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Anatolia: Iraq looks to foreign investments by $ 32 billion
Friday, August 9, 2013-4: 07
At a time when Iraq political turmoil and sharp divisions, with bombings in several regions, preparing for his exit from Chapter VII of the United Nations, which has since been more than 23 years after its invasion of Kuwait.
This has allowed the United Nations to use military force against Iraq because he acted in a manner prejudicial to international peace and security, in addition to the economic sanctions and the freezing of funds, and to prevent trade minimal, severance of diplomatic relations.
According to the international resolutions expected to achieve that step in 2015 after payment of all reparations imposed by the United Nations and about $ 52 billion, but it seems that the improvement of relations with Kuwait, especially after the visit of Kuwaiti Prime Minister Sheikh Jaber Mubarak Al-Sabah in Baghdad last June and signed a package of agreements in political, economic, cultural and environmental, has accelerated the collapse of the black page, and move to a new stage.
Kuwait informed the Secretary-General of the United Nations Ban Ki-moon of positive developments require a decision to move Iraq from Chapter VII to the sixth item, must continue to pay the remaining amount of compensation of $ 11 billion.
What are the positive developments that Iraq is looking forward to the next stage after their liberation from the terms and conditions and penalties Chapter VII of the United Nations?
According to a poll by the Merrill Lynch-Bank of America "and is one of the largest u.s. banks, show that Iraq tops the list more developed economically, it will bring in 2013 a GDP growth of 10.5%, followed by China with 7.7%.
The report noted that this growth is due mainly to the success of the Ministry of oil to raise production to 2.1 million barrels per day, and the result of rounds of licenses and contracts signed by the Iraqi Government with international oil companies to develop fields, knowing that Iraqi oil reserves hard around 112 billion barrels, the figure rises to 150 billion barrels of potential reserves, with the second largest oil reservoir in the world after Saudi Arabia.
Iraq has huge oil potential, out of seventy-four discovered fields and list, only 15 have been exploiting the fields, exploited oil fields alone need large amounts of investments and reforms before they can resume full production.
In this context, Iraq implemented an integrated strategic plan extending from 2012 to 2030, the energy sectors from oil to natural gas, electric power, and requires the implementation of the programme of development recommended strategy providing a capital expenditure of about $ 620 billion, government revenue is estimated at six trillion dollars, oil exports constitute 85% of them, as well as provide for Iraqis, 10 million jobs in important industries.
From here, Iraq looks forward to attract Arab and foreign investments after emerging from Chapter VII of the United Nations, and is expected to be the Chief of the Iraqi investment Sami Raouf Al-araji could turn out oil projects and huge service for the benefit of Gulf and foreign companies.
The number of companies registered with the Iraqi Ministry of trade until the end of 2012, more than 62,000, including the 1976 Arab and foreign companies, there are 740 projects valued at 32 billion dollars, and investment continue to map in two phases, each phase of five years, with a large number of oil and electrical projects under the assignment.
Al-araji said that some companies began sending its engineers and workers to Iraqi sites, operating without protection, is improved, especially since there are only a few areas the security situation permits.
The President of the Iraqi stock exchange, Taha Ahmed Abdul Salam, Arabic and foreign participation in the trading market soared to five percent, and increased the market value of the stock of 1 710 billion dollars in 2004 to about 5 598 billion in 2012 and then to more than $ 10 billion in the first half of 2013.
Investors benefit from exemptions from duties and taxes may not be available to them in the stable investment climates, but in this area draw experts working in the industrial development organization (UNIDO) to exempt companies from fees, but it is not enough to attract investors to operate in Iraq, so the Government has created an enabling environment through single-window activation and decrease its steps for completing transactions, adding to the political stability, security and the eradication of corruption.
As is well known, some financial experts and the economy due to the failure of the Iraqi investment map due to the dominance of the characters important joints in the Government Center and the provinces, not for efficiency but for belonging to a particular party dominant power, that distinctive foreign companies cannot enter Iraq because of the economic chaos, political and security, and the absence of real guarantees by the State, as in the language of blackmail in the joints.
With the development of the investment highlights the role of the banks, despite political turmoil and security attacks, some foreign banks to open branches in Iraq after emerging from Chapter VII, "the US Bank Citigroup and Standard Chartered of Britain were among the first to open branches to the fruits of investment projects, on the basis that banking laws adopted after 2003, and an appropriate ground legislation, investment and profits, opens the way for foreign banks to open branches without fear, That could encourage investment companies to come to Iraq, despite their reluctance to invest their funds.
Within the framework of attracting investors and assure them the value of their investments, highlights the importance of ensuring monetary stability on the basis of the exchange rate is the focus of the State monetary policy and as a criterion for the economic activity and the evolution of the business and financial sectors and of the economy, and their effectiveness at the level of foreign trade relations.
Some financial experts believe the economy should exit Iraq from Chapter VII should have a positive effect on the dinar exchange rate against other currencies, particularly after a record collapse during the past years.
The dinar was equal to 3.26 dollars, but since 1980, was affected by the fallout from the Iran-Iraq war, then the economic blockade in the early 1990 's, the magnitude of the dinar in Exchange for pumping limited foreign exchange earnings that has led to the deterioration of the price paid to the dollar and other currencies, after the occupation of Iraq and to allow it to increase its exports of petroleum and the lifting of the ban on its funds frozen the dinar began towards the dollar improved but is still low, is currently around 1160 dinars to the dollar.
In an attempt by the Government to improve the Iraqi currency, intended to delete the three zeros is pricing exchange rate 1.16 against the dollar, the dinar would replace the State budget $ 172 billion dinars, or the equivalent of about $ 150 million, and the Government is preparing to perform this step with the adoption of the "new dinar" requesting an order from the Central Bank to raise its value gradually down to be equal to the dollar.
You can order Government led by Nuri al-Maliki, facing opposition from more than half the Iraqi people living in "paradise" which seats and subsists in various State departments, including the Central Bank and contributed to waste billions of dollars of oil money? ...... Can the Iraqi economy despite the financial strength and solvency, social stability in light of the continuing lack of security and political stability? ... Can reassure investors and attract them to participate in development projects to promote the country and protect national currencies deteriorate and return it to its previous value days of Saddam Hussein? ...
You have reached the Iraq budget 2013 to 138 trillion dinars (112 billion dollars), compared with 119 trillion dinars (about 97 billion dollars), a deficit of 20 trillion dinars (15 billion dollars).
This large deficit despite rising oil exports and calculate the price of a barrel of 90 dollars, knowing that Iraq is dependent on oil revenues to cover 95 percent of the budget.
Thus the deficit as inherent to the budgets, and the 2013 budget spared from such, and that the source of the real risk that, as a general rule, of the close link between the growth of the budget deficit and the growth of internal and external indebtedness. This may be the economy and subsequent budgets in a vicious circle with devastating consequences for the economy.
This can be seen clearly in balance in 2013 that deficit in previous years was a planning deficit covered from previous budget surpluses, but the budget deficit in 2013 is the inability of the scheme is funded as follows:
-11 trillion dinars from savings achieved in the Development Fund for Iraq.
-2 890 trillion dinars from special drawing rights.
-6 801 trillion dinars from borrowing (Treasury remittances versions) and the expected increase in crude oil prices.
-To continue borrowing from the World Bank and the International Monetary Fund to supplement the $ 5-6 billion dollars.
The resort to external borrowing and external funding sources when not enough internal funding sources to provide development requirements and provide for the basic needs of the population, but it's puzzling that Iraq resorted to external borrowing and debt trap again.
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Anatolia: Iraq looks to foreign investments by $ 32 billion
Friday, August 9, 2013-4: 07
At a time when Iraq political turmoil and sharp divisions, with bombings in several regions, preparing for his exit from Chapter VII of the United Nations, which has since been more than 23 years after its invasion of Kuwait.
This has allowed the United Nations to use military force against Iraq because he acted in a manner prejudicial to international peace and security, in addition to the economic sanctions and the freezing of funds, and to prevent trade minimal, severance of diplomatic relations.
According to the international resolutions expected to achieve that step in 2015 after payment of all reparations imposed by the United Nations and about $ 52 billion, but it seems that the improvement of relations with Kuwait, especially after the visit of Kuwaiti Prime Minister Sheikh Jaber Mubarak Al-Sabah in Baghdad last June and signed a package of agreements in political, economic, cultural and environmental, has accelerated the collapse of the black page, and move to a new stage.
Kuwait informed the Secretary-General of the United Nations Ban Ki-moon of positive developments require a decision to move Iraq from Chapter VII to the sixth item, must continue to pay the remaining amount of compensation of $ 11 billion.
What are the positive developments that Iraq is looking forward to the next stage after their liberation from the terms and conditions and penalties Chapter VII of the United Nations?
According to a poll by the Merrill Lynch-Bank of America "and is one of the largest u.s. banks, show that Iraq tops the list more developed economically, it will bring in 2013 a GDP growth of 10.5%, followed by China with 7.7%.
The report noted that this growth is due mainly to the success of the Ministry of oil to raise production to 2.1 million barrels per day, and the result of rounds of licenses and contracts signed by the Iraqi Government with international oil companies to develop fields, knowing that Iraqi oil reserves hard around 112 billion barrels, the figure rises to 150 billion barrels of potential reserves, with the second largest oil reservoir in the world after Saudi Arabia.
Iraq has huge oil potential, out of seventy-four discovered fields and list, only 15 have been exploiting the fields, exploited oil fields alone need large amounts of investments and reforms before they can resume full production.
In this context, Iraq implemented an integrated strategic plan extending from 2012 to 2030, the energy sectors from oil to natural gas, electric power, and requires the implementation of the programme of development recommended strategy providing a capital expenditure of about $ 620 billion, government revenue is estimated at six trillion dollars, oil exports constitute 85% of them, as well as provide for Iraqis, 10 million jobs in important industries.
From here, Iraq looks forward to attract Arab and foreign investments after emerging from Chapter VII of the United Nations, and is expected to be the Chief of the Iraqi investment Sami Raouf Al-araji could turn out oil projects and huge service for the benefit of Gulf and foreign companies.
The number of companies registered with the Iraqi Ministry of trade until the end of 2012, more than 62,000, including the 1976 Arab and foreign companies, there are 740 projects valued at 32 billion dollars, and investment continue to map in two phases, each phase of five years, with a large number of oil and electrical projects under the assignment.
Al-araji said that some companies began sending its engineers and workers to Iraqi sites, operating without protection, is improved, especially since there are only a few areas the security situation permits.
The President of the Iraqi stock exchange, Taha Ahmed Abdul Salam, Arabic and foreign participation in the trading market soared to five percent, and increased the market value of the stock of 1 710 billion dollars in 2004 to about 5 598 billion in 2012 and then to more than $ 10 billion in the first half of 2013.
Investors benefit from exemptions from duties and taxes may not be available to them in the stable investment climates, but in this area draw experts working in the industrial development organization (UNIDO) to exempt companies from fees, but it is not enough to attract investors to operate in Iraq, so the Government has created an enabling environment through single-window activation and decrease its steps for completing transactions, adding to the political stability, security and the eradication of corruption.
As is well known, some financial experts and the economy due to the failure of the Iraqi investment map due to the dominance of the characters important joints in the Government Center and the provinces, not for efficiency but for belonging to a particular party dominant power, that distinctive foreign companies cannot enter Iraq because of the economic chaos, political and security, and the absence of real guarantees by the State, as in the language of blackmail in the joints.
With the development of the investment highlights the role of the banks, despite political turmoil and security attacks, some foreign banks to open branches in Iraq after emerging from Chapter VII, "the US Bank Citigroup and Standard Chartered of Britain were among the first to open branches to the fruits of investment projects, on the basis that banking laws adopted after 2003, and an appropriate ground legislation, investment and profits, opens the way for foreign banks to open branches without fear, That could encourage investment companies to come to Iraq, despite their reluctance to invest their funds.
Within the framework of attracting investors and assure them the value of their investments, highlights the importance of ensuring monetary stability on the basis of the exchange rate is the focus of the State monetary policy and as a criterion for the economic activity and the evolution of the business and financial sectors and of the economy, and their effectiveness at the level of foreign trade relations.
Some financial experts believe the economy should exit Iraq from Chapter VII should have a positive effect on the dinar exchange rate against other currencies, particularly after a record collapse during the past years.
The dinar was equal to 3.26 dollars, but since 1980, was affected by the fallout from the Iran-Iraq war, then the economic blockade in the early 1990 's, the magnitude of the dinar in Exchange for pumping limited foreign exchange earnings that has led to the deterioration of the price paid to the dollar and other currencies, after the occupation of Iraq and to allow it to increase its exports of petroleum and the lifting of the ban on its funds frozen the dinar began towards the dollar improved but is still low, is currently around 1160 dinars to the dollar.
In an attempt by the Government to improve the Iraqi currency, intended to delete the three zeros is pricing exchange rate 1.16 against the dollar, the dinar would replace the State budget $ 172 billion dinars, or the equivalent of about $ 150 million, and the Government is preparing to perform this step with the adoption of the "new dinar" requesting an order from the Central Bank to raise its value gradually down to be equal to the dollar.
You can order Government led by Nuri al-Maliki, facing opposition from more than half the Iraqi people living in "paradise" which seats and subsists in various State departments, including the Central Bank and contributed to waste billions of dollars of oil money? ...... Can the Iraqi economy despite the financial strength and solvency, social stability in light of the continuing lack of security and political stability? ... Can reassure investors and attract them to participate in development projects to promote the country and protect national currencies deteriorate and return it to its previous value days of Saddam Hussein? ...
You have reached the Iraq budget 2013 to 138 trillion dinars (112 billion dollars), compared with 119 trillion dinars (about 97 billion dollars), a deficit of 20 trillion dinars (15 billion dollars).
This large deficit despite rising oil exports and calculate the price of a barrel of 90 dollars, knowing that Iraq is dependent on oil revenues to cover 95 percent of the budget.
Thus the deficit as inherent to the budgets, and the 2013 budget spared from such, and that the source of the real risk that, as a general rule, of the close link between the growth of the budget deficit and the growth of internal and external indebtedness. This may be the economy and subsequent budgets in a vicious circle with devastating consequences for the economy.
This can be seen clearly in balance in 2013 that deficit in previous years was a planning deficit covered from previous budget surpluses, but the budget deficit in 2013 is the inability of the scheme is funded as follows:
-11 trillion dinars from savings achieved in the Development Fund for Iraq.
-2 890 trillion dinars from special drawing rights.
-6 801 trillion dinars from borrowing (Treasury remittances versions) and the expected increase in crude oil prices.
-To continue borrowing from the World Bank and the International Monetary Fund to supplement the $ 5-6 billion dollars.
The resort to external borrowing and external funding sources when not enough internal funding sources to provide development requirements and provide for the basic needs of the population, but it's puzzling that Iraq resorted to external borrowing and debt trap again.
[You must be registered and logged in to see this link.]
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