View Full Version : Iraq says not to renew its call for the USA to "protect his money

01-23-2015, 09:07 PM
Iraq says not to renew its call for the United States of America to "protect his money," amid fears for their lack of


The Ministry of Finance, on Wednesday, it will not require the renewal of US protection of Iraqi funds deposited in the banks, the Central Bank of Iraq to take responsibility for management after coming out of Chapter VII of the Charter of the United Nations, while the central bank that it fulfilled its obligations to the vast majority of the creditors, and the rest of them "do not constitute a source of concern," the parliamentary finance committee objected, on the government and the central bank blamed "any loss of those funds."

The agent said the Finance Minister, Fadel prophet, in an interview to the (long-Presse), said that "Iraq has asked the US administration three times by protecting its funds deposited in their banks," noting that "the first of these requests was for the period from 2011 to 2012, and the second for the years 2012 - 2013, and the third for the years 2013 - 2014 ".

The Prophet, that those "requests usually ends in (22 May) a year," noting that "Iraq has decided this time not to renew the claim administration to protect his money."

He explained the Deputy Minister of Finance, that the "decision was made due to various reasons the most important of the Iraqi funds in US banks are safe and no fear them because its ownership is the Central Bank of Iraq, according to US law and the judiciary," pointing out that any money back to the central banks that are independent bodies concerned organize their country's economy and development, under the protection of US banks. "

The Prophet said, "The other reason for the non-renewal of such protection, due to the large pressure experienced by the US government by public opinion and political center and some members of Congress, to increase the protection for the money they have caused embarrassment to their country."

For his part, the Central Bank of Iraq, Iraq's ability to protect those funds, especially since he already plans for how to manage and defend under the laws and international conventions.

The former deputy governor of the Central Bank, the appearance of Mohammed Saleh, said in an interview to the (long-Presse), said that "Iraq has fulfilled its obligations to creditors who appeared after the year 2003, whether they are governments or traders or businessmen on according to the Paris Judge Club agreement, to pay 20 percent of the amounts owed by him in the form of payments for waiver of those actors about 80 percent, or pay 10 percent in cash in exchange for ceding 90 percent. "

The promise of favor, that "the rest of the creditors do not constitute a source of concern for Iraq because some of them are debt is real and can be canceled, and the other very few debts do not constitute embarrassment for the Iraqi government," asserting that "Iraqi funds will remain in the Development Fund for Iraq in America and will continue to work out According to the regulations currently in place. "

He continued financial goodness, that "the Central Bank of Iraq taking a proactive step in 2008, to transfer a large part of the Iraqi reserve funds in US banks and distributed to a number of European central banks, France, Britain, Germany, Italy and the Netherlands," noting that the "European her central banks Law is similar to American banks protection laws of other countries, central banks, economic considerations funds, including the independence of the Central Bank, and the quest for the development of his country's economy and maintain market stability. "

But the parliamentary finance committee, objected to the Iraqi government and the central bank's decision on not to renew the request of US protection of Iraqi funds, laden with the responsibility of both sides. "Any loss of those funds."

She said a member of the Committee, Najiba Najib, in an interview to the (long-Presse), if there is "probable emergence of new creditors of Iraq, despite assurances that the government and the central Bey ending of the Iraq financial obligations," she wondered, "What guarantees does not appear creditor country or dealers demanding Iraq pay more debt, real or forged documents. "

And saw Najib, that "the States or traders tactics and leveled own Ihtallowa by the law and the American judiciary and force him to pay their dues," afterthought "but with explicit protection from the presence of the US administration and the signing of the US president, those fears dissipate no one can dare to money Iraqi. "

And confirmed a member of the parliamentary finance committee, that between "Iraq and America's long-term strategic agreements, imposed on Washington not to leave Baghdad in the half-way presentation of the creditors do not know their intentions."
On the other hand, warned financial expert, Hamid al-Bayati, of the consequences "because of the loss of Iraqi funds enable creditors to seize it."

Bayati said in an interview to the (long-Presse), if there is "explicit indications of government intervention traveled around the central bank's policies, and make her a follower," returned that "the independence of the central bank was toppled."
Promised financial expert, that "government intervention policies would cause the central bank to drop the argument bodies garrison of Iraqi funds, to be prone to acquire them easily."

And deposited in the (Development Fund for Iraq) Iraq's revenues from oil exports, and the United Nations to withdraw from such proceeds five percent in compensation to Kuwait for the invasion, while the Ministry of Finance to pay the debt of Iraq before the government recognizes the responsibility of overseeing the fund.

The Development Fund for Iraq DFI form under UN Security Council Resolution 1483, for the protection of Iraqi funds from international claims and pirated after the events of the year 2003, while among experts that Iraq has lost part of its expenses, and that any obstruction in the export of oil or a fluctuation in the price rates, will affect the ability of government spending, amid unprecedented political crisis in the country.

The UN Security Council has committed the Iraqi government at the end of 2010 to develop a plan for the receipt of overseeing the "Development Fund for Iraq" tasks, from the United Nations the end of 2010, for the Iraq after placing it in the US federal Treasury to ensure immunity from before the US presidential law upon which would the protection of Iraq's imports of oil from custody by a lot of creditors.

The UN Security Council voted, in the (27th of June 2013), unanimously to remove Iraq from Chapter VII resolution, the presence of Iraqi Foreign Minister Hoshyar Zebari, and before that Iraq had sought to cancel the debts arising during the period of the previous regime, more than 120 billion, amounting to dollars, some of which date back to compensation because of the wars waged against its neighbors and some other countries and traders, as the government calls for some countries and Iraqi traders need to pay their dues and are threatening to sue in international courts on the Iraqi inbox.