Member of Finance Committee: of the most important economic consequences for the Arab summit Arab banks to create a development

Baghdad (news) .. A member of the Finance Committee MP / National Alliance / Abdul-Hussein al-Yasiri, that of the most prominent and most important economic consequences for the Arab summit establishment of Arab banks of development, and that through the promotion of their economies, especially Iraq, referring to the principle of Arab economic integration is very important. 
Yasiri said (of the Agency news ): The Economic Conference has a positiveeconomic results will include… all the Arab peoples through thedevelopment of strategies and plans and to work towards economic integration, which will unite the Arab markets and the integration of banks, as well as the establishment of Arab banks ofdevelopment, will contribute to the process of economic integration among Arab countries. He added that the most important topics which had been put in the conference salinity marine, tourism andnatural disasters, pointing out that the water issue is an issue very important for the Arab States and of interest to Iraq in the lead as the sources of Iraqi waters, especially rivers, the Tigris and Euphrates come from Europe and there is an Arab force consisting of (22) state, all belong for membership of the United Nations, which would reflect positively for the sake of Iraq’s water. 

He explained: There is an old project has been put forward in economic conferences of previous Arab and perhaps introduce now is to take advantage of Iraqi waters and not released into the sea water and the necessity of preservation for the benefit of approximately (4) Arab nations and up to the Sultanate of Oman. He Yasiri to: that the principle of Arab economic integration is very important that the Arab states contain (600) million people and the labor are many and some Arab countries have abundant natural huge oil and which form (69%) of the reserves, the world’s oil, so states Arabic has privileges to appoint some Arab countries that suffer from poverty and deprivation, calling to benefit from the experience of the European Union through the market and common currency among them. and approved by the Economic and Social Council at its meeting last Tuesday, in Baghdad, the presence of the Ministers of Finance and Economy and the Arabs, three strategies on security water, tourism, disaster reduction to meet the challenges and future requirements for sustainabledevelopment.

The meeting concluded a series of resolutions and enables reporter Agency (news) to get the text of the decisions, where ministers decided at their meeting: Adoption of the strategy of Arab tourist and mechanisms of implementation, and asked the Arab Ministerial Council for Tourism take the necessary steps to implement the strategy of Arab tourist and the application of mechanisms and follow-up implementation. as ministers adopted the strategy of water security in the Arab region to face the challenges and future requirements for sustainable development, and to invite the Arab Ministerial Council for water to take the steps and procedures necessary to implement the strategy for water security in the Arab region to meet the challenges and requirements for future developmentsustainable in coordination with the Arab Centre for the Study of Arid and Arid Lands. / End / 8. d. Q /
ikhnews.com

Central: In the «planning» 37 impediment to implementation of investment projects and foreigners are fleeing because of the seventh item (Chapter VII) of contraband and technological

BAGHDAD – Firas Al Hamadani Saadoun

He attributed the Iraqi Central Bank dropped rates of implementation of projects in the country to “factors internal and external,” and explained that there are dozens of obstacles to the implementation of projects annexed instructions of the Ministry of Planning, at a time when playing foreign companies working in the country that is still under Chapter VII of the UN Charter, and.. consequences of this situation, effects, revealing the list of prohibited materials technology prohibits the introduction of these companies. He described the central bank budget for the year 2012, approved by the House of Representatives last Thursday, as having low economic efficiency, but he promised her one of the best budgets in observance of social and ethical aspe.

On the other hand the Ministry of Planning revealed the reasons for low rates of implementation of projects, and the conditions and motives that led to rely on local companies without foreign

.

The appearance of Mohammed Saleh, Deputy Governor of the Central Bank of Iraq on Sunday, in response to a question by “the world” over his remarks on the budget of 2012, that “the budget 2012 of the social, moral of the best balances on the operation of citizens and social welfare and the distribution of the proportion of oil revenues every family, “However,” economic efficiency but at the lowest possible. “

Saleh pointed out that “the most important observations on the budget relating to the ability to implement investment projects,” he continued, “The implementation of the projects of less than 50 percent,” and when clarification of it that this percentage was related to previous years, the benefit of “It’s related to last year, proportions of implementation in previous years, less than 30 percent. “

And type of factors that favor low rate of implementation of investment projects to the “internal and external.” And internal factors reported that “local contracting below the level of ambition, and there are also high in bureaucratic institutions, planning has a 37 handicap for the implementation of projects, the annual investment budget, mostly in contained in the instructions.”

The external factors Vl_khasha that “the contractor foreign does not come because of the seventh item, the country still at war and anti-peace, and when imported generators from General Electric Co and Siemens introduced the two companies into the country, but not erected. There is also a list of prohibited materials technology,” and when you question him the nature of the contraband “I do not know may be a civil engineer Nazawra .. It is essential that we are talking about this issue and that you can ask them.”

And the threat can be long the contractor foreign if they work in the country, Saleh said that “international arbitration does not count in the event of disputes within the country subject under the procedures of Chapter VII,” and added, “Therefore, the contractor is foreign in such a case required wages and high prices for work within the country. “

And to identify the obstacles to implementation of investment projects in the country from the Ministry of Planning, said Mahdi Keywords Undersecretary for Administrative Affairs, in a telephone interview conducted by “world” with him yesterday, that “there are many reasons for low rates of implementation of the most prominent political and security conditions, and the delay in approving the budget, and the adoption of measures take a long time. “

He continued: “It is true that the projects should be carried out transparently, but in some ministries understand this, do not say militancy, but anxiety and fear.” And “so we have instructions for the execution of contracts impede implementation. There are stages take many months, under the banner of fear and anxiety extends the implementation of months .. some officials hamper implementation more than it deserves.”

And every now and then declares the various ministries and provinces “black list” companies lagging or are unable to project implementation, and prohibits the assignment of new projects to it.

And on what leads to the assignment of projects to local companies in light of the reluctance of the implementation of projects, he noted Keywords that “our ambition Kmokhtchin development to encourage the private sector, especially with the transformation of the state to privatization, but unfortunately lagged behind many sectors in the country to keep pace with development, leaving negative impacts on the construction and delay the implementation of the private sector, “However,” do not accuse the private sector, there are companies respectable enjoys a good reputation, but there is also the exit of companies from the labor market and its conversion to engage in commercial activities or work outside the country, “stressed,” Even we in the Ministry of planning when the number of contractors who have ranked first in the classification adopted by the ministry received the so-called crawling to encourage remaining in Iraq from the contractors to engage in projects that do not fit with their abilities, “commented” This is the reason problematic when companies tried to maintenance projects outside its terms of reference and potential. “

On the introduction of foreign companies to operate in the country, said Keywords that “it came not associated with the determinants of the Ministry of Planning, all institutions announce their projects and opens the door to the contractor or foreign company,” However, “But besides the seventh item, then the security situation is the biggest drawback in the entry of foreign companies. There are a lot of countries experiencing recession and looking for the market, and Iraq, which of the factors encouraging companies to the advent of these countries except for what you think of the lack of corporate security. “

Abizaid and Deputy Minister of Planning for Administrative Affairs, “There are companies that want to engage sometimes means you mark risk into account in the pricing of projects, leading to a reluctance or not to refer such projects to it,” and ruled that there will be “a list of prohibited materials technology” to prevent entry of foreign companies into the country, and expressed belief that “such a list does not constitute an obstacle .. Projects that we have a traditional, mostly related to infrastructure, and we have no nuclear projects.”

Commenting on the signal the central bank to a “37 handicap at the Ministry of Planning” challenge of implementation of projects, Seal Products that “causes a relative I can Abyan 10 reasons or 20 cause or 30. Fact that work is transparent and reassuring, and blurred vision have planned and implemented, sometimes become crippling if you depart from the self-confidence, “he said,” sometimes even if the instructions are correct obsession concern, I do not want to talk about financial corruption and administrative These things are difficult to be placed in frames to see its impact in the levels of implementation. “

alaalem.com

Warka bank saga shows Iraq political, business tensions

* Owners claim bank victimised by authorities

* Central bank insists it’s protecting financial sector

* Controversy could shake faith in privately held banks

* Dispute politicised by sectarian charges

* Warka’s fate may become clearer in a few weeks…

By Suleiman Al-Khalidi

AMMAN, March 28 (Reuters) – Iraqi banker Saad al-Bunia says the country’s largest privately owned bank, which was placed in insolvency proceedings by authorities this month, is a victim of its own success: its growth threatened the near-monopoly of state banks.

“They don’t want a strong bank to operate and compete with state banks,” said British-educated Bunia, a member of one of Iraq’s old and wealthy merchant families, who accuses authorities of waging a campaign to undermine the bank.

The rise and fall of Warka Bank for Investment and Finance – and the struggle to ensure it rises again – underline the opportunities and obstacles in Iraq’s chaotic business environment as the country recovers from years of war and economic sanctions.

The saga also shows how political divisions plague business in Iraq. The controversy over Warka has polarised government officials and members of parliament, highlighting a rift between the Shi’ite-led government and a Sunni Muslim community which lost political dominance because of the U.S. invasion in 2003 but retains considerable economic power.

The central bank took custody of Warka, in which the Bunia family owns a 56 percent stake, early this month; an external auditor will study how to restructure it and whether it needs to sell assets to raise capital. Warka’s board of directors filed suit last week to try to reverse the central bank’s decision.

Central bank deputy governor Mudher Kasim said the custodianship decision was prompted bygrowing liquidity problems at Warka, its difficulties in meeting depositor withdrawals, and its failure to reach an agreement in talks with Standard Chartered Plc on the foreign bank acquiring a majority stake.

“The bank expanded by giving loans – it appeared collateral for these loans was weak. What concerns us foremost is the stability of the financial sector and depositors’ rights, and thirdly shareholders’ rights,” Kasim told Reuters by telephone from Baghdad.

“This is not a bad bank and was one of the best private banks in terms of assets, technology and the number of its branches, which constituted more than a quarter of private bank branches” in the country, Kasim said.

He strongly denied any suggestion that authorities were victimising Warka. “The bank’s investment ability weakened and if capital drops even by 5 percent, the central bank can put any bank under custodianship. We gave the bank several chances to restructure but this did not work.”
reuters.com

Economists stress the inability of the Arab countries to unify its currency financial

Baghdad, March 28 / March (Rn) – A number of economists, on Wednesday, the inability of the Arab countries unify its currency and the introduction of coin-like currency single European euro.said an economist and member of the Iraqi trade Ziad al-Khafaji told the Kurdish news agency (Rn) that “the Arab countries do not can introduce a common currency like the euro because of.. the diversity of financial resources to have some of them depend on oil as supports another tourism or agriculture and industry. “and added that “to introduce a version of the currency of a common Arab is not easy to implement in the absence of the stability of economic and political conditions as well that it would disrupt orientation of Arab countries to mitigate the phenomenon of economic inflation. “ and pointed out that “such a proposal in which economic problems are many, notably hinder economic development projects in Arab countries, as well as preoccupation with economic institutions, the process of organizing the common currency, design and size at the expense of the fight against poverty and the provision of work” . 

In turn, said former economic adviser in the Ministry of Trade Mohammed Hamza’s (Okuz) that “the unification of the currency will not work in Arab countries because it is difficult to implement in an atmosphere of political unstable, but can work to provide legal cover for the currency trading Arabic among Arab countries.” said that “the legal cover is intended to develop mechanisms to ensure that smuggling of currency and the organization of circulation does not harm the level of projects to combat inflation and reduce it, in addition to the expansion of trade and the establishment of Chamber of CommerceArab include all Arab countries.” and pointed out that “the Arab countries that will succeed in the establishment of the Arab Fund in tackling poverty in the Arab countries as required, and a center planning to conduct surveys of accurate incidence of poverty in the Arab countries instead of busy project currency union. “ For his part, economist and member of the center market of the Iraqieconomy (Rn) that “this project the many problems among them is blurring the Iraqi economy and the existence of legal barriers and legislative hindering the implementation of the single currency financialrelations between the Arab countries. “ He explained that “the problem of the Arab countries is not to adopt a unified strategy and clear to highlight the Arab economic stimuli that depend on them for the next stage” . said the Iraqi Finance Ministry that it presented to the Ministers of Economy and Finance Forum project currency union between the Arab countries at the meeting held on Tuesday in Baghdad in the framework of the preparation of economic files to be presented to Arab leaders at their summit on Thursday. said Finance Minister Rafie al-Issawi in the earlier of ( Rn) that “the Iraqi delegation to introduce a single currency at a meeting of economic ministers Arabs similarity of the euro to the European Union.” 

And the meeting of Ministers of Economy and Finance Forum, Tuesday, vote on three strategies related to the tourism and water security and disaster in the presence of six ministers as well as the Iraqi minister is better God Babiker, who chaired the meeting. was Assistant Secretary-General of the Arab League announced yesterday the first Monday, on the participation of some 12 Arab head of state at the Summit of Baghdad, which will discuss a number of Arab issues, especially the Syrian crisis and the developments of “Arab spring” the Palestinian cause as well as restructuring of the League of Arab States. and began the work of the summit amid an unprecedented security in Baghdad is the deployment of tens of thousands of security forces and the closure of main roads after the Iraqi government announced disable office hours during the week.  Allonan of Jafar, the Open: Joseph Karwan