CBI is preparing to take over Iraq’s assets in America

Posted by on Apr 01, 2014 | Leave a Comment

Jim Cramer’s Action Alert PLUS
Following the passage of months out of Iraq from Chapter VII, is preparing the central bank eventually to raise U.S. protection imposed on the Iraqi funds deposited in the United States, step has been welcomed and raised fears at the same time about the possibility of achieving a quantum leap in the process of construction or damage to the funds of the Iraqi State, Is this money will be a bit “easy prey” for some actors, under the pretext of debt?.

In (22 May 2014), will raise U.S. protection for Iraqi funds deposited in the “Development Fund for Iraq,” and will receive a responsibility CBI directly, after the withdrawal of Iraq from Chapter VII in the (June 27, 2013), but there are fears of an asylum some countries and traders who “Wiesel their saliva” on those funds, according to observers, to bring claims in international courts for debt, claiming it owed to the former regime.

Extension of last resort for protection

Accordingly says Deputy Governor of the Central Bank of the previous appearance of Mohammed Saleh in an interview for “Alsumaria News”, “deposits Development Fund for Iraq, which come from oil imports have been deposited in the Reserve Bank of the U.S. and is a discount of 5% of compensation Kuwait in accordance with Section VII imposed by the United Nations against Iraq, “noting that” the Iraqi Central Bank, and since he took over the responsibility of the Iraqi Development Fund in 2010 became unprotected, prompting Iraq to be placed under American protection. ”

He adds that the benefit of “Iraq agreed with the United States to put these funds under American protection for a year stretch until June 2011, after the lifting of Iraq from Chapter VII in the (15 December 2010) in accordance with the resolution 1956 should be that Iraq will manage the Development Fund Iraqi funds himself. ”

Illustrates the benefit of that “Iraq agreed to renew the protection for one year after the last agreement signed harm or protection agreement, which has pushed Iraq which 400 million dollars to the United States as a result of the harm that resulted from the war waged by the former regime.”

Points in favor of that, “the United States has demanded Iraq to renew the protection of the money back, according to the set by the Organization and the International Monetary under which new protection fund for an additional year ending in May 2013, to be later renewal protection for another year ending in (22 May 2014) “.

He suggested that the benefit of “This is an extension of the protection is the last of its kind,” explaining that “there is protection would be natural for Iraqi funds deposited in U.S. banks, even though it did not renew this protection, as the central bank is an independent entity and the funds managed by the not used for speculation or trade, but of stability. ”

Dispel fears

And dispels the governor of the central bank and agency Abdel Basset Turki, “threats” that might affect the potential of Iraqi funds deposited in the United States, asserting that “the protection of Iraqi funds in the United States end in (22 May 2014).

Turk explains that “Iraqi funds deposited outside of America raised her protection two years ago,” he said, adding that “the claims of some persons and bodies debts owed by the former regime, does not pose a threat to Iraq’s resources.”

He adds Turkish that “the big issues that were facing Iraq, particularly in relation to the problem of KAC was solved, and therefore, the concern of the issues that may be raised is much less than it was five years ago,” noting that “Iraq’s ability to defend his money is strong, and there Office legal adviser and international consultants specialized in defense of their rights. ”

Deposited in the “Development Fund for Iraq” all Iraq’s revenues from oil exports and the United Nations withdraw from this revenue 5% compensation to Kuwait for war 199, while the Ministry of Finance to pay all of Iraq’s debt before the Government recognizes the responsibility of overseeing the fund.

And the Development Fund for Iraq, DFI form under UN Security Council Resolution 1483 to protect Iraqi funds from international claims and pirated after the events of the year 2003, among experts that Iraq has lost part of its expenses, and that any obstruction in the rates of export of oil or the fluctuation in prices, will affect the ability of spending government, amid a political crisis that is unprecedented in the country.

The UN Security Council has committed the Iraqi government at the end of 2010 to develop a plan for the receipt of the oversight functions on the “Development Fund for Iraq,” the United Nations the end of 2010, of the Iraq after placing it in the locker U.S. federal to ensure immunity by law the U.S. presidential him and that would the protection of Iraq’s oil imports from custody by a lot of creditors.

The UN Security Council voted, on (June 27 2013), unanimously approved the decision to remove Iraq from Chapter VII, in the presence of Iraqi Foreign Minister Hoshyar Zebari, and before that Iraq sought to cancel the debts arising during the reign of the former regime, amounting to more than 120 billion dollars which dates back to some compensation because of wars waged by his neighbors and some other countries and traders, with some states requiring the government and Iraqi traders need to pay their dues and are threatening to sue in international courts to fund Iraqi imports.

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