Continued........
Light: Can you identify creditors of Iraq and how to deal with it?
Counsel: creditors have been divided Iraq into four groups for ease of homogeneous negotiate with each group and they Paris Club creditors representing 18 countries and the estimated time between indebtedness 45 50 billion dollars, the creditor nations are not members of the Paris Club, where an estimated debt of more than 20 billion dollars. And the Gulf states are creditors of Saudi Arabia, Kuwait, Qatar, United Arab Emirates. With estimated claims between 3040 billion dollars. As well as trade creditors, which limits their claims estimated 20 billion dollars
And led the negotiating team to settle Iraq's foreign debt Adel Abdul-Mahdi, former Finance Minister and Vice President of the Republic of Iraq "now" and the membership of each of the d. Sinan Alshabibi Iraqi Central Bank Governor Dr.. Aziz Jaafar Hassan from the Ministry of Finance, Dr. Ahmed Rehn. Mazhar Mohammed Saleh of the Iraqi Central Bank and a number of specialists.
And the negotiating team then decided to focus the first phase to deal with the Paris Club debts for several reasons especially easy to deal with such countries as one of the secretaries through the Paris Club (The Paris Club consists of an informal group of States and the 18 state club does not have any legislative acts which grants States sufficient flexibility to deal with the attitudes of each country depending on the city "for privacy, but that these states set for itself rules and principles of action to ensure the implementation of any agreement reached with the debtor nations and adopted resolutions unanimously and usually is the club's headquarters city of Paris French).
Light: say there are economic requirements or obligations had to be fulfilled by Iraq's dealings with the Paris Club, what type of these commitments?
Counsel: any agreement concluded with the club is a yardstick to deal with other creditors under conditions similar treatment (Comparibilty Treatment), Which contains the Paris Club (which provides for not giving any State or another creditor private sector, which gives preferential treatment to Paris Club countries), and enter into negotiations with the Paris Club to be a city of fulfilling the basic requirements as identical claims Paris Club creditor countries with records of the city We therefore request the negotiating team from Ernst End Tonkin focus the first phase of matching the claims of these countries on Iraq with proven records in Iraq and called for all data and documents certifying these claims and match them with what has been proven in the records of the Iraqi government to cooperate and coordinate with financial and banking cadres Iraq In collaboration with the Legal Counsel for solving all problems that might hinder the matching procedures. The company achieved a match this debt at rates too high before the start of negotiations with the club and so informed.
In order to achieve a quick match for these claims hold Financial specialists, bankers and the presence of representatives of law firm Cleary Kutleb company Ernst End of Tonkin and intensive meetings over two weeks in Paris during the month of September 2004 with specialists from the Paris Club countries were discussing all the comments on the claim collected during recent months that preceded Meetings and lists of the missing documents, which requires the provision of these countries to achieve conformity.
The work of the Iraqi delegation and financial specialists and bankers, headed by Iraqis d. Adel Abdul-Mahdi, former Finance Minister Experts with the International Monetary Fund and through long and intensive meetings was to finalize the debt sustainability analysis (Debit sustainability Analysis) (DSA) Which granted the right to claim Iraq's Paris Club debt reduction rates ranging between 90 95% in clear and the figures so that the Iraqi economy and the advancement of sustainable growth. The experts IMF debt sustainability analysis of the secretariat of the Paris Club in September 2004 as one of the requirements to enter into negotiations with the Paris Club countries as a basis "for negotiations with the club.
Light: Iraq submitted to the International Monetary Fund Letter faith, what the contents of this letter?
Adviser: The most fundamental principles of economic reforms that Iraq intends to carry out time and prepared in light of the negotiations carried out by Iraqi experts with experts of the Fund and its light, which approved the ****utive Board of IMF support emergency Convention (EPCA (Emergency Post Conflict Asistence.. Which are also one of the requirements to enter into negotiations with the Paris Club countries (and this is the first time accepted the Paris Club to enter into negotiations with the city on the basis of the Convention (EPCA) Where he was required to sign the city with the International Monetary Fund Convention (SBA) ( Stand by Arrangement) ..And this change is the first victory achieved by Iraq in its negotiations with the Paris Club.
The delegation negotiating the annual meetings of the IMF and World Bank at the end of September 2004 in Washington, attended by finance ministers And central bank governors of all Member States in terms of financial institutions asked to meet with Ministers and Governors of the Paris Club countries have succeeded in holding meetings with the majority of these states of the 18 state students "to support these countries in the meetings of the Paris Club for Iraq to obtain the required rate reduction of external debt He obtained promises from ministers and central bank governors of these states after the negotiating team to make strenuous efforts of persuasion fairly demanding as a delegation headed by Dr. Sinan Alshabibi Iraqi Central Bank Governor Dr.. Jaafar Aziz, Undersecretary of the Ministry of Finance Dr. time. Abrihi Ahmed Rehn advisor at the Central Bank of Iraq, accompanied by And legal advisers and experts Bank Lizardi tour in both Germany and England and France in October 2004 has been meeting with their counterparts in these countries to win the support of those countries and persuade them to justice demands Iraq and the necessity of getting a percentage reduction amounting to 95%.
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