Economist calls for a proactive Iraq to pursuit false debt claims, protect DFI funds. Suggests deposting DFI funds in currency reserves to strengthen IQD

Posted by on Nov 22, 2013 | Leave a Comment

Calls for the central bank to take effective steps to restore the sovereignty of Baghdad

called Economists Central Bank of Iraq to take effective steps towards the protection of Iraqi funds and to pursue a policy to ensure restoration of national sovereignty them especially after the hit Iraq more than $ 110 billion to creditors.

confirmed in a statement to the (morning) the importance of studying the mechanisms capable of preventing the risk of creditors’ claims as companies or individuals and consistent and in accordance with international law.

And economist said Bassem Jamil Antoine: that large sums of money are still under the protection of the United States in a box to protect Iraqi funds While he should move by the central bank to rid it of illegal claims of somecreditors.

Negotiating competencies and explained that the international courts in some countries bring proceedings in poor countries where ارشاء judicial authorities to blackmail Iraq. He pointed out that the country has lacked negotiating skills in this area, but it is possible to hire law firms as well as benefit from the expertise of Iraqi immigrant for the purpose of defending Iraqi funds and in accordance with international law. Where it is difficult to keep funds of this magnitude in the banks of Foreign Affairs for a longer period.

Formed Fund for the Protection of Iraqi funds DFI under UN Security Council Resolution 1483 to protect Iraqi funds from international claims and pirated after the events of 2003.

Remaining period and noted Antoine that the remaining period of the expiration of the period of protection the American money around 7 months, during which should be on the central bank to begin to move and direct editing of debt funds during the audit because there are illegal claims.

Indicating that the debt of companies amounted to $ 21 billion paid them $ 450 million in cash and completed remaining on paid their bills governmental interest rate 5.8 percent, explaining that through this measure was reduced debt to about two billion and 700 thousand dollars has been negotiating with them not to add any amounts Other., and pointed out that the remaining debt on Iraq, according to the Paris Club of between 8.5 to $ 9 billion.

money back from his part, said director of the banks in the Ministry of Finance Hilal Taan: that after the withdrawal of Iraq from Chapter VII and the payment of a large proportion of its foreign debt, the road is easy in front of the financial authorities of the Central Bank and the Ministry of Finance to recover money from the Fund for the Protection of Iraqi funds DFI and national sovereignty over them.

Stressed that Iraq of its foreign debt paid more than $ 110 billion during the past years, leaving them only a fraction.

He Taan he does not risk the appearance of creditors potential to claim their money because of the statute of limitations time of the case, where they had to claim their money 11 years ago. So, it does not fear the emergence of such when the money back.

strengthen the reserve and on ways to benefit from the money in the fund Male Taan he can add to balance the currency of the cash reserves to strengthen the dinar or utilize them by employing them because Iraq needs to invest in infrastructure projects and reconstruction., and confirmed that the remaining period to the end of the protection of the American Iraqi funds sufficient to end the Iraq action transfer that money to the Central Bank, referring to the need to resolve This file as soon as this represents a restoration of the prestige of Iraq represented to regain control and discretion his money placed under the tutelage of American and under the supervision of the United Nations.

Stressing the need to give this issue of paramount importance because it is Iraqi money and will benefit the people when restoring control. was U.S. President Barack Obama signed last May an executive order to extend immunity to Iraqi funds in the Development Fund for Iraq, known acronym (DFI) for a year due to the state of national emergency in a manner keeps his money are protected as far as provided by U.S. law standard of protection in such circumstances.

Provides extended protection of Iraqi funds deposited in this fund from any lawsuits and fake or genuine by companies or individuals, it also provides real support to the Iraqi Central Bank and its funds from oil revenues, which represents President supplier to the country’s budget.

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