Iraq Economic News and Points to Ponder Sunday Afternoon 4-21-24
Bush Signed It And All Presidents Implemented It. Iraq’s Funds Have Been Under America’s Guardianship For 21 Years
Reports And Analyses USA President George Bush Iraqi Money Signing An Executive Order
2024-04-18 Shafaq News/ Successive American administrations are still renewing the implementation of the presidential executive order issued by former President George W. Bush regarding the protection of the “Development Fund for Iraq”, in which the proceeds of oil sales were deposited with the aim of protecting it from any legal prosecutions, in addition to other orders related to Iraq and aiming to protect its money.
This happened more than two decades after the regime changed in the country.
The current US President, Joe Biden, signed the decree extending the state of national emergency related to the situation in Iraq for another year, which stated:
“There are still obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security in the country, and developing political, administrative and economic institutions in Iraq.””
The statement added that these obstacles “pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well.
Therefore, (Joe Biden) has decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq.”
Order 13303
The executive order aims to protect the Development Fund for Iraq and some other properties in which Iraq has an interest. According to the text of the executive order, then-US President George W. Bush saw that there was a threat to seize or take other judicial measures against the Development Fund for Iraq, Iraqi oil and petroleum products, and the revenues that arise. about her”.
The executive order also stated that this situation “poses an extraordinary threat to the national security and foreign policy of the United States, and therefore a national emergency has been declared to deal with this threat.”
The order stipulates that any seizure, judgment, decree or other judicial action against the Development Fund for Iraq or Iraqi oil and petroleum products, and the proceeds and obligations relating to their sale or marketing, shall be considered null and void.
The executive order prohibits all US citizens and residents of the United States, as well as any entity organized under US laws, from filing lawsuits against Iraqi funds.
According to the US National Emergency Law, failure to renew the executive order within a period of 90 days from the date of the previous renewal means that it will become invalid.
Development Fund For Iraq
The Development Fund for Iraq was established after 2003, and before that, money from Iraqi oil sales was placed in an account managed by the United Nations within what is known as the Oil for Food Program.
In the mid-nineties of the last century, the UN Security Council resolution related to oil for food was issued and stipulated the sale of a portion of Iraqi oil in exchange for the purchase of medicines and food during the era of Saddam Hussein’s regime, which suffered international sanctions as a result of its invasion of Kuwait in 1990.
This situation continued until 2003, when a new Security Council resolution was issued under which most of the economic sanctions were abolished, provided that issues related to the invasion of Kuwait were resolved, such as compensation, prisoners, and others.
In this regard, Iraqi writer and political researcher Aqeel Abbas said,
“When the sanctions were lifted, a problem arose, which is that there are cases filed against Iraq by dozens or hundreds of companies that were harmed by Iraq’s invasion of Kuwait in European countries and others.” Abbas added to the Al-Hurra website that
“Iraqi embassies at the time did not attend court sessions to defend or reduce compensation, and thus the courts issued judgments in absentia for very high amounts.” Abbas, who resides in Virginia, confirmed that
“there are judicial seizure orders on Iraqi funds until the amounts of the lawsuits ruled by the courts are satisfied.”
“Thus, what saved Iraq from these lawsuits was the protection decision issued by former US President George Bush in 2003,” according to Abbas, who pointed out that
“under the presidential executive order, Iraqi funds in the Development Fund for Iraq became protected as if they were American funds.”
American Influence
In 2010, the Development Fund for Iraq was canceled by a UN decision, which also ended all international guarantees of immunity granted to Iraq from claims for compensation.
Instead of the canceled fund, an account affiliated with the Central Bank of Iraq was opened at the US Federal Bank in which all proceeds from the sale of Iraqi oil were placed.
However, the United States continued to renew the presidential executive order, issued in 2003, annually with the aim of protecting Iraqi funds from any judicial prosecutions.
The former member of the Iraqi Parliament’s Finance Committee, Ahmed Hama Rashid, said,
“The situation remaining as it is means that the fate of Iraq’s money will remain tied to the United States, which represents a strong pressure card in the hands of Washington,” indicating that
“this issue cannot be resolved except by paying all debts.” “This will take years, if not decades.”
On the other hand, Aqeel Abbas pointed out that linking the issue of protecting Iraqi funds from prosecution to the United States “gives Washington great influence over Baghdad,” adding that
“resolving the crisis requires a political decision, as happened with Greece and Argentina, for example, by seeking the help of a reputable and reputable law firm.” “She is given full powers.”
The spokesman for the Iraqi Prime Minister apologized for the comment, and it was not possible to obtain a comment from the White House or the US State Department until the publication of this report, according to the Al-Hurra channel.
The Ministry Of Finance Specifies Steps That Must Be Taken Before Canceling The Currency Selling Window In Iraq
Economy Parliamentary Finance Dollar selling window
2024-04-20 04:54 Shafaq News/ The Parliamentary Finance Committee confirmed, on Saturday, that the
Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.
Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency,
“There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.” He explained that
“canceling the currency selling window is linked to the
reliance of private banks on correspondence with international banks and the
method of currency conversion.”
This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.
In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.
Munis asserts that “this step must be preceded by an increase in the classification of Iraqi banks, and
this is what qualifies them to deal with international banks,
but the real problem that we face is that Iraqi banks
do not have a correspondent and
are not accredited outside the country.”
The member of Parliamentary Finance pointed out that “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”
https://shafaq.com/ar/اقتصـاد/المالية-تحدد-خطوات-يتعين-اتخاذها-قبل-الغا-نافذة-بيع-العملة-في-العراق
The Governor Of The Iraqi Central Bank Reveals The Amount Of The Bank’s Reserves Of Dollars And Gold
Economy Central Bank of Iraq 2024-04-20 Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the amount of the bank’s reserves of US dollars and gold.
Al-Alaq told the CNBC Arabic website that the Central Bank has a foreign reserve of more than 100 billion dollars, indicating that
the bank’s gold reserves amount to more than 130 tons, most of which are located in England.
Speaking about Iraqi foreign trade, Al-Alaq pointed out that the volume of trade with the UAE amounts to 17 billion dollars and is paid in UAE dirhams, pointing out that the
First Abu Dhabi Bank is the one responsible for the trade transfers in UAE dirhams.
https://shafaq.com/ar/اقتصـاد/محافظ-المركزي-العراقي-يكشف-كمية-احتياطات-البنك-من-الدولار-والذهب
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Provoking Points To Ponder on Failures and Mistakes
A stumble may prevent a fall.- Thomas Fuller
A life spent making mistakes is not only more honorable but more useful than a life spent doing nothing.- George Bernard Shaw
It is defeat that turns bone to flint; it is defeat that turns gristle to muscle; it is defeat that makes men invincible. Do not then be afraid of defeat. You are never so near to victory as when defeated in a good cause.- Henry Ward Beecher
Besides the practical knowledge which defeat offers, there are important personality profits to be taken. Defeat strips away false values and makes you realize what you really want. It stops you from chasing butterflies and puts you to work digging gold.- William M. Marston
No experiment is ever a complete failure. It can always be used as a bad example.- Paul Dickson
Failure is the foundation of success, and the means by which it is achieved.- Lao-Tzu
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