$ 68 billion .. Iraq's debts to the world
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$ 68 billion .. Iraq's debts to the world
Posted 15/09/2011 07:51 AM
BAGHDAD - Babinaoz announced BSA, that Iraq's debt to the world of more than $ 68 billion, calling on the government to find a quick solution to the problem of indebtedness before the completion of immunity and protection to the Development Fund of Iraq, confirmed that this problem is not only financial but political.
The head of the Office of Financial Supervision Abdel Basset Turki said that "the debt owed by Iraq to the world at the present time of more than $ 68 billion," noting that "between 18 to 19 billion dollars of this debt back to the countries of the world, while the rest of of about $ 50 billion commercial debt for companies and traders. "
And called on the Turkish government to "find a quick solution to the problem of indebtedness, before the completion of immunity and protection to the Development Fund of Iraq, which shall be the revenue of Finance of Iraq," noting that "despite the pursuit of the Ministry of Finance to resolve the debt problem, but this problem is not just financial , but there is a political strain in the international environment on the debt. "
The Turkey that "the Iraqi Central Bank is currently managing the Development Fund of Iraq, and under the supervision of an independent panel of financial experts and Mahasbeyen Iraqis after they were received fund from the United Nations in the thirtieth of last June," pointing out that "Iraq maintains the fund in the Treasury U.S. federal with the presence of immunity from U.S. law, presidential. "
Iraq had managed to write off $ 100 billion of Paris Club debt of $ 140 billion dollars, after he signed individually with some of these nations Convention on the Reduction of debt to Iraq and 80 percent of them, as happened with the others to write off 100% of their debt.
The Paris Economic Club, an informal group of financiers from 19 countries of the world's richest countries, including Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, United Kingdom, which provides financial services such as debt rescheduling and relief, and abolition of debtor and creditor countries.
The Advisor to the Governor Central Bank of Iraq in August of last year, that 54 foreign state and an Arab from outside the Paris Club continues to adhere to its debt to Iraq, noting that Iraq has managed to write off some debts from outside the Paris Club by 100% of the United States, Cyprus and Malta and the UAE, as could also cancel the debt of more than 13 thousand commercial creditors amounted to 23 billion to cope with their debts and $ 500 million.
There is a concern that some creditors to seize the Iraqi funds in the event of lift protection on the Development Fund for Iraq from the Reserve Bank of American.
Iraq seeks to cancel the debts it incurred during the period of the previous regime, which was estimated then at more than $ 120 billion in compensation to some of them back, because of the wars waged on its neighbors and some other countries and traders.
"we aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar" - Dr. Shabibi
“I just did my job...You either get them out alive or you die trying. If you don’t die trying, you didn’t try hard enough." - Marine Sergeant Dakota Meyer, Medal of Honor recipient
