End the mandate of the United Nations on Iraqi state revenues

BAGHDAD (Babuz): Iraqi Prime Minister Orteurcil authentication on the report of the Government of Iraq on the transition to successor arrangements to the Development Fund for Iraq on the basis of Security Council resolution 1956 to the year 2010, submitted by the Committee to Protect Iraq’s funds.

He said government spokesman Ali al-Dabbagh said in a statement Wednesday: “The ratification of the report of the Government of Iraq on the transition to successor arrangements to the Development Fund for Iraq is the result of the Iraqi government to protect the funds of the Iraqi people from the payment of debt owed ​​by Iraq and to meet international obligations and the completion of the belongings that were resulting from it due to previous policies, Iraq had not chosen his own free will, but as a result of the policies of the former regime and the ensuing programs such as the oil for food program with the adoption of a mechanism to ensure full protection of Iraqi funds after the end of the mandate of the Development Fund for Iraq DFI At the end of 2010. “

He added: “The new arrangements will end the mandate of the United Nations on Iraqi state revenues as part of the Iraqi government’s efforts to emerge from Chapter VII resolutions.”

He continued: “will open a special account on behalf of the Iraqi government in the United States receives all revenue and funds belonging to the Iraqi state and is managed by the Central Bank of Iraq in full without any international sponsorship and will be the work of the special arrangements for the allocation of 5% of oil revenues to the Compensation Fund for Kuwait as Iraq’s international obligations” .

Dabbagh said: “This report will be presented to members of the UN Security Council for discussion and approval, such as an international work begins in July 1, 2011 to begin a new era in Iraq, the role of regional and international levels.”

Iraq has agreed to open two accounts in the United States for the management of oil revenues, especially, after the closure of the Development Fund for Iraq in June 30 where all revenues are deposited, which was opened after the U.S. invasion of Iraq in 2003. The Iraqi government will be deposited in one of these accounts 95% of Iraq’s revenues will be deposited in saluting the second account in 5% of revenues in order to pay the compensation awarded to Kuwait for the 1991 war, according to UN Security Council resolutions.

Dabbagh said that “Iraq will present its proposals which were adopted by the government on Monday evening to the UN Security Council in the first of the month of May next for approval.”

“If what has been approved by the United Nations, the plan will come into force on the first of July next,” adding that “accounts will be under the protection of the Fed U.S. to avoid imposing more compensation and Sidaran by the Central Bank of Iraq.”

These two accounts and will replace the “Development Fund for Iraq,” where shall be deposited all revenues from Iraqi oil exports, which opened after the U.S. invasion of Iraq in 2003 based on UN Security Council resolutions.

The Iraqi Council of Ministers requested recently by the Central Bank to open accounts immediately for the transfer of money + the Development Fund for Iraq + before the first of May and the agreement on the mechanism of “specific and transparent,” to withhold five percent of compensation approved by the United Nations to Kuwait.

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