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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Lebanon demands Iraq pay its debts .. Hungry does not check the sauce

    Rocky
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    Lebanon demands Iraq pay its debts .. Hungry does not check the sauce Empty Lebanon demands Iraq pay its debts .. Hungry does not check the sauce

    Post by Rocky Sun 29 Jul 2018, 4:32 am

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    Lebanon demands Iraq pay its debts .. Hungry does not check the sauce 
    Number of readings 
    7716
    2018/7/28 01:44:46 PM 

     Iraq is the fifth largest country to store oil reserves in the world, rich in many natural resources, but since its founding has seen only economic and security stability in rare. Iraq has spent most of its imports on weapons, explosives and military equipment, and has been constantly rebuilding the devastation caused by wars and crises. It often resorts to foreign borrowing from the IMF, the World Bank, By offering private equity bonds to finance its public budget and even Lebanon, a country with a budget of only $ 15 billion, which is asking Iraq for money.

    Lebanese Minister of State for Combating Corruption Nicola Tueni explained that the debts recognized by Iraq are due for the years 2003 and above and belong to Lebanese legal persons and Lebanese industrial and commercial companies.

    "These debts have been accumulating since the days of Saddam Hussein's regime in 1993, when Iraq was trapped and the United Nations established the oil-for-food program," he said in a statement. "More than one Lebanese company has entered Iraq to work. More delivery times ".

    At that time, there was an Executive Committee of the United Nations High Commission charged with announcing the provision of funds to pay to countries or not. It included Russia, France, England, America and China. The contractor who completed his work in Iraq sent the invoices due to this committee. Payment of money or refusal.

    However, during the period in which the strike was launched on Iraq and beyond, many Lebanese merchants had orders in the sea destined for Iraq that were damaged by the strike, some of which were damaged, while others were not captured by the Lebanese merchants or could not deliver them.

    "The Iraqi authorities say they want to pay the money due in 1993 but according to the Paris Club treatment, which says that there is an agreement between all the countries that owe it to Iraq," Tueni explained. Russia, France, England, America and China are required to write off their debt owed to Iraq from 1993 to 2003 provided that Iraq pays only 10 percent of this debt. "

    The Iraqi side wants to deal with Lebanon in the same way, ie, to take 10 percent of its debt owed during this period, which is estimated at one billion dollars. However, Lebanon refuses to apply this agreement because the accumulated debts of Iraq to Lebanon are debts owed to individuals and companies. The Lebanese state demands debt on behalf of the Lebanese citizen and serves Lebanese society, industry and trade.

     He attributed this move to the "improvement of the situation in Iraq, as this was not possible in the past. Iraq was subjected to siege and then to a strike and to occupation ... Thus, the security situation there was not favorable."

    On the total value of the debts, he said: "The debts owed for the year 1993 estimated at one billion dollars and receivables from the year 2003 is also estimated at one billion dollars." We are seeking today to claim interest on these amounts because the value of the currency changed "

    Tueni confirmed that "the Lebanese state in the possession of files for about 153 companies affected will receive compensation from Iraq, but we have asked these companies and affected them to update their files."

    Banks' debts

    On the other hand, Tueni said that "he is still working to find solutions to the funds of Lebanese banks operating in Iraq, which arose after the transfer of funds from Lebanese banks at the request of the Iraqi authorities to the Central Bank of Iraq as a deposit as a condition to open additional branches, So we asked the Iraqi authorities to return the money. "

    He added that "there are positives and great hopes to reach out to this crisis," noting that the funds of these Lebanese banks estimated at 83 million dollars excluding interest.

    Lebanon owes Iraq another $ 8 billion

    In February, Lebanese newspaper Al-Akhbar and Khalifa reported a meeting between Lebanese President Michel Aoun and Iraqi officials that Lebanese investors and businessmen were asking Iraq for about $ 8 billion in funds and was returning to work done in the 1980s.

    "The Baghdad talks opened the door to dealing with several files, most notably the funds of Lebanese investors and businessmen estimated at 8 billion dollars, and return to the work they completed in the eighties of the last century."

    Iraq will pay $ 10 billion in 2022

    This is what revealed the adviser to the Prime Minister for Economic Affairs, the appearance of Mohammed Saleh, said that "Iraq will pay 10 billion dollars of debt in 2022, indicating that Iraq has a good credit rating, stressing that Iraq is able to pay these debts, especially after Iraq obtained a credit rating Well, and experience has shown that Iraq did not delay the payment of debts incurred previously.

    Debts of Iraq

    Iraq's debt is estimated at $ 132.4 billion, of which 67% is foreign debt and 33% is domestic debt in 2018.

    In 2013, the debt reached 73.1 billion dollars, and in 2014 it registered 75.2 billion dollars, while the debt in 2015 reached 98 billion dollars, and rose in 2016 to 119 billion dollars, and continues to rise in 2017 to 122.9 billion And experts expected to rise in 2022 to reach 128.4 billion dollars.

    The debts include Paris Club, Paris Club Club, Commercial Creditors, Arab Monetary Fund, New Borrowing, Uncovered Debt, Kuwait Repayments, International Oil Company arrears, energy import arrears, auctions and self-financing loans.

    False allegations

    "The real problem lies in whether these debts are real or just claims," ​​says Majid al-Suri, an economist at WAN News. "The debts before 2003 were settled by a committee set up by the United Nations to look into these applications and ended them. Claim it again ". Pointing out if there were debts after 2003 they have the right to claim.

     "Iraq's credit rating ( B + ) means that it is able to repay its debts and is now working to repay them," he said.

    It is noteworthy that the agreement of the Paris Club, which requires the cancellation of debts owed by Iraq for the period from 1993 to 2003 to pay Iraq 10%, including official government debt and not the debts of legal persons and private companies, so Lebanon refuses to resort to the Paris Club as the debts belong to individuals Lebanese companies and the government demanding the name of the creditors, not the name.

    The Association of Transparency called on the Iraqi government not to neglect the national interests of the prosecution of some parties in Lebanon, which insists on blackmailing Iraq in what is not right, and said in a statement that the debt is not agreed on and most of them rely on the allegations of dishonest traders and companies.

     

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