Economist: There is no authority for the US President over Iraq money

Economist: There is no authority for the US President over Iraq money



7/2/2020 2:24 PM

{Baghdad: Al Furat News} The economic expert and financial advisor, Mazhar Muhammad Salih, confirmed that “there is no protection {immunity} for US President {Donald Trump} currently on Iraq’s funds in the US jurisdiction, as some believe.”

Saleh said in a statement that this protection "which was adopted by the first presidential order No. 13303 since May 2003 at the expense of the DFI Development Fund at the time and opened on behalf of the Central Bank of Iraq for the benefit of the government of the Republic of Iraq, i.e. the account opened with the American Federal Reserve Bank in New York and remained a subject Protection is currently being explained. "

He added, "I repeat that there is currently no official protection under a presidential executive order that has been renewed annually by the executive order since the last renewal was in 2012-2013 the day Iraq paid compensation to the Americans for the tourt claims of about $ 400 million called (harm compensation)."

And Saleh added that "the last extension took place during the reign of former President Barack Obama, who stipulated that Iraq commit to restructuring government banks within the terms of the International Monetary Fund mentioned in the SBA credit preparedness agreement and the protection was for only one year in addition to the end of the protection of the United Nations on Iraqi funds and on The manner provided by Resolution 1483 of the year 2003, which also ended since the issuance of the UN Resolution 1956 at the end of the year 2010, which gave a period of 6 months in time for the end of the international protection of Iraqi money, especially in the DFI oil receipts account at the time. 2011-2013 years. "

The financial expert noted that "the question is how did Iraq money continue to protect to this day without prosecutions from potential commercial creditors?" Noting, "I believe that the existence of the Kuwait war deductions on the mechanism of oil revenues continued to provide automatic {international} protection for the account of oil revenues open with FRBNY.”

And between "As for the Central Bank of Iraq account that includes the central bank reserves in dollars, they are protected by federal reserve laws that say that the funds of the independent central banks at the Federal Reserve {as a central bank] provide themselves legal protection from any attachments or seizures of commercial creditors because that money is To maintain monetary and financial stability, there is a precedent for Argentina in this regard, according to a decision of the New York Court on the day that it rejected an invitation to prosecution raised by commercial creditors a decade ago. "

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