Economist to / NINA /: Ending Kuwait's debt file will contribute to reconsidering Iraq's credit rating and its exit from Chapter VII

Monday 13 December 2021 11:01
 
Baghdad / NINA / - An expert in economic affairs, Safwan Qusay, confirmed that the decision to end Kuwait's debt file will contribute to reconsidering Iraq's credit rating and allowing Iraq to get out of the sanctions imposed on it in accordance with Chapter VII.

Qusay said in a statement to the National Iraqi News Agency ( NINA ): "It has become clear that Iraq is moving towards clearing the debts of the first Gulf War by paying the last installment of 600 million US dollars, after it succeeded in paying more than 50 billion US dollars incurred as a result of the occupation of Kuwait." And what followed,” noting: “This will contribute to reconsidering Iraq’s credit rating and allowing it to get out of the sanctions imposed on it in accordance with Chapter VII.”

He added, "However, the financial liberalization of Iraq's money should focus on the continuation of the American protection system for these funds, because raising the American protection system will enable Iraq's creditors to seize these funds."

Qusay stressed the financial policy maker in Iraq to invest in this situation in favor of activating the decisions of the Kuwait Conference in support of the rehabilitation of Iraq by supporting Gulf investments and supporting international guarantees in favor of investment growth in Iraq.

He continued, "This approach can restore confidence in Iraq's financial ability and free 3% of Iraq's oil revenues to finance the Iraq Sovereign Fund, which will represent the new window to support investment and establish infrastructure in Iraq."

And the Central Bank of Iraq announced last Thursday that it had ended the necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait's compensation from Iraqi crude oil export revenues.

And he confirmed, in a brief statement, the possibility of paying the remaining amount of compensation in full before the end of the current year 2021 to end this file./End 8

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