Iraqi funds between several options .. I represent the extension of protection

Iraqi funds between several options .. I represent the extension of protection




08/05/2013 12:00 AM

With the approaching expiry
of Baghdad - Mostafa Hashemi
at the time is approaching when Iraq from the expiry date of the protection fund Iraqi funds DFI by the Government of the United States, called specialists government officials to reconsider this issue and choose the most appropriate solution to end this file from a range of options notably the transfer of the remaining money in the fund to Iraq and the central bank to assume responsibility for payment of debt creditors.

And called economists need to ask the American side to extend for another year, to coincide with Iraq's commitment to implement all UN resolutions, the most important settlement of external debt, which left them nothing little, while others said that as long as Chapter VII present the extension of an existing inevitably.

Researcher said Ahmed al-Husseini (morning): The aim of finding this fund is to ensure the continued payment of Iraq's debt, especially Kuwait, including the amount of the proportion Astqtaatha of the fund 5 percent of Iraq's oil revenues, adding that the problem in this issue more political than economic.

Stressing at the same time that Iraq is still subject to Chapter VII, and as long as the item is based, the extension will be the reality of the Iraq faces.

Pointed Husseini that the extension of protection money is required at this stage, at least until the general election in the country in the next year and waiting for economic changes that will occur after the political changes.

For his part, saw the economic expert Hilal Taan that Iraq's interest to apply for the extension for another year, the Fund for the Protection of Iraqi funds in order to end the file of debt in full and return the money to the disposal of the Iraqi government.

And box-shaped protection of Iraqi funds under UN Security Council Resolution 1483 to protect Iraqi funds from international claims after the events of the year 2003, as the United States announced mid last year for agreeing to extend the protection of Iraqi funds deposited in the Development Fund for Iraq until the month of June.

Added Taan that to Iraq two options to resolve the file protection fund Iraqi funds (DFI), where is supposed to be preparing government officials to restore the money to the Central Bank of Iraq because they would be protected certainly claims of illegal, or that shall be deposited with Swiss banks to be safe also of those claims.

Pointed out that Iraq has met its obligations subject of debt and paid a large part of them, as there are countries turned off the debts on Iraq 100 percent, Kalamarat and the United States, under the Paris Club.

He said the issue of compensation is settled through the allocation of Iraq's 5 percent of oil revenues, stressing that Iraq paid more than $ 110 billion and claims on Iraq is not as it was in the past. And deduct Since then 5 percent of the proceeds of Iraq's oil for such compensation .

But to extend the protection of American funds Iraq and his assets other overseas under required in anticipation of starting an avalanche of lawsuits and claims after the lifting of international cover for these funds.

Its part, said a member of the Finance Committee parliamentary Magda al-Tamimi told (morning): supposed to ask Iraq from the United States an extension of another presence creditors potential.
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Adding that some of these creditors were settled their debts compared to buying bonds, government باثمان cheap, and indicated that he could be the distribution of the fund and make it under the umbrella of other countries كايطاليا اوفرنسا or other. and indicated the need to resolve this file as soon as this represents the restoration of prestige Iraq represented to regain control and discretion his money placed under the tutelage of American and under the supervision of the United Nations.

Was the United States' commitment to protect Iraq's money and his assets have been proven in the partnership agreement of strategic signed between Iraq and the United States in 2008. was also renew protection the American money for two consecutive years due to expires next month.

Noted that Iraqi Central Bank Governor agency Abdul Basit Turki Saeed search late last April with the Fed American Multi reserves Central Bank of Iraq and the protection of Iraq's money during a private visit to New York to discuss topics as well as financial issues with other Fed American, and that this visit came on the sidelines of the spring meetings in America, which is considering the financial and banking issues and the development of new plans for the development of the banking sector.


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Thinking this is an op-ed, as opposed to an actual news article.