Monday, April 25, 2011

Iraq uses Monetary Fund debts, to close the file commercial Debts

BAGHDAD - Al-Hayat reported today that the Chancellor in the Iraqi Central Bank the appearance of Mohammed Saleh said yesterday that Iraq will use the International Monetary Fund to close the file commercial debts, after the end of the international trusteeship over the assets Iraqi government on June 30 (June) next, pointing to the that Iraq will be submitted to the Security Council a detailed report in May (May) next, presents the most important measures to be applied to protect the funds.

He explained that the committee set up by Iraq will set a legal study to develop a mechanism for coordination with the IMF to prevent any violation of such funds, according to the Paris Club agreement, which is an informal group of financiers from 19 countries, most notably the United States, Britain, Australia, Italy, Japan, the Netherlands, Germany and Ireland. وأشار إلى أن العراق سيستمر في تسديد الديون للشركات التجارية ورجال الأعمال وفقاً للإجراءات الدولية المتعارف عليها. He pointed out that Iraq will continue to pay off the debts of businesses and businessmen, according to the procedures of international standards.

The paper reported that the Central Bank of Iraq said on the sixth of March (March) last Baghdad that followed the high-level policies in the payment of debt economic implications, did not face legal problems.
. It was announced on February 23 (February) that Iraq had paid debts to three thousand and 500 commercial creditor, with a total value amounted to $ 2.7 billion, as a means to protect its assets from external manipulation of the trading companies.

The Iraqi Ministry of Finance reported on January 7 (January) the past that the work of the Committee to Protect Iraqi funds abroad will be secret, to avoid the fictitious companies which claim that Iraq owes them money.

. It was announced that a government committee took over the development of technical mechanisms to protect Iraqi funds in foreign banks, after the UN Security Council resolution mid-November (November) last show of protection for Iraqi funds from the end of next June.

The Security Council voted unanimously in mid-December (Dec) last three decisions, concerning the lifting of the embargo imposed on Iraq in the import of nuclear material for peaceful purposes, and the abolition of the program «Oil for Food», and the extension of immunity for the last phase of the compensation imposed under section the seventh through the end of next June.
. Were imposed on Iraq in 1990, sanctions from the international community, which included preventing the import of chemicals and nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons.

And allowed the United Nations in 1995 for Iraq to sell oil in return for food, according to the Oil for Food.

Played down the Iraqi economic expert Majid picture of the seriousness of the consequences of exit from Chapter VII, and the end of the cover of protecting assets of Iraq, stressing that the Iraqi money was abroad at risk fabricated story to cover other domestic issues.

He said in press statements that the uproar about Iraqi funds abroad after exit from Chapter VII of the artificial cover that is guilty of corruption in the oil-for-food by the staff of the United Nations. ودعا إلى التركيز على مسائل أكثر أهمية، مثل التنمية الاقتصادية الصناعية والزراعية في البلاد. He called for a focus on more important matters, such as economic development, industrial and agricultural in the country.