Iraq declares not to renew its call for the United States of America to “protect its assets” amid fears for their lack of
Iraq declares not to renew its call for the United States of America to “protect its assets” amid fears for their lack of
5/14/2014 six past five p.m.
Long-Presse / Baghdad
The Ministry of Finance, said on Wednesday that it would not seek renewal of American protection to Iraqi funds deposited in their banks, to assume the CBI liability 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,” objected to the parliamentary finance committee, and carried it to the government and the central bank responsible for “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 U.S. administration three times before to protect his money deposited in their banks,” noting that “the first of these applications 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 added, that those “requests usually end in (22 May) a year,” noting that “Iraq has decided this time not to renew the administration’s claim to the protection of his money.”
The Deputy Minister of Finance, that the “decision was made for various reasons, most notably that of Iraqi funds in U.S. banks are safe and do not fear it because its ownership is the Central Bank of Iraq, according to the law and the U.S. judiciary,” pointing out that any money back to the central banks, which are independent bodies concerned organize and develop the economy of their countries, under the protection of U.S. banks. ”
The Prophet said, “The other reason for the non-renewal of such protection, due to the large pressure experienced by the U.S. government by public opinion and the political center, and some members of Congress, to increase protection for those funds because they are embarrassed for their country.”
For his part, Central Bank of Iraq, Iraq’s ability to protect those funds, especially since he plans in advance for how to manage them and defend them under the regulations and international conventions.
A former deputy governor of the central bank, the appearance of Mohammed Saleh, said in an interview to the (long-Presse), said that “Iraq has met its obligations to creditors who appeared after the year 2003, whether they are governments or traders or businessmen on according to the Paris Club agreement, the judge, pay 20 percent of the amounts owed by him in the form of payments for waiver of those actors about 80 percent, or 10 percent cash payment 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 the debt some of them are not true and can be canceled, and other debts very few do not constitute critical for the Iraqi government,” stressing that “Iraqi funds will remain in the Development Fund for Iraq in America and will continue to work out According to the existing regulations. ”
He continued good financial, that “the Iraqi Central Bank to take a proactive step in 2008, converting a large portion of the funds reserves of Iraq in U.S. banks and distributed to a number of central banks, European, France, Britain, Germany, Italy and the Netherlands,” noting that the “central banks of the European her Law is similar to the U.S. banking laws to protect the funds of the central banks of other countries to economic considerations, including the independence of the central bank, and his quest to develop his country’s economy and maintain the stability of the market. ”
But the parliamentary finance committee, objected to the decision of the Iraqi government and the Central Bank, on the non-renewal of the U.S. to seek protection of Iraqi funds, laden with the responsibility of both sides “for the loss of any of those funds.”
Said a member of the Committee, Najiba Najib, in an interview to the (long-Presse), that there is “probable emergence of creditors new Iraq, despite government assurances and Bey central termination of financial obligations on Iraq,” she wondered, “What guarantees do not receive state credit or traders demanding Iraq repay more debt, real or forged documents. ”
They believed Najib, that “when states or traders tactics and leveled own Ihtallowa by law and the U.S. judiciary and force him to pay their dues,” afterthought “but with explicit protection from the presence of the U.S. administration and the signing of the U.S. President, those fears dissipated and no one can dare to funds 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 half way to display the creditors do not know their intentions.”
In contrast, the financial expert warned, 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 are “indications explicit government intervention traveled around the central bank’s policies, and make her a follower,” returned that “it topples the independence of the central bank.”
Promised financial expert, that “government intervention policies would cause the central bank to drop the argument entities garrison Iraqi funds, to be prone to acquire them easily.”
Deposited in (the Development Fund for Iraq) Iraq’s revenues from oil exports, and the United Nations withdraw from such proceeds five percent compensation to Kuwait for the invasion, while the Ministry of Finance to pay the debt of Iraq by the Government recognizes the responsibility of overseeing the fund.
And the Development Fund for Iraq, DFI form under UN Security Council Resolution 1483 to protect 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 rates of export of oil or the fluctuation in prices, will affect the ability of government spending, amid a political crisis that is unprecedented 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 the oversight functions on the “Development Fund for Iraq,” the United Nations the end of 2010, of the Iraq after placing it in the locker U.S. federal to ensure immunity by law the U.S. presidential him and that would the protection of Iraq’s oil imports from custody by a lot of creditors.
The UN Security Council voted in (the 27 of June 2013), unanimously approved the decision to remove Iraq from Chapter VII, in the presence of Iraqi Foreign Minister Hoshyar Zebari, and before that Iraq sought to cancel the debts arising during the reign of the former regime, amounting to more than 120 billion dollars, which date back to some compensation because of wars waged by his neighbors and some other countries and traders, with some states requiring the government and Iraqi traders need to pay their dues and are threatening to sue in international courts to fund Iraqi imports.
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