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Not sure what the date is on this but I find it interesting........... The Exchange Rate of Foreign Currency in Economic Feasibility Studies Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars. Estimate the shadow price of foreign currency: 1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine. The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs. * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar. In particular the following outputs and inputs of foreign currency were distinguished:

Iraq to issue more debt this year http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100312/BUSINESS/703119935/1005 Tom Arnold * Last Updated: March 11. 2010 10:01PM UAE / March 11. 2010 6:01PM GMT Iraq has told the IMF that it plans to issue a new round of government debt this year to plug its budget deficit and establish a benchmark interest rate. “As our financing needs in 2010 will still be substantial, we will step up our efforts to mobilise domestic financing through the treasury bill market,” the central bank governor Sinan al Shabibi, and the finance minister Bayan Jabr, told the IMF as part of its application for a US$3.6 billion (Dh13.22bn) lending programme. “To that end, we will conduct regular auctions and refrain from cancellations, while allowing interest rates to be determined by the market.” Iraq’s banking sector remains undeveloped after the second Gulf War and continuing sectarian violence, and there is no market for trading government debt. The central bank unilaterally sets rates on the only debt it does issue, the short-term securities that are bought by banks. In a bid to develop its financial sector, the government told the IMF it also wants to develop foreign exchange markets, including an interbank foreign exchange market. The government said it would not return to a budget surplus until 2012. Its budget for this year had been based on an average oil price of $62.50 a barrel. Mr al Shabibi and Mr Jabr warned that unless oil prices increased markedly, the government would be forced to constrain spending this year and next year while the country’s developmental and security needs remained high. “A fiscal contraction would hurt the economy and undermine our hard-won macroeconomic stability, and could also contribute to a deterioration of the security situation,” they wrote. They said the country planned to introduce a sales tax as a precursor to a value-added tax. Iraq’s GDP growth slowed to 4 per cent last year from almost 10 per cent the year before, they said. GDP would rise by almost 7 per cent this year and between 7.5 and 8 per cent next year and in 2012, they said. Supporting economic growth would be an increase in oil output to 3.1 million barrels per day (bpd) in two years, from about 2.5 million bpd now, the officials said in the letter, which was submitted to the IMF on February 8 and released yesterday.

Iraq to modernize public financial management Posted by Gamal Ragay Thursday, 11 March 2010 13:28 iraq_central_bank_iraqi_Currency Over the next two years, Iraq intends to transform and modernize its public financial management (PFM) system. Late last year, in consultation with the IMF and the World Bank, Iraq has adopted a three-year action plan that identified priority measures in the areas of budget preparation, execution and reporting; cash management; public procurement; and the accounting framework. Specifically: - To improve budget preparation, Iraq will clearly define priorities, set ceilings in the budget circular for current and investment spending in line with a sustainable medium-term budget strategy, and develop overall sector strategies; - To strengthen reporting and cash management, Iraq will require spending units to submit reports on all spending including investment, advances, and letters of credit no later than two months after the end of each month, and to reconcile these amounts with the cash balances at the beginning and end of the reporting period. Cash releases will be approved only after the Ministry of Finance has reviewed the report from three months before. This will reduce the idle balances in spending units

Iraq completes three economic reform programs supported by IMF Posted by Shahid Abbas Wednesday, 10 March 2010 16:29 Central_Bank_of_Iraq Since 2004, Iraq has successfully completed three economic reform programs supported by the International Monetary Fund (IMF): one under the Emergency Post Conflict Assistance (EPCA) facility and two (precautionary) Stand-By Arrangements (SBA). During this period, Iraq has made considerable progress under very difficult circumstances, including a very challenging security situation. Iraq has successfully reduced inflation, showed fiscal discipline, and started rebuilding our economic institutions. These achievements have helped us to obtain generous debt relief from Paris Club and other creditors that has substantially improved our external position. These hard-won gains of recent years could be undermined, however, by the large drop in oil prices from their peak levels of mid-2008. After reaching a high in July 2008, when Iraqi crude oil sold for $124 per barrel, prices fell to a low of $35 per barrel in January 2009, before slowly recovering to a level of around $68 per barrel in the second half of 2009. The average export price in 2009 was $57 per barrel, well below the average export price of $92 per barrel in 2008. In addition, due to dire infrastructural problems, the volume of oil exports in the early months of the year fell below 2008 levels (to 1.75 million barrels per day (mbpd) in the first five months). Iraq has been working to address these problems and oil exports reached 2 mbpd towards the end of 2009, bringing the average for the year to 1.88 mbpd. As the proceeds from oil exports account for the bulk of our total export receipts, and for the majority of government revenues, the lower oil prices are posing considerable challenges to our internal and external economic stability. To maintain macroeconomic stability, and foster growth and employment, Iraq has adopted an economic adjustment program for 2010

Good catch, that is an old article....

I agree.......... Sounds like the brokers are too late and muffed because they are too late..........

Some investors exchanging U.S. dollars for Iraqi Dinar MID-MICHIGAN (WJRT) -- (02/24/10)--Some say it's an investment with big returns; others say it comes with big risks. Either way it's a growing trend: exchanging American money for the Iraqi Dinar. People are banking on the money being worth more if the Iraq government stabilizes. If you enjoy the sheer luck of playing the lottery or the roller coaster ride of the stock market, then your new fix could be the Iraqi Dinar. They are colorful bills that some investors are buying in bulk at local banks or online. They're banking of big pay out down the line. (Copyright

Not sure if this is this the same article as last weekend but written differently? Source: BI-ME and agencies , Author: BI-ME staff Posted: Sat February 13, 2010 5:38 pm Iraq plans currency redenomination IRAQ. Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, reported Reuters, citing a central bank official. Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers. "The goal is to improve the payment and receiving system in the country and consequently to reform cash management," Mudher Kasim, a senior advisor at the central bank, told Reuters. Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said. Speaking to Radio Free Iraq (RFI) Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. Salih said some 80% of Iraq's money supply is cash in circulation. Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars. Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy. The local unit is managed through foreign exchange auctions, and trades around 1,170 per dollar. http://www.bi-me.com/main.php?id=44269&t=1&c=35&cg=4&mset=1011

Iraq Group Says It Has Kidnapped U.S. Contractor February 06, 2010 BAGHDAD (Reuters) -- An Iraqi militant group said today it kidnapped a U.S. civilian contractor last month and was negotiating the release of the body of another. A senior leader of Shi'ite militia Asaib al-Haq, or Leagues of Righteousness, said the abducted contractor, whom he did not name, was seized because the government was not keeping a promise to free Asaib al-Haq supporters from prison. Such a deal was widely believed to have been behind the release by the same group of British computer programmer Peter Moore in December after 2 1/2 years in captivity, despite Iraqi and British government denials of a link. "The government is carrying out many violations against us," the militant leader told Reuters, asking not to be identified. In a video distributed today, the abducted contractor said he was in good health and was being treated kindly. He wore a U.S. military uniform and spoke in English. He said his captors demanded the release of all detained members of their group, and that guards of the U.S. security firm Blackwater be prosecuted for a shooting at a Baghdad traffic circle in 2007 in which 14 Iraqi civilians died. Asaib al-Haq also demanded the withdrawal of all foreign troops from Iraqi soil. Around 115,000 U.S. soldiers remain in Iraq, almost seven years after the invasion that ousted Sunni dictator Saddam Hussein. The U.S. military in Iraq declined to comment on the video. Instead, it distributed a U.S. Department of Defense statement issued on February 5 that said a civilian employee of U.S. forces in Iraq, Issa T. Salomi, 60, of El Cajon, California, had been unaccounted for since January 23. The Asaib al-Haq leader said his group was also negotiating with the Iraqi government over the handover of the body of a U.S. contractor kidnapped and killed in 2006 by another group. He said his group had received the body of the contractor, identified as Ahmed Qusay al-Taie, from the other militant organization and would release it once it received an assurance from his wife that she would not sue Asaib al-Haq. http://www.rferl.org/content/Iraq_Group_Says_It_Has_Kidnapped_US_Contractor/1950677.html

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News / From Our Bureaus Iraq Planning Currency Redenomination Iraqi dinars are stacked at a teller's window in a Najaf bank. February 06, 2010 BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports. Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year. Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued. Both will be legal tender in Iraq until the old notes are completely withdrawn. Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan. Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation. Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars. Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy. The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar. http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

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Gulf nations may opt first for dollar in currency union The US dollar will be a dominant component even if a basket of currencies is chosen, say analysts. (EB FILE) Print storyContact newspaper editorSend to a friend By Nadim Kawach on Monday, December 28, 2009 Four Gulf nations entering the Middle East's first monetary union pact are expected to peg their single currency to the US dollar in the first phase of the historic project but might opt for a basket later, according to analysts. Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), have kept the world guessing on what type of currency they would adopt for their monetary union, which was ratified by their heads of state at their annual summit in Kuwait in mid-December. But there have been strong official signals that the four countries would not veer away from the US dollar in the first years of the monetary union. And some of them have indicated that even if a basket of currencies is selected, the US dollar would be its dominant component. "My feeling is that the Gulf currency would be pegged to the US dollar in the first stages of the monetary union because it is the official price of their oil exports, which account for the bulk of their exports

Osama Nujaifi: agreement on the distribution of electoral seats, according to the latest statistics 2009-12-05 11:51:02 2009-12-05 11:51:02 بغداد ( إيبا ) ... BAGHDAD (Iba) ... قال الامين العام لتجمع عراقيون الوطني اسامة النجيفي " ان هناك رسالة موجهة لمجلس النواب من مجلس رئاسة الجمهورية حول توزيع المقاعد وتصويت المهجرين". UN Secretary-General of the Iraqi national pool Osama Nujaifi "There is a letter addressed to the House of Representatives of the Presidency of the Republic on the distribution of seats and the vote of the displaced." مشيرا الى ان المجلس سيجيب على الرسالة بعد جلسة اليوم بتوضيح ان التوزيع سيتم حسب آخر إحصائية سكانية للمحافظات". He pointed out that the Council would respond to the message after today's meeting to clarify that the distribution will be according to the latest statistical population of the provinces. " وكان مجلس النواب قد صوت على قانون الانتخابات مؤخرا باغلبية الحضور باعتماد احصائية عام 2005 مع زيادة بنسبة 2،8% لعموم المحافظات ،وتصويت مهجري الخارج كلا حسب محافظته". The House of Representatives had voted on the election law recently to attend the adoption of the statistical majority in 2005 with an increase of 2,8% for all governorates, and a vote of itinerant abroad, both as his province. " واضاف النجيفي في اتصال مع وكالة الصحافة المستقلة ( إيبا ) اليوم السبت " انه وحسب الاتفاق الجديد الذي تم التوصل اليه بين الكتل السياسية سيعتمد توزيع مقاعد الاقليات من الحصة الوطنية مع اضافة مقعدين لاقليم كردستان ". He Nujaifi in contact with the agency and the independent press (Iba) on Saturday, "as he and the new agreement reached between the political blocs will depend the distribution of seats for minorities from the national quota with the addition of two seats for the province of Kurdistan." وكان التحالف الكردستاني قد هدد بعدم المشاركة في الانتخابات القادمة في حال لم تضاف مقاعد اضافية لحصة محافظات الاقليم الثلاث. The Kurdistan Alliance has threatened not to participate in the next elections if it does not add additional seats to share the three governorates of the region. واشار النجيفي الى " انه سيتم اعتماد 325 مقعدا لاعضاء البرلمان القادم ". The Nujaifi "It will be the adoption of 325 seats for members of the next parliament." ويتكون مجلس النواب الحالي من 275 مقعدا تم اعتمادها في الانتخابات الماضية والتي جرت في عام 2005. It consists of the current parliament of 275 seats have been adopted in the last election, which took place in 2005. واكد النجيفي على " اذا تم التصويت على هذا الاتفاق ستعود مقاعد المحافظات كما كانت بدون انقاص كما كانت في القانون بشكله الاول مبينا ان حصة محافظة نينوى ستكون 31 مقعدا مع اضافة 3 مقاعد للاقليات ". He Nujaifi on "if he were to vote on this agreement will provincial seats as they were without a loss as they were in the first form of law, pointing out that the share of Nineveh province, will be 31 seats with the addition of 3 seats for minorities." وكانت بعض الكتل والشخصيات السياسية في محافظة نينوى قد هددت من خلال التصريحات الصحفية والمظاهرات بمقاطعة الانتخابات في حال لم يتم انصاف المحافظة بمنحها استحقاقها من المقاعد الانتخابية .( النهاية ) / ع /. Some of the blocs and political figures in the Nineveh province, has threatened through press releases and demonstrations to boycott the elections if not to maintain fairness by giving entitlement of electoral seats. (End) / p /. http://translate.google.com/translate?hl=en&sl=ar&u=http://www.ipairaq.com/index.php%3Fname%3Dinner%26t%3Dpolitics%26id%3D18326&prev=/search%3Fq%3Dnaharian.com%26hl%3Den%26rls%3Dcom.microsoft:en-us:IE-SearchBox%26rlz%3D1I7GZEF_en&rurl=translate.google.com

Thomson Reuters Helps Iraq Enter Modern Banking 27 November 2009 DUBAI

The foreign exchange market (currency, forex, or FX) trades currencies. It lets banks and other institutions easily buy and sell currencies. [1] The purpose of the foreign exchange market is to help international trade and investment. A foreign exchange market helps businesses convert one currency to another. For example, it permits a U.S. business to import European goods and pay Euros, even though the business's income is in U.S. dollars. In a typical foreign exchange transaction a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market started forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system. The foreign exchange market is unique because of * its trading volumes, * the extreme liquidity of the market, * its geographical dispersion, * its long trading hours: 24 hours a day except on weekends (from 22:00 UTC on Sunday until 22:00 UTC Friday), * the variety of factors that affect exchange rates. * the low margins of profit compared with other markets of fixed income (but profits can be high due to very large trading volumes) * the use of leverage As such, it has been referred to as the market closest to the ideal perfect competition, notwithstanding market manipulation by central banks.[citation needed] According to the Bank for International Settlements,[2] average daily turnover in global foreign exchange markets is estimated at $3.98 trillion. Trading in the world's main financial markets accounted for $3.21 trillion of this. This approximately $3.21 trillion in main foreign exchange market turnover was broken down as follows: * $1.005 trillion in spot transactions * $362 billion in outright forwards * $1.714 trillion in foreign exchange swaps * $129 billion estimated gaps in reporting Continued.............. http://en.wikipedia.org/wiki/FOREX

Wednesday, November 25, 2009 Trade Bank of Iraq joins Thomson Reuters world-class global foreign exchange trading service ShareThis | Respond to Editor | Print Comtex Nov 25, 2009 (Hugin via COMTEX) ----Trade Bank of Iraq- first bank in Iraq to join Thomson Reuters global foreign exchange trading service Baghdad & Dubai, 25 November, 2009 - Thomson Reuters today announced the Trade Bank of Iraq (TBI) will be the first bank in Iraq to connect to the international foreign exchange (FX) community using Thomson Reuters Dealing trading service. This deal reinforces Thomson Reuters strong position in the FX dealing space and further expands its global dealing community. TBI, a state-owned bank, was established in July 2003 to facilitate Iraq's international trade and the reconstruction of the country after the expiration of the UN Oil-For-Food Programme. TBI has built relationships with a network of 120 banks covering 63 cities in 39 countries. It was one of the first Iraqi banks to receive lines of credit from major international financial institutions. By joining the professional international FX community through Thomson Reuters Dealing, TBI will be able to access liquidity and counterparties across global FX and money markets. TBI traders will also use Reuters 3000 Xtra, the company's real-time, high-performance desktop that delivers a full range of real-time, cross asset data and analysis tools for global financial professionals. The Bank's dealing code will be TBIB. Zaid A. Mahdi, Vice-President, Business Development at Trade Bank of Iraq, said, "This connection to the international foreign exchange community via the world's leading source of intelligent business information is a milestone for Iraq and for the Bank. "The deal means that TBI will be able to widen the range of financial services it provides to help Iraqi businesses to trade internationally and grow. It is further evidence that business in Iraq is gradually returning to the international financial markets." Jas Singh, Global Head of Treasury, Thomson Reuters, said, "Thomson Reuters has maintained a strong presence in Iraq over the last 10 years and we are delighted to support the development of its financial markets by equipping TBI with the right tools and information to trade with the wider world. We look forward to working with them to open further opportunities as their banking systems develop". Thomson Reuters Dealing is used by nearly 18,000 professionals across 5,000 organisations to trade FX spot and forwards, as well as money market, fixed income, commodities and derivatives in over 120 countries. About Thomson Reuters Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto Stock Exchange and New York Stock Exchange. For more information, go to www.thomsonreuters.com About Trade Bank of Iraq TBI, a state-owned bank, was established in July 2003 to facilitate Iraq's international trade and the reconstruction of the country after the expiration of the UN Oil-For-Food Programme. TBI has built relationships with a network of 120 banks covering 63 cities in 39 countries. It was one of the first Iraqi banks to receive lines of credit from major international financial institutions. For more information, go to www.tbiraq.com. CONTACTS Thomson Reuters Trade Bank of Iraq Yvonne Diaz Taiseer Mohammed PR Director, Financial Services Senior Manager, International +44 20 7542 2615 Operations Department yvonne.diaz@thomsonreuters.com +96 479 0194 3584 taiseer.alhairi@tbiraq.com Candice Sgroi PR Manager, Middle East & Africa +971566818021 candice.sgroi@thomsonreuters.com This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement. SOURCE: Thomson Reuters Corporation http://www.foxbusiness.com/story/markets/industries/media/trade-bank-iraq-joins-thomson-reuters-world-class-global-foreign-exchange/

Iraq Parliament Passes Key Investment Law Article Tools Sponsored By By REUTERS Published: November 23, 2009 Filed at 7:48 a.m. ET Skip to next paragraph Reuters BAGHDAD (Reuters) - Iraq's parliament passed an investment law on Monday that would allow foreigners to own land for housing projects, and is designed to streamline regulations and applications for foreign investment, lawmakers said. Iraq hoped for a tide of foreign investment as the sectarian bloodshed triggered by the 2003 U.S. invasion subsided in the last two years, but bureaucracy, red tape and outdated land ownership laws have deterred businessmen. "This is a huge achievement for everybody, the parliament, the cabinet and the Iraqi people. This will remove many obstacles blocking the investment process in Iraq," National Investment Commission Chairman Sami al-Araji told Reuters. The investment law does not cover the oil sector, nor hotel construction, but housing is a potentially huge growth industry. Iraq hopes to build millions of new housing units. The old real estate laws only allowed the lease of land to foreign investors for a limited time. The new law aims to speed up the process of applying for investment licenses and to clarify federal and provincial powers when dealing with investors. It must now be approved by Iraq's presidential council. (Reporting by Waleed Ibrahim, writing by Mohammed Abbas: Editing by Ron Askew) http://www.nytimes.com/reuters/2009/11/23/world/international-us-iraq-investment-law.html?_r=1

Iraqi VP warns he'll veto election legislation for second time. November 24, 2009 5:29 p.m. EST Baghdad, Iraq (CNN) -- Iraq's Sunni Arab vice president said Tuesday he will again veto legislation that sets the framework for the country's upcoming elections, saying revisions passed after his first veto made the bill worse. Tariq al-Hashimi vetoed the Iraqi parliament's first election law last week, arguing that it failed to provide enough seats for Iraqi refugees, many of whom are Sunnis. A revised bill passed by Iraq's parliament on Monday remains "unconstitutional and unfair," al-Hashimi said in a statement issued by his office. The previous law "was more fair to Iraqis than the new law, which Mr. al-Hashimi will deal with just like he dealt with the previous one," the statement said. Iraq's constitution calls for elections by January 31. The vote is seen as barometer of Iraqi progress toward stability and a key benchmark in plans for a U.S. withdrawal from Iraq. But the disputes over how seats will be allocated in a new parliament have put the vote in jeopardy. Lawmakers need a two-thirds majority to override a veto, but Iraq's parliament adjourned until December 8 after passing Monday's revised bill. Iraq's top electoral commission -- saying it needs 60 days to prepare for voting -- announced last week that a January vote is unlikely and suspended its preparations. Al-Hashimi said the election bill is unfair to Iraqis who were forced to flee violence in their homeland, and he refused to sign it without an amendment that would increase the number of seats allocated to refugees and small political parties that could not get enough votes on a national level. In addition to al-Hashimi's objections, Kurdish leaders had threatened to boycott the upcoming vote unless provinces with heavy Kurdish populations get greater representation in the next parliament. The law that parliament passed Monday included revisions the Kurds had sought, but not those al-Hashimi demanded. Al-Hashimi's office said the new law was passed without "national accordance" and outside parliament's usual way to deal with "sensitive national legislation of this caliber." "What happened constitutes a dangerous precedent that will negatively overshadow the overall political process," the statement said. Iraq's constitution requires laws to have the unanimous approval of the country's three-member Presidency Council -- al-Hashimi, Shiite Vice President Adel Abdul Mehdi and President Jalal Talabani, a Kurd. About 115,000 American troops remain in Iraq, and the Obama administration plans to pull all but 30,000 to 50,000 of them out of the country by August. Washington is not insisting on elections before January 31, but the "overall time frame" is important, said Christopher Hill, the U.S. ambassador in Baghdad. "Some slippage will be OK, but we don't want a lot of slippage," Hill said Tuesday. "So, I hope they look very carefully at this and hope that they can get moving." In Washington, Pentagon spokesman Geoff Morrell told reporters that U.S. military plans don't depend on the election. In any event, "there is still plenty of time for this election to be held," he said. "I think we are still operating under the assumption -- certainly the hope -- that these elections can still be carried out as scheduled," he said. http://www.cnn.com/2009/WORLD/meast/11/24/iraq.election.veto/index.html?iref=24hours

Iraq national vote unlikely in January: official Tue Nov 24, 2009 4:37am EST By Waleed Ibrahim BAGHDAD (Reuters) - Iraq will be unable to hold a national election in January as planned, a poll official said on Tuesday, heaping more uncertainty on a vote meant to cement democracy and pave the way for a partial U.S. troop withdrawal. The general election was supposed to be held between January 18-23, but Iraq's Vice President Tareq al-Hashemi, a Sunni Muslim, last week vetoed a law needed to hold the polls on grounds that Iraqis abroad were under-represented. http://www.reuters.com/article/worldNews/idUSTRE5AN1DO20091124?sp=true Hundreds of thousands of Iraqis fled the sectarian violence triggered by the 2003 U.S. invasion of Iraq, and many are Sunni. Parliament returned the law to the presidential council, including Hashemi, on Monday, but deliberately failed to address his concerns and in all likelihood it will be vetoed again. "In all cases the possibility of holding the vote in January is over," said Faraj al-Haidari, head of the electoral commission. In theory the election law must be passed 60 days before the vote, making Tuesday the last day lawmakers can reach agreement to meet the January 23 proposed election date. But after a heated parliamentary session on Monday, the fractious parliament seemed more divided than ever. Lawmakers belonging to Iraq's majority Shi'ite community and minority Kurdish community voted for amendments to the election law that would weaken Sunni voter representation, a move some said was meant as a poke in the eye for Hashemi. Sunni lawmakers staged a walk out of the session and the next sitting is not scheduled until December 8, although the speaker could call for an extraordinary session to end the impasse. "The amendment made by the parliament yesterday is unconstitutional, unfair and contradicts parliamentary standards," said a statement from Hashemi's office, where Sunni lawmakers are planning their next move. ETHNO-SECTARIAN WOUNDS The row threatens to re-open ethno-sectarian wounds among Iraq's Shi'ites, Sunnis and Kurds which have only just begun to heal after years of bloodshed. Investors, eyeing Iraq's vast oil wealth and lucrative oil field development contracts but nervous about security, will also be watching the elections closely. One prominent Sunni lawmaker called for demonstrations against the amended election law, which he called a "big crime." The U.S. military plans to end combat operations by the end of next August before a full withdrawal by 2012, but is waiting to see whether Iraq's fragile stability holds after the polls, the country's first general election since 2005. The U.S. build-up of troops and hardware in Afghanistan partially hinges on pulling assets out of Iraq first. Washington has lobbied for the polls to be held on time. A delay beyond January would violate Iraq's constitution, setting a precedent that could encourage autocratically-minded Iraqi leaders to flout the law in the future, analysts say. "Some slippage is OK, but we don't want a lot of slippage, so I hope they look carefully at this and I hope they can get moving," U.S. ambassador Chris Hill told reporters. U.S. Secretary of State Hillarious Clinton said on Monday the United States would "present a number of ideas" to help break the deadlock. (Additional reporting by Aseel Kami, Writing by Mohammed Abbas: Editing by Michael Christie and Angus MacSwan)

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