Monthly Archives: November 2013


Gulf News: the Iraqi economy is threatened with collapse

Gulf News: the Iraqi economy is threatened with collapse

2013-11-25 18: 35: 50
Baghdad/Iraq’s future

Iraq continues to expand its oil resources, but diversify the economy towards greater is necessary, as the analysis of the National Bank of Qatar’s QNB and analysis, published by the newspaper Gulf News UAE-speaking English,

in the wake of the Iraq war, the expansion of oil production in Iraq, which produced a rise in GDP of $1,750 in 2005 to more than $6,300 in 2012 despite a difficult social context.

"the Bank said, however, the Iraqi economy continues to suffer from weak builders, Such as small non-oil sector, a dominant public sector involvement in all areas of the economy and business environment behind.

"The Iraqi economy is primarily driven by developments in the oil sector, growth is expected to remain strong in the short term, however, there are risks to the macroeconomic prospects such as further social instability and weak policy implementation.

These risks can translate to a decline in oil revenues, which speeds up the financial position and the possibility of rising inflation and macroeconomic performance in Iraq over the past few years a sound began to stimulate oil production.

In the year 2012, the production rate of 3 million and 100,000 barrels per day, its highest level in more than 30 years. and acceleration of real GDP growth at an average rate of 6.4 percent, reflecting "the increasing oil production and high oil prices."

However, higher economic growth to expand oil sector may not be enough to ensure its continued prosperity. The lack of diversification of the economy so this time makes the Iraqi economy sensitive to fluctuations in world oil prices could undermine macroeconomic stability.

the diversification of the economy can be a challenge to the Iraqi Government in creating employment opportunities and income-generating opportunities, both for the majority of the population, the IMF has supported government economic reform programme medium term, thus helping the country in improving the The financial sustainability and reducing their vulnerability to sudden drops in oil revenues, Iraq still faces the challenges of development, despite the recent surge in economic growth.

Indeed, there is a need to rebuild the infrastructure and institutions, a task more difficult, the possibility of social instability.

Moreover, the impact of war and economic sanctions, all of which contributed to the deterioration of social indicators in the past few years. for example, the infant mortality rate is among the worst in the Middle East and North Africa region.

Moreover, school attendance rates have decreased over the past decade as a result of the low quality of education and the decline of public education.

Between 2007 and 2012, lower consumption among which constitute 40% of the population in terms of income grew by 1.1 percent per year, which is lower than the average growth of consumption in the whole population (1.8 percent), indicating that income distribution has become more skewed.

expects Qatar National Bank Group, QNB, to increase real GDP growth in Iraq’s future to 6.3 percent in 2014, with an increasing production of They folded along with the fast expansion in government services and commerce.

Additionally, the investments will grow strongly in several significant oil fields boosts momentum of infrastructure development.

However, the challenges of social context and external shocks and economic infrastructure represent risks to the short-term economic Outlook in Iraq.,

the Bank said that "over the medium term, the challenge for Iraq’s economy remains in the development of the non-oil sector, which could be provided, in response to the diversification of the economy, high mass the way of living, and better social conditions for the people."

Iraqi private sector

Iraqi private sector

Posted by: citizen newspaper | Visits: 18

Iraqi private sector The real power of neglectedPhase Center venture

In order to access the import substitution strategy

Preparation

Hashim Jaafar Al-Mukhtar Al-Jaafari
Private sector and economic researcher
Bachelor of mathematics


Boot

Experienced 78 years on the establishment of the Iraqi State over the Iraqi sector of the various competing political circumstances have left their mark on the project between capitalist economy dry in early state during and between successive Republic reigns and tamimiat between the machine and the wetamim support the project and form an image. It marked the project’s light weight and its reliance on cheaper machines, which perform the same purpose, even at the expense of alantagia and time and various employment conditions experienced by this country in mind entrepreneurial adoption be losing less in the event of closure and flee if emergency and that most of the Iraqi projects do not give importance to the finalized product packaging security as excessive protection measuresThe harm is the lack of interest by producers factor induced lack of competition factor with all of this the Iraqi industrial and investor significant culture has also a mindset receptive to modernization and development, but the project was actually adapted to the realities of the political conditions of the country and on that basis I am going that the illness is not in this country’s agricultural industrialists and they have proven they rise in altitude to find alternatives And implementation of duties and adapt to circumstances and strict laws are exactly and the number of references, including Iraq’s reconstruction campaign period 91-94 as builders and Iraqi technicians could then provide lessons in fast delivery despite the simple methods used at that time and the shoulder of the country. And other signals received from manufacturers in the free zones in Jordan and mount to demonstrate that it easier for the leaders of the first force behind the human potential is of high economic planners can go away with their plans and their imagination. Say but the illness in my opinion is the flaw in the management of the country’s resources, including human and investor went to the wealth of various Governments and leaders that have passed them unnoticed, they used mostly bad or non-optimal use.

Introduction

Day after day the people pay tax confusion in economic management by government staff and existing conflicts and throwing sticks of each party to the other wheel after 2003 and after the demise of the former regime and after the arrival of the new market economy system and endorsed by the Constitution with the lifting of many restrictions that had limited the private sector ventures and the arrival of a new crew contacting hybrid economy and Western systems takes upon itself the product to Western markets especially, the most timely United States pledges to open their markets to the products of Iraq to encourage participation, and also benefit from the energies and resources and create an attractive investment environment for foreign investors and local but of course as is known was not just that the economy was taken by surprise and were finishing off the Iraqi market with products from some fear America itself full openness such as China with professionalism RepriseAnd while the industrial product industries of Iraq and promising apprentice under unbalanced competition have led to the closure of markets and close to 90% of factories and workshops and to minimalism was performing some purposes as it was blocking the local demand and the balanced growing wemdatrd with the need for increasing and decreasing the local garment factories that were filled by the river and street shoes in the neighbouring areas were fill need The local market in Iraq with excellent models and good industries all stopped and stores or ruins with regret and same thing on furniture factories and production plants for candy and refreshments and authorized her to blows below the belt and surprise and today we are in an advanced stage of late with our case not just to manufacture non-us what we eat and wear but others from bringing potentially lethal and waste, we do not find pursuant to PNINA and suffer from unemployment. I say these factories were running thousands of Iraqi workers and schools to produce skilled technicians what is good and what is the vision which had the foresight that crews are not congruent in hostility towards or discarded. Today, the experience of the economic decision to hand the address market inflated thousands unemployed and they form long lines for jobs to support their families and a decent living but of course despite the temporary treatment in recruitment and unjustified these treatments did not constitute almtkah the oil wealth viable solutions and problems still and I don’t want to dwell on the dilemma as much as I would like to point out that the current greatest challenge for lawmakers is how to return rotation Machines and stop the flight from the factory or farm to a queue job request and return workers to their factories and hosing them to contribute actively and properly manage the economic life.

Here it is important that we take advantage of the global experience in the treatment of this type of problems, particularly those that have experienced similar conditions we can through the study treatments to draw lessons and emulate those treatments on our conditions and adapted and applied for by the Renaissance and particularly South Korea leading experience. Among the most important reasons for the disabled role of the private sector and the role of local product:-

1-Openness is not considered an industrial Iraq and his farmers to compete with unbalanced before industrialists living in and Government provides various types of support to offer an integrated product with good price led to the dumping of cheap goods and to close factories and farms that lost stand.

2-The lack of financial liquidity to the State to support projects and spending on advances to industry and industrial and agricultural projects to access the budget expenditure on rental of staff and of the operation and also high costs charged by government staff if spending on the three presidencies around 20 billion dollars.

3-An unprecedented nadir administrative corruption and Iraq ranks third in the United Nations

4-Lack of vision on the launch and management of the country’s economy to the non professional leaders and being paid kafras for political quotas and not choose the appropriate competencies, in the right places and the absence of economic programs that guide and educate and mobilize towards a sound economy and the absence of views the awareness programs and educational and scientific orientation and the Government about sound economic destinations.

5-The country to conspiracy and economic sabotage by States hostile to Iraq and the Renaissance economic propaganda that highlight the negative aspects of the good Iraqi to weaken Iraq and further vandalized and absence of confrontation for reducing the effects of this type of conspiracy.

6-The loss of the ability to establish realistic financial budgets reflect economic reality and the absence of a realistic vision of obtaining State fees on some of the activities and also the loss of the ability to set spending priorities and project priorities.

7-Tax activity is measured on the stalled or lean factories already and there is no tax on the industry and enterprise and no exemptions kmerkih on machinery and production lines, raw materials.

8-The lack of coordination in decision-making between government ministries, some decisions coming out of ministries reject and do not work with other ministries.

9-The lack of decisiveness, the decisions of the Centre can be revoked and lose more of their usefulness if wrapping them with use of the laws of the Kurdistan region, thus there are now regulations dealing with territorial decisions that violate resolutions Center. as in vehicle registration plates and also circumvent the resolutions of the Ministry of planning of the last decisions about certification almanttg … and other things … … … … …

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Iraq and rentier economy

Iraq and rentier economy

2013-11-23
Sadiq bakhan *

Facing the current Iraqi observer after the emancipation of the dictatorship that had obsessed wars and adventures and windmills as in the novel Don Quixote lthrbantes problematic socio-psychology of black comedy, first the vocabulary of this comedy, now let the rest of the vocabulary, illustrated by rainfall that turned into a political slogan in preparation for legislative elections next year and started her foretokens now appear in this war of words that began flaring up between some of the parties.

Scientific and ethical problems encountered by oil experts as far as Iraq is concerned this country grows the Oceanus from oil and gas but once the fall of rain, Baghdad began to sink into the waters and, metaphorically, to Venice but Baghdad residents found them gnadil and mshahaif of the movement to work while the sewage system in both Paris and New York could pass him train.

Oil experts describe the Iraqi economy a rentier economy that is dependent on oil imports and more than 90 percent of the State budget is dependent on oil, but some experts are wondering with some satire – what if the price of oil fell to $10, not Iraq and the rest of the OPEC recession akonsadi great as that of the United States in the 1930s?

Certainly that economic progress is not measured building malls walsobermarktat that make society a consumer rather than a producer, but measured by the well-being of the people and the establishment of productive plants and develop agriculture with the latest scientific and technological means, health, housing and education,

this requires diversification of the economy and not rely on oil but must use non-oil resources in Iraq,

in this regard was the The British capital London daift recently organized a Conference on non-carbon minerals in Iraq organized by one of the world’s largest mining and attended by representatives of the Government and the ministries and Iraqi agencies and delegates focused their interest in mining and non-oil and hydrocarbon resources in Iraq that have not yet cleared the Conference highlighted this and decides to set up committees of experts to launch a joint effort to figure out what aLeather that can be used and invested,

according to experts, these wealth from gems, phosphate, sulphur, gold, mercury and many other minerals will form the initial data for the size of the additional imports is no less important than the oil absorbed many jobs put Iraq on a map of non-hydrocarbon riches,

the problem is that this Conference organized by the London company FSSpecial and not the Iraqi Government invited the Government, whatever be the idea of searching for treasures in Iraq constituted a positive step on the road to liberating Iraq from a rentier economy,

however, had expected Qatar National Bank Group in a report that Iraq’s economic growth remains strong in the short term with continued growth depends on developments in the oil sector and would likely report higher GDP for Iraq in a For fixed 6 break three percent in 2014, with the escalation of the increase in oil production, adding to the acceleration of the expansion of government services, Commerce and construction, as well as increased investment in oil fields and increase the momentum of growth in infrastructure,

but the challenge of the Iraqi economy in the medium term is reflected in the non-oil sector development that could lead to diversification in sources of the economy and raising living standards and improving the social conditions of the people.

In developing the petroleum industry and not rely solely on export of crude oil, President Shell Oil Company Executive Peter Voser during his meeting with Prime Minister Nouri al-Maliki days ago that his company is about to sign an investment contract with the Iraqi oil Ministry to create a giant factory of petrochemicals worth a total $11 billion, in this direction, Mr. Prime Minister Nuri al-Maliki in a speech in Iraqi-British Forum held last week in Baghdad that despite challenges The difficult but we managed to make progress in diversifying the economy, as he put it.

Certainly Iraq to increase its oil resources and thus increase his wealth in order to accelerate the economic development in all fields to face challenges from members within OPEC, Saudi Arabia Saudi Arabia and Iran, see Saudi Arabia worried about Iraqi oil production and rising fears that Iraq becomes loud in OPEC and decided Iraq oil quotas for the rest of the members of either the Houston newspaper said Iran oil antrnashinl us a report found that many States do not want Iraq to raise its oil exports, in particular Saudi Arabia and Iran and each of the two oil producers its causes and motives.

However, whatever the challenges faced by Iraq of the terrorist groups and economic sabotage and misinformation that sectarian strife and internal parties into which the rain to advertising slogans in the elections, Iraq will rise from its ashes and its ruins because its destruction for free from prison a rentier economy thus occupies a place befitting as a pivotal State in the Middle East.

* New morning editing family

New calls to amend the investment legislation

New calls to amend the investment legislation

21/11/13, 12: 00 am
Baghdad-Chartreuse, Chen

The Chairman of the International Union of businessmen in Iraq Dr. Hamid punitive that the economy suffers from structural imbalances have continued for decades, pointing out the need to amend some legislation to enhance the performance of the private sector to play its role in the development process in the country and that have become necessities in the future as well as the importance of the partnership between the public and private sectors and reduce imports.

Kumar said in an interview for the "morning" that there are witnessing lately to improve the existing economic realities of the economic world and Arabic forums as in businessmen and British and Iraqi investment that hope in finding effective solutions to economic development in the country through his calls for solid global companies.

He repeated to identify priorities to move the economy to a market economy through the provision of proper foundations and necessary to achieve the transition process at the lowest possible cost, as well as the completion of the necessary legislation and its implementation and to ease the burden of economic reform, pointing out that its priority must be to effective programmes and policies to prevent falling in impeding the transition process and prolong and increase the social and economic cost.

The Commission complained of problems with the current investment law pointed out that those problems impede investment and make Iraq an environment inhospitable to investment.

The Commission on economy and investment House revealed that the laws and regulations prevailing at the former regime still control investment in Iraq, stating that there are more than 20 resolutions concerning investment has not been amended or repealed and new legislation to improve the country’s investment instead, noting that the Iraqi economy should be heading towards a "market economy" as stated in the Constitution.

Economist: talk of law infrastructure needed votes

Economist: talk of law infrastructure needed votes

Tarikh square:: 2013-11-20 10: 45 am • 27 once again his read

{Baghdad: Euphrates news} Economist said Majid mock law infrastructure is modern and quest for approval when there is a need to obtain votes in electoral events.

The mock agency {Euphrates news} Wednesday that Government officials sometimes use the recognition failure are clearly marked and there is a trend for electoral propaganda".

The "same old scenario will be repeated in the budget next year due to political conflicts and the different views with regard to categorical and private partisan interests and there is nothing for the people."

He noted that "the fundamental problem is that there is a disregard for many basic laws in administration of the State and of the Financial Administration Act and the public debt issued since 2004 and has not been implemented so far, and that the Government should work on link budget to development plans and provide final accounts at the end of each year, submit a statement of cash flow for each year and all this is."

Mock said that "cash flow means funds that entered the country, spent excess disability and how I use the second coverage", adding that "these basic questions of principle by which we can follow-up and oversight and accountability, unless this law is applied there would not be any benefit from the massive budgets available in the country."

"According to a report by the Ministry of planning for the 2014 budget, there are more than 6,000 draft is not completed during the period from 2004 to date, amounting to $228 billion and accounting, and accumulated more than 70 trillion dinars, not resolved, these key issues provided for by the law of the Financial Administration Act and the public debt, and 10 trillion dinars had been withdrawn from the banks on overdraft and no budget allocations for these payments," wondering "where the money went and what happened to her."

"Unfortunately, there is no application of this law and ignore him and in the process of spending for the development of economy, society and the citizen and not the pockets, parties, groups and figures.

He disclosed that "all the doors are traditional and there is a trend towards increased operational costs and reduce investment in the budget and therefore not objective."

And hold mock Economist Majid "extent of the application of the Constitution with regard to the private sector and the development of the national economy and the citizen", but "so far we are suffering from underemployment and extreme poverty and illiteracy reached 28% of the population aged over 10 years", adding that "If there were statistics for ages less than 10 years, the illiteracy rate in the community of 32%.

Mock said "there are no real goals and a clear vision, strategy and plans for follow-up and budget control and remedial accounting", indicating that "the budget can achieve anything with the material and human potential in the event of failure to follow the principles of Economics and investing the resources and wealth of the country."

"Unfortunately, the administrative apparatus of the State spent more than $610 billion through the end of 2012 and was not able to accomplish what could be accomplished during this period.

Revealing a "230 billion dollars on infrastructure and we could not solve the problem," asking, "is it possible to resort to foreign companies for the fight against corruption, and that $30 billion would solve the problem, and if we acknowledge that there is a corrupt and we can’t fight back and turn to foreign firms in this area, so why not give Iraq to foreign companies or State with vision and strategy and plans to run things in the country and we do."

The Economist concluded his statement by saying "recognition failure is sometimes used when the electoral propaganda, and infrastructure law lifted only when there is a need to obtain votes in electoral events.

And take political circles and the people’s Government lifted infrastructure Act or payment term and waving the other example among the then important strategic laws including the law of Basra, capital of Iraq, forgotten drawers, under the insistence of national law in Basra because of its importance and relevance in all respects {income and labour facing unemployment and interest that is cherished and the good that will come of the country if the law applied on the ground}. Over 12 m

British official: Iraqi economic growth makes it more power-ups in the world

British official: Iraqi economic growth makes it more power-ups in the world

Posted in Business & money Monday, 18 November 2013 16: 38

Future news:// said the British charge d’affaires in Iraq mark Bryson Richardson "despite the difficult security situation, the Iraqi economy is growing by more than 9 percent every year and this makes it one of the most economically dynamic forces for emerging powers in the world.".

Statement to the British Embassy in Iraq for Richardson in his business and investment forum – Britain’s national investment Commission on Tuesday said that "investment needs now to about a trillion dollars estimated by experts.

And Iraq has the fifth-largest oil reserves in the world and ranked tenth among States with gas.".

"Some of the top corporate executives managers came to Iraq and Kurdistan in the six-day visit which, it is hoped, that the expansion of cooperation and trade between Iraq and the United Kingdom. and more than 50 businessmen, including women, as well as representatives of a number of UK universities to participate in the Conference."

said Chief Executive of the British Iraqi Business Council and head of Mission of Baroness Nicholson is the Many news companies that achieve successes in Iraq, for example, British Petroleum (BP) and Chile (Shell) and which are working very well in the South and contribute to provide several million dollars from oil and gas revenues to Iraq."

"But there is the matter of other areas which the United Kingdom should make a valuable contribution, including the sectors of water, construction, health and education.", stating that "the mission will visit southern Iraq early next year, is intended to speed up the periodic table".

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Economic openness

Economic openness

18/11/13, 12: 00 am
Yasser Metwally

With Iraq economically open to most countries of the world according to common interests, requirements and needs of the country find that there is a decline internally between economic sectors and will definitely cause blurred vision and the economic approach we find both sing to his own drummer.

These things need to stop real calendar of what’s going on in Iraq to join efforts towards the restoration of the aubalahari building our national economy according to the dictates of the next phase of the great responsibilities in this direction.

Much talk about many such necessities and are calling for activating cooperation between the public and private sectors and multilateral reforms, economy and management, combat corruption and improve completion rates and rotate the wheel of domestic production and improve services all the necessities of a logic without actually when we come to these necessities we encounter with the actions and decisions of these necessities and delay the implementation of reforms.

We believe that the restoration of the country’s economic House requires open locally between economic sectors economically first through the establishment of the Supreme Economic Council comprising all the expertise and skills of the sides of the equation of State and private sector planning and designing a road map for economic reform and necessities and priorities, otherwise the prosthetic solutions would be a success but the results would be negative to the economic and social realities, both to close and they influenced one another.

We see that there is a move in that direction, motivated by some sectors to promote economic and development realities but avoid to collide and sterile procedures result in protein idea before maturity therefore need to strengthen the conviction that partnership between the private and public sectors without which we cannot achieve successes.

Give example of this trend, there is a real effort to involve the banking sector both to play a significant role in development through active participation in strategic projects through the aggregate loan program, for example, where the loans are based on the premise that the more the Bank jointly with joint capital to lend to companies that want to implement an infrastructure projects, for example building giant residential project contributes to ease the housing crisis and led to operation supported unemployed and there are great efforts for this maturation Development project to develop mechanisms for the collection and management of loans and funding requirements.

But there is apprehension by owners experience awalfkrh did not get approvals for the project that the binding legal banking sector banks, Central Bank and these fears are not for anything but our problem we are here in Iraq a prejudgement, suspicion and pessimism and the strangest methods that made us retreat 100 step with one step.

For it is our prayers at this stage to open up economically from inside any locally to be able achieve success in our openness to they monitor our procedures and they prepare her for construction and development, how can an investor finds the challenges facing local and economic institutions are the first entry gate hardware investment that comes to his money, we review our situation and correct the path for the following fascinating opportunities cannot be compensated, and the results of the international assessment of our path is either inflated or true because they include many observations pillar does come Time to change track as long as the threshold of 2014.

Iraq is planning to issue bonds in local currency

Iraq is planning to issue bonds in local currency

12/11/13 23: 59: 00


His is the client after receipt of television, the Rafidain Bank in Baghdad

The Central Bank announced plans to issue bonds in local currency for the first time since the liberation of the country in 2003, which will provide a new tool for monetary policy.

He said Abdel Basset Turki Saeed, the Governor of the Central Bank told Reuters on the sidelines of a Conference in Geneva that the first tranche of bonds are expected to amount to three billion dinars (2.58 million US dollars).

He added that this will be the first time that a bond issue for fiscal policy and not for the purpose of funding.

He said he expected that the first version of the new bonds will be a good response and may be followed by more releases and the total size of the issue will depend on demand.

It will increase the bond order for five years and hopes the Central Bank issued the first tranche before the end of the year, although that decision will be taken with the participation of the Ministry of finance.

He said that the bond interest is expected to be less than the standard interest rate of the Central Bank of 6 percent.

He said Iraq’s inflation rate of 2 percent describing it as a rare and very good number.

He said there were no plans to issue international bonds even though that might happen in the future if there are ambitious plans for the development of needed funding.