IRAQ | Economy

[IraqiPlan_et]

Iraq aims to lift 2012 investment budget to $51 bln
July 25 2011

(Reuters) - Iraq is looking to raise its 2012 investment budget to as much as 60 trillion Iraqi dinars ($51 billion) to inject more money into ongoing investment projects and to start new ones, its planning minister said.

"What is being put forth is 40 trillion Iraqi dinars (as the investment budget). We are now trying to increase it to a minimum of 55 or 60 trillion dinars," Planning Minister Ali al-Shukri told Reuters in an interview on Monday.

[IraqiPlan_et]

Iraqis’ per capita income to shoot to $9000 in 2014
July 26, 2011

Per capita income in Iraq will surge to $9000 from the current $4000 in 2014, the Central Bank says.
The new per capita income forecast means that Iraqis’ living standards are expected to more than double in less than four years.
The promising economic prediction for the war-torn country is a rare good piece of news.
“The per capita income will more than double by the end of the investment plan in 2014” said Mudher Saleh, a Central Bank consultant.
Saleh put the country’s growth rate at a little more than 9 per cent and said his figure was based “on the aggregate growth forecast for 2014-2014.”
If Iraq achieves the growth rate predicted for the investment plan, the country will see an explosion in income, he said.
There will be enough income to finance infrastructure projects in various fields, he said.
Saleh said the country’s bloated civil service sector was currently among the most prosperous in the country.
He said while average per capita income was $4000, civil servants earned an average of $6000 a year.
Oil revenues, he said, would still make the lion’s share of the country’s income.
“The importance of oil royalties in financing investment projects is of vital importance,” he said. “Maximizing oil earnings is the philosophy the oil sector is pursuing to provide steady access to resources to finance the national development plant.”

[Persi]

Great news...thanks mate

[IraqiPlan_et]

nemas problemas

[BigDreamer]

thanks for your great contribution to the news threads IraqiPlan really appreciated

[IraqiPlan_et]

my pleasure

I also want to thank all who contributed to this subforum, you have done a great job

[IraqiPlan_et]

Iraqi economists analyze the implications of U.S. indebtedness
27.07.2011

Raises the worsening debt crisis of U.S. government that over 14 trillion dollars and the consequences of an impaired ability to pay raise interest economists Iraqis about the possible negative impact on the local economy. In his analysis of these implications, said adviser to the CBI the appearance of Mohammed Saleh told Radio Free Iraq that "the occurrence of Iraq within the area dollar, which constitutes 87% of the volume of trade payments and more than 60% of the total cash reserves of the countries 99% of the value of Iraqi imports from the sale of crude oil, "which is its market mainly on the calendar sales prices of crude oil in dollars," makes the national economy in the blown Wind any economic crisis plaguing the U.S. currency. " He added that the rise in the total size of the debt of U.S. government to close to the total size of the gross domestic U.S. public and $ 15 trillion dollars a year "would be very difficult to addressing the debt if it is almost impossible," as he put it. but Saleh expressed his optimism that the U.S. administration can in time to prevent exit of its debt crisis of control, the fact that this "has its risks of sovereign strategy for the future of the United States as well as the international community is quick to help address the crisis because it threatens the economy as a whole." In further analysis, economists warned Iraqis that "there is no before the Iraqi government in the short or medium of any effective solutions to reduce the negative effects of acute aggravation of the debt crisis the U.S. on the national economy if not addressed within the United States and within the time limit is possible for this treatment." In this regard, , noted professor of economics Mustansiriya University Dr. Abd al-Rahman al-Mashhadani, that "the collapse of the dollar likely will, when they occur automatically to the collapse of the value of sales of Iraqi crude oil, and upon which the state budget by at least 99%" not to mention the link-state total for Iraq's dealings economic since 2003 and so far the U.S. dollar. " For his part, called economic expert, Dr. Hilal Al-Taan Iraqi authorities to "accelerate the transfer of as much as possible from the cash reserves of Iraq to a basket of other foreign currencies such as the euro and the pound sterling" in order to minimize possible negative effects of the continuing debt crisis U.S. government on the economy of the country. more in the audio file:
Audio Link: On Page

[IraqiPlan_et]

Zubaidi: $ 15 billion budget surplus as a result of the high oil prices
July 27, 2011

MP in the National Alliance for stream martyr mihrab Bayan Jabor said that oil prices will stay this way will lead to the creation of a surplus in the budget for this financial year up to [15] billion dollars. "

He told all of Iraq [where] on Wednesday that "section of this amount will go to the financial budget will be allocated automatically and the other part to support the ration card and the remaining amount is allocated to the project as part of petro dollars from the budget of oil-producing provinces."

Zubaidi said, "This large increase in the current budget should invest in important projects have a positive impact on the lives of citizens and that these projects have an impact on the ground."

The balance of Iraq's financial for the year is estimated at [86] billion dollars calculated on the basis that the price of a barrel of oil [76] dollars, and as much as economists said the surplus will be achieved from high oil prices in the budget for Iraq this year, more than $ 15 billion if it has reached price of a barrel of oil [100] dollars.

[elusive]

Iraq can only go up from here good news.

[IraqiPlan_et]

Kuwait stolen $ 14 billion from Iraq's oil with U.S. assistance
08/09/2011


Revealed a large U.S. organization and sharing important documents show U.S. - Kuwait to Iraq's oil wealth, above $ 1 billion annually. Organization «ADL» League defenders the U.S., an organization critical of U.S. policy in Iraq and the Middle East since 1991, said: America and the help of Kuwait's neighbor, the very small to Iraq, the theft of Iraqi funds since 1991.
has provided Washington to Kuwait as shown by the League of defenders of the U.S., since 1998 and to this day through the technology of oil extraction is very complex and difficult to explain the techniques developed for the U.S. withdrawal from Iraqi oil on the Iraqi-Kuwaiti border, said the league has the documents and evidence on many of these thefts continued Iraqi oil sincere .... Organization also exposed the complicity of Iraqi parliamentarians to get the money, and says Kuwait is spent on these to ensure their loyalty billion dollars a year is almost a large sum as described (Josh DSL), which is one of the members of this organization, but it is not a little to the largest amount that Tsthsalh Kuwait from Iraq, while sinking its politicians and its protectors in the problems of large and small ... and sorry for Josh to the outgrowth of the people of this ancient civilization of the floundering and failure and control of the small states did not have a little less than half a century from now.
Organization confirms in a letter to the Office of monitoring human rights in Iraq of the United Nations that it had put in their hands such documents which show funding Kuwait's propaganda campaign for a number of electoral lists, as well as contracts for marketing and sale of quantities of large oil in partnership with U.S. companies owned by people influential in politics and decision-making and the U.S. Congress, these funds also confirms Organization U.S. comes from the theft of Iraqi oil from the Iraqi-Kuwaiti border.
The Iraqi bloc White has been accused earlier in some Iraqi politicians to remain silent about the development of the draft port of Mubarak Al-Kabeer's controversial statement by the White attributed the reasons for their silence politicians to receive money from Kuwait and from some Gulf countries.

[IraqiPlan_et]

Don't know how much this article makes sense linguistically but..

[IraqiPlan_et]

Iraq to provide 4 million jobs over the next three years
12 August


Said Ali Shukri, told the Kurdish news agency (Rn) that "the Ministry of Planning and Development Cooperation, has developed high-level plan for the development of 4 million job opportunities during the next three years."

The Iraqi government maintains that economic development projects on the rise as the unemployment rate dropped from 52% to 15% and the level of the poverty line from 54% to 23% and the overall level of inflation declined from 65% to 6%.

The government survey indicates that the unemployment rate for males in Iraq has reached 30.2% versus 16% for women.
According to a report on the results of a survey of employment and unemployment rate of unemployment in urban areas 30% compared to 25.4% in rural areas.

Shukri added that "the job opportunities that will include private and government sectors will reduce the level of poverty in the country from 23% to 16%, which is a good percentage could be reduced after 2014."

He pointed out that "the Ministry of Planning will be the process of developing mechanisms and plans for the rehabilitation of the administrative organ of the state and organize the distribution of posts in the next phase of its institutions."

According to international statistics show that more than 23% of Iraqis live below the poverty line, despite the fact that Iraq is one of the richest countries in the world.

[elusive]

Originally Posted by IraqiPlan_et

The Iraqi government maintains that economic development projects on the rise as the unemployment rate dropped from 52% to 15% and the level of the poverty line from 54% to 23% and the overall level of inflation declined from 65% to 6%.

how accurate is this?

[IraqiPlan_et]

A non google translated article on the same subject:


Government plans to create 4 million jobs by 2015
12/08/2011


Baghdad, Aug.12 (AKnews) - The Iraqi Planning and Development Ministry has plans to create four million jobs in the course of the next three years, the minister said today.

Ali Shukri told AKnews that the opportunities which will be provided through the public and private sectors with a view to decreasing the poverty rate from 23% to 16% by the end of 2014.
Iraqi private sector employment systems are ad hoc with most employees deprived of basic rights, such as unionisation and the right to a pension after retirement. Most Iraqis are therefore, interested in work in the public sector.

The Ministry’s first step towards this end is to assign procedures and plans to rehabilitate the administrative organs of the state and organize the allocation of posts.

Since the peak of economic woes in 2006 the Iraqi economy has stabilized. The unemployment rate has fallen from 52% to 15%, poverty from 45% to 23%, and inflation from 65% to 6%.

However, government figures show the unemployment rate for young males stands at 30.2% nearly double the rate for women, 16%.

[IraqiPlan_et]

Al-Mansour Company achieves 2.5 billion profit in 6 months
September 12 2011


Iraq’s state-owned al-Mansour General Company, belonging to the Ministry of Industry & Minerals, has achieved a record profit of 2 billion (b), 575 million and 352,000 Iraqi dinars over the first six months of this year, an increase of 363 million dinars, compared to the same period of last year, a Ministry statement reported on Monday.

The statement, as was received by Aswat al-Iraq news agency, has quoted the Company’s Director-General, Engineer Khalil Hayawi, as saying that “his Company, thanks to its great efforts, has achieved a high level of sales during the period from January 1, 2011 and June 30, 2011, with a considerable increase of 363 million dinars, compared with the same period of last year.”

“The Company’s revenues had covered the marketing and sale of its products of healthy drinking water, solar-energy networks, natural and industrial gases, such as oxygen, nitrogen, hydrogen and other products, such as electricity-protection appliances, etc.,” he said.

[BigDreamer]

2 billion dinars? isn't that like a couple of million USD ? lol

[elusive]

when i first read it, it sounded impressive only to realise it was in dinars lol!

[IraqiPlan_et]

Budget year 2012 will be 131 trillion is the largest in the history of Iraq
09/18/2011


Announced the Council of Ministers, today Sunday, 09/18/2011, that the 2012 budget next year will be approximately 131 trillion dinars, the equivalent of $ 110 billion, an increase of 36 percent from last year's budget, and is the largest in the history of Iraq.

Ali al-Dabbagh, spokesman for the government in a statement issued on Sunday, 18/9/2011: The Council of Ministers discussed in the meeting on Sunday, the draft law of the federal budget for 2012, which includes allocating (131) trillion dinars total federal counterbalance an increase of 36% for 2011.

Al-Dabbagh said: that the total federal income of (107.7) trillion dinars a deficit of a total of $ (3.23) trillion dinars is covered by the cash retained from the balance of 2011 and internal and external borrowing, and the proportion of savings is expected to increase selling prices or increased oil production or borrowing from the IMF and World Bank.

Dabbagh said: that the budget includes the allocation of (20) trillion dinars to promote security, stability and capacity-building of military, security, and (11) trillion dinars for the expenses of the compensation and debt, and (15) trillion dinars for support to social strata, and (3.4) trillion dinars for support to companies public bodies and self-funded.

Ali al-Dabbagh: The budget includes a (570) billion dinars for the agricultural sector, and (5) trillion dinars for the industrial sector, energy, and (269) billion dinars for the transportation sector, and (5.10) trillion dinars to the education sector and (3.4) trillion dinars for the reconstruction of and development projects, regions and provinces, and (6.1) trillion dinars for projects related to petro-dollars to the oil-producing provinces, and rotate the amounts are not incurred in 2011.

Dabbagh said that the draft budget includes the exemption of citizens from the amount of interest on loans granted to them by both the Land Bank and Agricultural Bank and the Housing Fund and to continue to grant these loans without interest to the citizens.

[Persi]

Very good news.. Thanks bro

[IraqiPlan_et]

no problem