[millionday] note -- the first ever sales trade contract was signed today in kurdistan --- sales for gas ---- hmmmmm -- we also have seen many contracts that will go into effect in october but lets wait and see --- never by what will come but by what is here now brb with more
[millionday] Iraq's government has released a five-year economic plan which will try to diversify beyond oil production and develop the industrial sector.
The plan, announced this week, faces major obstacles including a rising level of sectarian violence and political infighting within the country's fractious coalition government.
Read More Link On Right
But if implemented, it could mark a new stage in Iraq's recovery from decades of war and international economic sanctions. So far, the recovery since the US invasion of 2003 has been based almost entirely on rising oil production.
[millionday] The government made a decision to focus on other sources in the country instead of oil, so the new plan will basically focus on industry instead of oil," said Hussain Al-Shahristani, deputy prime minister for energy affairs.
The plan for the years 2013 to 2017 calls for investment of approximately $357 billion in development projects across the country, focusing in particular on five sectors: building and services, agriculture, education, transport and communications, and energy.
About 79 per cent of that investment total would come from the government and the rest from the private sector.
[millionday] note -- this plan is completely signed
[millionday] Oil would remain by far the biggest source of revenue for the government during this period. Revenues from oil in the five years are projected at 768.7 trillion dinars ($662 billion), with revenues from non-oil sources at 43.5 trillion dinars.
Production of crude oil is envisioned rising from 3.2 million barrels per day in 2012 to 9.5 million bpd in 2017, with crude oil exports climbing from 2.6 million bpd to 6 million bpd in 2017, assuming an average oil price of $85 per barrel over the five years.
Many analysts think such targets may be much too optimistic, given logistical bottlenecks and the damage which the sectarian violence is doing to oil production and government operations.
[bluedog2] Yes I read that this morning. Made me excited!
[millionday] Iraq aims to increase its storage capacity for crude oil for export from 10.987 million barrels to 30.057 million barrels in 2017.
The five-year plan also envisages increases in agricultural production to reduce Iraq's dependence on grain imports.
"The plan aims to produce about six million tonhnes of wheat in 2017 which will cover the domestic consumption, and to raise the average production of barley from 820,000 tonnes in 2011 to 1.2 million tonnes in 2017,"
said Sami Matti, technical deputy minister at the ministry of planning. He said Iraq's total production under the plan would rise by an average of 13 per cent annually, while the country's poverty rate would fall from 19 per cent in 2012 to 16 per cent in 2017. The government also hopes the plan will help to reduce economic disparities between rural and urban areas.
[millionday] bluedog2 very -- all about moving the economy now
[bluedog2] yes ma'am!!!
millionday] data connection ____________________
[millionday] Called on the Association of private banks in Iraq to make substantial modifications to the work of private banks to bridge the gap between them and the government banks. executive director of the Association of private banks in Iraq,
Abdul Aziz Hassoun said in an interview for the (morning): "It has to be that there will be a committee of Central Bank and private banks to discuss the amendments and to find a formula and plan to work of private banks.
[millionday] It is said that a source familiar with has revealed several modifications will be taken on the work of private banks, indicating that these amendments will take place during the next few days.
said Hassoun that "private banks constitute 15 percent of the assets of the Iraqi banking system, while a government banks three in addition to the specialized accounting for 85 percent, "viewing it as banks inactive due to run their capital properly by the right investment.
[millionday] note -- by Friday
[millionday] stressed the Executive Director of the need to repair the imbalance in the banking system and the gap between banks government and private, noting that the private banks with the level of performance is very high, but they are handcuffed in the use of technology in the market,
especially as the number of branches over a number of government banks, and its systems work called "OnLine" ie, that all branches tied with the General Administration in the parent bank,
as well as all branches Monetary amounts in real time with each other, and the use of electronic instruments, it all comes on the contrary of the mechanism of action of the government banks that are still operating according to the manual system, he says.
[millionday] note -- this means that all data entry will be transferred to real time as the rate changes or the economic reality of anything will be entered and data will be done in real time as here '
[millionday] whooop whoooop
[Papatom] millionday that's a MUST !!!!
[millionday] so this is where we are and they will have this done by friday or saturday -- i have a better saying of Friday -- they said all real time data will be done
[Papatom] millionday it wouldnt' supprise me if Microsofts contract includes software to do this real time stuff....
[Rocknrv] Does that mean..........
[onthewings] millionday I don't want to miss understand but are we about to see the rv this coming weekend ?
[Msbossydiva] Whoooo hooooo
[DlD] onthewings ditto
[Msbossydiva] Can i get a whoop whoop
[Rocknrv] Economic reform?
[millionday] so that is a huge step that has to have been done and all of this is what we have been waiting on forever and now we have political reform and real time government and private banking data set up and ready to go in a day or so -- so let me say -- oh nelly
[En4cr] whoop whoop
[IamBlessed] whoop whoop
[millionday] onthewings we do not know the date of the rv
[msbrat] Oh nelly!!!
[IamBlessed] oh nelly - That's good!!!! Love it!!!!
[wilbur48] Millionday doesn't that mean they need the rate to do that
[millionday] but if they want to rv after they hook this up -- it will be instant
[onthewings] millionday ok
[millionday] and it will also allow the stock market to be hooked by real time with currency market
[DlD] so anytime
[faith1] whoo hoo Oh Lordy ,,,, breath !!
[onthewings] I am just so excited to think that we may begin a new journey after being on this ride for so many years
[Godsalli/Jim] Oh Lordy lol
[Dovi] I'm bawlin'
[millionday] so there we have us up to date after my brief absence --- sorry about that but very glad i was able to fill you in
[msbrat] Million love ya gal for all you do! Thank you so very much!
[millionday] yw all the time -- love right back to ya
[Auntie] millionday Does that mean International?
[faith1] if stock market is hooked,,, we have a international currency... of value !!
[onthewings] millionday We Love u
[Dovi] millionday so glad you're back and feeling better
[Dancing Queen] Thanks MD and others for all the great work bringing the news!
[miraclehands] Whoop whoop Millionday
[DlD] millionday so we could see it anytime but of course in their time lol
[Flygirl02] Thank you again!!!!
[msbrat] By the end of the qtr.
[rollonjohn] Million, Bela & Rudie, thanks for all you do!
[bluedog2] Do you really think after 5 years in my case, we will see the RV tomorrow?
[millionday] this team is such a great family --- we love you all and such a good job by our mods and of our members ----i will see you tomorrow but know that yes --- erbil is done and all documents were successful
[msbrat] I hope! Oct 1 is good for me!
[onthewings] millionday Amen
[Baxter1243] Thx MillionDay......another Great News Day.........thx for everything.....
[millionday] no i dont know when the rv is -- i know that the data system is very huge in its process so we wait together
LBnFL] So millionday, what are you expecting to read next?
[millionday] the lines of the iraqi citizens is what i would like to read about -- smile
[millionday] we shall see -- we have nothing but their development in my opinion