Economists: The Continuing Freeze Iraqi Funds Hurt the Circulation of Money for Iraq
June 4,2011
Baghdad, The Iraqi experts in the economic aspect of the risks of continued Iraqi funds frozen by some regional countries, considering that it leaves considerable damage in the cash trading and financial system in the country.
A member of the Academic Committee to monitor the frozen funds Riad al-Naimi, told the Kurdish news agency (Rn) that “the persistence of certain countries to freeze Iraqi funds in spite of the United Nations decision to lift restrictions on movements of funds is causing financial problems and cash,” in reference to the UN resolution to lift Iraq from Chapter VII UN Trusteeship and raising the Iraqi funds.
He explained that “the commercialization of Iraq on this issue is causing economic problems related to circulation of free market, since studies show that more than 66% of the trading Iraq’s economic falter because of the continuing process of freezing, particularly in regional countries,” noting that “moves official of Iraq in this regard weak “.
Iraq argues that Kuwait has frozen about a million and a half million dollars belonging to Iraqi Airways in Jordan, the Kuwaiti authorities, while stressing that it would not compromise or give up “for one penny” to the dues on Iraqi Airways.
While appreciating the Iraqi funds frozen in Jordan and Lebanon is estimated at $7.8 billion, which prevent Iraq from using them year after the imposition of economic blockade in 1991.
Considered a member of the Centre for Economic Planning Hana Jabir that the “freeze Iraqi funds by a number of regional countries cause Blunderingly in the Iraqi economy because Iraq now goes on the grounds that his money is protected by the United States until June 2012.”
President Barack Obama has decided in May last renewal of the Executive Presidential Order on the protection of Iraqi funds in the United States for another year.
And extend this decision a presidential order issued in the first time U.S. President George W. Bush on 22 May 2003 after the fall of former Iraqi President Saddam Hussein has been renovated several times since then.
She drew Jaber that “monetary institutions and economic government will face a problem when you develop a plan to protect the funds from the violation of trade creditors, because the existence of these frozen funds be allowed to raise claims of commercial creditors in Bldnha for withholding.”
She explained that “the frozen funds are supposed to join the World Bank in the United States and all be in the protection of the United States until the government can find a legal outlet for the protection of Iraqi funds from trade creditors counterfeiters.”
And the Iraqi government to consult with the U.S. administration, in addition to the International Monetary Fund and the World Bank, for the completion of the process of transferring responsibility to act on the Iraqi money and oil revenues in the mechanism of Iraq after the UN’s role in it.
Under the Strategic Framework Agreement signed between Baghdad and Washington, the U.S. administration pledged to help Iraq in this phase.
Iraq still owes Kuwait for more than twenty billion dollars in compensation for damage to the invasion in 1990, and paid 5 percent of its oil revenues to meet its obligations under UN Security Council resolutions.
The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and the effect of pushing Iraq to Kuwait billions of dollars of debt.
The UN Security Council issued in December last decisions signal the beginning of the dismantling of the sanctions on Iraq, calling for the normalization of relations between Iraq and Kuwait.
Must confirm that the Iraqi government reiterated its recognition of Kuwait’s borders land and sea in a letter to the UN Security Council.
The expert believes the Economic and teaching in the Faculty of Management and Economics University Mustansiriya Nawfal Abdul Azim’s (Rn) that “the clear political goals behind the continuation of preventing Iraq from recovering funds frozen in the banks of the regional countries, especially as these countries claim that they have a commercial creditors.”
He pointed out that “the problem of frozen Iraqi funds have serious economic damage to the structure cash transactions to Iraq and must raise the level of government attention to address them before June 2012.”
June 4,2011
Baghdad, The Iraqi experts in the economic aspect of the risks of continued Iraqi funds frozen by some regional countries, considering that it leaves considerable damage in the cash trading and financial system in the country.
A member of the Academic Committee to monitor the frozen funds Riad al-Naimi, told the Kurdish news agency (Rn) that “the persistence of certain countries to freeze Iraqi funds in spite of the United Nations decision to lift restrictions on movements of funds is causing financial problems and cash,” in reference to the UN resolution to lift Iraq from Chapter VII UN Trusteeship and raising the Iraqi funds.
He explained that “the commercialization of Iraq on this issue is causing economic problems related to circulation of free market, since studies show that more than 66% of the trading Iraq’s economic falter because of the continuing process of freezing, particularly in regional countries,” noting that “moves official of Iraq in this regard weak “.
Iraq argues that Kuwait has frozen about a million and a half million dollars belonging to Iraqi Airways in Jordan, the Kuwaiti authorities, while stressing that it would not compromise or give up “for one penny” to the dues on Iraqi Airways.
While appreciating the Iraqi funds frozen in Jordan and Lebanon is estimated at $7.8 billion, which prevent Iraq from using them year after the imposition of economic blockade in 1991.
Considered a member of the Centre for Economic Planning Hana Jabir that the “freeze Iraqi funds by a number of regional countries cause Blunderingly in the Iraqi economy because Iraq now goes on the grounds that his money is protected by the United States until June 2012.”
President Barack Obama has decided in May last renewal of the Executive Presidential Order on the protection of Iraqi funds in the United States for another year.
And extend this decision a presidential order issued in the first time U.S. President George W. Bush on 22 May 2003 after the fall of former Iraqi President Saddam Hussein has been renovated several times since then.
She drew Jaber that “monetary institutions and economic government will face a problem when you develop a plan to protect the funds from the violation of trade creditors, because the existence of these frozen funds be allowed to raise claims of commercial creditors in Bldnha for withholding.”
She explained that “the frozen funds are supposed to join the World Bank in the United States and all be in the protection of the United States until the government can find a legal outlet for the protection of Iraqi funds from trade creditors counterfeiters.”
And the Iraqi government to consult with the U.S. administration, in addition to the International Monetary Fund and the World Bank, for the completion of the process of transferring responsibility to act on the Iraqi money and oil revenues in the mechanism of Iraq after the UN’s role in it.
Under the Strategic Framework Agreement signed between Baghdad and Washington, the U.S. administration pledged to help Iraq in this phase.
Iraq still owes Kuwait for more than twenty billion dollars in compensation for damage to the invasion in 1990, and paid 5 percent of its oil revenues to meet its obligations under UN Security Council resolutions.
The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and the effect of pushing Iraq to Kuwait billions of dollars of debt.
The UN Security Council issued in December last decisions signal the beginning of the dismantling of the sanctions on Iraq, calling for the normalization of relations between Iraq and Kuwait.
Must confirm that the Iraqi government reiterated its recognition of Kuwait’s borders land and sea in a letter to the UN Security Council.
The expert believes the Economic and teaching in the Faculty of Management and Economics University Mustansiriya Nawfal Abdul Azim’s (Rn) that “the clear political goals behind the continuation of preventing Iraq from recovering funds frozen in the banks of the regional countries, especially as these countries claim that they have a commercial creditors.”
He pointed out that “the problem of frozen Iraqi funds have serious economic damage to the structure cash transactions to Iraq and must raise the level of government attention to address them before June 2012.”