Parliamentary Foreign Affairs: no danger of raising the custody of Iraqi funds

07/04/2013 12:00 am


Finance Committee expresses fear of it
Baghdad Shaima Rashid
Varied opinions of specialists on the subject of raising U.S. custody for Iraqi money which is due to be lifted in June.

With upheld the Parliamentary Foreign Relations Committee raised guardianship of Iraqi funds, expressed its financial counterpart for fear of which promised him a risk at the moment.
The U.S. President Barack Obama ordered last year to extend immunity to Iraqi funds in the Development Fund for Iraq known acronym (dfi) for a year due to the state of national emergency with respect to the stability of Iraq, what keeps his money protected as far as provided by U.S. laws usual of protection in such circumstances.

The extension provides immunity to Iraqi funds deposited in this fund to protect from any lawsuits and fake or genuine by companies or individuals, it also provides real support of the Central Bank of Iraq and the funds deposited therein from oil revenues, which represent President supplier to the country's budget.

Member of the Committee on Foreign Relations Imad John Yako denied the existence of any threat to the Iraqi funds in case of lifting the immunity U.S. by the fact that Iraq has to get rid of most of the paragraphs of Chapter VII, except Kuwait. Said Yako's "Center Brief for the Iraqi Media Network," that "Iraq will be keen to his money in case of lifting the trusteeship, "adding that" Iraq will enter into agreements with the countries of the Security Council, such as the United States and others not to touch or frozen Iraqi funds again. "

The MP said that "committees have been formed to search for Iraqi funds and assets frozen and seized abroad and to find out the debt on Iraq, too," noting that it had been agreed with many of the States to pay its debts or convert debt to investment.

He Yako "The extension former was due to fear of Iraqi funds, especially as Iraq had not been resolved after the debt issue U.S.," noting that after it was agreed upon payment of dues to them, there is no fear of firing Iraqi funds at this stage. Meanwhile, expressed fear of parliamentary financial release Iraqi funds and lifting of U.S. tutelage, especially in light of the presence of many of the creditors.

Said committee member Abdul Hussein al-Yasiri's "Center Brief for the Iraqi Media Network," that "the best solution to protect the money abroad is to renew the protection the U.S. at this stage, especially with the presence of many of the creditors," noting that the reason for the imposition of trusteeship still exists is the presence of lawsuits against Iraqi government.
"It was considered the matter with the central bank on the lifting of custody of Iraqi funds, pointing out that the latter confirmed that the amounts recorded as the central bank can not hands creditors that Ttolha Accordingly it was agreed in the foregoing on the distribution of deposits in several countries and in different currencies to keep them of falling prices and also benefit from the protection provided by these countries on the money.

He Yasiri "Iraqi debt too many and reached to 140 billion, stressing that the Iraqi government began in agreement with the creditors and classified into four categories, noting that he agreed with them on the 20 percent, but there are still countries so far have not complained and are awaiting lift protection to bring litigation on Iraq, pointing to the existence of hand in the Ministry of Finance called "public debt" is still working on the issue of ending the Iraqi debt. "

The economic expert in the Ministry of Finance Hilal Taan announced that for Iraq two options to resolve the file box protection of Iraqi funds (DFI), which will end U.S. protection in June. Between Taan The first option is imposed on the Iraqi government to return the money to the Central Bank of Iraq to be protected from illegal claims, The second option is deposit the money in Swiss banks also to be safe from such claims.

The economist pointed out that Iraq has fulfilled its obligations subject of debt and paid a large part of them, as there are countries turned off the debts on Iraq under the Paris Club.
The Fund for the Protection of Iraqi funds may form under UN Security Council Resolution 1483 to protect Iraqi funds from international claims.

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