Finance: Do not fear the Iraqi funds in the United States

Ahmed Al-Zubaidi

03/16/2014
Expressed specialists in economic affairs Iraqi fears of exposure of Iraqi funds abroad into custody or confiscated, if Iraq did not improve the management of this file after the lifting of the U.S. trusteeship by the end of next May.



U.S. President Barack Obama said last year that the U.S. protection of Iraqi funds will expire the end of next May and that the U.S. administration would not extend the guardianship and Iraq to resolve its financial problems with creditors abroad.

And calls for a financial expert Majid picture of Iraq to the defense of his money from some of the views of the private sector, which had financial ties with the former regime, which may resort to the courts competent to get their money, pointing out that the money Iraq's oil revenues are protected under the laws of filing the Fed's American.

While Undersecretary former central bank governor appearance of Mohammed Saleh said that although Iraq was able to reduce its debt to 20% according to the Paris Club agreements, but some creditors were able to get on the provisions of peremptory before this agreement, so to Iraq to pay its debts in full to them, and not 20% of them only, which may make the Iraqi funds at risk.

For his part, called a member of the parliamentary Finance Committee Haitham al-Jubouri, the Iraqi government the need to negotiate with the creditors in order to schedule those debts to facilitate the process, including repayment does not affect the status of those funds abroad.

To the reduced adviser in the Ministry of Finance Hilal Taan of Shan those fears, saying only fear for Iraqi funds abroad after the lifting of the protection the U.S. by pointing out that Iraq was able to resolve a lot of financial issues prudent public debt, as well as reducing that debt of 120 billion dollars to about 24 billion, especially after resolving the issue of Kuwait Airways and transfer the remaining funds to investments and joint ventures between the two parties.

It is said that Iraq sought since 2003 to cancel the debts accumulated, amounting to more than 120 billion dollars, mostly paid in compensation to the former regime led wars on the neighboring countries, and some of the other traders and businessmen of the former regime had business relationships with them.

http://www.iraqhurr.org/content/article/25298849.html