Economists: Exit Iraq from CH VII will bring foreign investment and the country’s frozen funds

Posted by on Oct 26, 2013 | Leave a Comment

30-06-2013 12:47 PM

Baghdad (News)/report/bahtik/… After the UN Security Council vote unanimously to exit Iraq from Chapter VII, which imposed a year ago (1990) especially after the occupation of the State of Kuwait, Iraq and the adoption of severe economic sanctions on the country, Iraq has achieved full national sovereignty and freedom from all economic constraints, which has become a stumbling before the arrival of international companies to invest in the country.

The number of representatives and economic experts that Iraq’s exit from the provisions of Chapter VII of the UN will bring solid global companies owned by developed nations to the Iraq business and investment, which were facing many difficulties which prevent them from coming to the country by this resolution.

They explained on their talk (News Agency) to lift the huge Iraq Chapter VII will be frozen Iraqi funds in foreign banks as well as in the Development Fund for Iraq, to give him leeway.

Member of the Finance Committee and General Secretary of the people’s Deputy to the alsagri stream, said: the exit of Iraq from Chapter VII of the Charter of the United Nations will have significant economic benefits to the country.

Said alsagri (News Agency): this item behind the large economic damage so pay international companies in various fields of work away from Iraq after that under the financial regulations and the impact on the sovereignty of Iraq.

He added: the output of Iraq from Chapter VII-VI will transfer to rehab development by allowing major construction companies for reconstruction so that Iraq will return to the international community after the sitter a break more than 23 years.

He noted that the positive effects which will be reflected directly on State banks were forced to resort to secondary agents to sustain its foreign relations, which cost additional funds and expressed the hope that this will contribute to the achievement of development advancement in Iraq.

The Iraqi Government announced that exit Iraq from Chapter VII of the Charter of the United Nations represents another hurdle for foreign Imam to restore full sovereignty in dealing with internal challenges remain.

To exit Iraq from Chapter VII would make him able to manage its assets without international tutelage will also return to normal in the international community in terms of processing, in particular the health and manufacturing, especially of light weapons, medium and heavy, but the internationally banned.

According to the decision of the Commission on economy and investment Deputy of the Kurdistan blocs Coalition//mehma Khalil, the provisions of Chapter VII, which will allow Iraq to recover its funds frozen, ending the tax paid by the people affected by the practices of the former regime.
He (News Agency): that Iraq fulfilled all its obligations towards Kuwait, the international community must fulfil its obligations towards Iraq and prosecutions from frozen Iraqi funds abroad.

He said: the Iraqi people and Government have a lot to take out Iraq from Chapter VII and an appropriate time now to break this constraint which has affected many citizens, stressing that Iraq’s exit from this decision will prompt international companies owned by advanced countries to come to Iraq for the purpose of investment.

As an economist, Nadin: out of Chapter VII requires urgent stop to the financial sector, especially the banking sector which will be as soon as the beneficiaries of the entry of the global financial market and wider doors.
He (News Agency) to: the importance of exploiting the opportunity and developing the sector both through public and private partnerships and building relationships with leading international banks.

He added: it’s game time for banks to develop electronic systems and method of work and instructions of all thinking and management as well as expand the network of branches inside and outside Iraq especially in States that have a strong trade with like Turkey and China, Saudi Arabia, South Korea, Iran, Russia and others, which do not have any presence of Iraqi banks, legal and not political and not economic sanctions still today prevent us from communicating with the world.

Since the 1990s groaning under the weight of sanctions, Iraq since international sanctions resulting from the UN resolution 661 adopted on 6 August 1990 due to Iraq’s invasion of Kuwait, and the severe economic sanctions on Iraq to force the then leadership to withdraw immediately from Kuwait. This resolution was followed by 10 consecutive decisions, warning him of the consequences of staying in Kuwait and his defiance of the international community.

Iraqis have suffered from the sanctions that deprived them of food and medicine, as well as all means of progress and technology of the world in the 1990s of the last century, leading to the deaths of 1.5 million as a result of hunger and lack of medicine and lack the most basic means of life.

This siege lasted almost 13 years, practically ended with the fall of the Baath regime in 2003, where Iraq suffered from extreme isolation from most of the world politically, diplomatically and economically, but Iraq continued to suffer from the effects of falling under Chapter VII of the UN Charter. And for the suffering of Iraqis made the penalties of Saddam Hussein one of the ten richest tycoons in the world.

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