Iraq in Review
Deputy Parliament Speaker Khalid al-Atiyah confirming that the Parliament will discuss and endorse the 2007 budget after Id al-Adha.
Central Bank Expert predicts Deficit in 2007 Budget.
Finance Ministry Signs Agreement with Malaysia to settle Iraq’s debts.
Central Bank confirming relative improvement in inflation.
The Finance Minister said Iraq has signed agreements with 52 countries in order to decrease 80 percent of Iraq’s debts.
10bn dollars have been allocated to implement investment projects next year.
Newspapers reporting quickly decreasing demand on the dollar in Iraq’s Central Bank auction.
Talib Muhsin Abu Ju’laylah, director of the General Department for Taxes, saying that his department has achieved revenues worth 250bln Iraqi dinars this year.
The planning and development Cooperation Minister Ali Ghalib Baban saying that the International Monetary Fund Paris Club has pledged to write off 21 Billion dollars of Iraq’s debt.
Been reported a severe drop in demand of the US dollar in the local Iraqi local markets.
The Council of Ministries has ratified the national housing project, which has been allotted $1 Bln from the 2007 budget. The first phase of this project, housing units will be provided to those who suffered under the former regime including families of martyrs, political prisoners, displaced families, government employees, and disabled persons. The second phase of the project will include all those who wish to obtain housing units.
The Finance Ministry urges all Ministries to deal in Iraqi dinars exclusively.
The Ministry of Finance Jabr said the Iranian government presented to his country a 1 Bln dollar loan to be paid back over a 40-year term, including a 10-year grace period.
The loan will be used to construct schools, hospitals, roads, railroads, lay oil pipes, and transfer electrical power to different parts of the country.
The Council of Ministers has ratified a decision to allot a $2 billion budget for the Electricity Ministry’s 2007 investment plan.
The Planning and Development Cooperation Minister Ali Ghalib Babn said the 2007 investment budget has reached 12.5 trillion.
The Industry Minister signed contracts with other Ministries worth over 300 Billion Iraqi dinars.
Baghdad Mayor announced over 1 billion Iraqi dinars allocated for implementation of several projects to improve Mayoralty Performance.
An official source at Iron and Steel State Company in Basra denies the receipt of 150 Million dollars for rehabilitation of Company.
Pepsi Company has signed an agreement to sponsor the Iraqi Football Team officially.
The Agriculture Ministry confirming the allocation of 1.5 billion Iraqi dinars for the removal of the Nile Flower from the Tigris River.
The fuel prices are unsubsidized and causing the fuel crisis to escalate in country.
The South Oil Company (SOC) has completed agreements to invest in three oil fields in Dhi Qar Governorate, whose production capacity is estimated at 530,000 barrels per day. The oil fields are Al-Nasiriyah Field, whose production capacity of 300,000 barrels per day, Al-Gharraf Field which has a production capacity of 120,000 barrels per day, and Al-Rafidayn Field, whose production capacity 110,000 barrels per day.
The Oil Ministry is conducting talks with US companies to construct an oil refinery near Karbala.
Iraq seeks to purchase 2.5 million tons of fuel in the first half of 2007.
The Iraqi Cabinet has approved the new Pension Law that will be valid 1 January and will also distribute Social Protection Network allowances after IED.
The Deputy Prime Minister Barham Salih, said he supports the private sector and the Iraqi government will pay each employee who moves from the public sector to the private sector an additional salary for two years equivalent to 50 percent of his original salary. Also the Ministry of Trade has begun distributing 27,000 tons of rice to the branches of the state company for food trade in Baghdad and across the governorates to be delivered to Iraqi citizens participating in the Food Ration Card Program.
An official from the Petroleum Products Distribution Company said the recent shortage of petroleum products to insufficient production and the delay of receiving shipments of oil derivatives from neighboring countries. The official stating that the shipments of petroleum products from Kuwait have been held up for over 38 days but was prevented from doing so by US forces which have blocked the highway.
Deputy Oil Minister Ahmad al-Shamma announced the Japanese Government has ratified a decision to grant Iraq 50 billion Japanese Yen for the development of oil export installations at Iraq’s southern ports. The fund will be used to lay an underwater pipeline connecting to the city of Faw to Basra oil port. Also stated this is project will raise export capacity of crude oil, which currently stands at 1.6 million barrels per day, by 1.5 million barrels per day.