Experts: the central bank is able to protect Iraqi funds abroad if not under the influence of the executive authorities

Experts: the central bank is able to protect Iraqi funds abroad if not under the influence of the executive authorities

6-1-14

BAGHDAD / Wi-News
Economists refer to the lifting of U.S. protection for the Development Fund for Iraq is a positive step and important for the restoration of Iraq’s sovereignty, financial, stressing the need to keep the central bank as an independent body sponsoring the stability of Iraq’s economy.
The economist said the name of Antoine in an interview for “Wi-News” that “protection mode on the Development Fund for Iraq aims to protect the funds deposited in it from the claims of creditors, or those who claim religion,” explaining that “Iraq, snuff, during the last period, according to the terms of the Paris Club, about 80% of its debt, through formal agreements. ”
And that “Iraq had negotiations with all external creditors of non-government and reach a compromise with them by specific percentages ranging from 10-20%, and signed agreements with these trade creditors and the private sector.”
He added that “Iraq would emerge from Chapter VII was one of the important points and leading to the restoration of Iraq’s sovereignty, financial, so it is a lift protection for the Development Fund for Iraq to complement that process,” pointing to “the presence of lawyers at the Justice Department and Mhaorén legal and international companies could defend Iraq’s money from the plaintiff religion. ”
And between Antoine “The money the Development Fund for Iraq remain at the disposal of the central bank if it has not been any amendment to the Bank Act and continues to independent in his work, it is difficult to manipulate any Iyad it,” noting that “under the law of the central bank as an independent entity can not be defiled tally from any party whatsoever, but when an amendment to the law so that such action is very difficult. ”
He pointed out that “there are a range of significant actors, monitors and scrutinizes inputs fund development of local and international organizations and the Iraqi Oil Ministry and the Organization of transparency as well as a chartered accountant international for the purpose of control and audit,” he said, adding “there is no relationship to lift protection for fund development process of economic development that are related to the plans government in the general budget and raise the interest of the protection is to recover the sovereignty of Iraq to improve the financial Iraq dispose of them. ”
The United States of America, decided last Wednesday, lifting protection for the Development Fund for Iraq and the private property belonging to the Iraqi government abroad.
And between U.S. President Barack Obama, in a statement posted on the White House Web site that “the evolution in the capabilities of the Iraqi government, to manage the consequences associated with the debt arising from the previous regime led to this decision.”
Obama said that “the action will not affect the state of national emergency or immunity of the Iraqi government and its property,” pointing out that “all agencies of the U.S. government and directed under this resolution to take all appropriate measures within their legal authority to implement the provisions of this order.”
For his part, said economic expert Majid picture that “Iraq must be a full state independence and be able to deal with both local and international, whether governments or companies, especially after his exit from Chapter VII and the exit of U.S. troops from its territory,” adding that “the Iraqi economy is not linked never raise the issue of protection for the Development Fund for Iraq. ”
He pointed out that “Iraq has in 2010 to submit its program to protect its assets and the central bank could as an independent body not subject to the government to find appropriate ways to protect Iraq’s money abroad,” noting that “the central bank body designed to support economic stability in Iraq is not subject to any commercial claims” .
As for Iraq’s debts between the picture that “there are some claims money undergone a process of limitation in time and that after the passage of 15 years are not entitled to claim them,” adding that “there are issues that have been taking the final judgment and has not been shot in addition to the issues yet to be resolved for the commercial sector private sector.”
He pointed out that “all potential claims for the commercial sector in the highest esteem does not exceed 2.5 billion dollars, part of which lacks official documents and can be replayed easily.”
He explained that “all the money that comes through the oil and gas sales are deposited in the Development Fund for Iraq and deducted them 5% compensation to Kuwait and the rest are placed at the disposal of the government, but by the central bank on the protection of Iraq’s money, whether in the Development Fund or in other central banks,” noting that ” Iraq is able to protect his money if the central bank continued as an independent body not subject to the powers of the executive. ”
He pointed to “the lack of consequences of large imports and Iraq’s money, but with regard to commercial debt, which could appear during this period,” pointing out that “Iraq is committed to pay all the debts that have been approved, and in 2014 will amount to debt service up to 11 billion dollars.” .
He said the “all international measures are for the protection of Iraq’s money, and based on an agreement with the U.S. government has been raising the protection it,” explaining that “Iraq has lawyers, bankers and Financial International can pursue issues relevant debts in detail and come to decisions on.”
The governor of the central bank and agency Abdel Basset Turki said last March that “the protection of Iraqi funds in the United States will expire on the 22 of May, and that the Iraqi money outside the United States lifted protection two years ago,” pointing out that “the claims of some persons and bodies do not pose threat to Iraqi resources at the moment. ”
It is noteworthy that the debt owed by Iraq during the rule of the former regime amounted to more than 120 billion dollars back to some compensation because of the wars and some other countries and traders are threatening to sue in international courts to fund Iraqi imports if unresolved.
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