Related Article ~ *** Iraq, U.S. and UN ~ Iraq will open two accounts in the United States for the filing of its oil revenues Wednesday, April 27, 2011
The Iraqi government opened two accounts at a U.S. bank for the deposit of oil money
Baghdad, An adviser in the Iraqi government Wednesday, that Iraq chose U.S. Bank for the deposit of oil revenues.
Salam al-Quraishi, a Kurdish news agency, "The Iraqi government opened two accounts in one of the well-known American banks for the deposit of the proceeds of Iraqi oil from companies that deal with Iraq."
He added that "accounts will be protected by the Board of oil reserves to prevent the trade creditors to provide the courts against the Iraqi funds in and out of the general plan by Iraq to pay its creditors."
He noted that "the Iraqi government completed its plan for the protection of Iraqi money which will be presented to the Security Council in June will close an account the next Development Fund for Iraq, which depends upon Iraq at the present time financial trading."
And that "the Iraqi government instructed the Central Bank to supervise the process of transforming Iraq's account of the Development Fund accounts to the government."
She Paradise economic fears in the House of Representatives from the inability of the committee formed for the protection of Iraqi funds after June next meet in the task of trade creditors in accordance with the Paris Club agreement.
The Paris Club is an informal group of financiers from 19 countries of the world's richest countries, notably the United States, Britain, Australia, Italy, Japan, the Netherlands, Germany, Ireland, provides service to cancel debt for debtor and creditor countries.
The IMF had identified the names of those States, after alternative solutions have failed, with the change of methods of payment of outstanding debt.
Revealed the Iraqi Finance Ministry on the seventh of January last, the work of the Committee to Protect Iraqi funds abroad will be secret, to avoid the fictitious companies which Iraq claims it requests funds.
The Ministry of Finance of Iraq, the first of January last that the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks, after the UN Security Council resolution mid-November last, who spent lifting of protection for the money to Iraq the end of June next.
The UN Security Council voted unanimously in mid-January last three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and cancel the oil for food program, also extended the immunity of and for the last phase compensation imposed under Chapter VII until the end of June / June.
The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and the impact of sanctions imposed on Iraq from the international community and put under Chapter VII, which makes it a country threatening world peace and security.
Included international sanctions prevented the import of chemicals, nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons.
Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called "oil-for lunch."
