PUKmedia for life 17/06/2011 16:46:33
Iraq informed the Security Council to complete its procedures in post-development fund at the end of this month.
The Fund was established in 2003 based on UN Resolution 1483 and holds the proceeds of oil export sales and the remaining balances of the oil for food.
And the Ministry of Foreign Affairs of the Security Council that «Baghdad has made all the arrangements required to ensure that the allocation of five percent of oil revenues to the Compensation Fund».
Iraq has suffered from the burden of $ 21 billion out of 41.3 obtained in compensation for its invasion of Kuwait in August 1990.
The plan of the government «open a new account on behalf of the Government of the country's management of the Iraqi Central Bank with the Federal Reserve (the U.S. central bank) as an alternative to the expense of the Development Fund for Iraq, turned to him all the financial assets owned by the Development Fund for Iraq is in addition to any other assets belonging to the Iraqi government" .
The Iraqi government spokesman Ali al-Dabbagh, announced the end of last April's approval of the Council of Ministers to a government report on the transition to the arrangements after the Development Fund for Iraq on the basis of Security Council resolution 1956 to 2010.She drew a letter to the Iraqi Foreign Ministry that «the mechanism will ensure the continuation of Iraq with its obligations under the resolutions of the United Nations."
Presented to the Development Fund for Iraq and the media considered the largest theft in U.S. history.According to press reports that Congress had allocated about $ 61 billion for the reconstruction of Iraq after the U.S. invasion in March 2003, but the statistics of the reviewers pointed out that the $ 6.6 billion of that amount was stolen or disappeared, most likely. "
The plan included the Iraqi «solutions to the Iraqi Committee of Financial Experts replace the International Advisory and Monitoring from the beginning of next month."
The Security Council decided last August to stop working arrangements for depositing of proceeds from sales of oil and gas in the Development Fund for Iraq, and called on Baghdad to complete the full transition and effective mechanism after the Fund, including the arrangements for the observers to finance external and continue to pay five percent of the victims of the Iraqi invasion of Kuwait.
President Barack Obama decided to extend U.S. protection to the Development Fund in Iraq for one year.
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