Central Bank: Iraq will use the IMF to end the file of commercial debt
06/04/2011 11:48
Baghdad, April 6 (Rn) - The Central Bank of Iraq adviser said Wednesday that Iraq will use the IMF to end the file of commercial debt after the end of the Trusteeship internationalism on Iraqi funds in June next year.
He said the appearance of Mohammed Saleh told the Kurdish news agency (Kaniwz) that "the Central Bank of Iraq will use the advice and the opinion of the International Monetary Fund and World Bank to end the file of commercial debt which is supposed to be resolved by Iraq through a clear plan."
He continued that "the Committee set up by Iraq to develop a legal study to prevent any danger to his money, and established a mechanism for coordination between them and the International Monetary Fund to prevent any violation of these funds and 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.
Mohammed indicated that "Iraq will continue to grant debt to commercial companies and businessmen who claim they are asking Iraq according to international action in the payment."
On 6 March last, the central bank that Iraq follow the high political level in the debt economy, it did not face legal problems, as announced on 23 February that Iraq paid the debt 3500 credit commercial value of $ 2.7 billion as a means to protect his money, foreign manipulation of the trading companies.
It is hoped that Iraq shall submit to the UN Security Council a detailed report in May next looks for the most important pillars of the protection of Iraqi funds.
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 last January 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."
06/04/2011 11:48
Baghdad, April 6 (Rn) - The Central Bank of Iraq adviser said Wednesday that Iraq will use the IMF to end the file of commercial debt after the end of the Trusteeship internationalism on Iraqi funds in June next year.
He said the appearance of Mohammed Saleh told the Kurdish news agency (Kaniwz) that "the Central Bank of Iraq will use the advice and the opinion of the International Monetary Fund and World Bank to end the file of commercial debt which is supposed to be resolved by Iraq through a clear plan."
He continued that "the Committee set up by Iraq to develop a legal study to prevent any danger to his money, and established a mechanism for coordination between them and the International Monetary Fund to prevent any violation of these funds and 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.
Mohammed indicated that "Iraq will continue to grant debt to commercial companies and businessmen who claim they are asking Iraq according to international action in the payment."
On 6 March last, the central bank that Iraq follow the high political level in the debt economy, it did not face legal problems, as announced on 23 February that Iraq paid the debt 3500 credit commercial value of $ 2.7 billion as a means to protect his money, foreign manipulation of the trading companies.
It is hoped that Iraq shall submit to the UN Security Council a detailed report in May next looks for the most important pillars of the protection of Iraqi funds.
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 last January 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."