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Government adviser: Washington will renew the protection of Iraqi funds after next June

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Government adviser: Washington will renew the protection of Iraqi funds after next June

01/02/2012 13:01

(Rn) – The Iraqi federal government, Wednesday, that Washington will renew the protection of Iraqi funds in the banks for another year in Iraq if there is a real need to protect his money in the United States.

He took the White House in June of last year to protect Iraqi funds after a formal request the Iraqi government.The Legal Adviser to the Prime Minister Fadhil Mohammed Jawad, told the Kurdish news agency (Rn) that “the U.S. government will renew the protection of Iraqi assets in banks with the U.S. government deadline of 23 next May, if the Iraqi government requested it.”

He added that “the decision of the Security Council no longer has any money to Iraqi custody since June last year and ended with the protection of Iraqi funds internationalism.”

He explained that “Iraq in the past Ajraeth legal file processing trade creditors Makhhm through negotiation or through the courts or through international debt repayment in accordance with the Paris Club procedures.”Iraq’s debt and pay 3500 a commercial creditor worth 2.7 billion dollars as a means to protect his money from the manipulation of foreign trading companies.It is hoped that Iraq shall submit to the UN Security Council a detailed report in next May, looking the most important pillars of the protection of Iraqi funds.

The Ministry of Finance of Iraq earlier that the government commission a technical Ttolt the development of mechanisms to protect Iraqi funds in foreign banks after the UN Security Council resolution mid-November last, who spent lifting protection for Iraqi assets end of June next work is characterized by secrecy.

The UN Security Council voted unanimously in mid-January of 2011 on the 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, and extended the immunity of and for the last phase compensation imposed under Chapter VII even the end of June next.

The former Iraqi President Saddam Hussein ordered the invasion of Kuwait in 1990, its impact on the sanctions imposed on Iraq from the international community and put under Chapter VII, which makes him the country threatens international peace and security.Included international sanctions prevented the import of chemicals and nuclear technology that could be used in the programs of secret nuclear, chemical and biological weapons.

Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called the program “Oil for lunch.”


Since this means the money would stay in our banking system, don't see where Iraq will have any problem getting this approved.

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