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Statement of Parliamentary Services Committee DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Statement of Parliamentary Services Committee

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Statement of Parliamentary Services Committee Empty Statement of Parliamentary Services Committee

Post by claud39 on Tue Jan 14, 2020 9:30 am

[size=32]Statement of Parliamentary Services Committee[/size]


Statement of Parliamentary Services Committee 403AC20E-65A6-4B71-99AF-921B32242202-800x445

      In the name of of Allah the Merciful
(“Say: Do, and God will see your work and His Messenger and the believers.
Believe God Almighty

Sons of our honorable Iraqi people, while the demands of the peaceful and benevolent among the Iraqi people continue with the need to reform and advance the economic reality of the country, the Iraqi government has begun implementing the China-oil agreement, which we believe the country will reap its benefits in an excellent manner in the coming years, for the following reasons: 

- The agreement fund includes coverage of (airports) projects , Building schools, paving external roads, railways, building housing complexes, infrastructure projects, energy and analysis projects, treating pollution in the Tigris and Euphrates, Shatt al-Arab and any other projects as requested by the Iraqi government. For projects 1 one million dollars is taken from the fund located 850 million dollars from China
and 150 million dollars from Iraqi oil sales.

- The agreement is without penal terms and it is included in the friendship agreements. In the event of a dispute, international arbitration bodies are to resort to settling it.

- The China Fund for Reconstruction is supervised by the Iraqi party and a guarantor investment company chosen by the Central Bank from among 5 international companies.

The agreement is guaranteed by the Chinese party through the China Insurance Corporation, Sino Shore, a top government organization.

- The revenues of 100 thousand barrels per day of oil sold to China are reserved, specifically for the Chinese (Zinhua and Sinoc) national companies, and its revenues shall be placed in the Iraqi-Chinese fund.

- Chinese banks' credit limit for the Iraqi fund, valued at $ 10 million, with interest subsidized by the Chinese government.

- If the first package of projects succeeds and Iraq desires to increase investments, the Iraqi oil sales ceiling will be raised to 300,000 barrels per day, and China will increase the ceiling of assumptions to 30 billion, which will push China to provide its best energies in the first package.

- The amount is deposited in a bank (Citibank), then the bank transfers the account to the American Federal Reserve Bank in New York, which oversees the total Iraqi oil sales, and then transfers it to a new account called (investment account) the investment account.

- A repay account, debt services account, is created to support the interest rate and deducts its amounts from the investment account.

- The Council of Ministers selects the projects and signs the one-time contract. An example is signed for building 2000 schools with an open contract called (open contract).

- The deposit of Iraqi oil money started on 1/10/2019
And accumulated an amount of half a billion dollars, which is increasing with the readiness of China to deposit an amount of 10 billion dollars.

- Iraq has the right to choose international European and American companies to be a partner with China according to the type of project and
after our careful reading of the terms of the agreement and we have verified the reputation of the names of companies and banks that are included in the terms of the agreement in which we found the achievement of the Iraqi economic interest as it is hoped that the first project will be signed according to the agreement except that the events Security and political Iraq delayed that, so we call on everyone, especially the parties concerned, to impose stability and work to achieve peace in the Iraqi street, as a guarantee to start implementing the expected projects and to serve future generations of the Iraqi people, and God is the guardian of success.

Chairman of the Services and Reconstruction Committee,
MP Walid Al-
Sahlani, January 14/2020

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