The Dinar Daily, Friday April 17, 2015
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  1. #1

    The Dinar Daily, Friday April 17, 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, Friday April 17, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1233.511 1232.895
    British pound GBP 1718.451 1717.592
    Canadian dollar CAD 941.918 941.447
    Swiss franc CHF 1194.795 1194.197
    Swedish krona SEK 132.590 132.524
    Norwegian krone NOK 146.586 146.512
    Danish krone DKK 165.193 165.111
    Japanese yen JPY 9.749 9.744
    Drawing Rights
    SDR 1600.463 1599.663

    Indicative rates - 17.04.2015

    Currency Auctions

    Announcement No. (2931)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 16/04/2015 and the results were as follows:

    Number of banks 19
    Number of remittance companies 0
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 110,948,963
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 110,948,963
    Total offers for selling (US$) -----

  3. #3

    Re: The Dinar Daily, Friday April 17, 2015

    The meeting's agenda No. (30) Saturday (18) in April 2015

    April 18, 2015
    Third parliamentary session
    The first legislative year
    Legislative Chapter II

    First, read verses from the Koran.

    Second, the vote on the bill abolishing the dissolved Revolutionary Command Council Resolution No. 959 for the year 1978. Law ( Legal Committee , Commission on Higher Education). (Article 2).

    Third: The vote on a resolution to prevent disposition of land allocated to green areas in Baghdad and throughout Iraq, all ( the Legal Committee ).

    Fourth: The vote on a resolution to refer Daash file to the Iraqi criminal court. ( Legal Committee ).

    Fifth: the oil and energy and natural resources report on the hosting of the Minister of Electricity Commission. (Request signed by 32 deputy).

    Sixth, the second reading of the bill abolishing the dissolved Revolutionary Command Council resolutions numbered 116 for the year 2002 and Law 11 of 2003 and 26 for 2003 and 94 for 2002 and 40 for the year 2002. ( Legal Committee ). (Article 2).

    Seventh: The second reading of the draft law amending the certification of signatures on documents Iraqi and foreign documents and Law No. (52) for the year 1970. ( Legal Committee ). (3 items).

    Eighth: the second reading of the bill establishing the eligibility of health institutions Federal law. ( for the Health and Environment Committee , the Legal Committee ). (Article 19).

    Ninth: the continuation of the debate for the second reading of the draft federal law of the Supreme Court. ( Legal Committee ).

    Session begins at: eleven am

  4. #4

    Re: The Dinar Daily, Friday April 17, 2015

    Specialize demanding amend the Banking Act and stress: It has 600 branches and total funds amounted to one billion and 600 million dollars

    Long-Presse / Baghdad Student specialists and managers of banks, on Friday, amend the Banking Act in making these banks contribute to the President of the Iraqi economy, and stressed that the total capital of Iraqi private banks reached one billion and $ 600 million during 2014, while the government has confirmed that it is currently considering a proposed several projects to strengthen infrastructure for private banks and enable them to meet the challenges facing the country.

    He says banking expert Majid Hilfi, in an interview to the (long-Presse), "The reality of banking and non-arrival at the level of ambition deterioration due to the heavy legacy inherited by Iraq and led to the collapse of the economy and the failure of its banking system as a result of war and siege and militarization and implicate government banks internal and external financial relations complex ", is that" it has led to obvious weakness in the banking culture and the decline in international confidence and reverse the role of banks in economic development and the two activities. "

    He adds Hilfi, that "the Iraqi banks, governmental and private, began to recover after 2003 due to the presence of new laws and a wide area of ​​the deal," adding, "but that" the political and security crisis cast a shadow over the industry and made his steps slow. "

    It consists of the Iraqi banking system of 54 banks, including seven state-owned, one of them an Islamic talk of incorporation, and 23 special commercially, including Islamic nine, are found in Iraq, also 15 branches of foreign banks, and there are many institutions that do some banking business, including 34 money transfer company, and nearly 200 affiliated banks or foreign exchange company to deal with, with the Loan Guarantee Company and the financing of small and medium-sized enterprises, with two of the electronic banking services and smart card, in addition to nearly 800 subsidiary banks and distributed to the provinces of Iraq.

    It seems that private banks are the main concern with the owners, because of the lack of adequate space to handle and diversification of activities as well as the loss of confidence in the government and the citizen, making their work is limited to a modest activities.

    Says Managing Director of the Bank Union, Aqeel trouble maker, in an interview to the (long-Presse), "the Iraqi private banks did not take the proper horizon because their capital is greater than their deposits," is that "it is a strange case because the opposite is imposed, and this thing has been imposed upon because of market management, and the laws prevailing so far. "

    The little trouble maker, that "private banks are still experiencing a recession and should government agencies orientation her attention to it a real partner in the development of the economy and maintain the country's fiscal and monetary policy", and finds that "it is through the launch of government deposits her and her husband in the medium and large investment projects to participate in the rebuilding of Iraq. "

    Chalabi: private banks knot lies banks Law

    But a member of the governing body in the Association of private banks, Adnan al-Chalabi, seems optimistic because of what we have reached the private banks' capital and expand its network in Iraq, despite his claim to amend the Banking Act, which is a node without turning them own evolution.

    Chalabi says in an interview to the (long-Presse), "The Iraqi private banks total capital increased from $ 30 million in 2004 to one billion and $ 600 million last year-end 2014, except for branches owned by Arab and foreign banks operating in Iraq."

    Chalabi and adds that "the number of private banks operating in Iraq rose from 17 in 2004 to 31 year-end 2014 the past, while the number of branches in Baghdad and other provinces of 100 increased to more than 600 to compete in the number and level of services Rafidain bank branches and good government."

    Explains Chalabi, that "private banks before the government counterpart in the level of services and the use of modern technologies, and has linked its subsidiaries public departments with modern communications to increase the speed of completion of transactions on the one hand and strengthen oversight and supervision on the other hand, also issued many of them international credit cards visa card or Master Card and others, some of them setting up equipment for cash at airports and tourist complexes, commercial and major hotels. "

    He continues, a member of the governing body in the Association of private banks, that "Islamic banking has evolved in Iraq, as their number increased from one established in 1993, to eight," and goes on to "a law regulating its forthcoming towards investment operations and Murabaha according to Islamic law."

    The voyager Chalabi, that "private banks knot lies in the Banking Act, which is still under discussion to amend it," is that "the survival of the law without modification cause major problems for private banks because it prevented the simplest rights in transactions such as investing and accept government deposits to move the work and the economy of the country." .

    Advisor: The government is considering several projects to support banks

    In turn, says the Council of Ministers for Economic Affairs Adviser, Abdul Hussein Al-Anbuge, said in an interview to the (long-Presse), "The Iraqi government can not ignore the role of private banks in the economy and stimulate investment and growth," and shows that "the government is currently considering more than one project to support private banks. "

    He adds Anbuge, that of those "projects bill to save the financial deposits, and the recommendation to develop a financial government deposits with the private banks," is that it "contributes to the strengthening of infrastructure for private banks and enable them to cope with the financial and economic challenges facing the country."

    The Central Bank of Iraq, revealed in (March 19, 2015) about the existence of a number of private banks lagging in its work during the last term, and in attributing the cause of the delay to the non-payment of dues contractors and clients as a result of "lack of liquidity", vowed to dealers funds with lagging private banks through "legal reserve".

    See specialize to the Banking Act of 2004 is a "node" that turns without offering private banks, because of restricted freedom and control the state by the campus to develop their capabilities, and seeking to subjugate the central financial institutions to political influence, and try to touch their independence, is the other led to the rigidity of the Iraqi banking sector, and not to the country for any international classification by the competent institutions and, therefore, not able to any of the banks, government or private, to obtain an international rating, the weaker their role in foreign relations. D8%B7%D8%A7%D9%84%D8%A8%D9%88%D9%86_%D8%A8%D8%AA%D 8%B9%D8%AF%D9%8A%D9%84_%D9%82%D8%A7%D9%86%D9%88%D9 %86_%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81_%D8 %A7%D9%84%D8%AE%D8%A7%D8%B5%D8%A9_%D9%88%D9%8A%D8% A4%D9%83%D8%AF%D9%88%D9%86_%D9%84%D8%AF%D9%8A%D9%8 7%D8%A7_600_%D9%81%D8%B1%D8%B9__%D9%88%D9%85%D8%AC %D9%85%D9%88%D8%B9_%D8%A3%D9%85%D9%88%D8%A7%D9%84% D9%87%D8%A7_%D8%A8%D9%84%D8%BA_%D9%85%D9%84%D9%8A% D8%A7%D8%B1%D8%A7%D9%8B_%D9%88600_%D9%85%D9%84%D9% 8A%D9%88%D9%86_%D8%AF%D9%88%D9%84%D8%A7%D8%B1

  5. #5

    Re: The Dinar Daily, Friday April 17, 2015

    Kurdistan has embraced all Iraqis."

    Khandan- Zia Caliph: Nahla Al-Nouri confirmed feminist assembly elitist in Arbil responsible to the Kurdistan region's policy toward all displaced people and displaced one and fair, noting that the Kurdistan embraced all Iraqis over the years. She Nouri told the "Khandan" that: "political Kurdistan region to all displaced people and displaced one policy characterized by humanity and non-discrimination, "adding that" the government agencies in the region and humanitarian organizations ridiculed their efforts to help the displaced people of different nationalities, sects and religions. " She Nouri said "Kurdistan has embraced all Iraqis over the years, and here it is today home to more than two million displaced and displaced people and provide them with a lot of material and moral assistance. " She Nouri said that "some political parties which Aarouk her to see Kurdistan in their best trying to blur the facts and distorts reality," while Al-Nouri called "the media to visit the areas allocated by the provincial government for displaced people and get to know the size of the responsibility borne by government and non-government agencies. "

  6. #6

    Re: The Dinar Daily, Friday April 17, 2015

    Abadi meet with a group of American businessmen and provides comprehensive visions of Iraq's economy

    Met Prime Minister Haider al-Abadi, on Thursday, a group of American businessmen, as provided comprehensive visions of economic events and the steps the government to encourage investment in the country.
    He said Abadi's office said in a statement received by the agency / information /, a copy of it, that "Abadi met during his visit to the United States, a group of American businessmen who are interested to work and invest in Iraq, the conference, which was held after the meeting by the US Chamber of Commerce and attended by a large gathering of people interested in Iraqi affairs."

    The statement added that "the Prime Minister's vision of the current government with respect to the challenges security, political and economic reforms undertaken in this regard. "
    The foot-Abadi, according to the statement, "the overall vision of the events taking place in Iraq and the region and Mostagdadtha and investment opportunities in Iraq and the government's steps to encourage investment in the country."

    It was Abadi had left, on Monday, to the United States to meet to an invitation to him by President Barack Obama at the head of a senior ministerial delegationالعبادي-يلتقي-بمجموعة-من-رجال-الأعمال-

  7. #7

    Re: The Dinar Daily, Friday April 17, 2015

    President of the World Bank for the servants, we will contribute to the financing of urgent projects in the liberated areas

    Head of the World Bank Group Jim Yong Kim, said Friday that the bank will contribute to finance urgent projects related to the liberated areas, pointing out that he would support the economic and financial reforms.
    Ebadi said office in the proxy statement / information / received a copy of it, "Prime Minister Haider al-Abadi, received at his residence in Washington, World Bank Group President Jim Yong Kim," noting that "During the meeting, they discussed the economic and financial realities and challenges facing Iraq and the support of the World Bank and its contribution to the financing of a number of projects."
    The statement quoted Kim saying, "The Bank will contribute to the financing of several projects in the electricity, water and infrastructure sectors in addition to the urgent projects related to the liberated areas will also support economic and financial reforms and the face of Iraq to the challenges that passes by."

    And expressed the World Bank president for "full bank support for awarding Iraq and follow up personally to support Iraq in many sectors. " Finished / 25رئيس-البنك-الدولي-للعبادي:-سنساهم-بتمويل-

  8. #8

    Re: The Dinar Daily, Friday April 17, 2015

    WASHINGTON, April 16 (Reuters) - Iraq is committed to making difficult reforms to its bureaucracy and regulations for foreign companies in order to attract much-needed investment, Prime Minister Haidar al-Abadi said at a Washington forum on Thursday.

    Abadi, on his first trip to Washington since becoming prime minister, also touted his government's success in battling Islamic State insurgents over the last 10 months.

    He and other senior Iraqi officials are seeking weapons and aid from the U.S. government and international organizations as they fight the insurgents while facing a $25 billion budget deficit due to a drop in oil revenues.

    Speaking to a forum held by the U.S. Chamber of Commerce, Abadi said his government was committed to essential reforms, including reducing hurdles for business and tackling corruption.

    "It is our aim to provide help and encouragement to the private sector, and we have to remove bureaucracy and red tape," Abadi said. "In Iraq I think it's playing a role in delaying investment. Sometimes I can see it as criminal as terrorism."

    Reforms undertaken so far, Abadi said, include easing visa requirements for investors, reducing registration procedures for new businesses, automating some bureaucratic processes, and granting greater authority to local governments.

    The fiscal crisis in Iraq had focused officials' minds on the need for a stronger private sector in Iraq's economy, he said.

    "I think this is the first time we are talking openly in Iraq (that) we have to move to a private sector-controlled economy," he said.

    Iraq's finance minister, Hoshyar Zebari, said on Wednesday that Iraq suffers from a bloated government bureaucracy that is paid some $3.5 billion in monthly wages, which he called a huge burden on public finances.

    Since taking over as premier from Nuri al-Maliki in September, Abadi has pledged to root out corruption. An investigation launched by Abadi, the results of which were announced last year, found 50,000 "ghost soldiers" who received army salaries without showing up for work. attract_business-TR20150416nL2N0XD393X2/#utm_source=zawya&utm_medium=web&utm_content=image-toolbox&utm_campaign=free-homepage

  9. #9

    Re: The Dinar Daily, Friday April 17, 2015

    Time: Abadi among the top 100 influential figure in the world

    Divided the magazine to its list of five categories, namely, the leaders, and the Giants, and pioneers, artists, and icons.

    BAGHDAD / Obelisk: considered "Time" magazine America, said the prime minister Haider al-Abadi among the top 100 influential figure in the world, under the category of "leaders".

    And divided the magazine to its list of five categories, namely, the leaders, and the Giants, and pioneers, artists, and icons.

    He took Dr. Haider Jawad al-Abadi (1952) to his current position as President of the Government of Iraq in 2014 as one of the prominent members of the Islamic Dawa Party, lived within the confines of a Southern family assets, known in the Karrada area of ​​trade and shops Perfumery. And included the study, middle and junior high in Baghdad, and received bachelor's degree from the University of Technology, Department of Electrical Engineering in Baghdad in 1975.

    Abadi and issued a brochure explaining his "jihadist" with the Islamic Dawa Party, a campaign to publicize the party, in which he stated that he belonged to the Dawa Party in 1967, the then fifteen-year-old was. Responsible for the party organizations in Britain, was chosen in 1977, and got the membership of the executive leadership of the party in 1979.

    In 1980 he was named in charge of the Middle East office of the party, which was based in Beirut, but it runs under the office of London.

    Party named Dawa al-Abadi, speaking in his name, but he does not appear to the media, but a little.

    After the overthrow of the dictatorial regime in 2003, during his career in Iraq since 2003, received the post of Minister of Communications in the transitional government headed by Iyad Allawi, then a deputy in the parliament in 2005 and chaired the committee of economy and investment representative in the 2005 parliament, and the Finance Committee in the Parliament in 2010, and faced many political conflicts about the country's financial budget for 2013.

    Ask Abadi name as one of the most prominent candidates call for prime minister, the party in 2006, during the process of replacing Ibrahim al-Jaafari, and returned to put his name from the new central government formation negotiations in 2010, and after the 2014 elections was chosen initially as vice president of the Iraqi Council of Representatives, on 11 August 2014 tabbed Alliance National President of the Republic and Fuad Masum, the formation of the government, to be the new Prime Minister.

    And chose "Time" in the leaders category, Indian Prime Minister Nerndra Moody, and Russian President Vladimir Putin and Saudi King Salman Bin Abdul Aziz, Prime Minister Haider al-Abadi, and German Chancellor Angela Merkel, Chinese President Xi Jinping, the head of North Korea's Kim Jong-un.

    Journal of the likely Republican nominee in the US presidential election, Jeb Bush, the President of Cuba, Raul Castro, and Israeli Prime Minister Benjamin Netanyahu, the former Minister of State Hillary Clinton, and chairman of the US Joint Chiefs of Staff Gen. Martin Dempsey, the Tunisian president Beji Caid Essebsi, the leader of the French right Marin also suggested Lupin, and US President Barack Obama, Iranian Foreign Minister Mohammad Javad Zarif.تايم-العبادي-ضمن-أهم-100-شخصية-مؤثر

  10. #10

    Re: The Dinar Daily, Friday April 17, 2015

    Abadi finishing his consultations in Washington and his office confirms: No obstacles to supply Iraq with F16

    Announced the Office of the Prime Minister Haider al-Abadi , on Friday, all near the return of the latter to Baghdad after the end of his consultations with US officials, and as he emphasized that there are no political obstacles to provide Iraq with aircraft F-16, pointed out that it would send in the form of payments upon completion of its allocated rules.

    A spokesman for the Office Saad newborn in an interview with Alsumaria News , "Prime Minister Haider al-Abadi finished work of his visit to the United States agenda, after he held a series of consultations with the US side," pointing out that "It is expected that Abadi back to Baghdad soon."

    The newborn, that "the F-16 aircraft will be sent to Iraq in the form of payments after the completion of logistics procedures and rules assigned to them," noting "there are no political obstacles in this matter."

    On the other hand, Sabri said that "there brigades and elements of the local police in the province of Anbar, as well as volunteers from tribal members trained weeks ago," noting that "a number of these elements have completed their training in preparation for the liberalization of the province."

    The Abadi, arrived in the (April 14, 2015), to the United States on an official visit at the head of a senior ministerial delegation, and held a meeting with US President Barack Obama, the latter's office in Washington , conducted after a series of meetings with a number of US officials.العبادي-ينهي-مشاوراته-بواشنطن-ومكتبه-يؤك/ar

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