Thread: Ratified Laws and Foreign Debt Relief

Iraqi Finance : Arab countries refused to extinguish the debt owed by Iraq

The Deputy Minister of Finance and the Iraqi economy Thursday, that 80% of Iraq's debt has been settled, but the Arab countries refuse to extinguish the debt owed by Iraq.

Fadel said the Prophet told Kurdistan News today that "even now, do not fall in Arab countries debts and dues owed by Iraq, " noting that "the reasons are political mostly."

He added that "Iraq was able to resolve 80% of its debt, especially with European countries."

For his part, said economic expert Idris Ramadan said, " Iraq's delay in the payment of financial dues States on time, make the benefits of the debt increase significantly, thus increasing the loan amounts in his trust, making Iraq fails to fulfill its obligations, and calls on States to extinguish debt Backlog of his trust."

Ramadan said that "the Paris Club countries, as well as Britain turned off its debts from Iraq, but the survival of the debt of the Arabic on the political side, they seek through those loans to keep the pressure on Iraq, because those countries see it as if shot down debt for Iraq, it would be Strong and be a source of danger to her." he says.

He noted that the "survival of the debt owed by Iraq in this form, and increase the benefits achieved by, add the burden of weighing the state budget, especially when the Iraqi budget deficit significantly."

The deficit in the budget of the Iraqi state 23 trillion dinars.

For his part, President of the Financial and Economic Committee at the first session of the Iraqi Council of Representatives Ismail thanked "Because the survival of loans owed by Iraq, Kuwait paid 5% of the will of the Iraqi oil, but foreign countries that Iraq owes them 20% of the All debts decided to invest that money in Iraq."

http://www.aknews.com/ar/aknews/2/158150/

Government adviser : Iraq would approach the Arab states in the coming days to extinguish the debt

The economic adviser in the Iraqi government ended its mandate, on Friday, the government approached to Arab countries in order to persuade them to extinguish their debts to Iraq.

The chancellor said he preferred not to be named, told the Kurdistan News (Akaniwz), "Iraq would approach the next few days both Egypt and Saudi Arabia and Kuwait to extinguish the funds that claim to those states that they requested to Iraq before the handover to the next government."

He added that "the debt problem facing Iraq will require considerable diplomatic effort with those countries during the coming few days."

The source added that "The Iraqi government has already delayed the talks are important because of major concern at the security file in the past four years."

The Economic and Social Council of the Arab League has recently referred the file cancel the debt of Iraq to the Council of the Arab League.

Adheres to Saudi Arabia, Kuwait and Egypt requested Iraq to pay the debt in spite of urgent calls launched by the Iraqi government down to the States on fire those countries in return for opening trade relations with them.

http://www.aknews.com/ar/aknews/2/158337/

World Tourism Organization quenched in 60 percent of the debts on Iraq

Turned off the World Tourism Organization 60 per cent of the debt of Iraq from 1985 until 2005, after his participation in the 88th Session of tourism in Argentina.

A spokesman for the Ministry of State for Tourism and Antiquities Abdul Talaqani that "installment will be the amount remaining for the World Tourism Organization over the past 25 years, the deduction will begin in 2014."

Description Talqani Iraq's role in the "World Tourism Organization Balvaal," explaining that "Iraq was chosen to be Vice- President of the General Assembly of the World Tourism Organization in Kazakhstan late last year, as well as the choice of Vice-Chairman of the Executive Office of the Organization in Madrid."

And the World Tourism Organization to support and training of technical cadres and professional in Iraq, it is hoped that another group involved in the development cycle capacity in Argentina this year.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-06-27

Inventory account debt Iraq ... Change put out 100 billion dollars

Change switch off 100 billion dollars
Switch off most of Iraq's debt ( around a hundred billion dollars) in recent years, which is negotiating on the few remaining amounts , and may end before the end of the year, and a compromise was possible to estimate the Financial Experts Iraqis.

Expert on the Central Bank of the appearance of Mohammed Saleh, told «weekly» that the parties concerned to follow up the issue of debt, represented by the Ministry of Finance and the Central Bank and the Ministry of Foreign Affairs, continues to pursue the matter with the creditor countries, noting that there are three types of debt on Iraq, the first is the debt «Paris Club» has been nearly finished paying them off. The second type is outside the sovereign debt «Club Paris», and this kind regard in Bologna, there is movement towards her. The third type is the commercial debt has been paid in Iraq, including the amount of 22 billion out of 25, was to end the matter through the so- called settlement agreements.

Salih said there were also companies, Iraq is demanding 35 million dollars have been reduced by 90% to be repaid in Iraq, including the ten percent only.

The economic expert, that Poland is the only country in Europe that did not extinguish the debt now amounting to 850 million dollars, and the Minister of Finance Baqir al-Zubaidi stressed the importance of urging companies Polish to contribute to the reconstruction of Iraq and implementation of strategic projects, which especially in the establishment of housing units, hospitals and energy And water projects, and the importance of discussion with the Polish side of Iraq's debt to invest in the reconstruction of the Polish companies.

Appearance was also pointed out that the number of companies that had claims against Iraq under claim debt is 13 thousand companies, mostly has to settle the matter with him, leaving only a few, and some of the creditors to deal with the private sector has succeeded in Iraq was really running this file completely.

And detection expert, most of the debt settled, although it's not the amount of origin but are debts incurred on the benefits of the original amount and multiplied, and there are debts is unclear or questionable, and outstanding debt and claims are not installed, and the Ministry of Finance and Central Bank are moving in the direction of resolving the file note that he was actually put out more Than one hundred billion dollars.

Onerous
Advisor to the Minister of Finance in charge of the file of debt, Dr. Aziz Jaafar said the turn for «weekly» that the Iraqi government inherited a legacy of economic and social heavy for the past decade, and the total destruction of infrastructure most influential on the debt of large and especially the external ones, which were estimated at between 130 and 140 billion dollars, in which the Between 500 to 600% of the GDP, and about 700 to 800% of the resources of Iraq at that time.

Jaafar stressed that it was necessary to deal with this debt, because their survival will lead to the failure to restore the Iraqi economy recovered well to discourage the flow of foreign capital.

A tour of U.S. Secretary of State James Baker in 2003 has focused on reducing Iraqi debt, and the decisions of the donor countries conference held in Madrid in October (October) from the same year, a key input into debt settlement.

Iraq was taken important steps and key in the direction of the settlement of the debt since first months after the overthrow of the regime dictatorship, notably the strengthening of Iraqi relations with international financial institutions, particularly with the World Bank and International Monetary Fund made a long time, it has been restored relations in a constructive and positive and Iraq continued this approach consistently And selected the accounting firm global «Ernst & Young» in May (May) of 2004 among the thirteen global accounting firm made for the purposes of checking and data matching of external indebtedness, and documents certifying its cooperation and coordination with experts, bankers and financial Iraqis, to establish the size and the legitimacy of such indebtedness by Begin to negotiate.

Was also selected as the law firm world «Cleary Kutlb two-fold and Hamilton», headed by the famous lawyer I Bojait in July (July) of 2004 among the thirteen law firm, to serve as legal adviser to the Iraqi government for the success of negotiations with creditors, as did the countries that have embarked on this Direction, including Russia, Yugoslavia and other countries.

To creditors of Iraq are classified into four homogeneous clusters in order to facilitate negotiations with each of them separately, namely :

First - states «Paris Club» creditor and a debt estimated at 18 countries, including the time between 45 and 50 billion dollars, has reached the technical discussions with these countries to the advanced stages, the Ministry of Finance confirmed that he will settle their debts before the end of this year.

Secondly - the creditor countries not members of the «Paris Club» and a debt estimated at more than 20 billion dollars. That was left, according to reports the Iraqi government, only a few of them, and Iraq continues to hold technical meetings with it after it has been matching its claims in order to reach bilateral agreements with them.

III - Gulf States creditors, which the Kingdom of Saudi Arabia, Kuwait, Qatar and United Arab Emirates, estimated claims of between 30 and 40 billion dollars, were visits to a number of these countries regarding their claims, according to the political agreements that the Government of the United Arab Emirates decision to turn off all their debts On Iraq, which said it would reach 7 billion dollars, Iraq is expected to follow the example of the rest of the United Arab Emirates.

IV - Trade creditors and creditors of the private sector claims estimated at 20 billion dollars. Has held the Iraqi government representative of the Ministry of Finance and Central Bank of Iraq negotiations with all creditors of the commercial private sector in accordance with the requirement of identical treatment (Comparibilty Treatment) either buy debt of less than 35 million dollars, or exchange for bonds worth 20% to 100 % of the debt and interest paid in installments half Annual eight years from the year 2020 and until 2028, and there are only 4 percent of the debt, including creditors of the bank branch Mesopotamia (London) has not been resolved.

http://www.alesbuyia.com/inp/view.asp?ID=13604

Iraq and Egypt are seeking to solve the problem of debt outstanding between the two countries

Iraqi government seeks to resolve the problem of debt outstanding between them and the Republic of Egypt at the level of public and private sectors.

Prime Minister Ahmed Nazif said that there are three types of Egyptian debts owed by Iraq, which is the religion of the public sector, private sector debt, the debt of the Egyptian labor There are talks between the two countries to resolve them.

The debts owed by Iraq, according to Cairo about a billion dollars, of which 553 million dollars to the Egyptian government and 222 million dollars for private sector companies, and 784 million dollars for Egyptian labor.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-07-10

MP Hassani: Kuwaiti National Assembly plays a negative role in the no-drop Iraqi debt

A member of a coalition of law, and a leader in the Dawa Party, the organization of Iraq, Abd al-Hadi al-Hassani said that "there are politicians and officials in the Parliament and the Government of Kuwait does not want to create good neighborly relations with the Iraqi side of no improvement in the region as well as they tried hard to stop any activity or theme that serves the two countries".

He said al-Hassani, in a telephone conversation that "the Kuwaiti National Assembly has had a negative impact, not to drop the debt of Iraq and the demarcation of the border between the two countries and joint oil fields, noting that these attempts are meant to keep this list files and not to expel Iraq from subject to Chapter VII."

He pointed out that "as stated by the Ambassador of Iraq to the Arab League regarding the decision (338) pertaining to the demarcation of the border with the Kuwaiti side and spoke by Ambassador comes from the reality of its keenness on the international resolutions, and such remarks will not affect any party but is intended to consolidate the relations between all".

Ruled out al-Hassani, "to be for the Iraqi government and the parliament's reaction to such comments coming from people who do not feel responsibility toward others, and this side On the other hand, the Iraqi Government on this issue, we believe in good relations and good-neighborly relations with everyone, including Kuwait, which suffered from the injustice of the former regime, but not to exceed the constants and the Iraqi sovereignty or national security and the dignity of the Iraqi people."

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Kuwait, Iraq is demanding to 22.3 billion dollars in compensation

Kuwaiti official said in remarks published Tuesday that Iraq still owes Kuwait for the amount of 22.3 billion (billion) dollars in compensation because of Iraq's invasion of Kuwait 20 years ago, the Gulf War that liberated it.

The newspaper quoted the Kuwaiti politicians for the Deputy Director-General of the exchange in the General Authority for Assessment of Compensation, which coordinates with the affairs of the Compensation Committee of the United Nations Mansour Hyatcolh that all remaining compensation owed to the government and the oil sector.

The total amount obtained by individuals and companies is 18.78 billion dollars.

Iraq seeks to be exempted from amounts due or reduce the amount of annual income for the oil, which saves it to pay war reparations to Kuwait and other countries affected by the Gulf crisis in 1990 and 1991.

http://www.ipairaq.com/index.php?nam...onomy&id=29112

Central Bank of Iraq: cancellation of debts of more than 13,000 commercial creditor to Iraq

Central Bank of Iraq, Tuesday, for debt cancellation for more than 13 thousand commercial creditor, and write off 100 billion dollars of debt owed the Paris Club, with 54 countries adhere to their debts to Iraq.

The adviser said the central bank governor in favor of the appearance of Mohammed in an interview with "Alsumaria News", that "Iraq could cancel the debt of more than 13 thousand commercial creditor against Iraq totaled 23 billion and 500 million dollars."

Saleh pointed out that "commercial debt divided between debt small less than 35 million dinars for a number of traders and companies a total of four billions and 500 million dollars, has been settled through the payment of 10% of this debt in cash after deduction of 90%, while the settlement of large debt Which exceeds the amount of 35 million dinars, totaling 19 billion dollars through bonds decisively handed over 80% of the debt to be sold in international markets."

Saleh added that "there are a few business suits are still the owners are demanding full payment of Iraq," noting that "Iraq faces of these cases in international courts, through a committee of the Iraqi Ministry of Justice."

He noted, central bank adviser that "Iraq could also write off 100 billion Paris Club debt amounting to 140 billion dollars after they signed individually with each of these countries the Convention to reduce Iraq's debt by 80%," pointing out that "there are some countries of the Paris Club has Signed an agreement with Iraq to write off 100% of debt towards Iraq."

Iraq had signed in January of this year 2010 bilateral agreement with the Kingdom of Denmark to reduce the remaining portion of the debt in his trust of 20% after signing with them earlier in the debt reduction of 55 million dollars or 80%.

The Paris Club Economic informal group of financiers from 19 countries of the world's richest countries, which provides financial services such as debt restructuring and burdens, and debt cancellation to indebted countries and creditors and the IMF had identified the names of those States after alternative solutions have failed.

Saleh pointed out that "there are 54 countries outside the Paris Club still has a debt towards Iraq, including the Arab countries stick to their debts written off in some countries outside the club's debt by 100% as the United States , Cyprus and Malta, United Arab Emirates."

Iraq has sought to cancel the debts arising during the period of the previous regime of Saddam Hussein, amounting to more than 120 billion dollars, which date back to some compensation because of wars with its neighbors.

http://www.alsumarianews.com/ar/3/10...-details-.html

SAI owed by Iraq for the Egyptian companies up to 60 billion dollars

The Federation of Egyptian Industries, the debt of the Egyptian companies to Iraq, up to 60 billion dollars resulting from dealing with Iraq, according to the Oil for Food program.

According to Al Masry Al Youm, quoting a source described as the administrator of the Federation of Industries that the entitlements of the Egyptian companies in the oil for food program that had prevailed during the period of economic sanctions against the former regime, is estimated at 60 billion dollars for exporters, dealers directly in Iraq.

These estimates do not conform with the previous figures promoted on the size of Egyptian debts on Iraq, which did not exceed the ceiling of a few hundreds of millions of dollars which are being discussed between the governments of Iraq and Egypt.

The source added : This does not include benefits for the Egyptian exporters, are exporting goods across the Jordanian border.

He pointed out that a large part of the dues belonging to the companies producing food of the public sector and issued under the program, which was sponsored by the United Nations.

http://www.ipairaq.com/index.php?nam...onomy&id=29852

Turn off 60 percent of Iraq's debts to the World Tourism Organization

Iraq signed a document with the World Tourism Organization has been under fire 60 percent of the debt incurred for the benefit of the international organization since 1985, with the remaining scheduled payments over the next 25 years.

This was announced by spokesman of the Ministry of State for Tourism and Antiquities, explaining in a statement singled out by the «morning» Prime Tourism Authority Hammoud Yacoubi signed a document with the Secretary-General of FAO, Dr. Taleb Rifai states to extinguish 60 percent of Iraq's debt for the period from 1985 until 2006, that Premium and the remaining $ 850 thousand euros over 25 years. He noted that the signing of the document came during the participation of the Iraqi delegation meetings of the session 89 of the Executive Board of the World Tourism Organization, which took place late last October on the island of Kish in the Islamic Republic of Iran, with the participation of thirty countries from different countries world, where they were during the meetings to introduce the reports to the Secretary-General of the Organization, which dealt with the global economic situation and the circumstances experienced by the tourism sector in the world. The participants discussed the financial situation of the Organization as well as a study on consumer protection, election of the Executive Board for the year 2010 and to select the session 90 for the Executive Board To be held in Korea. He said the Iraqi delegation discussed with the participating delegations to reduce the proportion of the annual subscription paid by Iraq to the organization to up to less in the States due to its current conditions, as well as put the subject of substantive and technical support, training and cooperation between the parties. Iraq has been keen to communicate with the organization and the presence of ministerial meetings, technical and administrative, as Iraq has already said he served as Vice Chairman of the Executive Office of the Assembly there.

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