Oil & Gas Non-Metallics, London, UK

Ein so billiges Auto muss nicht zwangsläufig schrottreif sein. Der Mann, der die britische Geldmenge kontrolliert, kontrolliert das britische Imperium, und ich kontrolliere die britische Geldmenge. Bank of Algeria Äquatorialguinea: Bank of Lithuania Luxemburg: Kann sie auch nicht.

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At the same time, we are mindful of the fact that business does not occur in a vacuum and doing business with the KRG today is part of something bigger, especially since energy and economy are inseparable from security.

I wish I could tell you that everything is great and Kurdistan is as vibrant and growing as in the past. But your commitment to the place, your investment and our partnership and friendship prevent me from standing before you to tell you everything is alright. But I will tell you today that I am confident that together we can overcome the challenges.

And I will outline some of the ways in which we will make things alright — and better — again. Kurdistan is today being tested by a series of crises: I must say I am proud that we are turning these crises into opportunities to look at our shortcomings and to address them. Thanks to the heroic efforts of the Peshmerga forces and vital support of the International Coalition against Daesh, Kurdistan today is a safer place.

Our forces managed to absorb the initial shock caused by Daesh attacks on Kurdistan and today our forces are a lot more efficient, better organised and more determined to face the state of terror that calls itself Daesh.

With the continued support and resolve of the international community and the trust of our partners in this room, we can achieve important progress against the DAESH threat. As you saw in Paris, Beirut, Sinjar and other areas, the terrorists will stop at nothing to inflict death and terrorise people anywhere.

Our shared values of life, freedom and morality put us all under the duty to eradicate them. Kurdistan has also risen to the challenge of hosting over 1. Today Kurdistan is a safe haven for all who are fleeing violence because of their identity.

Those seeking safety have been welcomed by the Kurdish people and were provided food, shelter and services by the KRG. All this, despite the insufficient assistance from the international community and almost no assistance by the Federal Government of Iraq. Our police and internal security records show near-zero incidents of hate or racist crimes against the IDPs and refugees.

More recently, Kurdistan has faced an internal political crisis. Disputes amongst the political parties regarding the term and powers of the President, issues surrounding the Parliamentary Speaker and the Cabinet have reached a critical stage.

But I believe that the worst is behind us. These political disputes have been, and will continue to be part of Kurdish political life. All parties have committed to addressing these disputes through dialogue and negotiations. We must remain true to our commitments and prove to our people and our friends around the world that we can overcome such political challenges in a civilized and democratic way. But of all of these crises, the one that poses the most significant threat to the long-term future of Kurdistan — and the one that is taking most of our time in government office — is the economic crisis.

These shocks are responsible for the sharp decline in the economic activity in Kurdistan and have caused us significant difficulty to meet fiscal obligations. However, the deeper origin of the crisis was already visible in Even back then, Kurdistan was living beyond its means.

Moreover, the Kurdish economy was almost entirely dependent on revenue from Iraqi oil exports,. Public investment in roads, schools and health facilities came to a halt. This was funded through advances from the local banking system, bilateral loans, and forward sales of oil and refined petroleum products.

As the shock wave continued in , so did the fiscal imbalances. A new budget agreement with Baghdad raised hopes at the beginning of , but these were soon dashed as the Federal Government did not meet its payment obligations. Let me be clear on this point: Baghdad may have had financial difficulties of its own, but it was for their own political and financial reasons that they made the choice that was easiest for them and that was to continue to short-change the KRG while maintaining regular payments to non-Kurdish parts of Iraq, including areas under Dash control.

I repeat today what we have stated on numerous occasions: We still prefer to reach an agreement with Baghdad and we are always ready for that. But Baghdad has left us no other choice but to pursue the course we pursued. We had to expand our independent oil exports. And thankfully, because of the support of many of you in this room, and of course the efforts of our indefatigable oil minister Ashti Hawrami, our production and export capabilities have increased and our oil has legally found its way to Market.

But despite this progress, global oil prices softened further and our salary arrears have increased. We cannot just borrow our way out of the problem and a further build-up of arrears is unacceptable. Goldbrosche bei Bares Karatknaller!

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