03/04/2011Iraqi Finance Works to Protect State Funds After the Lifting of Protection
Baghdad, The Iraqi Finance Ministry on Sunday, the quest for the implementation of several measures to protect Iraqi funds derived from oil exports, after the lifting of protection the UN by the end of June next, which shall be deposited since 2003 in the Development Fund for Iraq fortified than the pursuit of creditors.
Rafie al-Issawi The Iraqi Finance Minister Rafie al-Issawi told a news conference in Baghdad, and was attended by the correspondent of news agency Kurdistan (Rn) "There are a number of measures to protect Iraqi funds and work is underway to implement these procedures, after the lifting of protection the UN by the end of June (June) next year."
He pointed out that he will visit Washington in June, stressing that "there is an intention to open accounts in other banks in order to protect Iraqi funds."
The Iraqi minister that "the procedures are still in the process study, but we will work hard to protect the funds of Iraq and the current extension is the latest to protect them." The UN Security Council of the United Nations had voted in mid-December last to exit Iraq from Chapter VII, which was imposed on him since the invasion of Kuwait in 1990, and finished this oil for food program, and agreed to lift the ban on imports of Iraq's nuclear program nuclear civilians.
However, the Council extended the immunity that protects Iraq from claims associated with an era of former President Saddam Hussein to 30 June (June) next, at the request of Iraq for the continued operation (DFI) which was established in 2003 to protect the revenue from sales of oil and natural gas. And on the financial budget for the coming years, said al-Issawi, said that "the Committee charged with preparing a financing strategy for the years 2012, 2013 and 2014, which includes representatives from the Ministry of Finance and Oil and the Central Bank and the World Bank and local governments, agreed on the interest factor of time to provide the financial budget for next year in order to avoid problematic that accompanied the previous budget" .
The Committee agreed on the importance of timing the time to provide the financial budget and will be in 25 of the month of May next to the proposed strategy for the next budget to the House of Representatives for the diagnosis of glitches and the development of treatments with no effect on projects."
The UN decision to lift protection from Iraqi funds deposited in the Development Fund for Iraq at the end of next June, under Security Council resolution No. 1958. And placed 95% of the revenue generated from export of oil and its derivatives in the Development Fund for Iraq, the percentage of the remaining five per cent going to the Compensation Commission in Geneva to compensate Kuwait for the results of entering Iraq in 1990.
The United Nations has asked Iraq to submit its report before the beginning of the month of May next to the UN Security Council statement, which will be the mechanism whereby the transmission of funds from the Iraq Development Fund for Iraq to the new arrangements envisaged by the Iraqi government.
The shape of Iraq to a ministerial committee headed by Deputy Prime Minister for Economic Affairs Ruz Nuri Shaways and the membership of each of the Ministers of Foreign Affairs and Finance and head of the Financial Inspection Office and the Governor of Central Bank of the drawing mechanism and arrangements for investigating the safety of funds of the country of prosecutions and resolutions issued against Iraq by the trade creditors and the interests of Iraq out of these international protection.
The Shaways, has presided over last Wednesday, a meeting of the Ministerial Committee on the Status of mechanisms to ensure the protection of Iraqi funds abroad. Of Kazem Atwani, the Open: Abdullah Sabri
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