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Iraqi economy .. old and new problems exacerbated by other crises
01/04/2015 01:05
Iraqi economy, which mainly depends on the oil sector, where 95% of the total income of Iraq's hard currency, is suffering today, according to some experts, the problems and crises large and chronic because of political differences and the deterioration of the security situation and rampant corruption and other things that prevented Iraq to take advantage of its resources Natural fully, and these problems seriously worsened due to lower global oil prices, which impacted negatively on Iraq's budget, which raised fears of many experts and specialists in economic affairs, especially after paying this problem, the Iraqi government to resort to implement the austerity policy in order to avoid crisis financial Inquirer.
Some observers believe that the Iraqi economy may face a large and serious challenges, due to the ongoing political conflict and the deterioration of the security situation and the war on Daash, in addition to the neglect of the Iraqi government for the rest of the other sectors that are important tributary to support the economy, including industry, agriculture, as well as the lack of preparation of plans required for such strategies Thus crises may bear consequences of the Iraqi people only.
Abadi, urges patience
In this regard, Prime Minister Haider al-Abadi has called on Iraqis to "patience" while the government is working on the implementation of economic reforms, including the restructuring of many state-owned companies, saying the plan will produce economic growth and development. Exposed Abadi, who took power in September after militants organize Daash dominated large parts of northern and western Iraq under pressure to improve the economic and security situation with his country amid the atmosphere of political polarization.
Iraq has struggled to attract foreign investment and diversify its sources of income away from oil prices plunged in the second half of last year. Abadi told an investment conference in Baghdad, "We can overcome the crisis by insisting on economic reform and patient .. We appeal to the citizens of patience. Qadman success and development." Abadi added, "I am not pessimistic and I call on the citizens to be patient and promise them that success is coming and detente in close economic crisis."
Ebadi said that the government aims to restructure some state-owned companies, but did not say when the changes will happen or do you include privatization. He added: "We want these companies to be more efficient and contribute to the Iraqi economy." He said the government had no intention of shedding workers in those companies. Continues many Iraqi state-owned companies since the invasion activity barely US-led invasion to topple Saddam Hussein in 2003, while many companies linked to shut the military.
Iraq and gets about 90 percent of its revenues from the oil economy last year and severely affected by the sharp decline in world prices for crude and control militants on large areas in the north and east of the country, prompting the government to a large spending on the military and care for people who have been displaced from those areas. It is expected that jumps defense spending alone by up to 20 percent in 2015 according to the budget approved by Parliament includes a deficit of $ 25 trillion dinars ($ 22 billion) will be financed by borrowing. The government must also ensure that the salaries of more than 5 million employees with the state. According to Reuters.
He said Finance Minister Hoshyar Zebari said Iraq plans to use special drawing rights to collect funds from the International Monetary Fund. A senior source told the IMF that the international financial institution open to provide additional funding for the war-weary country. When providing emergency lending programs to the States, the IMF often urges them to make economic reforms, such as financial re-structuring of the state.
Eurobond
Meanwhile, despite the war being waged against Iraq militants gangs Daash and falling oil prices that has plagued public Bmalith still this country can rely on oil reserves to attract buyers to the first publications of international bonds in nine years. Earlier, Finance Minister Hoshyar Zebari said that the central government is discussing with Citibank and Deutsche Bank version potential for dollar bonds worth five billion dollars for five years to help them bridge the budget deficit.
It is believed a lot of fund managers that Iraq will fall short of selling such a huge amount of bonds at once especially as he did not get a credit rating from one of the major agencies. And obtain a credit rating could take months. It is true that the bond support specific oil revenues will boost investor demand but the government has not said it would do so may refuse to handcuff her hands in this way. So may be a smaller version put in perhaps between billion and two billion.
But there is no doubt that Iraq still can enter the international debt market whenever he pleases. Oil Vahtiatath very huge and plans for the production of this oil is very ambitious as to make it attractive market for funds wanting exposure to political risk versus reap high returns. Iraq has increased the second largest producer in the Organization of Petroleum Exporting Countries (OPEC) production to 3.4 million barrels per day in January from 3.05 million barrels a year ago. Baghdad has said it aims to raise the total capacity to between 8.5 million and 9 million barrels per day by 2020.
This may be the target overly optimistic in light of security concerns, poor infrastructure and lack of liquidity. But the huge oil fields in Iraq, located in the southern region controlled by the Shiites to make them immune to the organization of the Islamic state is relatively attacks. The bet buyers of Iraqi bonds that production will increase in the coming years, enough to service its debts Iraq easily even if it is fully implemented expansion plans.
Said Brian Carter, director of the Governor at Acadian Asset Management in Boston, "the aspirations of the Iraqi oil production and high availability of a positive catalyst for the Iraqi debt." Trading in the secondary market refers to the Iraqi bonds are denominated in dollars maturing in 2028 to restore investor confidence in Iraq somewhat after Thavthm on sale late last year with falling oil prices. The yield on bonds jumped to a record high of 10.49 percent in mid-December from 7.2 percent in September, but then came down to 8.54 percent.
There are several factors behind this recovery. Iraqi government forces have made some gains in the face of the organization of the Islamic state over the past few months, Baghdad is not directly exposed to the risk. And put Zebari complex plan to address the projected deficit of $ 21 billion in this year's budget. The minister plans to take many actions, including the imposition of taxes on imports of cars, mobile phones and cards provide two billion dollars by reducing the rewards of government employees who earn big salaries and collect $ 1.8 billion using SDRs for Iraq from the International Monetary Fund.
If these steps have enabled the government to meet its obligations and increased oil production will be more of the state of public finances in the event of a lot better in a few years. Iraq currently earns about $ 50 million a year from its oil exports. If oil prices stabilized, the production growth rate of only 50 percent Cedar additional revenues of approximately $ 25 billion, enough to cover the deficit in the budget entirely.
Says Kevin Daly, director of the Governor in Aberdeen Asset Management The bonds that Iraq intends to put forward would be attractive if involved a return around nine percent, and for ten years. "There will be a demand on Iraq, but certainly will increase if they (the Iraqis) a credit rating." And the relationship between the Iraqi traded bonds and other emerging markets are very weak, including Iraq makes an attractive investment market for some money, especially with the approach of raising US interest rates, which adversely affects the emerging markets in general bonds. According to Reuters.
Fund managers noted also that the Iraqi traded bonds attractive price compared with dollar bonds due in 2023 to Nigeria, which is facing major political and security problems but are traded bonds yield at least 165 basis points from their Iraqi counterparts. Said Sergei Dergachev, a conservative manager for emerging market debt at Union Investment in Germany Brivivondz The great chances of recovery of oil prices is very small while the chances of Iraq eliminate the militants to organize the Islamic state almost non-existent. But he added: "In times of very low returns, investors are looking for credits with an adequate return."
Compensation Kuwait
Meanwhile, said a senior official at the United Nations that the compensation committee of the International Organization of the Gulf War and Iraq agreed to a request to postpone the payment of the last batch of compensation - imposed by the Security Council after the invasion of Kuwait in 1990 - for a period of one year. Said Leah Kraft Legal Committee in charge of "The Council adopted a resolution approving the postponement compel Iraq to deposit five percent of oil revenues (in the Compensation Fund) until the first of January 2016."
Iraq had asked earlier to postpone payment of $ 4.6 billion in compensation for the destruction of Kuwaiti oil installations during its occupation of the country in 1990-1991. And has taken the major powers of the Commission decision unanimously given the pressures on the Iraqi economy from falling oil prices and the war against al-Daash. She Kraft after the closed-door meeting in Geneva "The Council expressed its solidarity with Iraq and expressed his desire to help as much as possible."
The Kuwait News Agency (KUNA) said earlier that Kuwait had agreed to a request from Iraq to postpone the payment of the last payment of compensation imposed by the Security Council of the United Nations. Kraft said that the Compensation Committee of the Iraqi delegation stressed "the importance of full payment of the remaining compensation in a timely manner." The head Khaled Ahmad Al-Mudhaf head of the Kuwaiti Public Authority for Assessment of Compensation his country's delegation at the Geneva meeting. According to Reuters.
Iraq and regularly pay the money in the fund which is based in Geneva and that compensation for looting and vandalism that occurred during the occupation of Kuwait, which lasted seven months. Comes the latest installment and the largest value of $ 4.6 billion in compensation to Kuwait for the massive destruction of oil their facilities. Iraqi forces set ablaze in more than 700 oil wells and continued in flames, some ten months. Iraq and pay most of the compensation bill of $ 52.4 billion to more than a million claimants from individuals, businesses and governments.
Battle reconstruction
Besides, on a main road and extends in the direction of the south of Baghdad, dozens of buildings rising from the plains of Iraq to represent the first elements of a new city with investments of billions of dollars in land accustomed to war and crises on development, including in respect of the promises of glamorous. It seems any building project Iraq tried his decades midget alongside new Basmajh City project, which aims to accommodate half a million people within four years.
Above the cranes over a limited number of residential buildings completed construction as the movement of tens of thousands of bus workers across the site, which covers an area of 18 square kilometers and produce huge compound walls and columns, prefabricated concrete. It is planned to build 100 thousand units in this piece of arid land, which lies about 20 kilometers from the Iraqi capital, which suffered war damage and became severe congestion after it had been a source of pride for the Iraqis.
Stresses continue to build project until after the Iraqi authorities lost large tracts of land in favor of hard-line Islamists and billions of oil income as a result of lower prices over the ambitious project and the size of the obstacles to be overcome. The company aims South Hanwha Engineering and Construction Korean that have signed a contract worth eight billion dollars to build the city Basmajh to deliver the first batch of housing units during the next summer.
However, they were forced to adapt to the unique challenge of working in Iraq and changed its mind supply lines after the attack by the organization Daash last June and led to the halt of cement shipments. They also had to face the problem of the departure of foreign workers when making the organization a short distance from the capital. The decline raised doubts Iraqi oil revenues in the government's ability to provide basic services, including water supply for the new site.
Inside the new city, guarded by a private security force in addition to the limits with armed military forces Sangeso Kim, vice president of Hanwha Corporation said that the project is behind schedule by six months. The plan is to complete the project in 2019. He said he stood in front of the first group of unfinished apartments "We are trying to catch up with what we missed in the schedule is that if the situation did not improve and the circumstances it would be imperative that the delay is happening for a while."
Two do not differ on the urgent need for reconstruction in Iraq. In the wake of the invasion of the international coalition forces, the US-led Iraq in 2003, the international sanctions imposed on Iraq because of Saddam Hussein's forces invaded Kuwait in 1990. However, the increased sectarian war raging hindered economic recovery. In the capital, the concrete used in the establishment of protective barriers of the bombings, more than were used in the construction of housing units in a tangible proof of the inhabitants of the capital's seven million people on the lost years that have passed on Baghdad.
Sami al-Araji Chairman of the National Investment Commission, which leads the construction of housing units "in the past thirty years has not let us build a lot Initiative." He added that Iraq needs three million new housing units in the next ten years, the Commission has prepared plans for the establishment of two other cities in southern Baghdad and outside the city of Basra. Araji and filled office in the fortified Green Zone in Baghdad publications on coated paper and architectural and engineering designs for the new cities, which includes hospitals, cinemas and an Olympic swimming pool and housing overlooking the water bodies and high-rise buildings also in Dubai, Abu Dhabi and Qatar.
And complain about companies and business of large-scale corruption and crippling bureaucracy along with her complaint of conflict. Araji said, "We were and still economical directed central guidance. We are moving strongly towards the market economy, but the very culture of investment in the new Iraq." The body is headed by trying to compensate for lost years Araji, which seeks to attract foreign investment in the electricity to address the deficit in the supply of 12 thousand megawatts in addition to oil refineries and sectors of transport, communications and health.
In the construction sector body and local institutions working in the provinces to provide between $ 400 thousand and 450 thousand units. To ensure the success of the project Basmajh largest of the three projects, the person making the apartments offered the equivalent of $ 6,300 represents only ten percent of the total price for the smallest spaces raised and 100 square meters to be paid the remaining 20 years.
And less than the monthly minimum wage for government to make them accessible to many installments. And apartments in Baghdad are more expensive and have to be on the buyers usually pay the entire price at once. Even in this case, and despite the heavy promotion of the project on the TV screen potential buyers must overcome another concern. For six kilometers away to the west lies the ruins of Iraq's Osirak nuclear bombed by Israeli warplanes in 1981. The reactor is believed by some Iraqis that the land surrounding the location of the reactor is contaminated. According to Reuters.
In Basmajh where he works about eight thousand workers several months ago workers make fun of these concerns, but they point to other disadvantages threaten the project. Although the first batch of apartments ready to be delivered to their owners by the summer workers say it is not connected to the water supply and purification unit precludes accommodation in apartments in the moment. Faces two other projects in Baghdad and Basra, where he is scheduled to build 70 thousand housing units similar obstacles. Officials say that is not even agreement on land use project in Baghdad, although a large part of which is still a military base. Araji said "a lot of work has been accomplished. But the actual implementation on the ground will take about eight years."
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01/04/2015 01:05
Iraqi economy, which mainly depends on the oil sector, where 95% of the total income of Iraq's hard currency, is suffering today, according to some experts, the problems and crises large and chronic because of political differences and the deterioration of the security situation and rampant corruption and other things that prevented Iraq to take advantage of its resources Natural fully, and these problems seriously worsened due to lower global oil prices, which impacted negatively on Iraq's budget, which raised fears of many experts and specialists in economic affairs, especially after paying this problem, the Iraqi government to resort to implement the austerity policy in order to avoid crisis financial Inquirer.
Some observers believe that the Iraqi economy may face a large and serious challenges, due to the ongoing political conflict and the deterioration of the security situation and the war on Daash, in addition to the neglect of the Iraqi government for the rest of the other sectors that are important tributary to support the economy, including industry, agriculture, as well as the lack of preparation of plans required for such strategies Thus crises may bear consequences of the Iraqi people only.
Abadi, urges patience
In this regard, Prime Minister Haider al-Abadi has called on Iraqis to "patience" while the government is working on the implementation of economic reforms, including the restructuring of many state-owned companies, saying the plan will produce economic growth and development. Exposed Abadi, who took power in September after militants organize Daash dominated large parts of northern and western Iraq under pressure to improve the economic and security situation with his country amid the atmosphere of political polarization.
Iraq has struggled to attract foreign investment and diversify its sources of income away from oil prices plunged in the second half of last year. Abadi told an investment conference in Baghdad, "We can overcome the crisis by insisting on economic reform and patient .. We appeal to the citizens of patience. Qadman success and development." Abadi added, "I am not pessimistic and I call on the citizens to be patient and promise them that success is coming and detente in close economic crisis."
Ebadi said that the government aims to restructure some state-owned companies, but did not say when the changes will happen or do you include privatization. He added: "We want these companies to be more efficient and contribute to the Iraqi economy." He said the government had no intention of shedding workers in those companies. Continues many Iraqi state-owned companies since the invasion activity barely US-led invasion to topple Saddam Hussein in 2003, while many companies linked to shut the military.
Iraq and gets about 90 percent of its revenues from the oil economy last year and severely affected by the sharp decline in world prices for crude and control militants on large areas in the north and east of the country, prompting the government to a large spending on the military and care for people who have been displaced from those areas. It is expected that jumps defense spending alone by up to 20 percent in 2015 according to the budget approved by Parliament includes a deficit of $ 25 trillion dinars ($ 22 billion) will be financed by borrowing. The government must also ensure that the salaries of more than 5 million employees with the state. According to Reuters.
He said Finance Minister Hoshyar Zebari said Iraq plans to use special drawing rights to collect funds from the International Monetary Fund. A senior source told the IMF that the international financial institution open to provide additional funding for the war-weary country. When providing emergency lending programs to the States, the IMF often urges them to make economic reforms, such as financial re-structuring of the state.
Eurobond
Meanwhile, despite the war being waged against Iraq militants gangs Daash and falling oil prices that has plagued public Bmalith still this country can rely on oil reserves to attract buyers to the first publications of international bonds in nine years. Earlier, Finance Minister Hoshyar Zebari said that the central government is discussing with Citibank and Deutsche Bank version potential for dollar bonds worth five billion dollars for five years to help them bridge the budget deficit.
It is believed a lot of fund managers that Iraq will fall short of selling such a huge amount of bonds at once especially as he did not get a credit rating from one of the major agencies. And obtain a credit rating could take months. It is true that the bond support specific oil revenues will boost investor demand but the government has not said it would do so may refuse to handcuff her hands in this way. So may be a smaller version put in perhaps between billion and two billion.
But there is no doubt that Iraq still can enter the international debt market whenever he pleases. Oil Vahtiatath very huge and plans for the production of this oil is very ambitious as to make it attractive market for funds wanting exposure to political risk versus reap high returns. Iraq has increased the second largest producer in the Organization of Petroleum Exporting Countries (OPEC) production to 3.4 million barrels per day in January from 3.05 million barrels a year ago. Baghdad has said it aims to raise the total capacity to between 8.5 million and 9 million barrels per day by 2020.
This may be the target overly optimistic in light of security concerns, poor infrastructure and lack of liquidity. But the huge oil fields in Iraq, located in the southern region controlled by the Shiites to make them immune to the organization of the Islamic state is relatively attacks. The bet buyers of Iraqi bonds that production will increase in the coming years, enough to service its debts Iraq easily even if it is fully implemented expansion plans.
Said Brian Carter, director of the Governor at Acadian Asset Management in Boston, "the aspirations of the Iraqi oil production and high availability of a positive catalyst for the Iraqi debt." Trading in the secondary market refers to the Iraqi bonds are denominated in dollars maturing in 2028 to restore investor confidence in Iraq somewhat after Thavthm on sale late last year with falling oil prices. The yield on bonds jumped to a record high of 10.49 percent in mid-December from 7.2 percent in September, but then came down to 8.54 percent.
There are several factors behind this recovery. Iraqi government forces have made some gains in the face of the organization of the Islamic state over the past few months, Baghdad is not directly exposed to the risk. And put Zebari complex plan to address the projected deficit of $ 21 billion in this year's budget. The minister plans to take many actions, including the imposition of taxes on imports of cars, mobile phones and cards provide two billion dollars by reducing the rewards of government employees who earn big salaries and collect $ 1.8 billion using SDRs for Iraq from the International Monetary Fund.
If these steps have enabled the government to meet its obligations and increased oil production will be more of the state of public finances in the event of a lot better in a few years. Iraq currently earns about $ 50 million a year from its oil exports. If oil prices stabilized, the production growth rate of only 50 percent Cedar additional revenues of approximately $ 25 billion, enough to cover the deficit in the budget entirely.
Says Kevin Daly, director of the Governor in Aberdeen Asset Management The bonds that Iraq intends to put forward would be attractive if involved a return around nine percent, and for ten years. "There will be a demand on Iraq, but certainly will increase if they (the Iraqis) a credit rating." And the relationship between the Iraqi traded bonds and other emerging markets are very weak, including Iraq makes an attractive investment market for some money, especially with the approach of raising US interest rates, which adversely affects the emerging markets in general bonds. According to Reuters.
Fund managers noted also that the Iraqi traded bonds attractive price compared with dollar bonds due in 2023 to Nigeria, which is facing major political and security problems but are traded bonds yield at least 165 basis points from their Iraqi counterparts. Said Sergei Dergachev, a conservative manager for emerging market debt at Union Investment in Germany Brivivondz The great chances of recovery of oil prices is very small while the chances of Iraq eliminate the militants to organize the Islamic state almost non-existent. But he added: "In times of very low returns, investors are looking for credits with an adequate return."
Compensation Kuwait
Meanwhile, said a senior official at the United Nations that the compensation committee of the International Organization of the Gulf War and Iraq agreed to a request to postpone the payment of the last batch of compensation - imposed by the Security Council after the invasion of Kuwait in 1990 - for a period of one year. Said Leah Kraft Legal Committee in charge of "The Council adopted a resolution approving the postponement compel Iraq to deposit five percent of oil revenues (in the Compensation Fund) until the first of January 2016."
Iraq had asked earlier to postpone payment of $ 4.6 billion in compensation for the destruction of Kuwaiti oil installations during its occupation of the country in 1990-1991. And has taken the major powers of the Commission decision unanimously given the pressures on the Iraqi economy from falling oil prices and the war against al-Daash. She Kraft after the closed-door meeting in Geneva "The Council expressed its solidarity with Iraq and expressed his desire to help as much as possible."
The Kuwait News Agency (KUNA) said earlier that Kuwait had agreed to a request from Iraq to postpone the payment of the last payment of compensation imposed by the Security Council of the United Nations. Kraft said that the Compensation Committee of the Iraqi delegation stressed "the importance of full payment of the remaining compensation in a timely manner." The head Khaled Ahmad Al-Mudhaf head of the Kuwaiti Public Authority for Assessment of Compensation his country's delegation at the Geneva meeting. According to Reuters.
Iraq and regularly pay the money in the fund which is based in Geneva and that compensation for looting and vandalism that occurred during the occupation of Kuwait, which lasted seven months. Comes the latest installment and the largest value of $ 4.6 billion in compensation to Kuwait for the massive destruction of oil their facilities. Iraqi forces set ablaze in more than 700 oil wells and continued in flames, some ten months. Iraq and pay most of the compensation bill of $ 52.4 billion to more than a million claimants from individuals, businesses and governments.
Battle reconstruction
Besides, on a main road and extends in the direction of the south of Baghdad, dozens of buildings rising from the plains of Iraq to represent the first elements of a new city with investments of billions of dollars in land accustomed to war and crises on development, including in respect of the promises of glamorous. It seems any building project Iraq tried his decades midget alongside new Basmajh City project, which aims to accommodate half a million people within four years.
Above the cranes over a limited number of residential buildings completed construction as the movement of tens of thousands of bus workers across the site, which covers an area of 18 square kilometers and produce huge compound walls and columns, prefabricated concrete. It is planned to build 100 thousand units in this piece of arid land, which lies about 20 kilometers from the Iraqi capital, which suffered war damage and became severe congestion after it had been a source of pride for the Iraqis.
Stresses continue to build project until after the Iraqi authorities lost large tracts of land in favor of hard-line Islamists and billions of oil income as a result of lower prices over the ambitious project and the size of the obstacles to be overcome. The company aims South Hanwha Engineering and Construction Korean that have signed a contract worth eight billion dollars to build the city Basmajh to deliver the first batch of housing units during the next summer.
However, they were forced to adapt to the unique challenge of working in Iraq and changed its mind supply lines after the attack by the organization Daash last June and led to the halt of cement shipments. They also had to face the problem of the departure of foreign workers when making the organization a short distance from the capital. The decline raised doubts Iraqi oil revenues in the government's ability to provide basic services, including water supply for the new site.
Inside the new city, guarded by a private security force in addition to the limits with armed military forces Sangeso Kim, vice president of Hanwha Corporation said that the project is behind schedule by six months. The plan is to complete the project in 2019. He said he stood in front of the first group of unfinished apartments "We are trying to catch up with what we missed in the schedule is that if the situation did not improve and the circumstances it would be imperative that the delay is happening for a while."
Two do not differ on the urgent need for reconstruction in Iraq. In the wake of the invasion of the international coalition forces, the US-led Iraq in 2003, the international sanctions imposed on Iraq because of Saddam Hussein's forces invaded Kuwait in 1990. However, the increased sectarian war raging hindered economic recovery. In the capital, the concrete used in the establishment of protective barriers of the bombings, more than were used in the construction of housing units in a tangible proof of the inhabitants of the capital's seven million people on the lost years that have passed on Baghdad.
Sami al-Araji Chairman of the National Investment Commission, which leads the construction of housing units "in the past thirty years has not let us build a lot Initiative." He added that Iraq needs three million new housing units in the next ten years, the Commission has prepared plans for the establishment of two other cities in southern Baghdad and outside the city of Basra. Araji and filled office in the fortified Green Zone in Baghdad publications on coated paper and architectural and engineering designs for the new cities, which includes hospitals, cinemas and an Olympic swimming pool and housing overlooking the water bodies and high-rise buildings also in Dubai, Abu Dhabi and Qatar.
And complain about companies and business of large-scale corruption and crippling bureaucracy along with her complaint of conflict. Araji said, "We were and still economical directed central guidance. We are moving strongly towards the market economy, but the very culture of investment in the new Iraq." The body is headed by trying to compensate for lost years Araji, which seeks to attract foreign investment in the electricity to address the deficit in the supply of 12 thousand megawatts in addition to oil refineries and sectors of transport, communications and health.
In the construction sector body and local institutions working in the provinces to provide between $ 400 thousand and 450 thousand units. To ensure the success of the project Basmajh largest of the three projects, the person making the apartments offered the equivalent of $ 6,300 represents only ten percent of the total price for the smallest spaces raised and 100 square meters to be paid the remaining 20 years.
And less than the monthly minimum wage for government to make them accessible to many installments. And apartments in Baghdad are more expensive and have to be on the buyers usually pay the entire price at once. Even in this case, and despite the heavy promotion of the project on the TV screen potential buyers must overcome another concern. For six kilometers away to the west lies the ruins of Iraq's Osirak nuclear bombed by Israeli warplanes in 1981. The reactor is believed by some Iraqis that the land surrounding the location of the reactor is contaminated. According to Reuters.
In Basmajh where he works about eight thousand workers several months ago workers make fun of these concerns, but they point to other disadvantages threaten the project. Although the first batch of apartments ready to be delivered to their owners by the summer workers say it is not connected to the water supply and purification unit precludes accommodation in apartments in the moment. Faces two other projects in Baghdad and Basra, where he is scheduled to build 70 thousand housing units similar obstacles. Officials say that is not even agreement on land use project in Baghdad, although a large part of which is still a military base. Araji said "a lot of work has been accomplished. But the actual implementation on the ground will take about eight years."
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