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Iraq is moving to protect their money abroad

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Iraq is moving to protect their money abroad

Post  Shilo on Sun Jun 13, 2010 4:46 pm

June 13, 2010 · Posted in NEWS

Neighborhood: Iraqi official revealed extensive action to ensure the protection of the country’s finances from abroad, pointing out that contacts with many international institutions have to know the size of immunity and assurances of Iraqi funds in the event of lift protection by, which is expected to get at the end of this year.
The chancellor said the Iraqi Central Bank the appearance of Mohammed Saleh of the island, the cabinet committee set up by the Council of Ministers, working hard to implement Security Council resolution No. 1905 issued on 21 December 2009.
The resolution provides for the extension of the arrangements for the Development Fund for Iraq for another year waiting for Iraq to assume responsibility for direct supervision of its oil revenues by the end of the period.
And provides the Fund – which was established under Security Council resolution 1483 to 2003 – legal protection against any prosecution or sentence imposed by the interests of third parties against the money the Iraqi government, for example, some creditors or others, and deducted from the Fund compensation to Kuwait for a value of 5%.
And adds the benefit of the date 31 December 2010 will be the deadline for Iraq to take supervision in an effective and safe management of oil revenues by himself instead of the Committee on Oversight and supervision of the International Committee of the Security Council that the international community and the Security Council would help Iraq very seriously in this regard.
The Iraqi government has announced that it will be in July next report to the UN Security Council, including details on Iraqi funds abroad and the actions required to ensure their protection.
For his part, indicates the financial and economic expert, Mohammed al-Hussein tutor that there is substantial funds to Iraq in the outside, frozen as a result of the embargo imposed in 1990.
There are also – according to the expert Hussein – funds worth tens of billions, from the proceeds of oil for food program, which started in 1996, and the Iraqi government can act only under the permit by the United Nations resolutions.
He adds of the island revealed that the government should work hard in order to protect these funds, and seek to expel Iraq from Chapter VII to be able to use this money freely.
And affirms that the committee set up by the Council of Ministers is a good step in this direction, given that conditions imposed on United Nations resolutions on Iraq at the time may still continue, have to be reconsidered in these decisions, especially with Iraq, the urgent need for these funds.
For his part, says the head of the Centre of Eternity for Studies and Research and the economist Khalid Al Shammari said that this topic is very important for Iraq in its particular situation now, where it has a lot of money outside of its oil imports in the oil for food program, which was agreed upon by the former regime and the United Nations in 1996.
He adds that there is money found in foreign banks and frozen after the invasion of Kuwait are estimated at tens of billions, and these funds must be giving Iraq the right to supervise them and dispose of them after the demise of the reasons for freezing, seizure, and also to review the compensation awarded to Kuwait and other parties affected.
And confirms that it was imposed on the Iraqi government to work since the early days of its formation on the release of those funds, and supervision.
He points out that despite the delay in the process the government, a step to form a committee to protect Iraqi funds abroad, is the first step on the road to freedom from the seventh item and submit it as soon as, in particular that Iraq is on the verge of forming a new government should keep this in their priorities.

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