The Board of Supreme Audit on Monday said it has released the final account of the Iraqi government for the year 2007 after all amendments had been made to it.

“Amendment have been made to the remarks and notes with regards to budget revenues and an accumulated surplus of 52.6 trillion Iraqi dinars…,” according to an official statement received by Aswat al-Iraq news agency.

The final account will be submitted to the cabinet, the Parliament and the Ministry of Finance, the statement indicated.

(Aswat Al Iraq)

The Iraqi Ministry of Finance has given instructions to the Rasheed and Rafidayn banks to grant loans to full-time government employees.

“The amount available is 5 million Iraqi dinars with an interest rate of 6% to be repaid within five years,” an under-secretary of state for banking affairs, Diyaa al-Khayoon, told Aswat al-Iraq news agency.

Iraq’s oil ministry on Monday completed a major deal with US major Exxon Mobil and Anglo-Dutch giant Shell to develop production at West Qurna-1, the war-torn country’s second biggest field.

“The oil ministry signed the contract for West Qurna-1 with Exxon Mobil and Shell,” ministry spokesman Assem Jihad said in a statement.

“This contract will increase production from 285,000 barrels-per-day to 2,325,000 barrels-per-day.”

West Qurna-1 has reserves of around 8.5 billion barrels, according to oil ministry figures.

A deal with a consortium led by Russian energy giant Lukoil to develop the neighboring West Qurna-2 field is expected to be signed on Saturday, Jihad added.

The Ministry of Finance in Iraq signed a bilateral agreement with Denmark to write- off the debt owed by Iraq by one 100%, and affirmed that States which will reduce debts on Iraq would have a priority in the implementation of investment projects in it.

The Finance Minister Bayan Jabr said in a statement issued by the ministry that Iraq was able to reduce 120 $ billion of the debt owed in its trust, amounting of to 140 billion dollars, adding that this reduction comes as a continuation of the process of debt cancellation promised by the creditor nations of Iraq.

Al-Zubaidi , said the signing of the agreement with Denmark will reduce the remaining debt amounting about 20% after he signed with them earlier the convention for reduction of 80% of the debt of 55 $ million, noting that Iraq has begun negotiating States extinguished 80 % of the debt to extinguish the remaining amount . The minister pointed out that Iraq will give priority to investment companies of the States which will reduce debts on Iraq, 100 % for work in Iraq, noting in this regard that Iraq had managed to write- off debt for some foreign countries like the United States and Cyprus and Malta and the United Arab Emirates, and reduced its debt by 80% for a number of countries, including Russia, Germany and France. ”

Al-Zubaidi pointed out that debts owed by Iraq to Saudi Arabia and Kuwait, which he refused to reveal their size has not been resolved, stressing that Iraq is seeking to sign a number of agreements to reduce debts, with some Arab countries like Egypt and Morocco. For his part, said Danish Ambassador Michael winder, “Denmark is continuing to support Iraq in all fields of economic, agricultural and industrial as well as support for human rights situation and provide support to Iraqi universities, pointing out that Danish companies looking out for work in Iraq as soon as possible.