The Sudanese financial advisor explains the fate of the financial oil revenues.. This is America’s position
The Sudanese financial advisor explains the fate of the financial oil revenues.. This is America’s position
5-10-2023
Information / special.
Today, Wednesday, the financial adviser to the Prime Minister, Mazhar Muhammad Salih, revealed the fate of Iraq’s financial revenues that are in the Federal Reserve Bank, while explaining America’s position on these revenues.
In an interview with Al-Maalouma agency, Salih said, “The oil receipts account, in which Iraqi oil revenues are deposited and opened at the Federal Reserve Bank in New York, came based on a previous UN Security Council Resolution No. 1483 in May 2003.”
He added, “This account is legally protected by the Federal Reserve Bank against any indebtedness, arbitration, etc. risks,” stressing that “there is no pressure to dispose of national funds and transfer them to accounts in other countries or different foreign currencies.”
Al-Sudani’s financial advisor continued: “The disposal of funds is whenever the need is determined by the national interest and in a way that serves the interests of the Iraqi economy and in a manner that does not contradict the strategic framework agreement between Iraq and America signed in 2008.”
The 2022 oil revenues in Iraq exceeded $115 billion, according to preliminary figures issued by the Ministry of Oil, which is the highest since the significant decline in oil prices during the Covid-19 period.
Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), has huge reserves of black gold, which represents 90% of its revenues.
The government relies heavily on the price of a barrel of oil and oil revenues in its budget, amid economic difficulties and the need for many infrastructure projects after years of war.
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