranked first globally the first Arab and Saudi Arabia.

    The council said in a report seen by, "Alsumaria News", " International Monetary Fund deploy during his current 2015 that Iraq was ranked 37 globally out of 100 countries were included in the report of the gold reserves, "noting that" Iraq's gold reserves totaled 89.8 tons. "

    World Council added that "Iraq occupied Arab fifth place after Saudi Arabia, Lebanon, Algeria and Libya," he said, adding that "the value of gold stood at 4.9% of Iraq Ahitattiyat of hard currency."

    The Council noted that "the United States, which has more than 8133 tons, ranked first for the gold reserves, followed by Germany in second place, while Albania ranked last of possessing one tonne and 600 kilograms."

    The central bank decided in January 23, 2014 SEC variety of alloys of pure gold weights ranging between (50 g and 1000 g) to sell to dealers in gold, investors and segments of society wishing to do so in Iraqi dinars.

    The central bank bought in March for the purchase of 36 tons of pure gold bullion, indicating that the bullion purchased are of very high purity and in accordance with international standards.

    And established an independent Iraqi Central Bank as a bank under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.


  8. #8

    Re: The Dinar Daily, Sunday January 11, 2015

    Justice Minister: e-government will eliminate corruption and facilitate career

    History of edits:: 2015/1/11 13:35
    15 visits readable

    {Baghdad: Euphrates News} Justice Minister Haidar Zamili, the Strategic Plan of the Ministry focused on the transition to the e-government, in order to eliminate corruption and to facilitate personnel actions and transactions of citizens.

    According to a statement of the Information Office of the Ministry of Justice and the agency {Euphrates News} received a copy of it today that "Justice Minister Haidar Zamili received at his office in the ministry, based German business Milan Chiandl", calling for "the strengthening of cooperation in the field of personnel training of staff and guards reformers in order to reach them to the necessary experience to go to work in the ministry to the ranks of developed countries level. "
    He stressed "the importance of German companies that contribute to the reconstruction and investment operations, large and advanced in the field of industry and technology expertise, in addition to possessing administrative and technical systems can benefit from the work of government institutions to keep pace with progress in these aspects."
    He Zamili "seek to move career and administrative work of the old style paper to electronic work, in line with the government in an effort to eliminate corruption and to facilitate the reviewers transactions and move the level of government work to the ranks of developed countries."
    For his part, the German-based business Milan Chiandl, "The German government is seeking to support their Iraqi counterparts, and at all levels and in particular to provide the necessary expertise in the field of personnel training, in addition to providing advice in the field of parliamentary systems and style of the federal government."
    And between Chiandl that "the coming period will witness a visit German delegation representative for a company specializing in state institutions management, in order to open new horizons for the work and the conclusion of agreements on cooperation with the Iraqi government and the Ministry of Justice in order to develop functional staffs, and to provide advice in the areas of institutional work" .anthy


  9. #9

    Re: The Dinar Daily, Sunday January 11, 2015

    Maliki's son, "Ahmed al-Maliki," the first to be called to the Iraqi judiciary

    11-01-2015 01:25 PM
    Number of Views: 135

    Orbit -
    Parliamentary source in the Liberal bloc in Parliament, the first to be called to the Iraqi judiciary is Ahmed al-Maliki, the largest of the sons of former Iraqi Prime Minister, Nouri al-Maliki, and the detainee is currently with the Lebanese authorities for possession of a $ 3 billion smuggled from Iraq, as well as some political leaders who will be announce their names soon.

    The armament deals concluded during the reign of al-Maliki is the first of the files that will be followed up, before confirming that "the Commission will open all the files to reduce the phenomenon of corruption, regardless of the names and positions of political or governmental organizations that have burdened the current government's security and economic crisis worsening."

    The member of the Liberal bloc that his government undertook to terminate all outstanding from the previous parliamentary session files of corruption and will prosecute the perpetrators of corrupt and wasting public money and bring them to justice.


  10. #10

    Re: The Dinar Daily, Sunday January 11, 2015

    Budget included an item to establish a fund for the reconstruction of the affected areas, the World Bank stands ready to support it

    Sunday, December 11 2 / January 2015 13:02

    The Ministry of Planning announced the 2015 budget included a special item for the establishment of a special fund for the reconstruction of areas affected by the terrorists Daash gangs, part of the World Bank expressed its readiness to support the fund.
    According to a ministry statement received by all of Iraq [where], a copy of it today, "The Planning Minister Salman Jumaili Search with the Special Representative of the Mission of the World Bank in Iraq Robert presence during his meeting with him in the ministry's headquarters in fact funded by the World Bank projects in the framework of the national strategy to mitigate Poverty in Iraq. "
    "We also discussed the possibility of the Bank to provide appropriate loans to help the Iraqi government to rebuild cities damaged by the terrorist attacks, as well as the construction of mobile hospitals to provide medical services to the displaced families and destroyed by terrorism."
    Minister Jumaili said during the meeting that "the economic situation in Iraq is facing difficulties due to the drop in oil prices in the global market requires finding suitable to compensate for the problem of low prices resources", adding that "the important problem that Noajajha today is displaced who have left their cities because of the terrorist attacks as damaged those cities around large and become a bilateral problem. "
    "The Tlob from the government to do the reconstruction of these cities, particularly in the residential side, where entire neighborhoods exposed to destruction, as well as the need to provide the appropriate requirements of life for the displaced who were deployed in all the provinces of Iraq."
    He called Jumaili the World Bank to "the need to contribute to the rebuilding of cities and help the displaced by providing for the construction of residential complexes fast alternative to revive the destructive loans along with building mobile hospitals to provide appropriate medical services for the displaced process wherever they are."
    He announced the "Include the state budget for the year 2015 a special item for the establishment of a special fund for the reconstruction of the affected areas with a capital of [500] billion dinars," calling on the World Bank to "support the fund through appropriate structural prepare him and to provide grants and loans to help to do the job that came for. "
    The statement said the World Bank expressed its readiness to assist Iraq in the preparation of structural reconstruction fund Almdharrh cities and contribute hard in the search for sources of financing trends Iraqi government in the reconstruction process and building mobile hospitals, "noting that" the possibility that the Iraqi private sector plays an important role in this area ".
    He pointed out that "the World Bank managed over the years to help the Iraqi side in the implementation of many of the important projects in the electricity, agriculture and transport sectors," noting that "Among the projects that the bank contributed to the implementation of a project to produce electricity at a cost of $ 750 million and another for drinking water Card 150 000 cubic meters provides water to the capital of Baghdad for 5 hours straight, "pointing to" the existence of other projects, including Basra irrigation project at a cost of $ 80 million and will be completed in August next. "
    He added that "there was a project last to put the safety signs on the Iraqi railway network stretching from Baghdad to Umm Qasr at a cost of million dollars, as well as participate in the rehabilitation of the road from southern Iraq until the Jordanian border westward along the 1000 km for the Ministry of Municipalities and Public Works of Iraq."
    He expressed his presence on the World Bank ready to help Iraq in a lot of areas that will push the pace of development forward, ".anthy


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