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.

Join the forum, it's quick and easy

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

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Finance : new proposals to address Iraq's debt

    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 272150
    Join date : 2012-12-21

    Finance : new proposals to address Iraq's debt  Empty Finance : new proposals to address Iraq's debt

    Post by Rocky Mon 12 May 2014, 5:37 pm

    Finance : new proposals to address Iraq's debt 

    5/13/2014

     9 days to raise funds for the protection of the American government and hedge ..

    BAGHDAD - Farah pumice

    What remains of Iraq's debt , which he inherited from the misguided policies of the regime dictatorial , a burden on successive governments since 2003 and until now , but the efforts of those in charge of running this file may bear fruit in the form of stages over the coming years , especially as the government is preparing to face a new challenge the lifting of protection for Iraqi funds abroad after 9 days only , so put mechanisms in collaboration with several sides to face any financial or legal risks that may arise .

    Tackle debt

    To illustrate the issue of debt occur director of legal relations in the Ministry of Finance Mohammad al-Saadi "morning" , saying : "The Iraqi debt before and after 1990 are two sovereign and commercial ," calling to speed up the processing with near lift protection for Iraqi funds in 22 of the current month .

    And between al-Saadi , who warned of the book on the Iraqi funds by the creditors , it is , "according to the Paris Club agreement has reduced Iraq's debt to 80 percent of their value in agreement with the creditors , but it is on according to international law , the benefits of financial assets amounts continuous Iraq Born indebtedness of new overburden the state, " and points out that the debt is divided into three phases since 2004 and until 2028 , which is binding on the Iraqi side only , and added indebtedness new outweigh the previous accumulation of interest , pointing out that the figures are not accurate because it is on the increase and constitute the current debt including nearly four billion dollars for corporate debt declared . was due to expire indebtedness Iraq in 2028 according to ( scheduling and restructuring of Iraq's foreign debts ) , according to Saadi .

    The origin of religion

    In this regard , confirms al-Saadi to buy the debt came under the international resolutions, the UN Security Council which represents the principal amount plus interest , and the estimated value of 10.25 percent of the original this for the debts of the private sector foreign ( commercial debt ), which is binding on the Iraqi side and a non-binding foreign companies from right rejection and acceptance , either sovereign debt are purchased worth 20 percent of the basis of religion .

    New proposals

    Therefore, al-Saadi suggested several proposals contribute to extinguish the debt in a productive manner for both parties ( creditor and debtor ) .

    He adds that " the proposed first is to give a productive investment in Iraq in exchange for ceding his religion and dropping the suit , with includes the second to give the oil Black ( remnants of crude oil ) in exchange for canceling the debt , while providing third proposal to hold a bilateral agreement with the owner of the debt by giving the value of the interest estimated at 10.25 and continued to give him the amount and Tksath over 10 years . "

    Saadi revealed on " submit these proposals to the Minister of Finance in order to put in the General Secretariat of the Council of Ministers ," Hada on " the formation of a high level delegation of the agreement with the Paris Club secretariat to discuss these proposals if approved by the Council of Ministers ."

    Protection money

    The financial expert, has the appearance of Mohammed Saleh pointed out that Iraq's money deposited in a fund account receipts (DFI) with the Federal Reserve Bank in New York , and thus is protected about it the American presidential .

    And Saleh said in a statement the "morning " that Iraq was a student in the past year to extend the period of protection for his money which is due to expire on May 22 of this year , and wondered , saying: " Is that Iraqi funds are protected in nature or not? We can not predict the risk of a legal " .

    He continued: "In general, the fact that these funds are open calculates the Central Bank of Iraq for the benefit of the Iraqi government , so they are protected by the Federal Reserve Bank , which is a branch of the Central Bank of the U.S. , especially as the central banks protect the money some of them, especially if the money the central bank independent , It is not a money business and contribute to economic stability .

    But Saleh pointed out that the possibility of pursuing Iraq's money when you lift them protection from creditors of the private sector , because governments do not sue other governments .

    Do not Risk

    Although it stresses that this debt does not pose a threat to Iraq , especially as the number of creditors is limited and some of them won a judgment lien on Iraqi funds , as in the case of Kuwait Airways a few years ago .

    According to Saleh , the only Iraq debts worth 21 billion dollars , adding that the debt is divided into two forms , large and small means that the value of the debt has become 10.25 percent , out of the amount.

    He explained that the " small debts that make up the 35 billion dollars and more than 4 and a half billion dollars paid Iraq immediately and in cash at 10 and a quarter of its value , ie, approximately 89 percent , according to the Paris Club agreement , called the current value of the present , ie, that the five billion became $ 450 million ( shot on Iraq ) , while the more than 35 billion dollars were accepted bonds Iraqi Bdjunhm 20 percent of its value for the year 2028 valued at an interest rate of 5.8 percent .

    Places vulnerable

    However , confirming the benefit of that care to state funds is an urgent need and at the same time it is necessary to take risks and to defend the money , so called for the formation of an ad hoc committee of legal experts and financial to connect to a network of international lawyers to defend the interests of the state in every place , a proposal also put money fortified places in the non- judicial reservation on any state or government institutions when opening accounts abroad to be sure , including whether the vulnerable and not subject to judicial reservation .

    [You must be registered and logged in to see this link.]
    [You must be registered and logged in to see this image.]

      Current date/time is Sun 16 Jun 2024, 6:33 am