IMF sees Iraq economic program in the fall

[arh777]

Reuters
Apr 5 2005 1:22




WASHINGTON, April 4 (Reuters) - The International Monetary Fund and new Iraqi government expect to have an economic adjustment program in place in the fall if security improves, the IMF's top official for the Middle East said on Monday.

Mohsin Khan, IMF director of the Middle East and Central Asia, said there had been progress and setbacks in implementing banking, budget and tax collection reforms.

The IMF provided Iraq with $436 million in post-conflict aid in September to help the country's transition to a market economy, but economic rebuilding has been affected by months of violence by insurgents opposed to U.S.-led forces in Iraq.

Political deadlock has also held up the formation of a new Iraq government since the country's Jan. 30 elections.

"Iraq continues to suffer from shortages of fuel, gasoline, and electricity -- which, in turn, give rise to inflation," Khan told an internal publication IMF Survey in an interview.

"Even so, we envision having an IMF-supported adjustment program in place by fall 2005, assuming that the election leads to a significant reduction in the security problems," Khan said.

[arh777]

UAE investors to establish banks in Iraq



Emirates News Agency (WAM) - 05/04/2005

ABU DHABI — An Iraqi official has disclosed that intensives contacts are under way with UAE investors for the establishment of private or joint stock banks in Iraq.

Dr. Sanan Al Shabibi, Governor of the Central Bank, said that the negotiations might yield fruit in form of one or more Gulf banks in Iraq, pointing out that UAE and Gulf investors had shown great concern in benefiting from the tremendous opportunities provided by the Iraqi banking sector. He said that the Iraqi central bank has invested its $5 billion reserves in external markets, which are considered a basic step for marinating stability of the Iraqi dinar, adding that the movement of the Iraqi currency would depend on the entry or exist of Iraq of foreign currencies.

[arh777]

Iraqi March exports fixed at 1.46 mbpd



MENAFN - 05/04/2005

(MENAFN) According to shipping resources, Iraq exported a total of 1.46 million barrels per day of crude oil last month, the same amount produced in February.

Throughout March, The flow from the southern oil terminals was steady with only a brief disruption last week as navigation staff staged a walk out protesting maltreatment by US forces guarding the port.

Around 45.2 million barrels of crude were exported from the Basra and Khor Al Amaya terminals in March, up from 40.8 million barrels in the shorter month of February. There were no exports of crude from Iraq's northern oil fields via pipeline to Turkey.

[stargazer1968]

Currencies not seen as hot issue at upcoming G7: US



NewsStand - Monday, April 04, 2005

MarketWatch, Inc
Robert Schroeder

WASHINGTON (MarketWatch) -- The dollar, yen and euro may not be a "hot" topic of discussion at the upcoming meetings of finance ministers and central bankers from the world's seven richest nations, a U.S. Treasury spokesman said Monday. "Certainly if currencies come up, we'll affirm our long-held views there," said Treasury Department spokesman Rob Nichols, "but I'm not detecting that as being a hot issue." The G7 will meet in Washington ahead of the IMF/World Bank Spring Meeting on April 16 and 17 and will discuss debt relief and global economic growth among other topics.